Managing large volumes of data has become an increasingly important part of doing business in the financial services industry. The increased use of sophisticated technology for data analysis and collection requires businesses, policymakers and regulators to keep pace with new techniques and alternative forms of data. Building a strong institutional culture around data governance and the responsible, transparent and ethical use of machine learning and AI have all become priorities for the UK financial services sector.To assist companies with the above objectives, and to offer a platform on which industry can discuss its ideas and concerns with government, City & Financial Global organised ‘The Future of Data in Financial Services Forum: Meeting Emerging Regulatory and Ethical Standards’ event.
Since the start of the COVID-19 pandemic, a growing number of cyber criminals and other malicious online groups have been exploiting the COVID-19 outbreak for their own personal gain or strategic advantage. Only late April, some 450 active World Health Organisation’s email addresses and passwords were leaked along with thousands belonging to others working on the response to the coronavirus outbreak. The situation is no better in the business world, with a higher degree of cybercrime currently being experienced in the financial services and energy sectors, as well as other industries, both in the UK and abroad.It was expected that the frequency and severity of COVID-19 related cyber-attacks would increase over the coming weeks and months. Against this background City & Financial Global was pleased to announce its virtual roundtable series: “Cyber Security and Resilience in the COVD-19 Era”, which took place live between 2-11 June (now available on-demand).
With global cybercrime costs potentially reaching £5 trillion by 2021, the financial services industry remains the main target for cyber security criminals all over the world and especially in the UK, the leading international financial centre. Figures from the Financial Conduct Authority showed that reported data hacking attacks against financial services companies quadrupled in 2017. The National Cyber Security Centre recorded over 1,100 reported attacks in 2017, with 590 regarded as significant. Thirty of these incidents required action by government bodies, a large number of which were targeted at financial sector organisations.Against this background, the 5th edition of City & Financial Global’s Financial Services Cyber Security Summit, a premier event of its kind, took place in London on 13th September 2018.
Chaired by Timothy Pitt-Payne QC, 11 KBW, this prestigious conference provided attendees the perfect forum to hear from global organisations such as Barclays, John Lewis, BNY Mellon and Privacy International. They shared insights into how their organisations were affected by the changing regulatory landscape in 2017 and the practical steps they are took to ensure compliance with the new regime.
Key issues that were addressed included:
Following the outstanding success of The UK Financial Services Cyber Security Summit in 2014, City & Financial’s Data Protection & Privacy in the Financial Services Sector Conference took place on 12 June 2015 in central London. The conference served as a platform for Chief Privacy/Data Protection/Chief Compliance Officers & other privacy professionals from the financial services sector to network, share experiences, brainstorm and find practical solutions to the most pressing issues within the data privacy network at that time.