Sheldon Mills
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Articles by Sheldon Mills
The AppSec bottleneck isn’t finding vulnerabilities. It’s everything after
Guest blog by Sheldon Mills, Senior Product Marketing Manager at OpenText #AISecurity There is a live argument in security circles right now. If AI can write the code, and AI can review it, is traditional application security on its way out? It is a fair question, and the answer is no, though not for the reasons vendors usually give. For years, the application security conversation has been about coverage: more scanners, more languages, more findings.
OpenText Fortify Remediation Aviator: Audit every finding, fix what’s real.
New here? Start with part 1: the AppSec triage problem, and part 2: the proof at scale. If your security backlog is growing faster than your team can clear it, the answer is not another scanner. It is intelligent automation of the work between the scan and the resolution: triage, prioritization, and guided fixes.
3 million minutes back: putting AI on the AppSec backlog
New here? Start with part 1: The AppSec bottleneck isn’t finding vulnerabilities. It’s everything after. In part one, we argued that the application security bottleneck sits after the scan, in triage and remediation, not in detection. The obvious question is what to do about it. The answer is not more scanning, and it is not blind auto-fixing. It is applying AI to the triage itself, carefully, with a human in the loop. This is also the answer to the louder question in the market.
The AppSec bottleneck isn’t finding vulnerabilities. It’s everything after.
There is a live argument in security circles right now. If AI can write the code, and AI can review it, is traditional application security on its way out? It is a fair question, and the answer is no, though not for the reasons vendors usually give. For years, the application security conversation has been about coverage: more scanners, more languages, more findings. Teams have gotten very good at finding vulnerabilities.
Are AI Labs Coming for Application Security?
In the last 90 days, every major frontier AI lab has launched a cybersecurity platform. Anthropic unveiled Project Glasswing and the Claude Mythos model, demonstrating autonomous vulnerability discovery in closed-source software. Google shipped a Gemini CLI security extension. And this week, OpenAI launched Daybreak, a multi-tiered platform built on GPT-5.5 and Codex Security, with partners including Cisco, CrowdStrike, Palo Alto Networks, and Cloudflare already integrating its capabilities.
A guide to AI AppSec
Application security teams don’t usually struggle to find issues. They struggle to keep up with them. As AST programs mature, scan coverage expands across more apps, more teams, more pipelines, and results pile up fast. Each finding still needs validation, context, prioritization, and a path to remediation. At enterprise scale, that “last mile” becomes a monumental bottleneck. OpenText ran into the same reality inside its own engineering organization.
Fortify CLI (fcli): Streamlining AppSec workflows with SSC and ScanCentral SAST
Enterprise development teams face constant pressure to deliver software quickly while maintaining compliance and security standards. As application portfolios grow and toolchains expand, managing security workflows across multiple interfaces can slow down release cycles and create unnecessary friction. For organizations using Software Security Center (SSC) and ScanCentral SAST, simplifying these interactions is essential.
Unlock the business value of application security posture management (ASPM) with OpenText Application Security
In today’s fast-paced software-driven world, application security is no longer just a developer concern. It’s a board-level business priority. As organizations race to innovate with AI, cloud-native architectures, and modern DevOps, they often face a fragmented and overloaded application security landscape. Modern enterprises manage a growing portfolio of applications across on-prem, private cloud, and SaaS environments. Each app may use dozens of tools for security testing.
Turn SAST Findings into Actionable Learning
We are excited to announce our strategic partnership with Secure Code Warrior (SCW), a leader in developer-focused security training. This integration will equip developers in real time with the skills needed to efficiently identify and fix vulnerabilities, empowering your organization to transform its security posture.
OpenText recognized as a 2024 Customers' Choice for Application Security Testing on Gartner ® Peer Insights™︎
We are excited to announce that OpenText™︎ has been recognized as a Customers’ Choice vendor for 2024 in the Application Security Testing category on Gartner® Peer Insights ™. This distinction is a recognition of vendors based on feedback and ratings from 48 verified end users of our products as of July, 2024. Over the past 12 months, AST reviewers on average rated OpenText a 4.6 out of 5 for its Fortify application security solutions.
Generative AI: A double-edged sword for application security
Generative AI (GenAI) burst into the public consciousness in late 2022. By April 2024, 17% of organizations had already introduced GenAI applications into production, with another 38% making significant investments. On the one hand, GenAI brings unprecedented opportunities to strengthen and innovate cybersecurity, but on the other hand, it also introduces new risks that require cutting-edge solutions.
Communities given new powers to help protect access to cash
From September 18, such requests can potentially be made by a range of interested parties, including individuals, groups of people, organisations or local businesses. Emad Aladhal, director of retail banking at the Financial Conduct Authority (FCA), told the PA news agency that the changes will support people who rely on cash, as well as local businesses.
Banks urged to increase awareness of ‘no frills’ accounts
PA Archive Banks and other account providers are being urged by the regulator to increase awareness of “no frills” accounts. Basic bank accounts allow people to make and receive payments but without the availability of an overdraft – and some providers could make it easier to apply for one – according to the Financial Conduct Authority (FCA). It is encouraging account providers to do more to support those who want a bank account but do not have one.
FCA Announces Work Into Pure Protection Market
The Financial Conduct Authority (FCA) intends to launch a market study into how pure protection insurance products are sold following concerns that competition is not working well in the market. The study will be launched later in 2024/25. Pure protection products are designed to help individuals and their families with their finances should the policyholder die or become unable to meet their financial commitments. Around £4 billion was paid out in claims in 2022.
Financial watchdog to review pure protection insurance market
PA Wire The financial watchdog is to review the UK’s pure protection insurance market, amid concerns that competition in the sector is “not working well”. The Financial Conduct Authority (FCA) said it will launch a market study into the insurance products later this fiscal year.
Consumer duty already having ‘tangible impact’ on customer outcomes
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority (FCA), was speaking as the next phase of a duty which puts obligations on financial firms to improve consumer protection standards gets under way. The date also marks a year since the consumer duty was launched by the FCA for new and existing products and services that are open for sale or renewal. Mr Mills said the duty “is already having a tangible impact on consumer outcomes”.
FCA Confirms Plan to Protect Access to Cash for Consumers and Small Businesses
Banks and building societies will need to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps, under new rules announced today by the Financial Conduct Authority (FCA). From 18 September, they will need to: Assess cash access and understand if additional services are needed, when changes are being made to local services.
Improving Picture for Personal Finances, But Many Still Struggling
New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments, the picture has improved over the last year. The regulator found 7.4m people were struggling to pay bills and credit repayments in January 2024, down from 10.9m in January 2023. This is still higher than the 5.8m recorded in February 2020, before the cost of living squeeze began.
The Bank of England and the FCA Issue Joint Consultation and Draft Guidance on the Digital Securities Sandbox
The Bank of England (the Bank) and Financial Conduct Authority (FCA) (collectively the ‘regulators’) are consulting on their proposed approach to operating the Digital Securities Sandbox (DSS). The DSS is an initiative run by the regulators that will help facilitate the adoption of innovative technology in digital assets in the UK.
FCA launches campaign to highlight the benefits of switching to savers
Consumers will be encouraged to shop around for a better savings rate in a new campaign launched today by the City regulator, the Financial Conduct Authority (FCA). Just over half of savers (52%) said that they had switched, or were considering switching, their savings accounts, taking advantage of the continued availability of better rates. Around two-thirds (69%) of those surveyed said they would consider switching.
New rules to help maintain cash access set out by FCA
PA Archive New rules requiring banks and building societies to assess and plug gaps in local cash provision have been proposed by the City regulator. The Financial Conduct Authority (FCA) has set out the plans to help maintain reasonable access to cash for people and businesses across the UK. The FCA said its new powers will not prevent bank branches from closing – but the rules will have an impact where branches are a key local source of cash.
FCA and Bank of England publish proposals for regulating stablecoins
The Financial Conduct Authority (FCA) and the Bank of England (the Bank) are today requesting feedback on their proposed approach to regulating stablecoins. The Bank’s proposals cover any payment systems in the future that use stablecoins in the UK at systemic scale. Stablecoins are a new type of digital asset which aim to maintain a stable value. They could be used for retail payments in the future.
FCA Secures Contract Changes for Buy-Now-Pay-Later Customers
New research from the Financial Conduct Authority (FCA) shows that there has been a significant increase in the use of buy-now-pay-later (BNPL). The news comes as the FCA has secured further changes to potentially unfair and unclear contract terms for unregulated BNPL firms. The data, which is part of the FCA’s Financial Lives research, shows that 27% of UK adults (approximately 14 million) have used BNPL at least once in the six months prior to January 2023.
FCA finds significant increase in number of people buying now and paying later
This proportion has increased from 17% of adults who had used such products in the preceding 12 months in May 2022. The regulator said its research indicated that frequent users of BNPL tended to be more likely to be in financial difficulty, such as having rising debts or missed bill payments.
Manage Your AppSec Data through a Single Pane of Glass with Fortify Insight
Enterprises still struggle to answer fundamental questions: How many critical and high application vulnerabilities do we have? What are the top 3 to 10 categories across our application portfolio so we can mitigate them first? Which applications are impacted? How do we drive continuous improvement into our program to reduce cost and risk while ensuring sustainable compliance? Why is that difficult?
FCA Confirms Leasehold Buildings Insurance Reforms
The FCA has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market. From the new year, insurance firms will be forced to act in leaseholders’ best interests, treat leaseholders as customers when designing products and will be banned from recommending an insurance policy based on commission or remuneration levels.
FCA changes rules for insurers of leasehold buildings after Grenfell
They will also be banned from recommending insurance policies based on the level of commission or remuneration they can get. It comes after a letter from the watchdog in January 2022 which told companies to take leaseholders into consideration, and said that it had seen significant shortcoming from some brokers. Typical commissions ranged from 30% to 49%, the FCA said, with some as high as 62%.
£250bn sits in accounts earning no interest as regulator tackles poor rates for savers
Three in 10 adults don’t have a savings account at all, it found. Three-quarters (75 per cent) of consumers who do have savings use the same bank as the main current account, the FCA found. But for easy access accounts, in which 60 per cent of balances across nine of the largest firms are held, the average interest rate has risen from 0.07 per cent to 1.25 per cent between January 2022 and May 2023.
Action plan to ensure savers are offered fair value drawn up by regulator
The regulator wants to make sure savings providers are passing on rate increases and that they are communicating with customers much more effectively and offering them better deals. It will use the new consumer duty on financial firms, which came into force on Monday, to help ensure savings providers are offering fair value. The Bank of England base rate is currently 5%, following a string of increases, and there are expectations that it could rise again on Thursday.
CFIT starts to deliver on its Kalifa Review mandate
CFIT, the Centre for Finance, Innovation and Technology, today announced that its initial ‘Open Finance Coalition’ will demonstrate the power of leveraging financial data to deliver better financial outcomes to consumers and SMEs. It also announced the first coalition partners who have committed to progressing Open Finance in the UK, alongside the FCA regulatory support.
Financial Conduct Authority enables firms to provide mortgage breathing space
Sheldon Mills, executive director for consumers and competition at the FCA, urged homeowners who are struggling with their mortgage, or believe they might have difficulties, to speak to their lender. Chancellor Jeremy Hunt held a summit with mortgage lenders on Friday last week and a new mortgage charter was agreed to support those who are struggling.
Crackdown on firms marketing cryptoassets to be introduced by City regulator
The regulator’s policy statement on financial promotion rules for cryptoassets said: “Even when the financial promotions regime comes into force, cryptoassets will remain high risk and largely unregulated. “Consumers should only invest in cryptoassets if they understand the risks involved and are prepared to lose all their money.
FCA introduces tough new rules for marketing cryptoassets
Those marketing cryptoassets to UK consumers will need to introduce a cooling-off period for first time investors from 8 October 2023, under new advertising rules announced today by the Financial Conduct Authority (FCA). As part of a package of measures designed to ensure those who buy crypto understand the risk, ‘refer a friend’ bonuses will also be banned. The new rules mean crypto firms must ensure that people have the appropriate knowledge and experience to invest in crypto.
Joint Regulatory Oversight Committee sets out next steps to help UK open banking grow
The Joint Regulatory Oversight Committee (JROC) has set out an ambitious programme of work to take forward recommendations for the next phase of open banking in the UK. This involves setting up dedicated workstreams to action the six key themes and priorities outlined in the recommendations. To support this, the JROC has launched two new working groups on variable recurring payments (VRP) and future open banking entity.
FCA bans referral fees for debt packagers to help people struggling with debt
It will put a stop to a business model which incentivises debt packagers to recommend certain options that make them more money, rather than what is in the customer’s best interest, the regulator said. Debt packager firms earn money from fees paid when people are referred to solution providers such as an insolvency practitioner for an individual voluntary arrangement (IVA) in England, Wales and Northern Ireland or, in Scotland, a protected trust deed (PTD).
New rules proposed to strengthen protections for struggling borrowers
Providers have to give the right support to customers struggling to make repayments, which may include making reduced or no payments temporarily or changing the mortgage or loan term, for example. Firms should not charge arrears fees that are higher than necessary to recover firms’ reasonable costs for consumer credit customers and they should consider the overall impact of support arrangements on mortgage balances.
More than 10 million UK adults struggling with bills and credit repayments – FCA
The number of UK adults who had missed bills or loan payments in at least three of the previous six months is also estimated by the regulator to have increased by 1.4 million, from 4.2 million (8%) in May 2022 to 5.6 million (11%) in January 2023. The regulator released the latest figures after gathering more than 5,000 responses as part of its UK-wide survey of people aged 18 and over.
More than 10 million UK adults struggling with bills and credit repayments
The regulatory body spoke to people in their survey who had been forced to take measures such as using savings to fill an oil tank, using credit to pay for food shopping, cancelling insurance, quitting sports memberships and eating less. Cost of living crisis The FCA research, which was published this week, found the number to have said they are struggling has risen from 7.8 million in May last year to 10.9 million in January 2023 - which is 21 per cent of the UK population.
FCA Warns of Impending Consumer Duty Deadline
With fewer than 90 days to go until the start of the Consumer Duty the Financial Conduct Authority (FCA) has urged firms to ensure they are ready for the 31 July deadline. In a speech, given today, Sheldon Mills, Executive Director of Consumers and Competition at the FCA, warned that firms who ignore the Duty or who pose the most harm can expect swift action.
Measures to reduce risk of money laundering via Post Office set out
The Post Office has been helping to fill in cash access gaps for people and businesses as more bank branches shut. Under an agreement, many banks offer personal and business customers a range of banking services, including cash deposit services, through the Post Office. But the NECC estimates that hundreds of millions of pounds is laundered each year through the cash deposit channel at the Post Office.
Proposals to give leaseholders more rights set out by City regulator
Insurers and brokers would also need to provide more information about insurance policies to leaseholders, including detail of any commission paid. The regulator wants to bring about changes so that the interests of leaseholders are properly considered when firms design their products and leaseholders have sufficient information to challenge any poor practices and unfair costs passed onto them.
356,000 extra mortgage borrowers could face payment difficulties by mid-2024
The FCA defined mortgage borrowers as being financially stretched if more than 30% of their gross household income was going towards mortgage payments and they were not currently in a payment shortfall. The estimate has been revised downwards due to changes in market expectations of the Bank of England base rate.
FCA Confirms Help for Mortgage Borrowers
The Financial Conduct Authority (FCA) has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living. The regulator has also published new data and analysis on the mortgage market. This shows that, in addition to the households already behind on payments, 356,000 mortgage borrowers could face payment difficulties by the end of June 2024.
Financial Watchdog Proposes to Ban Debt Packager Referral Fees to Protect Consumers
The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest between giving advice in the customer’s best interests and recommending an option that makes the firms more money. Following analysis of the feedback the FCA received to that consultation, it decided to gather some additional evidence from the debt packager market to supplement its existing evidence base.
Some firms not ready for Consumer Duty, FCA warns
The City watchdog has warned that some firms may not be ready to implement the new Consumer Duty in time, with less than six months to go until the policy comes into force. The Financial Conduct Authority (FCA) has reviewed a sample of implementation plans and found that many firms are on track to comply with the Duty, which centres around delivering good customer outcomes.
FCA targets "major shift in financial services" with new Consumer Duty
The City watchdog has unveiled its long-awaited Consumer Duty, which aims to improve how regulated firms – including peer-to-peer lending platforms – serve customers. The Financial Conduct Authority (FCA) said that the new rules will “lead to a major shift in financial services” by setting higher and clearer standards of consumer protection.
Banks mistreating small business borrowers, warns FCA
Banks have been mistreating small business borrowers, a review by the City watchdog has found. The Financial Conduct Authority (FCA) has written to the chairs of all retail banks with small business customers, saying it was “disappointed to find repeated instances of poor customer outcomes and failures to treat customers fairly”. The FCA regulator reviewed 11 banks’ collection practices and has ordered bank boards to improve the way struggling business borrowers are treated.
City watchdog cracks down on appointed representatives
The Financial Conduct Authority (FCA) is proposing tougher rules for the oversight of appointed representatives (ARs) because there are “real risks of consumers being misled and mis-sold”. The City watchdog said that it is seeing “a wide range of harm” across all sectors where firms have ARs. It said that this harm often occurs because principals don’t perform enough due diligence before appointing an AR, or from inadequate oversight and control after an AR has been appointed.
Committees - UK Parliament
Follow-up to the recommendations of the Financial Exclusion Select Committee The Liaison Committee is holding a one-off evidence session on the recommendations of the former Financial Exclusion Select Committee. In the review of investigative and scrutiny committees, the Liaison Committee recommended that the Committee may hold a small number of evidence sessions to follow-up a special inquiry committee's recommendations. This is the third such session.
Leave racism at the shore
Jan Gooding and Sheldon Mills - Stonewall chairs, past and present - look at the challenges minority groups face in society, and offer guidance on making positive workplace changes I could not help but be deeply moved by the sight of so many people marching, when they knew the risks they were taking by breaking the rules around lockdown. It was visceral. A show of anguish, defiance and a loud and resounding demonstration to drive home the point that enough was enough.
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