Tuesday, 20 December 2016

Another year (nearly) over

It was all change at IBS Journal and IBS Intelligence this year. I joined as Senior Editor in February (having previously been Group Editor of rival banking technology title, FStech). Just in case you missed my debut Editor’s Letter, which can be found in the March issue of IBS Journal, I have almost 20 years of experience in journalism, during which time I have held senior editorial positions at and contributed to a number of business and technology-related publications. At FStech, I covered various financial sector technology topics, and my main areas of expertise include FinTech, core banking systems, Bitcoin and the blockchain, the European, US and Australian retail banking sectors, mobile payments and challenger banks.

As I’m sure you’re aware by now, IBS Intelligence has become a division of Cedar Management Consulting International, a leading global management and technology consulting practice. So, new owners, new Senior Editor, new Senior Reporter (congrats to Alex Hamilton who was recently promoted from the position of Reporter) and also this year IBS Journal underwent a major redesign. Out went the front cover stories, replaced by a more modern take on the magazine’s contents. And in came a number of new sections, with an increased focus on FinTech, including Startup of the Month (which has proved to be particularly popular), The Big Interview, Who’s Been Saying What? and The Month in Numbers. Some of our rivals have ditched their printed editions, but here at IBS Intelligence the magazine continues to be a major part of who we are.

Friday, 2 December 2016

Tesco cyber-attack provides regulatory food for thought

Every little helps when it comes to controlling the financial system, but Giles Kenwright of Delta Capita explains why the Tesco cyber-attack will hopefully trigger banks and regulators to look at the bigger compliance picture 

A cyber-attack that wiped £2.5 million from a major supermarket’s client accounts in just a few hours, should ring alarm bells across the boardrooms of Britain’s biggest banks. While the damage to Tesco’s brand reputation may be substantial, more significant still is that this attack could be a sign of things to come for the wider banking sector.

It is not as if the major players have been burying their heads in the sand. Eight of the largest firms, including JP Morgan, Bank of America and Goldman Sachs, teamed up earlier this year to tackle the growing cyberthreat. While still in its infancy, the group is already sharing information with eachother about where future threats could materialise. The trouble is that, at the same time, these conglomerates are entangled in the weeds of other regulatory issues, which is eating into time that could be spent developing a longer-term plan to tackle cybercrime.