TM Bulletin: October 2025

Welcome to the October edition of the TM Bulletin - your monthly roundup of insights, analysis, and industry expertise from Thomas Murray. Each issue delivers actionable intelligence on market trends, regulatory developments, and operational resilience, helping you make informed decisions in an evolving landscape.

This month’s highlights:

• WEBINAR | DORA 9 Months On: Compliance is Just the Beginning, Resilience is Next
• JLR Cyber Attack: Implications for Private Equity, Credit, and Equity Investments
• Ransomware at Europe’s Airports: The Case for Community-Driven Third Party Risk Management
• PostTrade360 Panel: Operational Resilience Across People, Processes, Technology, and Community
• Digital Assets in Focus #5: The Race to Tokenise Continues: Nasdaq's Filing, LSEG's New Digital Infrastructure and Boerse Stuttgart’s Seturion Launch

Operational Resilience | Compliance

WEBINAR | DORA 9 Months On: Compliance is Just the Beginning, Resilience is Next

15 October, 11:00am (UK time) DORA may be nine months old, but compliance is only the first milestone. Join our expert panel for a reality check on the Digital Operational Resilience Act. We’ll explore:

• The latest Third-Party Risk Management (TPRM) guidance
• The critical Register of Information (RoI) requirement
• Practical steps to move from compliance to resilience

Bonus for attendees: Exclusive DORA Compliance Checklist: Practical Guidance for Q4 2025 & 2026.

Register now

Shreeji Doshi Director, GRC | Cyber Risk

Cyber Security | Private Equity

JLR Cyber Attack: Implications for Private Equity, Credit, and Equity Investments

Jaguar Land Rover’s recent cyber attack halted production, costing an estimated £72M in daily sales (~£5M profit). The disruption continues to cascade through its supply chain, threatening hundreds of SMEs and raising the prospect of government-backed intervention.

For private equity firms and investors, the lesson is clear: operational and cyber risks can erode portfolio value in real time. Our latest analysis examines the fallout and provides actionable insights for investment protection.

Explore the analysis

Roland Thomas Director | Cyber Risk

Third Party Risk Management

Ransomware at Europe’s Airports: Why TPRM Needs a Community Approach

The ransomware attack on Collins Aerospace’s Muse software disrupted operations across major European airports - exposing a serious flaw in current Third Party Risk Management practices.

We argue for a community-driven model of TPRM, where organisations:

• Share threat intelligence
• Standardise risk assessments
• Collectively demand higher vendor security standards

Read more

Edward Starkie MCIIS Director, GRC | Cyber Risk

Digital Asset Custodian Monitoring | Banks

Digital Assets in Focus #5: The Race to Tokenise Accelerates

Our latest edition highlights key global developments across the digital asset ecosystem, including the London Stock Exchange Group’s launch of a blockchain-powered platform, Nasdaq’s proposal for tokenised securities trading, and Thailand’s introduction of tokenised carbon credits.

Gain expert insights on institutional adoption and market trends.

Read more and subscribe

Hugo Jack Digital Asset Lead | Thomas Murray

Operational Resilience | Post Trade

PostTrade360 Panel: Operational Resilience Across People, Processes, Technology, and Community

Our Director of GRC, Edward Starkie MCIIS, joined the PostTrade360° stage to discuss operational resilience as a holistic discipline spanning people, processes, technology, and community.

Key takeaways include:

• The latest efforts to strengthen operational resilience
• The challenges of cross-jurisdictional compliance
• Why a threat-led approach is essential across the post-trade value chain

Watch the session on demand

Edward Starkie MCIIS Director, GRC | Cyber Risk

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