|Compliance and Privacy News|
"Cybercrime nets more than Drugs" - at least according to the advisor to the US Treasury on cybercrime. But, like so many headlines, the devil is in the detail. Read on, join the debate.More importantly, MiFID seems to have come as a major shock to many senior executives. If you don't already know what the acronym means, then read on. You will need to know - and soon.
Compliance and Privacy now boasts a news feed directly from the news agregator Moreover. This means you now have over 30 updated and relevant articles right here at your fingertips - making C&P an even better site to visit. So, tell us what you think- why not post your views on these articles on our website today via our new Discussion Groups? The link is at the bottom of this email.
"Last year was the first year that proceeds from cybercrime were greater than proceeds from the sale of illegal drugs, and that was, I believe, over $105 billion," said Valerie McNiven in an interview with Reuters. McNiven advises the US Treasury on cybercrime.
Startling as those figures are, the figure of $105 billion is challenged by many as misleading at best, if not downright wrong.
The problem with the headline figure is that the vast majority of the $105 billion claimed is at best an estimated "opportunity loss". It includes the US retail value of the pirate DVD hawked in India and China. But no-one knows for sure how much legitimate sales would increase by if all piracy stopped tomorrow. The pirates themselves are certainly not selling for the full US retail value so it really is not justified to claim that cybercrime is more profitable than drugs even using the broad definition used. But this is only part of the story.
The Markets in Financial Instruments Directive (MiFID) is likely to be one of the greatest legislative changes seen in Europe's securities markets in over two decades. The intention of MiFID is to raise the standards of the European investment markets to US market levels and in particular, focus on best execution, investor protection, and transparency of trading.
Alongside Sarbanes Oxley and Basel 2 is the MiFID, which, if the European Parliament has its way, will be delivered inside two years. And this régime has swingeing penalties for failure to conform and will dwarf the budgetary impact of SOX and Basel 2 put together
With the very real threat of jail for C-Level executives and for their staff for non compliance, we report that people are unaware of their new responsibilities.
Our current onsite survey shows a great lack of knowledge about MiFID. What is your level of knowledge? Take the survey and let us know. We'll use the results to tailor the level of information we put on the site about MiFID.
Breaking World News, with a focus on SOX, Basel 2, MiFID and Money Laundering, our news feeds from Moreover, newly taken over by VeriSign, were launched last week.
Compliance and Privacy now carries the 30 most recent articles from around the globe, updated automatically whenever new and relevant news is posted by major news services worldwide. And at the foot of the page a small selection of specialist feeds from sources we aggregate ourselves.
This is the ideal source of news for busy people. The volume of articles being published means checking in once a day to avoid missing anything.
Readers should note that references to VeriSign's sponsorship are historical. That sponsorship ended on 28 February 2007, and is simply included here for context and historical purposes. VeriSign is not formally associated with this site in any manner, and has asked us to emphasise this point.