Latest news: cybersecurity in banking

74% of business leaders view cybersecurity as the main disruptive threat to their organisations either currently or over the next twelve months, according to GlobalData’s Tech Sentiment Polls Q1 2024 survey. 

The survey asked respondents which technologies are already disrupting their varied industries or would do over the next 12 months, one to four years, five to ten years or never. 

Fuelled by increasingly sophisticated ransomware and distributed denial of service (DDoS) attacks, cybersecurity is at the forefront of business leaders’ minds. 

Prominent cyberattacks have stolen headlines of late. 

Just this week, Germany recalled its ambassador to Russia over alleged state-sponsored cyberattacks on Monday (6 May), hours before it was revealed that a hack stole payroll data from the UK Ministry of Defence. 

Geopolitical discord has seen governmental infrastructure heavily targeted, like that of Sweden as it attempted to join Nato. But companies including American Express, Change Healthcare, Fujitsu and Roku have all been hit by cyberattacks just this year. 

More respondents said that cybersecurity (66%), cloud computing (63%) and the internet of things (48%) are already disrupting their business than AI (41%).   

AI, however, had the highest percentage of respondents (13%) say it would disrupt their industry over the next twelve months. 

This transcends concerns about mass job losses. In defence, AI-powered drones have threatened global security, exemplified by the Israeli Defence Forces’ (IDF) indiscriminate Lavender AI system.   

EU regulation is tightening over the potential use of AI in medical device trials. Data collation in the financial services sector has become reliant on AI processing. AI-powered digital twin technologies are increasingly involved in transport logistics. 

And, in media, AI companies are signing agreements with news organisations, seen with the Financial Times and OpenAI’s partnership at the end of April. 

The generative AI platform for alternative investment managers, BlueFlame AI, has concluded its Series A funding round. 

With a 25% oversubscription rate, BlueFlame’s network of influential businesspeople and strategic partners helped collect $5m in private finance. 

The management team also played a major role in the fundraising process. With this round, BlueFlame’s valuation rises to $50m and it will be able to maintain its quick pace of product innovation for customers. 

With this financing, BlueFlame will be able to enlarge its staff of expert client success managers, engineers, product managers, and operations specialists, as well as quicken its pace of growth and improve its generative AI platform. 

Moreover, this funding demonstrates BlueFlame’s dedication to providing client assistance while it explores new AI use cases and solutions intended to improve productivity and simplify data sources for alternative investment managers.  

In the alternative investment management sector, BlueFlame has made a name for itself fast by developing modern AI and machine learning techniques that create shifting approaches to use AI. 

BlueFlame, which was set up by former cybersecurity experts, financial technology pioneers, and GRC specialists, is in a unique position to not only comprehend the operational difficulties faced by alternative investment managers, but also provide an AI platform with features that address investor and regulatory mandates in terms of security, privacy, and compliance. 

Founded in October 2023, BlueFlame leverages data and sophisticated algorithms to produce insights that may be put to use and enhance results. With over 20 employees, it offers over 50 pre-built workflows to assist worldwide clients in managing billions of AUM. 

Raj Bakhru, CEO of BlueFlame AI stated: “AI is now a “must-have” tool that alternative investment managers recognise is critical to streamline their operations, improve efficiencies and help them deliver cutting edge strategies.  The value AI can deliver is clear, and our investors understand the challenges of bringing structured and unstructured data together through AI tools while meeting compliance, security, and regulatory requirements. This funding is a testament to the potential our investors see in our model, the strength of our technology, and the value we bring to the industry. With this capital, we can remain focused on our core goals of product innovation and customer value as we continue to push the boundaries of how our clients can use AI to reduce time spent on low value tasks and devote more time to delivering results for their limited partners.”  

Barclays Eagle Labs has announced the launch of the Ecosystem Partnership Programme, which will provide a considerable boost to technology businesses. 

The project will collaborate with local corporate partners to promote creativity and economic development by giving startups the resources they need to advance in the UK technology sector. 

Moreover, the Ecosystem Partnership Programme will be provided by Barclays Eagle Labs, which offers access to vital skills, educational tools, and business assistance and is financed by the Digital Growth Grant (DGG). 

Through the scheme, nine local groups in various UK regions have been chosen to receive funding of up to £250,000 ($315,821) 

In order to support their initiatives, which aim to encourage and accelerate the rise of tech and digital enterprises in their particular regions, the chosen businesses will match the funds they receive pound for pound. 

Amanda Allan, director of Barclays Eagle Labs, stated: “We are delighted to support these projects aimed at assisting early-stage tech entrepreneurs across the UK. It’s crucial to bolster startups and scaleups, especially in sectors such as AI, climate tech, and digital innovation. 

“Through the Ecosystem Partnership Programme, funded by the Digital Growth Grant, Barclays allocates funding to organisations deeply integrated into their national and regional ecosystems. These initiatives are poised to play a pivotal role in supporting startups and scaleups, which are integral to driving local economies forward.” 

Furthermore, during the second year of funding, Barclays Eagle Labs has set aside £1.2m of the Digital Growth Grant to assist implementing efforts in local ecosystems. 

The chosen partners will match the investment; thus, the Ecosystem Partnership Program will contribute £2.4m in value to the UK ecosystem. 

The programmes supported by the Digital Growth Grant will include: 

• Bayspace St Ives 
• BetaDen Incubate 
• BCU Enterprise Limited 
• Cyber Cheltenham 
• Manchester Digital Ltd 
• Northern Reach 
• Opportunity North East 
• Sunderland Software City 
• Tramshed Tech