UK Under Sustained Cyber Attack

UK Under Sustained Cyber Attack

The National Cyber Security Centre will today publish its annual review. The document will make sobering reading. The extent of cyber-attacks on the country has tripled in the last twelve months. A combination of state led, and criminal activities poses a severe threat to the country’s critical infrastructure. Russia is described as “reckless’ and China as “sophisticated” and “ambitious”. The report recommends minimum hygiene levels that are good enough to protect us against most forms of attack. Sorry to sound like a broken record but cyber risk management is as much about culture as it is about technology.

Singapore Focuses on Commodity Fraud

Singapore’s Prime Minister Lawrence Wong has highlighted the need for the country to strengthen its measures to combat fraud in the commodity market. He highlighted the competition represented by Dubai and the need to provide a secure marketplace. In terms of preventative measures, there is a push to digitize the market given the over reliance on dodgy paperwork. A trade registry of collateral will also be pushed. In terms of deterrence, the prison sentence meted out to 80-year-old, OK Lim, will help.

BlackRock Launches Money Market ETF

BlackRock has launched the first fully regulated money market ETF. The iShares Euro Cash UCITS ETF will be actively managed and provides a safe liquid vehicle for the retail investors.

St. James Cuts Staff

The UK’s largest wealth management network, St. James Place, has announced that it will be reducing its 3,200 headcount by 500. The cuts will come from its employee base rather than advisors. This is part of a cost reduction programme designed to reduce expenditure by £100 million per annum by 2027.