IBM (NYSE: IBM) and Pasqal have on 21 November announced an update to their intended collaboration to build new, integrated frameworks for quantum-centric supercomputing with Qiskit, the world’s most performant quantum software. The two companies will soon begin developing a unified programming model to facilitate seamless interoperability across different types of quantum computing hardware. This integrated architecture will work across IBM’s next-generation and utility-scale quantum computers, Pasqal’s neutral atom-based quantum devices, and classical high-performance computing (HPC) resources such as CPUs and GPUs. Continue reading…

The Financial Stability Board (FSB) has on 14 November published The Financial Stability Implications of Artificial Intelligence, a report outlining recent developments in the adoption of artificial intelligence (AI) in finance and their potential implications for financial stability. Widespread adoption and more diverse use cases of AI have prompted the FSB to revisit its 2017 report on AI and machine learning in financial services. Financial firms currently use AI mainly to enhance internal operations and improve regulatory compliance, but generative AI (GenAI) and large language models have given rise to new use cases, such as document summarisation, information retrieval, and code generation. Continue reading…

A global operation, supported by Eurojust, has led to the takedown of servers of infostealers, a type of malware used to steal personal data and conduct cybercrimes worldwide. The infostealers, RedLine and META, taken down on 28 October targeted millions of victims worldwide, making it one of the largest malware platforms globally. An international coalition of authorities from the Netherlands, the United States, Belgium, Portugal, the United Kingdom and Australia shut down three servers in the Netherlands, seized two domains, unsealed charges in the United States and took two people into custody in Belgium.

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Research from Quantios’ latest Future Focus Report has revealed the number one business challenge for organisations going into 2025: increasing efficiencies while reducing costs. And, a further 88% of respondents have reported that they believe the way to achieve this is through digitalisation. However, in spite of this awareness, not all firms are acting with a sense of urgency. In fact, 70% of respondents admit that their firms continue to rely on multiple legacy systems and manual processes and only 42% of respondents stated that they plan to explore new technology options over the next five years – a timeline that may seriously hinder competitiveness. Continue reading…

by Paul White

For decades, the wealth, trust and corporate services sector has been guided by the steady hand of the “old guard.” This group has long been revered for upholding tradition, maintaining stability and fostering trusted relationships. But as Bob Dylan once said, “The times they are a-changin’.” For many, the wealth, trust and corporate services sector has been managed ‘as it’s always been done,’ with point solutions, manual processes and the odd lever arch file here and there. But now, as wealth shifts from baby boomers to gen X and millennials – an estimated £1 trillion throughout the 2020si – expectations have evolved. Younger generations are accustomed to digital solutions like open banking, instant payments and apps with real-time data on investments. Continue reading…

by Paul White

The wealth, trust and corporate services sector is awash with mergers and acquisitions (M&A). Yet, it’s no secret that the M&A market declined in 2023 and has continued on a similar trajectory this year. In fact, earlier this year, a collapse in deal flow, meant only nine disclosed M&A transactions took place, representing a decline of 50% in activity. The valuation gap between what buyers wanted to spend and what sellers want to charge for their companies has and will continue to keep many would-be deals from happeningi. Continue reading…

The Financial Stability Board (FSB) has on 17 October published for consultation a Format for Incident Reporting Exchange (FIRE), a common format for financial firms’ reporting of operational incidents, including cyber incidents. FIRE aims to promote convergence in reporting practices, to address operational challenges arising from reporting to multiple authorities, and to foster better communication within and across jurisdictions. FIRE builds on the FSB Recommendations to Achieve Greater Convergence in Cyber Incident Reporting, published in 2023. Continue reading…

The Commission has on 17 October adopted the first implementing rules on cybersecurity of critical entities and networks under the Directive on measures for high common level of cybersecurity across the Union (NIS2 Directive). This implementing act details cybersecurity risk management measures as well as the cases in which an incident should be considered significant and companies providing digital infrastructures and services should report it to national authorities. This is another major step in boosting the cyber resilience of Europe’s critical digital infrastructure. Continue reading…

With just over a week until the compliance deadline for NIS2 hits, Andy Norton, European Cyber Risk Officer at Armis, made some remarks about it. He specifically looks at why the technical requirements of NIS2 are far from an easy tick-box exercise. Continue reading…

On 29 September, the European Commission announced €10 million in additional humanitarian aid to help people in Lebanon affected by the ongoing escalation of hostilities between Hezbollah and Israel. This emergency funding aims to tackle the most urgent needs such as protection, food assistance, shelter and health care. The EU stands ready to provide further support by mobilising all the available emergency response tools, including via use of the Civil Protection Mechanism. Continue reading…