IBS Journal June 2017
47
transactional use of, but rising demand for, notes is faced by many other countries. “Will this trend continue? Central banks need to understand the future of cash as it impacts decisions on how many notes to order from our printers and how the distribution network may evolve,” says Kafetz. “We need to understand whether we can rely on the past to predict the future, or whether a tipping point is on the horizon as the use of electronic payments gathers pace and the macroeconomic environment changes.”
RBS staff…Royal Bank of Scotland (RBS) is set to cut 334 technology-related jobs and offshore more roles to India,
according to the Unite union. The following areas will be affected: CTO; Finance Solutions; CPB Technology; NatWest Markets Technology; Controls; Performance and Business Management (P&BM); Core and Payments; PBB Technology; Digital Engineering Services; Risk Solutions; EC Solutions Technology.
“As RBS moves towards becoming a simpler, smaller UK-focused bank, we’re continuing to restructure our back office support and reducing its size so it’s a better fit for our business,” says a spokesperson for the FI, which is 72%-owned by the UK government. “Unfortunately, these changes will result in the net reduction of 92 roles. We understand this will be difficult news for staff and we will be offering support to those affected, including redeploying people in to other roles where we can.”
Rob MacGregor, National Officer at Unite, comments: “Unite cannot understand how RBS, which continues to be taxpayer backed, can justify hundreds more staff cuts and continue transferring important work out of the country. It is wholly inappropriate and unjustified for these technology roles to be sent offshore. Unite has called on RBS to halt the offshoring announcements and impose a moratorium on the offshoring of jobs. The loss of these jobs to India does nothing to support the well-being and livelihood of UK workers and their families, this is not in the taxpayer interest. Unite has sought a guarantee of no compulsory jobs losses as a result of the announcement.”
Earlier this year, RBS Chief Executive Ross McEwan ordered a £2 billion, four-year programme involving job losses and branch closures. In April, the bank posted its first quarterly profit since September 2015.
China has emerged as one of the victims of the WannaCry ransomware attack. Bank of China ATMs were taken
offline whilst the situation was tackled. Chinese traffic police, immigration authorities and various public security bureaus and schools were also suspended.
Elsewhere, Russia’s central bank was also targeted, along with several government ministries, the railway system and a number of Russian banks, but their computer networks were not penetrated, the cybersecurity monitoring centre, FinCert, which is operated by Russia’s central bank, reported. Sberbank, Russia’s largest bank, commented: “Cybersecurity systems have discovered attempts to infect the bank infrastructure in due course. The bank network is protected from such an attack. No virus infection happened.”
The malware uses a vulnerability in the Windows operating system to infect computers and then encrypts files, demanding a ransom be paid in Bitcoin in return for restoring access. The exploit was patched by Microsoft two months ago, so only computers not running updated software are vulnerable. It was made public in April by Shadow Brokers – a hacker group that apparently obtained cyberwarfare tools from the NSA.
www.ibsintelligence.com
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