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Cloudsmith Secures $23M in Series B Funding to Enhance Security Features
Cloudsmith, a Belfast-based artifact management platform, has raised $23 million in a Series B funding round led by TCV, with support from Insight Partners and existing investors. This investment underscores the increasing need for software supply chain security, which Cloudsmith addresses with its cloud-native platform. The company has nearly doubled its enterprise customer base and positions itself as a competitive alternative to traditional providers like JFrog and Sonatype. The funds will be used to expand sales and marketing, improve customer success, and enhance software security features, benefiting developers and cybersecurity professionals.
Boosting UK Cybersecurity: Capslock’s Nationwide Training Initiative Launches
Nationwide Building Society has teamed up with Capslock to enhance cyber security in the UK through a new training program integrated into its graduate scheme. This 16-week initiative aims to equip participants, regardless of technical background, with essential skills to combat cyber threats, culminating in the Certified Cyber Security Practitioner (Ce-CSP) certification. Andrea Cullen, CEO of Capslock, emphasizes the importance of understanding cyber criminals’ mindsets. Nationwide’s Chief Security Officer, David Boda, highlights the dual benefits of enhancing organizational defenses and contributing to the UK’s cyber security workforce, fostering inclusivity and resilience against evolving threats.
Cybersecurity Innovator Acoru Unveils Advanced Fraud Detection Platform to Revolutionize Online Security
Acoru, a new cybersecurity firm focused on combating fraud, has officially launched after stealth development following a €4 million seed funding round in 2023. Founded by experts in fraud detection, Acoru aims to revolutionize financial institutions’ strategies against evolving cybersecurity threats, particularly authorized fraud exacerbated by generative AI. Its advanced platform utilizes generative AI, analytics, and continuous monitoring to predict and identify fraudulent activities. Co-founders Pablo de la Riva Ferrezuelo and David Morán bring over 20 years of experience in cybersecurity. Acoru plans to pursue Series A funding in 2026 for global expansion and is committed to innovative fraud solutions.
FDIC Slams Discover with $250M Fine: Major Merchant Restitution Required!
The Federal Deposit Insurance Corporation (FDIC) has taken enforcement actions against Discover Bank due to misclassifying credit cards, resulting in over $1 billion in overcharges to merchants. The FDIC’s measures include a Consent Order requiring corrective actions, an order for Discover to return at least $1.225 billion to merchants, and a $150 million civil penalty. The Federal Reserve also penalized Discover Financial Services, the bank’s parent company, with a $100 million fine and additional corrective actions. These actions underscore a regulatory push for transparency and ethical practices in the banking industry.
Maximizing Security: How Effective Compliance Management Safeguards FinTech Companies
Compliance violations pose significant challenges for businesses in the FinTech sector, necessitating proactive management from compliance officers. Mitch Avnet of Compliance Risk Concepts highlights that most breaches are unintentional, often due to employee oversight. To mitigate risks, companies should identify compliance trends, analyze data, and close gaps in processes. Effective solutions include targeted training and employee certifications. Publishing an electronic code of conduct can enhance awareness, while compliance officers should be integrated into leadership to enforce accountability. When internal resolution is difficult, third-party consultants can provide valuable insights. A strong compliance framework fosters a culture of accountability and proactive education.
Transforming FinTech: How Responsible AI is Redefining Ethics in Financial Technology
Responsible AI is vital for ethical AI development in finance, focusing on transparency, fairness, and legality to protect individual rights. Financial institutions should prioritize data selection, rigorous testing, and clear governance structures. The regulatory landscape is evolving, with the EU AI Act and UK frameworks enhancing compliance and data privacy. Challenges include data privacy and bias in AI systems, which necessitate transparency and accountability to build trust among users and regulators. Embracing responsible AI supports fairness in decisions like loan approvals and furthers societal goals, promoting an ecosystem that aligns with legal standards and enhances the financial sector’s reliability.