IT for financial services

Security Think Tank: To stop ransomware, preparation is the best medicine

You can’t ‘stop’ ransomware, but you can do a lot to keep yourself from becoming ensnared when it strikes Continue Reading

By

• Paul Watts, Information Security Forum

The world's oldest cryptocurrency exchange prefers doing business in Luxembourg

One of the newest niches in fintech, cryptocurrency exchanges may fare very well in Luxembourg Continue Reading

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• Pat Brans, Pat Brans Associates/Grenoble Ecole de Management

Microsoft serves smorgasbord of six zero-days

November’s Patch Tuesday fixes significantly fewer vulnerabilities of late, but includes six actively-exploited zero-days, three of them of critical severity Continue Reading

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• Alex Scroxton, Security Editor

Security Think Tank: Anti-ransomware strategies should be as easy as ABC

When developing and implementing ransomware protection strategies, the importance of paying thorough attention to security measures you might consider elementary cannot be understated Continue Reading

By

• Petra Wenham

To fight ransomware, we must treat digital infrastructure as critical

Ransomware defence is failing because we don’t view our digital infrastructure in the same way as our physical infrastructure, argues Elastic’s Mandy Andress Continue Reading

By

• Mandy Andress, Elastic

Microsoft: Nation-state cyber attacks became increasingly destructive in 2022

The willingness of nation-state actors to conduct destructive cyber attacks is a source of grave concern, as Microsoft’s latest annual Digital Defence Report lays bare Continue Reading

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• Alex Scroxton, Security Editor

Security Think Tank: Ransomware and CISOs’ balancing act

Ransomware has the potential to cause irreversible business damage, so CISOs should consider not only protection but also response and recovery Continue Reading

By

• Arina Palchik and Charles Moorey

Microsoft pledges $100m in new IT support for Ukraine

Microsoft will continue to offer free-of-charge technology support to Ukraine for the foreseeable future Continue Reading

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• Alex Scroxton, Security Editor

Can crypto recover from the crash of 2022?

What does the crypto wipeout of 2022 mean for an increasingly turbulent economy and can crypto bounce back in the months and years ahead? Crucially, how will regulators react? Continue Reading

By

• Alex Cravero, Herbert Smith Freehills

Security Think Tank: Know your networks, know your suppliers

To combat the ransomware scourge, we must work harder to monitor and learn from the increasingly complex threat environment, keep a closer eye on supply chains, and share our insights Continue Reading

By

• Rob Dartnall, SecAlliance

Basel II

Basel II is an international business standard that requires financial institutions to maintain enough cash reserves to cover risks incurred by their operations. Continue Reading

By

• Ben Lutkevich, Site Editor

A third of UK cyber leaders want to quit, report says

Nearly a third of UK security leaders are considering leaving their current role, and more than half are struggling to keep on top of their workload Continue Reading

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• Alex Scroxton, Security Editor

AI experts question tech industry’s ethical commitments

The massive proliferation of ethical frameworks for artificial intelligence has done little to change how the technology is developed and deployed, with experts questioning the tech industry’s commitment to making it a positive social force Continue Reading

By

• Sebastian Klovig Skelton, Data & ethics editor

Prepare today for potentially high-impact OpenSSL bug

OpenSSL trailed a critical vulnerability patch last week, which will be only the second such flaw ever found in the open source encryption project. Unfortunately, the first was Heartbleed Continue Reading

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• Alex Scroxton, Security Editor

Security Think Tank: Container security: why so different?

Done well, container security can be a model for securing the enterprise, and businesses that focus their teams on solving it can help accelerate positive change in other areas Continue Reading

By

• Bernard Brantley

How has container security changed since 2020, and have we taken it too far?

While containers are now one of the most popular ways to deploy applications, it is fair to say that the adoption and implementation of security best practice to govern their use has not kept up Continue Reading

By

• Rob Tyler, Turnkey Consulting

LinkedIn adds new features to safeguard user privacy, security

Social media platform is adding a number of features and systems designed to protect legitimate users from inauthentic profiles and activity Continue Reading

By

• Alex Scroxton, Security Editor

Santander calls for cooperation to tackle APP fraud

New report puts forward key recommendations that the banking sector, government and other industries could take to tackle authorised push payment fraud Continue Reading

By

• Alex Scroxton, Security Editor

How financial institutions can streamline compliance with AI

AI systems help make compliance processes more efficient and effective for financial institutions. Automation can reduce problems like human error and regulatory breaches. Continue Reading

By

• Yuktesh Kashyap

Apple patches new iPhone zero-day

Apple’s latest patch fixes yet another zero-day, as security issues keep surfacing in its mobile products Continue Reading

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• Alex Scroxton, Security Editor

UK finance regulator investigates big tech finance threats and benefits

The UK financial services regulator is gathering information about the benefits and targets of big tech firms offering financial services Continue Reading

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• Karl Flinders, Chief reporter and senior editor EMEA

Digital-first businesses more willing to accept some fraud

Companies founded in the past 20 years appear more willing to accept higher levels of fraudulent activity during the customer onboarding process, according to a report Continue Reading

By

• Alex Scroxton, Security Editor

Half of staff might quit after a cyber attack, report says

Findings from a survey of CISOs, IT leaders and staffers reveal how experiencing a cyber incident may take a larger-than-thought toll on employee retention Continue Reading

By

• Alex Scroxton, Security Editor

HSBC chooses Oracle Exadata Cloud@Customer service to underpin digital

Bank selects Oracle’s Cloud@Customer service to upgrade and migrate some of its database systems as part of its digital transformation Continue Reading

By

• Brian McKenna, Senior Analyst, Business Applications

Ukrainian and UK IT sectors to deepen collaboration, partnerships

BCS, the Chartered Institute for IT, and the IT Ukraine Association have signed an MoU to deepen collaboration between the UK and Ukrainian IT sectors, and champion new partnerships and growth opportunities Continue Reading

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• Alex Scroxton, Security Editor

Cyber professional shortfall hits 3.4 million

Shortage of cyber security professionals continues to grow and shows no signs of abating, says report Continue Reading

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• Alex Scroxton, Security Editor

NatWest data breach whistleblower demands bank pay data controller fee to ICO

Whistleblower calls for NatWest to pay the Information Commissioner’s Office annual data controller fee, as the personal details of 1,600 current and former NatWest customers remain under her bed Continue Reading

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• Karl Flinders, Chief reporter and senior editor EMEA

Lloyds Bank launches innovation sandbox

Banking group establishes a sandbox where fintechs can build and test applications for Lloyds Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Treat cyber crime as a ‘strategic threat’, UK businesses told

The government’s new National Cyber Advisory Board aims to help elevate cyber discussion and spur action in the business community Continue Reading

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• Alex Scroxton, Security Editor

Office 365 email encryption flaw could pose risk to user privacy

A vulnerability in Microsoft Office 365 Message Encryption could leave the contents of emails dangerously exposed, but with no fix coming it’s up to users to decide how at risk they are Continue Reading

By

• Alex Scroxton, Security Editor

Finance regulator cracks down on use of messaging apps

The Financial Conduct Authority is taking a closer look at how staff at banks are using WhatsApp in work Continue Reading

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• Karl Flinders, Chief reporter and senior editor EMEA

NCSC urges organisations to secure supply chains

NCSC’s latest guidance package centres supply chain security, helping medium to large organisations assess and mitigate cyber risks from suppliers Continue Reading

By

• Alex Scroxton, Security Editor

Santander and Google offer tech to help businesses smooth move to cloud

Dual Run service from Google will be built on top of Santander technology known as Gravity Continue Reading

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• Karl Flinders, Chief reporter and senior editor EMEA

SMEs in Europe ready to invest in real-time payment capabilities

Small and medium-sized enterprises are losing business because of the time it takes to receive payments, with many considering API-based services to address the problem Continue Reading

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• Karl Flinders, Chief reporter and senior editor EMEA

JPMorgan’s UK digital bank app outage locks customers out

App-based Chase Bank suffered tech outage that left customers unable to access its services Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Developer wellbeing: A Computer Weekly Downtime Upload podcast

A Computer Weekly Downtime Upload special with Capital One bank’s CTO, Brad Miller Continue Reading

By

• Cliff Saran, Managing Editor

Next phase of open banking already gathering pace

Open banking has had a major impact on the banking industry as finance forms harness data to provide better services, but the next phase of open finance promises even more Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Interview: Rachel Hilliam, chair, Alliance for Data Science Professionals

Rachel Hilliam talks about the origins, mission and future plans for the Alliance for Data Science Professionals Continue Reading

By

• Brian McKenna, Senior Analyst, Business Applications

Cost-of-living crisis could spur fintech adoption

The cost-of-living crisis could have a similar impact on fintech and digital banking as the Covid-19 pandemic did, inducing further innovation in the fintech sector Continue Reading

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• Karl Flinders, Chief reporter and senior editor EMEA

Robo investment platform adopts open banking-based payments

Nordic consumer investment fintech simplifies customer experience through open banking software from Mastercard-owned Aiia Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Bank warns of spike in online cost-of-living scams

Fraudsters are exploiting the cost-of-living crisis by tricking people into sending money to help friends and relatives pay bills, TSB has warned Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

FCSA calls for government clampdown on cloned umbrella companies

One year has passed since the Freelancer and Contractor Services Association spoke out about the problem of umbrella company cloning, and it claims the authorities are not moving fast enough to tackle the issue Continue Reading

By

• Caroline Donnelly, Datacentre Editor

Copenhagen Fintech connects its members to the world

Copenhagen-based startup initiative is driving fintech developments across the Nordic region, with Mastercard its latest global partner Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

IR35 reforms to be scrapped in public and private sectors from April 2023, government confirms

The government has confirmed that the 2017 and 2021 roll-out of the IR35 reforms to the public and private sectors, respectively, will be repealed in April 2023 Continue Reading

By

• Caroline Donnelly, Datacentre Editor

Mini-Budget 2022: HMRC tells firms to update payroll software ahead of November NI tax cut

HMRC is urging employers to ensure their payroll software systems are updated now, before the reversal of the previous government’s National Insurance tax hike kicks in Continue Reading

By

• Caroline Donnelly, Datacentre Editor

American Express recruiting thousands of tech professionals

Amex will add 5,000 IT professionals to its workforce in 2022 as digital products and services become the staple of the finance sector Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

European Central Bank working on prototypes of digital Euro interfaces

European Central Bank’s digital Euro investigation phase is at the point of developing and testing systems that might interface with consumers Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Thousands of customers affected in Revolut data breach

Digital challenger bank has warned its customers to be vigilant after their data was exposed in a cyber attack Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

How Lloyd’s of London is digitising

The centuries-old insurance market is transforming its complex IT estate through digital data. Continue Reading

A gold medal performance for networking

In this week’s Computer Weekly, we find out how the IT team behind the 2022 Commonwealth Games in Birmingham delivered a winning performance. We also look at how the centuries-old London insurance market is going digital, thanks to Lloyd’s of London. And we find out how low-cost high street stores succumbed to the inevitable and are going online. Read the issue now. Continue Reading

Organisations failing to account for digital trust

The vast majority of businesses are well aware of the importance of digital trust, yet very few have a dedicated staff role responsible for it, report finds Continue Reading

By

• Alex Scroxton, Security Editor

Ex-CISA head Krebs: Disrupt ransomware support networks to win the war

Speaking at an event hosted by data protection specialist Rubrik, former CISA director Chris Krebs calls for the security community to work collectively to kick out the supports from under ransomware gangs Continue Reading

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• Alex Scroxton, Security Editor

US to see huge increase in embedded finance transactions

Retailers and other non-financial businesses are increasingly offering their customers financial services, such as credit and payment options Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

DDoS attacks on UK financial sector surged during Ukraine war

A quarter of cyber security incidents reported to the Financial Conduct Authority in the first six months of 2022 involved DDoS, with a likely link to events in Ukraine Continue Reading

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• Alex Scroxton, Security Editor

AI Sweden connects the dots to keep the country competitive

How and why a centre dedicated to accelerating the adoption of artificial intelligence technology has been created in Sweden Continue Reading

By

• Pat Brans, Pat Brans Associates/Grenoble Ecole de Management

JP Morgan acquires fintech for payments modernisation

JP Morgan acquires cloud-native payments technology as it modernises its IT infrastructure Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Investment in UK fintech sees fall amid global turmoil

Investment in fintech drops, but because figures are distorted by last year’s records, it’s not as bad as it looks, says KPMG Continue Reading

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• Karl Flinders, Chief reporter and senior editor EMEA

The story behind Sibstar, the fintech app for people suffering with dementia

Creator of app and debit card designed to support people with dementia relates how the idea developed. Continue Reading

Source responsibly: Tech sector efforts to root out forced labour are failing

In this week’s Computer Weekly, we analyse the technology industry’s failure to extirpate forced labour and slavery from its supply chains. We find out how cyber security firm Okta is rebuilding customer trust after a major security incident. And we discover how Caterpillar is modernising its data management to offer better customer service. Read the issue now. Continue Reading

Mistakenly transferred $504m to be returned to Citigroup

Judge rules that creditors should return $504m that was accidentally transferred to them by Citigroup Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

CISOs should spend on critical apps, cloud, zero-trust, in 2023

Faced with a global recession next year, security buyers should try to direct investment towards technology that protects customer-facing and revenue-generating workloads, say analysts Continue Reading

By

• Alex Scroxton, Security Editor

Lloyd’s of London is digitally transforming through the front door

Centuries-old financial services organisation is transforming its complex IT infrastructure through digital data Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

UK payments upgrade to add more than £3bn to GDP, but much more on offer

UK GDP will increase when its ageing payments infrastructure is replaced with the latest technology to enable real-time payments Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Huge leap to contactless payments in past three years

Covid-19 pushes the use of contactless payments for face-to-face transactions to 90% of total Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Interview: Sibstar, the fintech app for dementia sufferers

Creator of app and debit card designed to support people living with dementia tells Computer Weekly how the idea developed Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

BBVA to add 2,000 software engineers to workforce this year

Spanish bank BBVA is boosting its IT department while its traditional workforce reduces amid digital transformation Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Security Think Tank: Effective DevSecOps requires collaboration

Application security and effective DevSecOps can only be achieved through collaboration with the business – the ultimate goal is to make it safer to do business, which requires considering integrated risk management and identity and access management alongside cyber security and application security Continue Reading

By

• Andrew Morris, Turnkey Consulting

IAM house Okta confirms 0ktapus/Scatter Swine attack

Following last week’s disclosureby Group-IB researchers of a major phishing campaign, Okta has warned its customers to be on their guard Continue Reading

By

• Alex Scroxton, Security Editor

Making her mark in financial technology

Archana Manjunatha’s career in financial technology took her to the trading floors in India, where she learned the ropes of futures and options trading and the back offices of some of the world’s largest banks Continue Reading

By

• Aaron Tan, TechTarget

Adaptive RedAlert, Monster ransomwares go cross-platform

Kaspersky researchers have shared new intelligence on two emergent cyber criminal groups that have adapted their ransomwares to target different operating systems at the same time Continue Reading

By

• Alex Scroxton, Security Editor

CW Nordics: Norway struggles to keep up with demand for tech specialists

The growing importance of IT in all industries, along with a shortage in skills, make for an excellent high-tech job market for candidates in Norway. Read how recruiters are struggling to keep up with demand. Also read how the Danish government encourages research in strategic fields to attract tech companies. Continue Reading

Security pros fret about stress and promotion over cyber attacks

CIISec’s annual report on the state of the security profession reveals some home truths for security leaders Continue Reading

By

• Alex Scroxton, Security Editor

LockBit 3.0 cements dominance of ransomware ecosystem

Ransomware attacks were up 47% in July compared with the previous month, according to the latest threat data from NCC Group, with the LockBit family largely to blame Continue Reading

By

• Alex Scroxton, Security Editor

Most CISOs think they’ve been attacked by a nation state

Most organisations have made changes to their cyber strategies and policies following Russia’s invasion, and almost two-thirds suspect they have been directly targeted or impacted by a nation-state cyber attack Continue Reading

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• Alex Scroxton, Security Editor

Kaspersky threat data added to Microsoft Sentinel service

Microsoft and Kaspersky have agreed a collaboration to integrate Kaspersky’s threat data feeds into Microsoft’s cloud-native SIEM/SOAR service Continue Reading

By

• Alex Scroxton, Security Editor

Lloyd’s to end insurance coverage for state cyber attacks

Lloyd’s of London has instructed its members to exclude nation state cyber attacks from insurance policies beginning in 2023, saying they pose unacceptable levels of risk Continue Reading

By

• Alex Scroxton, Security Editor

Cozy Bear targets MS 365 environments with new tactics

Cozy Bear, or APT29, is trying out new tricks as it seeks access to its targets’ Microsoft 365 environments Continue Reading

By

• Alex Scroxton, Security Editor

Growing MFA use spurs ‘pass-the-cookie’ attacks

The exploitation of stolen session cookies by cyber criminals is once again back on the agenda, thanks to the growing popularity of multifactor authentication tools Continue Reading

By

• Alex Scroxton, Security Editor

It takes a breach to force boards to take notice of cyber, says UK government

Too often, it takes a major incident for business leadership to pay attention to cyber issues, according to a government-commissioned study of victims Continue Reading

By

• Alex Scroxton, Security Editor

Contactless accounted for one-third of all payments made in the UK in 2021, research shows

Latest data from finance industry body reveals how the payments market is bouncing back after the pandemic Continue Reading

By

• Caroline Donnelly, Datacentre Editor

Why organisations need to harmonise their CIO and CISO roles

Unless properly managed, conflicting responsibilities between the chief information officer and the chief information security officer can cause project delays and budget overruns, says Netskope’s Mike Anderson Continue Reading

By

• Peter Ray Allison

Increase in UK startups scaling to exit, but half still struggle

Despite more startups scaling to the point of exit than ever before, half are still stuck in low growth stages – particularly those working with emerging technologies Continue Reading

By

• Sebastian Klovig Skelton, Data & ethics editor

Microsoft fixes two-year-old MSDT vulnerability in August update

August’s Patch Tuesday drop fixes more than 120 CVEs, including another MSDT RCE zero-day that is being actively exploited. Continue Reading

By

• Alex Scroxton, Security Editor

‘Coopetition’ a growing trend among ransomware gangs

Sophos shares data from its new X-Ops unit at Black Hat in Las Vegas, revealing a growing number of ransomware victims being attacked by multiple gangs at the same time Continue Reading

By

• Alex Scroxton, Security Editor

UK has biggest card fraud problem in Europe

Social Market Foundation calls on the UK to get a grip on its huge problem with bank card fraud in Europe Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Financial services regulator opens digital delivery centre in Leeds

The Financial Conduct Authority is increasing the number of tech experts in its workforce through a new digital delivery centre in Leeds Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Spyware activity particularly impactful in July

After a quiet June, vulnerability exploitation ramped up in July, with intrusions linked to spyware seeing unusually high volumes of activity, according to a report Continue Reading

By

• Alex Scroxton, Security Editor

Financial Ombudsman Service mining for gold in cloud HR and finance

The Financial Ombudsman Service is reaping the benefits of the cloud-based human resources and finance system it implemented last year Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

More than 60% of world population will use digital wallets by 2026

Global take-up of digital wallets will accelerate over the next four years, driven by ‘super apps’ and QR code-based payments Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Austrian data firm accused of selling malware, conducting cyber attacks

Microsoft has accused DSIRF, an Austrian data services firm, of involvement in a string of cyber attacks Continue Reading

By

• Alex Scroxton, Security Editor

Cyber criminals pivot away from macros as Microsoft changes bite

As Microsoft resumes blocking macros by default in its Office application suite, reversing a temporary reversal, analysis from Proofpoint suggests the action has had a remarkable effect Continue Reading

By

• Alex Scroxton, Security Editor

Teams in Grenoble work on 6G breakthrough technology

Even as 5G networks are being rolled out, new requirements are driving scientists, and engineers in Europe are back to the lab to start developing 6G Continue Reading

By

• Pat Brans, Pat Brans Associates/Grenoble Ecole de Management

Consumers left out of pocket as security costs soar

As the average cost of a security incident reaches an all-time high of nearly $4.5m, an IBM Security study reveals how these costs are being passed on to ordinary people Continue Reading

By

• Alex Scroxton, Security Editor

Cyber security training ‘boring’ and largely ignored

Two-thirds of employees don’t bother to pay attention to cyber security training – and the fault does not lie with them Continue Reading

By

• Alex Scroxton, Security Editor

Security Think Tank: Don’t rely on insurance alone

Cyber insurance is a useful addition to the cyber protection toolbox. However, it cannot be regarded as a replacement for the controls that should be in operation, says Turnkey Consulting’s Tom Venables Continue Reading

By

• Tom Venables, Turnkey Consulting

No More Ransom initiative helps 1.5 million people in six years

One and a half million people have now taken advantage of free ransomware decryption tools offered by a joint European project Continue Reading

By

• Alex Scroxton, Security Editor

Ducktail infostealer targets Facebook Business users

Newly uncovered Ducktail operation targets individuals with access to Facebook Business service and tries to steal their accounts Continue Reading

By

• Alex Scroxton, Security Editor

Latest Atlassian Confluence vulnerability raises concerns

CVE-2022-26138 is the second major vulnerability disclosure made for Atlassian’s Confluence collaboration platform in recent months Continue Reading

By

• Alex Scroxton, Security Editor

The Security Interviews: Why you need to protect abandoned digital assets

The war in Ukraine and subsequent boycott of Russia resulted in a swathe of digital infrastructure being abandoned, becoming a potential vulnerability for many organisations, says Cyberpion’s Ran Nahmias Continue Reading

By

• Peter Ray Allison

Russia could become the world’s largest market for illegal IT

Russia could become the biggest market for illegal IT equipment as companies try to get round sanctions imposed on the country Continue Reading

By

• Computer Weekly correspondent