Last week, more bad news broke for German airline Lufthansa. Cybercriminals have hit the customer database at the airline, Der Spiegel reported.
Lufthansa said that it had taken prompt countermeasures, but was not able to prevent some customer files from being compromised.
The hackers reportedly accessed data, including frequent-flyer accounts, on passengers who used the LH.com website. Using a botnet, the criminals flooded the database with a multitude of randomly generated user names and passwords until working combinations were found.
Lufthansa may face corporate manslaughter charges for allowing pilot Andreas Lubitz to fly after the airlines own doctors recommended that he be given psychological treatment. Lubitz is believed to have deliberately crashed Germanwings Flight 4U 9525, killing all 150 people on board.
Far and away, the largest financial market on the planet is the foreign exchange currencies market, where on average individuals and organisations trade more than $5 trillion daily. In the FX world, the ability to master the market isn't considered a luxury for treasury officers–it's a necessity.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.