Friday, 20 March 2015

FCA Guidance On Financial Promotions On Social Media

The UK’s Financial Conduct Authority (FCA) has published a guidance on using social media for financial promotions.
The FCA made it clear that they understand the power of social media as a communication tool and the benefit it can have for both firms and their customers. It also emphasised that any communications via social media had to meet the FCA’s requirements of being, among other things, “fair, clear and not misleading” in exactly the same way as traditional media.
The guidance is a reminder that any communication, also on social media, is likely to be deemed a financial promotion if it includes any invitation or inducement to engage in financial activity. One of the challenges provided by social media, as opposed to the more traditional forms of communication, is that of controlling who receives any promotion.

Monday, 2 March 2015

1 Billion Data Records Compromised In 2014

Data breaches increased 49% with almost 1 billion data records compromised in 1,500 attacks in 2014 – a 78% increase in the number of data records either lost or stolen in 2013, a new report by leading digital security firm Gemalto reveals. The Netherlands-based firm said about 575 million records were compromised in 2013.

Identity theft was by far the largest type of attack, with 54% of the breaches involving the theft of personal data, up from 23% in 2013.
Among the largest data thefts incurred by companies in 2014 were retail chain Home Depot with 109 million records containing email addresses stolen in a hacker attack, financial service provider Morgan Stanley suffered an identity theft with 83 million records being stolen and online market place Ebay lost 145 million records in an identity theft.
In Europe the UK was affected by the majority of incidents with 109 breaches. In comparison Germany incurred only 7 recorded data breaches.