Retail and financial businesses in the UK are among the worst at updating their IT systems placing them and their customers at risk of devastating cyber attacks, new research suggests. Notes seen by The Telegraph, and understood to have been compiled by Microsoft, suggest that both sectors have been among the slowest to adopt Windows 10, the company’s latest operating system. In the public sector, larger councils and healthcare bodies have also been behind in updating their IT systems. The research, which was released to a number of Microsoft’s partners, will likely raise questions over whether large swathes of companies are taking their security seriously enough. Cybercrime is a growing threat... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one … [Read more...] about Retail and financial services among worst at updating IT systems
Uk financial services
Since the global economic crisis, the financial services industry has seen huge disruption. New regulatory frameworks, with data protection and greater transparency at their core, have put compliance at the top of the boardroom agenda. At the same time, new financial technology (Fintech) businesses continue to grow and diversify at an outstanding rate, and encroach on the establishment.Alongside these transformative changes are developing technologies, ranging from blockchain and big data, to artificial intelligence (AI) and digital payments – all of which are relentlessly unsettling traditional processes. Add to the mix the continual rise in cybercrime threats, and this all amounts to an undeniably challenging market for any financial services organisation. Despite this, recent research has highlighted that businesses are not prepared for technology disruption.The fintech effectBusinesses are surrounded by economic and political uncertainty, which appears to be discouraging the … [Read more...] about Technology disruption in financial services – are you prepared?
Twitter co-founder Biz Stone has joined the board of British financial technology firm R8 as it prepares for a listing on the London Stock Exchange in this summer. Stone, who recently returned to Twitter to work alongside co-founder Jack Dorsey, will invest as part of £4m of new funding in R8. Founded by Jonathan Rowland, son of major Tory party donor David Rowland, R8 controls a group of technology start-ups, including cryptocurrency company Mode and electronic payments company Jgoo. R8 is aiming to go public later this year with plans to raise around £20m at a valuation of up to £50m. Twitter's Stone has been a notable early stage investor in a number of US start-ups, including payments company Square and workplace messaging company Slack. R8 has kept its plans out of the public eye, but has described its plans to develop "a large fintech project with a very ambitious goal... to build the first fully regulated, crypto-friendly bank in the UK". R8 was spun out of … [Read more...] about Twitter founder Biz Stone joins board of UK financial technology start-up R8
The UK government has set aside £3m for projects designed to boost productivity in financial and legal services using artificial intelligence. Research commissioned by the Department for Business, Energy and Industrial Strategy will focus on improving AI technology to reduce processing times across services while saving money for consumers. The projects will be supported by the department’s Industrial Strategy Challenge Fund, which aims to bring together businesses with research to boost innovation in the UK. They will begin in December and run for three years. Key areas of interest for the projects - which will take place at the University of Oxford, Loughborough University and the University of Sheffield as part of the Next Generation Services challenge - will be applications for claims processing in the insurance sector as well as speeding up legal cases. According to business secretary Greg Clark, the UK is the historic home of AI … [Read more...] about Government earmarks £3m in funding for AI research for legal and financial services
Callum Burroughs, provided by Published 2:12 am PST, Monday, November 12, 2018 REUTERS/Eddie Keogh FCA bans 28% more directors in 12 months from September 2017 to 2018 “The FCA will be looking to send a message out that it is not turning a blind eye to poor conduct” says law firm RPC. The FCA spent a total of £300,000 in legal fees to pursue a case banning one director The Financial Conduct Authority has banned 23 so-called "bad apples" from working in the industry in the past 12 months. That's according to figures from London law firm RPC, which said in a report today that the 28% increase in "prohibition orders" is part of a wider crackdown as part of its aim to deter future misconduct. “Being banned from the financial services industry is a life changing event – the FCA knows this," Jonathan Cary, partner at RPC, said in the report. “The FCA will be looking to send a message out that it is not turning a blind eye to … [Read more...] about Britain’s financial regulator is slapping down the City’s “bad apples” and won’t let up any time soon