Five months after the release of the Panama Papers, a new, searchable database of 1.3 million files leaked from the company register of the Bahamas to German newspaper Süddeutsche Zeitung has ‘brought to light details of the financial interests of politicians, entrepreneurs, financiers – and fraudsters.” The new information reveals previously unknown or little-reported connections […]

The International Organization of Securities Commissions (IOSCO) has published a report entitled “Cyber Security in Securities Markets – An International Perspective”. The report provides a review of the different regulatory approaches related to cyber security and the potential tools available to regulators to respond to the cyber risk. It also describes some of the practices adopted by market participants […]

The Commission has published regulatory guidance impressing on firms their need to take their responsibilities in respect of cyber security seriously and reminding them of their obligation to report serious or significant incidents to the Commission. The guidance can be found under the Legislation & Guidance sections of the website: Guidance Note on Cyber Security.pdf.

You may have seen in the news last week that at least ten different businesses in Guernsey had been targeted by cyber attackers who had demanded a ransom to recover lost files (http://www.bbc.co.uk/news/world-europe-guernsey-35563983). This is just one example of how hacking companies for their data is on the rise, and at the heart of every […]

The federal regulator of the nation’s largest and most sophisticated banks has put the threats of anti-money laundering compliance failures and cybersecurity attacks on equal footing in its latest annual report released this week. The US Treasury’s Office of the Comptroller of the Currency (OCC) also highlighted in the report that though total monetary penalties […]