High-profile hacks have made cyber security a growing focus for the financial industry, with the likes of Bangladesh Bank, Equifax and Tesco Bank falling foul of criminals. A new piece of European legislation is now threatening to add to the risk of a breach by requiring firms to hold and exchange vast amounts of personal data on individual traders and clients. “People don’t necessarily want to share that private information,” says Vikas Srivastava, chief revenue officer at foreign exchange Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content. To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe You are currently unable to print this content. Please contact [email protected] to find out more. You are currently unable to copy this content. Please contact [email protected] to find out more.
Basel II regulations could raise the risk of cyber attacks , Nex Group head of government affairs , David Pott , has warned . The new European regulations allow firms to hold and exchange personal information on individual traders and clients . Pott said this means Nex Group , which runs its own post - trade reporting service , was working hard to ensure such data is kept safe from hackers as it is " not information you want out in public " .