Lightspin, the next-generation cloud security platform, announced today that it has raised $16 million Series A funding in a round led by Dell Technologies Capital with significant participation from existing investor Ibex Investors. This round brings total funding to date to $20 million.

Founded in 2020, Lightspin has developed a context-based cloud security platform for cloud-native and Kubernetes environments. The platform provides a full contextual view of all cloud assets and relationships, maps the potential attack paths, and prioritizes and remediates the most critical security issues from build to runtime. Deployed in companies ranging from startups to Fortune 500 corporations, Lightspin has been experiencing exceptional market growth.

“Receiving this recognition from Dell Technologies Capital, a preeminent investor in fellow startups that are revolutionizing the cloud security space, such as Zscaler, Netskope, Twistlock and Redlock, as well as from Ibex Investors, who invested in Dome9, is a strong endorsement of Lightspin’s cutting-edge approach,” said Vladi Sandler, CEO & Co-Founder of Lightspin. “We are delighted to have the faith of such experienced and proven investors behind us to build the next generation of cloud security.”

“There is strong consensus within the CISO network that Lightspin has built the right platform to understand and prioritize the risks of potential attacks in cloud environments,” said Alon Weinberg, Director at Dell Technologies Capital. “By providing clear context and actionable remediation options, Lightspin is also bridging the gap between DevOps and security teams both in the build stage and in production.”

Nicole Priel, Partner at Ibex Investors, continued, “Lightspin has demonstrated exceptional growth and technical innovation using graph-based algorithms to effectively protect cloud and Kubernetes environments, all while relieving security owners of alert fatigue. We are delighted to continue supporting Lightspin in their journey to provide real value to customers while maintaining an open-source repository for the broader community.”

This new investment will fuel cross-function innovation and growth as the company plans to triple the current number of employees, while maintaining its commitment to gender balance across all departments. New hiring will be divided between Israel and the US.

Companies and organizations worldwide are losing billions due to cybercrime each year. Although most of them significantly increased their cybersecurity budgets, cyber attacks like data breaches, phishing, ransomware attacks, or cyber espionage still represent one of the biggest risks in the business sector.

According to data presented by TradingPlatforms.com, the information and finance industry were the most targeted by cyber espionage, with almost 300 reported cases last year.

Almost 65% of Cyber Espionage Incidents Involve Phishing Attacks

Over the years, cyber espionage became a growing threat affecting industrial sectors and critical and strategic infrastructures worldwide, including government ministries, railways, telecommunication providers, energy companies, hospitals, and banks.

Its main goal is to steal state and trade secrets and confidential data in strategic fields. State-backed cyber spies may also seek intellectual property from advanced industries or customers’ data from finance or travel companies.

Once, cyber attackers might have needed the latest zero-days to gain access to corporate networks. However, today, phishing emails using social engineering tactics are most likely to provide attackers with the initial entry they need.

The 2020 ENISA report showed that almost 65% of cyber espionage incidents involve phishing attacks. Also, around 11% of cyber incidents and 20% of data breaches were motivated by cyber espionage.

Behind the internet and the finance industry, as the sectors most threatened by cyber espionage, the healthcare organizations remain an increasingly popular target amongst cybercriminals, especially those exploiting the worldwide interest in the COVID-19 vaccine. Verizon's 2021 Data Breach Investigations Report showed that there were 119 reported cyber espionage cases targeting companies and organizations in this sector last year.

Public administration and professional services also rank high on this list, with 118 and 114 cyber espionage cases in 2020. The real estate market, the accommodation sector and administrative services were on the other side of the list, with 14, 11, and 10 reported cases, respectively.

Companies Increasingly Investing in Cyber Insurance, Entire Market to Grow by 21% YoY and Hit $9.5B Value

As data applications and technology in the business sector increase, organizations are becoming more aware of the need for insurance coverage for cyber risks. Cyber insurance helps companies and organizations hedge against the potentially devastating effects of cyber espionage, ransomware, malware, or any other cyber attack used to compromise a network and sensitive data.

Last year, the global cyber insurance market hit $7.8bn value, revealed the MarketsandMarkets report. The growing number of companies taking preventive measures against cyberattacks is expected to continue driving the impressive growth of the entire sector. In 2021, the cyber insurance market is expected to grow by 21% YoY to hit a $9.5bn value. By 2025, this figure is forecast to hit $20.4bn.

The full story can be read here: https://tradingplatforms.com/blog/2021/06/23/information-and-finance-industry-most-targeted-by-cyber-espionage-almost-300-cases-in-2020/

• Hg Exchange is now regulated by the Monetary Authority of Singapore  (“MAS”) as a Recognised Market Operator (RMO) to operate as Asia’s first  member-driven exchange to support the issuance and trading of both digital  and non-digital capital market products 

• Hg Exchange strengthens its leadership team with internal promotions and  strategic new hires as it moves into its new phase of operations to expand the number of products listed as well as Member Firms 

• PhillipCapital, a Member Firm, to be a designated market maker to boost  exchange liquidity 

Hg Exchange (HGX), a private securities exchange formed by an alliance of leading capital market intermediaries, announced today its milestone graduation  from the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox with a  Recognised Market Operator (RMO) license awarded by the MAS. With this RMO license,  HGX can now fully operate as Asia’s first member-driven private exchange to support the  issuance and trading of both digital and non-digital capital market products. The exchange has also appointed Eric Neo Say Wei as President and promoted Willie Chang from Chief  Operating Officer (COO) to Chief Executive Officer (CEO) to drive HGX’s business growth in  Asia. 

Graduation from the MAS Sandbox 

“Hg Exchange’s graduation from the MAS Fintech Regulatory Sandbox is a crucial step in our development and we are confident in attracting more global companies and investors to the platform. We want to build a strong marketplace where investors can access everything from equities in high-growth companies, funds, and loan products to more unconventional financial products such as high-end luxury goods like art, wines and whiskies,” said Willie Chang, CEO  of HGX. “Hg Exchange is a venue designed to make these financial products accessible to a  broad investor base. I am excited to lead Hg Exchange to greater heights and nurture an  ecosystem that will help build the exchange of the future.” 

HGX’s graduation from the MAS Fintech Regulatory Sandbox indicates that HGX has  demonstrated compliance with rigorous regulatory requirements and ensured its structure and  operations are in accordance with local and international standards and best practices. Activity on the exchange has been robust since September 2020, when HGX announced its first trades. Thirteen different products have been successfully listed with a total average monthly trading volume exceeding US$500,000 in the last six months.

A designated market maker 

PhillipCapital, a Member Firm, will be a designated market maker to boost exchange liquidity  and facilitate trading at competitive bid and offer prices. 

“We are excited to be HGX’s Member Firm. Our clients can now access and invest in a wider  universe of alternative assets to assist in their financial planning. At the same time, we see  the HGX marketplace as a great place to bring alternative assets into the market through  listing.” said Luke Lim, Managing Director of Phillip Securities Pte. Ltd. 

Established by four distinct industry-leading firms, Fundnel, PhillipCapital, PrimePartners and  Zilliqa, HGX is Asia’s first member-driven private exchange. Powered by leading blockchain  platform provider Zilliqa, HGX technology allows for digitised securities issuance and  secondary trading of digital securities. Digital securities can also be fractionalised, allowing  investors to transact securities at more accessible price points. The goal of HGX is to provide  an equitable trading platform by bringing operational transparency, fair competition, and cost 

efficiency to the private capital markets. 

Three of the four HGX founders – Fundnel, PhillipCapital, and PrimePartners – are also  Member Firms, each individually licensed and regulated by MAS. Currently, participation and  trading in HGX is open to professional, expert and accredited clients of Member Firms, which  currently includes over 500,000 investors globally. This unique platform ecosystem will  continue to grow as more Member Firms are added, enhancing access to invest in companies  and private assets with high growth potential. 

Strengthening leadership 

“The financial landscape has evolved at a rapid pace in the last decade as we now look to  democratising private fundraising and investments for companies. Family offices, high-net worth individuals, investment managers, pension funds, sovereign wealth funds and wealth  managers are seeking inroads into alternative investments,” said Eric Neo Say Wei,  President of HGX. “This has positioned HGX squarely in the centre of this exciting revolution.  Harnessing technology and financial innovation for the betterment of society has always  fascinated me and I am proud to be a part of the HGX team that embodies these goals.” 

Eric will bring two decades of experience in capital markets, fintech and entrepreneurship to  lead HGX’s strategic fundraising and build its membership ecosystem. He previously founded  the Trading Atrium, Asia’s first award-winning multi-asset low latency trading ecosystem, at  Neo & Partners Global and co-founded RF International Holdings, an investment holding  company. Eric was also awarded Executive of the Year, Financial Services at the SBR  Management Excellence Awards 2020. He will be reporting to Willie, who will focus on strategy  and operations as CEO, leveraging his twenty years of experience in fintech, investment  banking and management consulting to steer HGX forward. Willie has previously launched a  digital asset exchange platform for cryptocurrencies and held multiple strategic and  management roles at several banks and consulting companies.

Since its inception, HGX has recorded many milestones, including closing its first trade in  September 2020 and launching Asia’s first digital whiskey-based asset-backed security in  January 2021. Thirteen different financial instruments have been successfully listed with a total average monthly trading volume exceeding US$500,000 in the last six months. Looking to the future, HGX has built a strong product pipeline of capital market products, with funds, loans, luxury assets, and real estate under evaluation for future listing. HGX also plans to onboard more Member Firms, expanding the overall marketplace and ecosystem.

Memorandum of Understanding signed between the two companies for the development of cutting-edge technology solutions to benefit the entire national digital payments system 

The creation of a NewCo to manage the processing of payment transactions is also planned 

BANCOMAT S.p.A., market leader and owner of the BANCOMAT® and PagoBANCOMAT® networks, as well as of the innovative BANCOMAT Pay® service, has signed a Memorandum of Understanding with SIA S.p.A., a hi-tech company controlled by CDP Equity and European leader in the design, implementation and management of technology infrastructures and services in the Card & Merchant Solutions, Digital Payment Solutions and Capital Market & Network Solutions segments. 

The objective of the Memorandum is to create a new supply chain for BANCOMAT®, PagoBANCOMAT® and BANCOMAT Pay® payment and cash withdrawal systems capable of re-engineering and modernizing such services, thus creating the conditions to enable the domestic network also at an international level.

This agreement reinforces a nearly 40-year partnership that includes, in 2018, the launch of the new BANCOMAT Pay® digital payment service. 

BANCOMAT S.p.A. and SIA, therefore, in addition to confirming the commitment of the two companies to supporting the digitalization of the country's payment systems, aim to develop new BANCOMAT payments that will entail improved governance of the network according to a centralized model by means of a Technology Hub managed by BANCOMAT S.p.A., which will make it possible to boost innovation even further, also as a result of reduced time to market. 

This project will ensure that the economic and security features of the network remain in place and will strengthen the objectives of the 2020-2024 Business Plan.

The cornerstones of the Memorandum of Understanding are: 

• the development by SIA of a new technology HUB for BANCOMAT S.p.A., which will be operational by 31 December 2023 at the service of processors, banks and all the operators in the supply chain; 

• the incorporation of a NewCo dedicated to the management of the processing activities of BANCOMAT®, PagoBANCOMAT® and BANCOMAT Pay® and intended to operate in competition with the other processors. 

The terms of the MoU will be subsequently set out and better specified in the Agreements to be signed by the parties by 31 December 2021. 

CEO of BANCOMAT S.p.A., Alessandro Zollo, commented on the initiative: "The signing of this Memorandum of Understanding is consistent with the path of innovation started up by the Business Plan and confirms the leading role that BANCOMAT S.p.A. has and intends to continue to have in the evolution of the digital payments sector. The development of new cutting-edge technologies will benefit the entire economic-financial system and the now necessary new go-to-market strategy will put us at the heart of the country's digital revolution."

Federico Lovadina, Chairman of SIA, made the following remarks on the initiative: "With this digital transformation project, SIA reinforces its commitment to supporting the modernization of payment systems, which are becoming more and more crucial for the current and future development of the Countrywide System. This is further evidence of how Italy is playing an increasingly central role in the fintech sector and driving innovation in electronic payment services, also in initiatives currently underway at European level. "

WL Hospitality Suite will increase convenience and enhance the hotel experience for guests whilst improving user experience and efficiency for staff

Worldline, the European leader in the payments and transactional services industry, today announces the launch of WL Hospitality Suite. A full service offering for the hotel industry, supporting and enabling hotels to deliver a seamless omnichannel experience for their guests. 

The hospitality and travel industry has been severely impacted by the onset of the COVID-19 pandemic, with the daily revenue per hotel room – a key indicator for the sector – not expected to return to 2019 levels until at least 2023 in the US and 2024 in many European cities, including London. Therefore, there has been a clear and urgent need to kick-start the sector as regions start to welcome back, where possible, tourists and visitors.

The WL Hospitality Suite will offer a range of cloud-based payment capabilities, seamlessly integrated into the hotel’s Property Management System (PMS). Thanks to tokenization, the suite responds to all the omnichannel requirements of a hotel. In addition, card and online acceptance, acquiring services, dynamic currency conversion, along with Worldline terminals, are included within the Suite. 

The comprehensive offering will ease the payments process for hoteliers, with a single point of contact for all payment and integration services. Hotels are now able to enjoy greater convenience in key guest interactions and in having guests pay for their stay. They will now be able to utilize the benefit of having all payment functions fully integrated into their central management system, creating a unique customer experience for their guests and staff. 

Chris Lanckbeen, Global Head Travel & Hospitality Verticals at Worldline, commented: “The launch of WL Hospitality Suite demonstrates Worldline’s commitment as a European payment partner for the hospitality industry, offering a full-service package which is completely integrated in to the hotel’s infrastructure, enabling hotels to deliver on their omnichannel promise.”

He added: “Worldline has long been a partner of choice for the hospitality industry, in part thanks to our strong expertise, but also because we continue to innovate and offer excellent technical support. This means that our customers always stay ahead of the curve, providing their guests with a best-in-class payment experience.”

For more information, visit: www.worldline.com/hospitality-suite

Wilco Slabbekoorn (47) has joined Nets Group as Senior Vice President, Retail Europe and Omnichannel Payments, in the Merchant Services division. Based across Copenhagen and Amsterdam, Wilco will be responsible for building one pan-European commercial retail organisation, leveraging all capabilities, knowledge and experience in the Nets Group of companies. The aim of this commercial entity will be to serve highly demanding local and international enterprise retailers, in a very fast-paced, dynamic and digitally accelerating landscape, where consumers want to enjoy a seamless experience across Nets’ merchant channels.

Wilco has more than 20 years of professional experience in financial services, mostly in international leadership roles. Before joining Nets Group, he was Vice President of International Sales at Arvato Financial Solutions. As Business Development Director, Retail at Worldpay from 2012 to 2018, Wilco developed extensive and in-depth payment expertise, following almost six years at Experian.

Bitcoin remains the most popular cryptocurrency playing a role as an investment vehicle and also a payment medium. However, scammers are exploring the payment aspect to defraud victims resulting in losses of millions of dollars.

According to data compiled by cryptocurrency trading simulator Crypto Parrot, Australians lost an equivalent of AUD 26.65 million in scams where Bitcoin was the payment method in 2020. Despite Bitcoin being a new payment method, the fraud linked to the cryptocurrency ranked second behind banks.

Scams involving bank transactions amounted to AUD 97.65 million, which is at least 3.7 times more than the amount lost in bitcoin payments scams. Other unspecified payment methods ranked third at AUD 24.17 million while cash ranked fourth at AUD 8.57 million. Credit cards emerged fifth at AUD 8.1 million.

Elsewhere in terms of reported scams in 2020, payments methods not provided ranked top at 190,959 cases, followed by banks at 8,215. Credit cards rank third at 6,267 cases, followed by PayPal at 2,761. Other payment methods ranked fifth at 2,680 cases. Bitcoin cases emerged sixth at  1,985.

Scammers leverage on pandemic

The coronavirus health crisis partly played a role in Bitcoin being used as a payment method for scams in Australia. According to the research report:

“Amid the pandemic, most people spend more time online on social media platforms, which became perfect grounds for targeting potential victims. Notably, victims deployed social media to share their referral codes with friends and contacts, bringing more people into the group involving the fake investment scheme. Overall, social media is an excellent tool for scammers who understand most people face the fear of missing out.”

Furthermore, Bitcoin's underlying nature of being decentralized and anonymous contributed to the crypto being utilized as a payment method in scams. Notably, this status means that the beneficiaries cannot be traced easily.

Read the full story with statistics here: https://cryptoparrot.com/article/australians-lost-3x-more-to-scammers-via-bank-transactions-than-bitcoin-payments-in-2020 

Research commissioned by people analytics company Visier reveals that more than half of financial services employees in the UK expect to actively look for jobs outside their current company in the next 12 months - with almost a quarter (24 percent) already looking for new jobs, suggesting a potential peak season of resignations in the sector. Of employees actively considering changing jobs, as many as six in ten (62 percent) say they are considering moving into a new sector or career altogether. 

While the vast majority of UK financial services workers (77 percent) said they felt well supported by their employer during the last year and 72 percent said they would recommend their company as a place to work, the major reasons for seeking a new role are poor work/life balance (43 percent), salary (33 percent), feeling unvalued (25 percent) and not being encouraged to learn new skills (19 percent).

Skills training clearly plays an important role in job satisfaction. Over half of financial services employees (55 percent) said they are worried that their career will stall if they do not develop more skills. As many as 55 percent of workers said their workload impacts their ability to train and learn new skills that could further their career. Only 59 percent said they are confident their employer is bringing in the right people to keep pace with clients' expectations for digital services. 

This concern is shared by HR leaders in financial services. The vast majority (84 per cent) feel there are significant skills issues within their business and when looking for new candidates. More than two-thirds believe that the sector’s lack of available candidates is holding back their company’s digital transformation strategy. 

“An employee's work life balance and salary has always been a driving factor for moments of change in jobs and careers. However, we are increasingly seeing the consequence that a lack of skills training is having on an individual's career and we are not surprised to see that many are concerned about the impact it will have for future employment and personal growth,” said Daniel Mason, Vice President EMEA of Visier. “As financial services businesses go through yet more upheaval to the ways they are used to working, they need to be conscious of other factors that can impact the retention rate of their employees, and in addressing the skills gap head-on to drive digital transformation.”

Virtual IBAN and eCommerce bank account provider, Monneo, today announces the launch of its Monneo Corporate Visa debit card, in partnership with Railsbank, the leading global Banking-as-a-Service (BaaS) platform.

More than just a typical corporate card, the Monneo card, issued by Railsbank, means that for the first time an eCommerce merchant can link one card to several IBANs at multiple different banks. It does this by unifying numerous IBAN accounts under one application and agreement. As such, a company will be able to link one card to the combined balance of all its IBANS held at different banks across the Monneo European banking network.

The new card is an addition to Monneo’s existing platform which connects thousands of online merchants to a network of EU and international banks to provide virtual IBANs and banking services. Merchants will benefit from only having to work with Monneo, via a single agreement they will have access to multiple IBANs and a Corporate Visa card giving choice and flexibility across a well-established banking network without the need to change or manage multiple providers.

As we move into the new normal shaped by Covid-19, online businesses and their employees need to make payments in the most efficient and secure way possible. Monneo enables local and international payments via B2B banking transfers, while maintaining visibility of cash flow in real time. In addition, merchants can now utilise the corporate card for their employees, contractors or affiliates, and access instant reporting via a single user interface.

Lilia Metodieva, Managing Director at Monneo, highlights how the solution will make strides in the eCommerce industry: “Monneo’s Corporate Visa debit card removes a number of hurdles that eCommerce businesses face today. Many have struggled with fund flow management, as in the past, they have had to access multiple payment platforms for one solution. By contrast, Monneo brings all solutions (including the card) under one platform, which enables businesses to better oversee the distribution of their funds.”

Metodieva continues: “Partnering with a respected partner like Railsbank ensures the card is a stable and reliable option for eCommerce businesses, enabling them to carry out day-to-day operations without challenges. Any issues that do arise are resolved by Monneo, which incorporates its expert industry knowledge to resolve these challenges. We strongly believe this will make a positive difference to lots of businesses.”

Louisa Murray, COO UK & EU at Railsbank added: “The Monneo Corporate Visa debit card setup is the only one of its kind that Railsbank currently supports, which makes it an important partnership for us. The unique features really do cater to the varying needs of eCommerce merchants and the banks that service them across Europe. It mends any disconnect that has been felt in their relationships in the past and facilitates an environment where new business models have the freedom to succeed.”