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.
MiFID II regulations could raise the risk of cyber attacks, Nex Group head of government affairs, Ben Pott, has warned. The new European regulations require firms to hold and exchange personal information on individual traders and clients. Mr Pot said that while it was important for banks to have a good understanding of their customers, there were also risks in doing so.