This document provides an overview of virtual banking. It begins with a history of virtual banking, including the first virtual banks in the United States, United Kingdom, Asia, and Hong Kong. It then discusses contemporary virtual banking, including the next generation of virtual banks being approved in Hong Kong. The document also covers topics like cyber customer onboarding, money laundering, risk management and compliance, and the impacts of virtual banking on the banking industry.
Chapter 12 regulatory technology for aml complianceQuan Risk
This document discusses regulatory technology for anti-money laundering compliance. It covers identity document validation using facial recognition, regulatory requirements for remote customer onboarding from regulators like HKMA and SFC, and detecting suspicious money laundering activities through statistical analysis of transaction amounts, frequencies, and connected risk factors. Statistical outliers identified through comparing an account's activities to norms can flag it for higher priority investigation, though this approach carries a risk of false positives.
Based on the facts presented, Shanghai Commercial Bank was found to be partially compliant with AMLO requirements regarding customer due diligence, ongoing monitoring, and record keeping. Specifically, it failed to continuously monitor business relationships for 33 customers, and did not carry out full customer due diligence for certain pre-existing customers involved in unusual transactions. This assessment was made using the principle of balance of probabilities, where if less than 50% of facts show full compliance, remedial actions are needed.
This document provides an overview of anti-money laundering technologies, including name matching, suspicious scenario detection, and automated machine learning. It discusses algorithms like Jaro-Winkler and Soundex used for name matching against sanctions lists. Suspicious indicators and scenarios involving cash transactions are presented. Cash flow modeling using distributions like lognormal and exponential is described. Finally, machine learning techniques for transaction monitoring are introduced, covering data preparation, model building, and the machine learning cycle.
This document discusses regulatory issues for fintech companies. It summarizes that while fintech provides benefits, it is heavily regulated similarly to banks. It notes many fintech companies partner with banks, which subjects them to banking compliance requirements through this relationship. Finally, it argues that the regulatory structure of banking, such as the ability to operate across state lines, gives banks advantages over fintech companies, not necessarily less regulation.
Discussing how to deal with frauds occurred in e-banking channels by implementing end-to-end controls (deterrent, preventive, detective, responsive, corrective and recovery), the line of defences as well as deploying numerous anti-fraud strategies.
This document provides an overview of virtual banking. It begins with a history of virtual banking, including the first virtual banks in the United States, United Kingdom, Asia, and Hong Kong. It then discusses contemporary virtual banking, including the next generation of virtual banks being approved in Hong Kong. The document also covers topics like cyber customer onboarding, money laundering, risk management and compliance, and the impacts of virtual banking on the banking industry.
Chapter 12 regulatory technology for aml complianceQuan Risk
This document discusses regulatory technology for anti-money laundering compliance. It covers identity document validation using facial recognition, regulatory requirements for remote customer onboarding from regulators like HKMA and SFC, and detecting suspicious money laundering activities through statistical analysis of transaction amounts, frequencies, and connected risk factors. Statistical outliers identified through comparing an account's activities to norms can flag it for higher priority investigation, though this approach carries a risk of false positives.
Based on the facts presented, Shanghai Commercial Bank was found to be partially compliant with AMLO requirements regarding customer due diligence, ongoing monitoring, and record keeping. Specifically, it failed to continuously monitor business relationships for 33 customers, and did not carry out full customer due diligence for certain pre-existing customers involved in unusual transactions. This assessment was made using the principle of balance of probabilities, where if less than 50% of facts show full compliance, remedial actions are needed.
This document provides an overview of anti-money laundering technologies, including name matching, suspicious scenario detection, and automated machine learning. It discusses algorithms like Jaro-Winkler and Soundex used for name matching against sanctions lists. Suspicious indicators and scenarios involving cash transactions are presented. Cash flow modeling using distributions like lognormal and exponential is described. Finally, machine learning techniques for transaction monitoring are introduced, covering data preparation, model building, and the machine learning cycle.
This document discusses regulatory issues for fintech companies. It summarizes that while fintech provides benefits, it is heavily regulated similarly to banks. It notes many fintech companies partner with banks, which subjects them to banking compliance requirements through this relationship. Finally, it argues that the regulatory structure of banking, such as the ability to operate across state lines, gives banks advantages over fintech companies, not necessarily less regulation.
Discussing how to deal with frauds occurred in e-banking channels by implementing end-to-end controls (deterrent, preventive, detective, responsive, corrective and recovery), the line of defences as well as deploying numerous anti-fraud strategies.
The document summarizes the legal and contractual complexities that arise for video on demand (VoD) platforms operating in India. It notes that India allows foreign investment in VoD platforms and the acquisition of content from abroad, but negotiations over rights, subtitles/translations, digital rights management, and other issues are complicated by the lack of established standards in India. It also outlines India's censorship laws and laws regarding pornography/obscenity/sedition that apply to VoD platforms but are outdated, leading platforms to assume relaxed enforcement will continue. The fragmented Indian VoD market is primed for rapid growth but also consolidation in the future.
This document summarizes several real-life fraud cases involving procurement fraud at companies. Some examples discussed include a supplier being an employee of the company but not declaring their conflict of interest, splitting purchase orders to avoid tender requirements, suppliers providing lower quality goods but charging for higher quality, and suppliers being owned by company employees and marking up goods. The document also provides approaches that can help identify such fraud like suspicious transaction analysis, due diligence of suppliers, and reviewing internal control policies.
Shufti Pro identified various types of identity frauds in 2020 and as per the available information, businesses can expect an increase in criminal activities this year as well.
Big data and cloud computing are increasing data risks as more data is concentrated in large amounts in single locations. Strict data privacy laws in countries like India and the US regulate data breaches. Many large companies have experienced major data breaches compromising millions of customer records. Common causes of breaches include lost or stolen devices, malware, and phishing. The costs of data breaches for businesses are significant and include costs for notification, monitoring, response, lawsuits, and lost customer trust. Cyber insurance can help cover third party liability and first party costs associated with data breaches, but has limitations compared to other insurance policies. Prudent Insurance Brokers is an expert that can help businesses assess cybersecurity risks, design customized cyber insurance plans
E-commerce involves conducting business transactions online. It encompasses more than just online shopping sites like Amazon and eBay - it can include any business activity done virtually like marketing, supply chain management, and payments processing. While e-commerce has grown significantly, issues around security, privacy, reliability, and unequal access still exist. Services aim to address these through policies to encourage appropriate use while protecting users, but complete security is not possible. The digital divide also means that not all populations can participate equally in the online business world.
Who needs a EU representative according to GDPR article 27?idc-representative
One of the requirements under the GDPR ( Article 27 ) is the appointment of a representative in the EU for international companies that are not on the ground within the Union. According to the recitals , the EU representative must be designated in writing, and the obligation applies to both the “controller” (the company collecting the data and in some kind of customer relationship with the data subject) and any (sub-contracted) “processor” of the data. We give examples for which companies this obligation applies.
PrestaShop Barcamp 5 - Authorize.net : Five Notable E-commerce TrendsPrestaShop
The document discusses 5 notable e-commerce trends:
1) Mobile commerce is expected to continue growing with new technologies.
2) PCI requirements apply to all merchants and non-compliance can result in fines.
3) While fraud prevention tools like AVS help, all merchants should use advanced fraud solutions.
4) International markets offer growth opportunities but require support for cross-border transactions.
5) Digital wallets will combine online, in-store, and mobile payments and see increased adoption.
What is criminal breach of trust in IPRPranav Gupta
The intellectual property is protected by the sanctions of law and a right to secure one’s intellectual property is a statutory right . It is well known principle of law that where there is a right there is a remedy, which is derived from the maxim ubi jus ibi remedium. India has four statutes protecting the infringement of intellectual property of a person, namely, (a) The Trade Marks Act, 1999, (b) The Copyright Act, 1957, (c) The Patents Act, 1970 and (d) The Designs Act 2000. Not limited to remedies available in those statutes, an aggrieved person may have recourse to the provisions in Section 479 to 489 Indian Penal Code, 1860 and Section 38 of the Specific Relief Act, 1963.
Establishment of Threat Intel into Incident ResponseAPNIC
This document discusses technical threat intelligence (TTI) and incident response (IR) processes. It provides an overview of CyberSecurity Malaysia, including its Cyber999 service. The key differences between TTI and IR lifecycles are explained. A case study of a fake Malaysia National Bank app is then presented to illustrate how TTI was gathered and shared, including indicators of compromise and tactics, techniques, and procedures discovered. Challenges in establishing a TTI program to support IR are also mentioned.
Linkage & Mind Kazakhstan Law Firm is one of the leading legal service provider in Kazakhstan. Since 2005, we have conducted around 50 due diligence, assisted in receiving astonishing investment privileges, established tax efficient structures for cross-border transactions, registered JVs, won many multi-million cases in litigation.
Success of our clients is our success, therefore we care about your business as if it is our personal matter. We add value.
Online payment gateway service providers testware informaticsyathishbesant
UPI transactions in India have grown rapidly to over 1 billion per month, demonstrating growing digital payments. However, this growth also brings increased risk of cybercrime and online fraud. Truecaller data of 500 million users and the WhatsApp spyware attack highlight risks to personal data as digital payments rise. Online payment fraud in India doubled in 2019 according to one report. Experts say payment companies and merchants must strengthen security measures to prevent data breaches and reduce fraud risks as digital adoption increases. "Vishing" scams that manipulate victims into sharing banking details are also increasingly common according to reports of hundreds of UPI fraud cases. Detecting such social engineering frauds technologically is difficult given their human element.
The Indian Information Technology Act provides legal recognition for e-records and e-signatures, which facilitates e-commerce. Some legal issues that may arise for e-commerce players in India include the validity of e-contracts, data protection, intellectual property rights, competition compliance, and adherence to consumer protection laws regarding returns and required disclosures. Frequent improvements to laws and regulations aim to balance consumer experience with compliance requirements for e-commerce businesses.
Are you worried about cyber attacks on your business, and the possible effects of being breached? Let us provide you a professional assessment, and make sure you're secure as possible.
The document discusses artificial intelligence and its applications in law, providing definitions of AI, an overview of its historical development and current uses, and examples of how AI can be used to analyze contracts by profiling relevant information, searching databases, identifying key characteristics, and predicting optimal outcomes. The document also notes some limitations of current AI and observations about its development.
This document discusses cyber fraud and its impact on e-commerce. It examines various technical, legal and regulatory aspects of cyber fraud. Some key points discussed include how cyber fraud affects e-commerce, the adequacy of national and international regulations, technical measures to prevent fraud, and mechanisms and laws to address fraud. Common types of cybercrimes are also outlined such as hacking, software piracy, and denial of service attacks. The document advocates for stricter implementation of existing cyber laws and increasing awareness of cyber fraud among law enforcement, legal professionals, businesses and the general public.
Detecting fraud in cellular telephone networksJamal Meselmani
A Thesis Presented in Partial Fulfillment of the Requirement for the Degree in "MBA" by Hiyam Ali El Tawashi
Telecommunication fraud is a problem that has grown dramatically over the past ten years.
Fraud become a serious global issue for mobile network service providers, it has
undoubtedly become a significant source of revenue losses and bad debts to
telecommunication industry, and with the expected continuing growth in revenue it can be
expected that fraud will increase proportionally.
The research project therefore, focused on how Jawwal Company managing and detecting
the fraud, in order to modify the current tools for more effective fraud prevention and
detection, for this reason the researcher undertook a set of actions that are reported as
follow:
First step it was necessary to understand the problem of telecom fraud, then to know what
makes people perpetrate the fraud, and which are the most prevalent fraud types that are
occurring, clarifying which is the likely products and services to be attacked, what source
of information to facilitate the fraud, how fraudsters perpetrate the fraud finally explaining
the fraud detection and prevention procedures.
Then apply the study on Jawwal Company as study case, by distributing 200
questionnaires to targeted sections, and analyzing the result which shows that the current
fraud management at Jawwal Company is not efficient and needs to be modified.
This document discusses cybersecurity and data privacy laws. It begins by distinguishing between data security, which concerns who has access to data, and data privacy, which concerns how authorized entities use data. It then reviews American data privacy law, noting there are few inherent rights to personal data. Key cases and statutes on data breaches, privacy torts, standing requirements, and the Federal Trade Commission's authority over unfair and deceptive data practices are summarized.
The UNCITRAL Model Law on Electronic Commerce was adopted in 1997 to help harmonize the laws related to electronic commerce across countries. It recommends that countries consider the model law when enacting or revising their own e-commerce laws. India enacted the Information Technology Act in 2000, which was influenced by the UNCITRAL Model Law and aimed to facilitate e-commerce and e-governance in India by providing legal recognition for electronic records and transactions. While the Indian law was broadly aligned with principles of the model law like functional equivalence and media neutrality, it deviated in some areas like requiring specific digital signature standards and not having provisions for online contract formation equivalent to those in the model law.
India: Prohibition of Anti-Competitive Agreements and Abuse of Dominant PositionKK SHARMA LAW OFFICES
“Unlike the time when recall value of competition was associated only with examinations or sports, the awareness about competition law has come a long way when almost every other day CCI is in the news for reprimanding the erring
market players. Fines for anti-competitive conduct are huge as seen in cases such as that of DLF and cement companies. Having completed a little over four years of active enforcement and nearly ten years of advocacy, CCI has carved a niche for
itself. The author, Mr. K K Sharma, Chairman, KK Sharma Law Offices and former Director General, CCI, having the rare privilege of both drafting and implementing the law as well as being at the cutting edge by way of sculpting the
very first investigations and heading Merger Control and Anti-trust Divisions looks back and sums up the four years of cartel enforcement in India in this article.“
Civil Liability on the Internet discusses the increasing harms caused by internet fraud, defective software, and failure to secure online data. It argues that traditional negligence principles can and should be applied to intermediaries like internet service providers and websites to allocate liability for cyber harms. However, successfully bringing a negligence claim is challenging due to issues like economic loss rules and safe harbors for intermediaries in laws like the Communications Decency Act. The common law will need to continue evolving to address unremedied online consumer injuries.
The document provides an overview of a security company called A.I.S.S. that offers various security services across India. It details the types of security services offered, including manned guarding, electronic surveillance, facility management, and cyber security. It also discusses the market for security services in India, factors driving demand, and opportunities in the industry. The company aims to be a leading provider of total security solutions through well-trained staff and advanced technology.
"We will do faster than our competitors" S K sharmaG_swain
NICE India has established itself as a key player in the Indian BPO, banking, and telecommunications industries, with over 30 deals won in India including with one of the largest telecom companies and 20 of the top 25 BPOs. It has also secured several government security contracts and established an APAC support center in India. The top three verticals in India are BFSI, telecommunications, and BPOs, where NICE continues to see double-digit growth through new deals and expansions with existing customers.
The document summarizes the legal and contractual complexities that arise for video on demand (VoD) platforms operating in India. It notes that India allows foreign investment in VoD platforms and the acquisition of content from abroad, but negotiations over rights, subtitles/translations, digital rights management, and other issues are complicated by the lack of established standards in India. It also outlines India's censorship laws and laws regarding pornography/obscenity/sedition that apply to VoD platforms but are outdated, leading platforms to assume relaxed enforcement will continue. The fragmented Indian VoD market is primed for rapid growth but also consolidation in the future.
This document summarizes several real-life fraud cases involving procurement fraud at companies. Some examples discussed include a supplier being an employee of the company but not declaring their conflict of interest, splitting purchase orders to avoid tender requirements, suppliers providing lower quality goods but charging for higher quality, and suppliers being owned by company employees and marking up goods. The document also provides approaches that can help identify such fraud like suspicious transaction analysis, due diligence of suppliers, and reviewing internal control policies.
Shufti Pro identified various types of identity frauds in 2020 and as per the available information, businesses can expect an increase in criminal activities this year as well.
Big data and cloud computing are increasing data risks as more data is concentrated in large amounts in single locations. Strict data privacy laws in countries like India and the US regulate data breaches. Many large companies have experienced major data breaches compromising millions of customer records. Common causes of breaches include lost or stolen devices, malware, and phishing. The costs of data breaches for businesses are significant and include costs for notification, monitoring, response, lawsuits, and lost customer trust. Cyber insurance can help cover third party liability and first party costs associated with data breaches, but has limitations compared to other insurance policies. Prudent Insurance Brokers is an expert that can help businesses assess cybersecurity risks, design customized cyber insurance plans
E-commerce involves conducting business transactions online. It encompasses more than just online shopping sites like Amazon and eBay - it can include any business activity done virtually like marketing, supply chain management, and payments processing. While e-commerce has grown significantly, issues around security, privacy, reliability, and unequal access still exist. Services aim to address these through policies to encourage appropriate use while protecting users, but complete security is not possible. The digital divide also means that not all populations can participate equally in the online business world.
Who needs a EU representative according to GDPR article 27?idc-representative
One of the requirements under the GDPR ( Article 27 ) is the appointment of a representative in the EU for international companies that are not on the ground within the Union. According to the recitals , the EU representative must be designated in writing, and the obligation applies to both the “controller” (the company collecting the data and in some kind of customer relationship with the data subject) and any (sub-contracted) “processor” of the data. We give examples for which companies this obligation applies.
PrestaShop Barcamp 5 - Authorize.net : Five Notable E-commerce TrendsPrestaShop
The document discusses 5 notable e-commerce trends:
1) Mobile commerce is expected to continue growing with new technologies.
2) PCI requirements apply to all merchants and non-compliance can result in fines.
3) While fraud prevention tools like AVS help, all merchants should use advanced fraud solutions.
4) International markets offer growth opportunities but require support for cross-border transactions.
5) Digital wallets will combine online, in-store, and mobile payments and see increased adoption.
What is criminal breach of trust in IPRPranav Gupta
The intellectual property is protected by the sanctions of law and a right to secure one’s intellectual property is a statutory right . It is well known principle of law that where there is a right there is a remedy, which is derived from the maxim ubi jus ibi remedium. India has four statutes protecting the infringement of intellectual property of a person, namely, (a) The Trade Marks Act, 1999, (b) The Copyright Act, 1957, (c) The Patents Act, 1970 and (d) The Designs Act 2000. Not limited to remedies available in those statutes, an aggrieved person may have recourse to the provisions in Section 479 to 489 Indian Penal Code, 1860 and Section 38 of the Specific Relief Act, 1963.
Establishment of Threat Intel into Incident ResponseAPNIC
This document discusses technical threat intelligence (TTI) and incident response (IR) processes. It provides an overview of CyberSecurity Malaysia, including its Cyber999 service. The key differences between TTI and IR lifecycles are explained. A case study of a fake Malaysia National Bank app is then presented to illustrate how TTI was gathered and shared, including indicators of compromise and tactics, techniques, and procedures discovered. Challenges in establishing a TTI program to support IR are also mentioned.
Linkage & Mind Kazakhstan Law Firm is one of the leading legal service provider in Kazakhstan. Since 2005, we have conducted around 50 due diligence, assisted in receiving astonishing investment privileges, established tax efficient structures for cross-border transactions, registered JVs, won many multi-million cases in litigation.
Success of our clients is our success, therefore we care about your business as if it is our personal matter. We add value.
Online payment gateway service providers testware informaticsyathishbesant
UPI transactions in India have grown rapidly to over 1 billion per month, demonstrating growing digital payments. However, this growth also brings increased risk of cybercrime and online fraud. Truecaller data of 500 million users and the WhatsApp spyware attack highlight risks to personal data as digital payments rise. Online payment fraud in India doubled in 2019 according to one report. Experts say payment companies and merchants must strengthen security measures to prevent data breaches and reduce fraud risks as digital adoption increases. "Vishing" scams that manipulate victims into sharing banking details are also increasingly common according to reports of hundreds of UPI fraud cases. Detecting such social engineering frauds technologically is difficult given their human element.
The Indian Information Technology Act provides legal recognition for e-records and e-signatures, which facilitates e-commerce. Some legal issues that may arise for e-commerce players in India include the validity of e-contracts, data protection, intellectual property rights, competition compliance, and adherence to consumer protection laws regarding returns and required disclosures. Frequent improvements to laws and regulations aim to balance consumer experience with compliance requirements for e-commerce businesses.
Are you worried about cyber attacks on your business, and the possible effects of being breached? Let us provide you a professional assessment, and make sure you're secure as possible.
The document discusses artificial intelligence and its applications in law, providing definitions of AI, an overview of its historical development and current uses, and examples of how AI can be used to analyze contracts by profiling relevant information, searching databases, identifying key characteristics, and predicting optimal outcomes. The document also notes some limitations of current AI and observations about its development.
This document discusses cyber fraud and its impact on e-commerce. It examines various technical, legal and regulatory aspects of cyber fraud. Some key points discussed include how cyber fraud affects e-commerce, the adequacy of national and international regulations, technical measures to prevent fraud, and mechanisms and laws to address fraud. Common types of cybercrimes are also outlined such as hacking, software piracy, and denial of service attacks. The document advocates for stricter implementation of existing cyber laws and increasing awareness of cyber fraud among law enforcement, legal professionals, businesses and the general public.
Detecting fraud in cellular telephone networksJamal Meselmani
A Thesis Presented in Partial Fulfillment of the Requirement for the Degree in "MBA" by Hiyam Ali El Tawashi
Telecommunication fraud is a problem that has grown dramatically over the past ten years.
Fraud become a serious global issue for mobile network service providers, it has
undoubtedly become a significant source of revenue losses and bad debts to
telecommunication industry, and with the expected continuing growth in revenue it can be
expected that fraud will increase proportionally.
The research project therefore, focused on how Jawwal Company managing and detecting
the fraud, in order to modify the current tools for more effective fraud prevention and
detection, for this reason the researcher undertook a set of actions that are reported as
follow:
First step it was necessary to understand the problem of telecom fraud, then to know what
makes people perpetrate the fraud, and which are the most prevalent fraud types that are
occurring, clarifying which is the likely products and services to be attacked, what source
of information to facilitate the fraud, how fraudsters perpetrate the fraud finally explaining
the fraud detection and prevention procedures.
Then apply the study on Jawwal Company as study case, by distributing 200
questionnaires to targeted sections, and analyzing the result which shows that the current
fraud management at Jawwal Company is not efficient and needs to be modified.
This document discusses cybersecurity and data privacy laws. It begins by distinguishing between data security, which concerns who has access to data, and data privacy, which concerns how authorized entities use data. It then reviews American data privacy law, noting there are few inherent rights to personal data. Key cases and statutes on data breaches, privacy torts, standing requirements, and the Federal Trade Commission's authority over unfair and deceptive data practices are summarized.
The UNCITRAL Model Law on Electronic Commerce was adopted in 1997 to help harmonize the laws related to electronic commerce across countries. It recommends that countries consider the model law when enacting or revising their own e-commerce laws. India enacted the Information Technology Act in 2000, which was influenced by the UNCITRAL Model Law and aimed to facilitate e-commerce and e-governance in India by providing legal recognition for electronic records and transactions. While the Indian law was broadly aligned with principles of the model law like functional equivalence and media neutrality, it deviated in some areas like requiring specific digital signature standards and not having provisions for online contract formation equivalent to those in the model law.
India: Prohibition of Anti-Competitive Agreements and Abuse of Dominant PositionKK SHARMA LAW OFFICES
“Unlike the time when recall value of competition was associated only with examinations or sports, the awareness about competition law has come a long way when almost every other day CCI is in the news for reprimanding the erring
market players. Fines for anti-competitive conduct are huge as seen in cases such as that of DLF and cement companies. Having completed a little over four years of active enforcement and nearly ten years of advocacy, CCI has carved a niche for
itself. The author, Mr. K K Sharma, Chairman, KK Sharma Law Offices and former Director General, CCI, having the rare privilege of both drafting and implementing the law as well as being at the cutting edge by way of sculpting the
very first investigations and heading Merger Control and Anti-trust Divisions looks back and sums up the four years of cartel enforcement in India in this article.“
Civil Liability on the Internet discusses the increasing harms caused by internet fraud, defective software, and failure to secure online data. It argues that traditional negligence principles can and should be applied to intermediaries like internet service providers and websites to allocate liability for cyber harms. However, successfully bringing a negligence claim is challenging due to issues like economic loss rules and safe harbors for intermediaries in laws like the Communications Decency Act. The common law will need to continue evolving to address unremedied online consumer injuries.
The document provides an overview of a security company called A.I.S.S. that offers various security services across India. It details the types of security services offered, including manned guarding, electronic surveillance, facility management, and cyber security. It also discusses the market for security services in India, factors driving demand, and opportunities in the industry. The company aims to be a leading provider of total security solutions through well-trained staff and advanced technology.
"We will do faster than our competitors" S K sharmaG_swain
NICE India has established itself as a key player in the Indian BPO, banking, and telecommunications industries, with over 30 deals won in India including with one of the largest telecom companies and 20 of the top 25 BPOs. It has also secured several government security contracts and established an APAC support center in India. The top three verticals in India are BFSI, telecommunications, and BPOs, where NICE continues to see double-digit growth through new deals and expansions with existing customers.
Patrick Bourk, National Cyber Practice Leader from Hub International, discusses the various cyber policies available for mid size commercial businesses. He also showcases the various types of risk to consider when working with an insurer.
The document discusses how technology is impacting the insurance sector. It begins with an introduction of Chedid Re, a reinsurance broker, and how they utilize technology. It then covers global trends in insurance technology, including blockchain and how it can improve processes. Artificial intelligence is discussed as it applies to claims processing, marketing and underwriting. The Internet of Things is presented and how it will generate data to impact pricing, distribution and underwriting. Regulations regarding technology are also mentioned.
In this report we share our insight on the recruitment of cyber security professionals including information regarding the key drivers in the cyber security market, permanent and contract recruitment trends, transferable skills, the top job titles, salaries and qualifications analysis, a heat map of skills demands/talent pools across the UK, concluding with recommendations on attracting and retaining cyber security talent.
This article discusses the growing risk of cyber breaches for small and medium sized businesses and the importance of cyber insurance. It makes three key points:
1) Less than 6% of small/medium businesses purchase cyber insurance despite increasing risks of data breaches.
2) When developing cyber endorsements, insurers need to consider coverage limits, included services, and risk mitigation tools to help businesses prevent and respond to breaches.
3) The costs of data breaches, such as notification, forensic audits, and lawsuits, average tens of thousands of dollars per breach, demonstrating the need for higher insurance limits.
What's new with Cybersecurity in Singapore? Abraham Vergis
This document discusses cybersecurity issues in Singapore and the new Cybersecurity Bill. It summarizes recent major cyber attacks like WannaCry that disrupted companies and government services. The bill aims to regulate critical infrastructure, empower the Cyber Security Agency of Singapore to respond to threats, facilitate sharing of cybersecurity information, and license cybersecurity service providers. The bill establishes baseline standards for protecting information that law firms must exceed due to risks of hackers interfering with confidential international dispute information.
Hacktivists in Indonesia disrupted Malaysian websites in response to a misprinted flag by exploiting vulnerabilities in Malaysian web servers and replacing website content with protest messages. Ransomware like WCry and Petya have impacted organizations across Southeast Asia by leveraging vulnerabilities in outdated operating systems. Distributed denial of service (DDoS) attacks remain a frequent tactic used by threat actors to disrupt websites and draw attention to causes or hide other malicious activities.
The security industry in the Philippines plays a vital role in safeguarding the country. It encompasses private security firms, law enforcement, and cybersecurity experts. The industry faces challenges like organized crime, insurgency, and piracy, requiring collaboration between public and private sectors. New technologies are transforming security operations, while rising cyber threats and regulatory changes are impacting how organizations manage risk. The future of the industry depends on continued innovation and collaborative solutions to evolving security challenges.
CYBER SECURITY FOR PRIVATE AND DOMESTIC USE -VIKASH SINGH BAGHEL.pdfVikashSinghBaghel1
The document discusses cyber security in the private sector and domestic use. It covers several topics: the private sector's important role in cyber security given its management of online activity; practical barriers that have limited private sector security improvements, such as lack of incentives and high costs; and the responsibilities of cyber security professionals to implement controls, monitor networks, perform audits, and more. It also outlines cyber security challenges in India like lack of device uniformity and national architecture, and types of domestic cyber threats like critical infrastructure and IoT security issues.
Ethical Hacker Jobs Top 7 Industries Hiring Right Now.pdfDataSpace Academy
Ethical hackers are among the most recruited candidates in the job market today. Rising incidents of cyber attacks have led to a huge rise in ethical hacker jobs. Almost all the major industries, ranging from tech to e-commerce to education to finance, are increasingly looking for cybersecurity professionals who can help to detect their network and system vulnerabilities as well as enable them to create a strong line of cyber defense. The blog here offers a guide on the top industries that are hiring ethical hackers.
This document discusses the importance of cybersecurity for law firms. It notes that law firms have traditionally lagged behind other industries in implementing cybersecurity measures, despite increasingly becoming targets. It provides several recommendations for best practices including implementing information security policies, employee training, testing systems for vulnerabilities, and utilizing IT professionals for guidance. The document emphasizes that cybersecurity is about managing risks, and that as technology continues to change, firms must remain vigilant and adapt their strategies to new threats. People within a firm are also noted as one of the biggest security risks if not properly trained on cybersecurity practices.
What Are the Strategies Offered by Cybercrime Law Firms?Finlaw Associates
In an era dominated by digital innovation, the rise of cybercrime poses significant challenges to individuals, businesses, and governments worldwide. As cyber threats become more sophisticated and pervasive, the demand for specialized legal expertise in combating cybercrime has surged. A cyber crime law firm plays a pivotal role in navigating the complex legal landscape of cybersecurity.
Cyber risk represents both risk and opportunity for insurance companies. While cyberattacks can result in multi-billion dollar losses, there is growing demand from companies for cyber insurance coverage. Actuaries can help develop sustainable cyber insurance products by analyzing available breach data, determining appropriate policy terms, and encouraging policyholders to strengthen cybersecurity. Offering generous policy limits alongside strict security requirements and high deductibles allows insurers to expand in this area while properly managing risk. The increasing need for cyber coverage represents a chance for actuaries to add value and for insurers to generate new revenue streams.
Crossing the streams: How security professionals can leverage the NZ Privacy ...Chris Hails
Security professionals often struggle with the ‘double intangibility’ of security - the intangibility of risk and intangibility of protection.
Changes hearts and minds often requires legislation and new compliance frameworks to motivate investment.
New Zealand's new Privacy Act comes into play on 1st December 2020 and there are ways security professionals can leverage new aspects including mandatory breach notifications to focus efforts on securing personal information and preventing privacy harms.
Next Wave of Fintech: Redefining Financial Services through TechnologyRobin Teigland
The Stockholm School of Economics and PA Consulting present The Next wave of Fintech, a sequel to the 2015 Stockholm Fintech Report, focusing on the new InsurTech and RegTech segments. The report, which describes and quantifies the Swedish market for these segments, contains valuable insights and recommendations for decision makers at banks, incubators, startup companies, public authorities and investors.
Cyber Security and Insurance Coverage Protection: The Perfect Time for an AuditNationalUnderwriter
Cyber Security and Insurance Coverage Protection: The Perfect Time for an Audit by Lynda Bennett
2014 ended almost the same way that it began for most companies – having concerns about cyber security and hackers. At the beginning of the year, the news cycle was focused on breaches that took place in the consumer product space as Target, Michael’s, Neiman Marcus, and Home Depot worked fast and furious to address breaches that led to concerns about a massive amount of credit card information possibly being “in the open.” Later in the year, we learned that corporate giants like JPMorgan Chase and Apple were not immune from cyber security breaches as still more personally identifiable information and very personal photographs were released into the public domain. Finally, as 2014 drew to a close, the entertainment industry was further rocked by the cyber-attack on Sony Corp., which led to even broader concerns about national security and terrorist threats.
This document summarizes an article from The Corporate Governance Advisor on tools for boards to oversee cybersecurity risk. It discusses the business impacts and litigation/regulatory risks of cyber attacks. It outlines how boards have an oversight duty to ensure proper information and reporting systems exist to manage cybersecurity risk. The document provides examples of cybersecurity disclosure from companies like Target and Home Depot. It discusses SEC guidance on cybersecurity disclosure and notes boards must exercise oversight in good faith to avoid liability for failures.
This document discusses cybersecurity and provides a framework for governments to develop long-term cybersecurity strategies. It proposes a model with five areas: alignment with social, economic and political factors; development of cybersecurity strategies and policies; protection of critical infrastructure; implementation of national cybersecurity projects and solutions; and stakeholder engagement. The document emphasizes that cybersecurity initiatives must be aligned with a country's legal system and social norms, consider economic impacts, and involve collaboration between government and the private sector to be successful long-term strategies.
Research paper - Forensic investigation, due diligenceHarsh Chitroda
Topic: Importance of Business Intelligence Services - Forensic Investigation, Due diligence in the current business scenario. The type of research method used in the paper was a qualitative one and obtained from real experience working at Deloitte.
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An OpenText™ Vulnerability Assessment provides organizations with a thorough understanding of the weaknesses and potential risks in their applications, systems, and networks. Armed with this insight, they can address vulnerabilities, enhance their cybersecurity defenses, and ensure compliance with insurance and regulatory requirements.
1. 1
The Most Successful Security Agency
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2. Is the growth of private security desirable for city
government and for the constituents?
Growth includes new security activities and new
types of crime; also, police shedding private
services/contracting out public police services.
If the trend is desired then cities should encourage
the shift to greater reliance on private security. If
not, regulate against private expansion and
finance additional police.
2
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5. Source : BLS National Occupational Employment and wage estimates for 1997 through 2008
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6. 6
Figure 4: Crime Rates Over Time
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9. Private security is growing more rapidly (50%) than both total
and public police (constant) employment over 11 years.
Private police wages grew slightly less than both overall and
public police wages.
Private police employment is related to GDP while public
police are not.
No relation of private or public police employment to both
property and violent crime levels.
Expenditures on public police are overtime constant at 3.14
percent of all state and local expenditures.
Public police wages are consistently 2.15 times private police.
9
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10. GDP. Police respond to non-public 911 calls leading to inability to satisfy
demand for crime related calls, forcing businesses and residents to hire
private security services. For example, undesirables congregating around
stores in SF, business districts in Chicago, and response to false alarms.
Privatization. Reflects general trend, tighter state & local budgets.
Liability. Premises and inadequate security even beyond the perimeter.
The number and size of judgments have been increasing.
Regulation. Universities (The Cleary Act publication of crime data ,
hospitals (Accreditation), chemical plants (DHS), nuclear (DOE, armed
guards), Defense contractors (DOD).
Concern about negative publicity (reduces customers demand, higher
wages for workers, liability suits)
10
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11. Objectives and behavior: Private services clients.
Private deters crime while public emphasizes arrest &
assisting in punishment. Private concentrates on
surveillance (cameras, access control, target hardening
and encourage displacement)
Legal: Private police derive authority from client (agent).
Public police enjoy legal authority & greater liability
protection. Private police are not bound by constitutional
restrictions (warning before interrogation)
11
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12. Cost: Wages of private guards are 47% of sworn officers. Public police
are better trained but their salaries are determined by union contracts
unlike competitive private guards.
Public police, like monopolies, provide standardized service, insensitive
to changing market demands. Private police serve new niche markets
by hiring lawyers, accountants and IT professionals. Public police
constrained by civil service rules can only train sworn officers for such
uses.
Private police blend into IT, and customer service while public police
are more rigid to change.
Private less likely to abuse citizens: Private police can be sued, fired
more easily, and are more susceptible to market forces.
12
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13. Concentration is moderate and increasing modestly
(50%). Like movie production & distribution, less than
soft drinks, and candy.
Low barriers to entry. Relies mainly on unskilled labor,
low initial investment, no regulatory barriers (training
requirements are modest)
Companies can and do provide their own security
Homogeneous service
Knowledgeable buyers
Individual negotiations on contracts encourages
competitive pricing.
13
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14. New types of economic crimes: identity theft, cyber fraud, malicious
(viruses) internet crimes, counterfeiting goods, employee fraud.
Police do not have the requisite skills to deal with them; they require
much time and expenses, are not jurisdictionally bounded, and they
lack desired press publicity.
Police refrain from dealing with crimes that adversely affect
profitability of firms unless directed by the district attorney.
Businesses wish to avoid publicity of crime targeted at them.
As a result, Economic crimes are handled by accounting,
engineering, law firms, and newly created highly professional
security companies.
14
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15. Private police will expand above and below the standardized
service provided by public police.
From below, private police will expand in guarding activities and
especially in the growing industries like universities, hospitals,
chemical and other critical infrastructures. Guard wages and prices
of services are unlikely to rise much because of competitive low
skilled labor market and the industry.
Private police will expand by blending into non-security services
enjoying economies of scope. For example, alarm response, patrol
and vacation services.
From above, private police will provide high quality IT and financial
related services that require highly professional workers.
15
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16. Tight budgets will encourage public police to shed non-public services
and contract out quantifiable public services. For example, guarding
prisoners, courts and other government buildings, crime labs, guarding
public transit. This will expand demand for private security. The highly
competitive private security industry will ensure competitive pricing.
Hospitals, universities, FedEx, Longwood Security formed sworn officer
services in order to provide greater arrest and investigation authority.
This is, however, a limited trend.
Competitiveness of the industry will ensure that security firms will tap
every niche market.
Competition forces firms to employ technology intensively in order to
deliver service cheaply, effectively, and reduce number of guards.
Monopolistic public police have less incentive to introduce technology.
16
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17. Industry: Establish expertise in a particular industry or security focus.
Examples, Akal guarding military installations, Wackenhut securing nuclear
facilities, Securitas-universities, Allied/Barton- shopping centers.
Government: The highly competitive nature of the industry makes even the
existing loose background and training requirements unimportant.
Additional regulation is unnecessary. Exception may be for weapon training
because of externalities.
Expansion of highly competitive private security is a socially desired trend
and does not require cities to regulate. Free markets provide quality
control, and technological and managerial innovations.
Promote Public Private Partnerships like in a case of response to burglar
alarms, counterfeit goods, and identity thefts.
17
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