Facebook is to be fined £500,000, the maximum amount possible, for its part in the Cambridge Analytica scandal, UK’s Information Commissioner has announced. The fine is for two breaches of the Data Protection Act. The Information Commissioner’s Office (ICO) concluded that Facebook failed to safeguard its users’ information and that it failed to be transparent about how that data was ... Read More »
Former Supreme Court judge Srikrishna is leading the effort to draft new data-privacy laws for India that will regulate how tech giants from the US and elsewhere operate in the nation of 1.3 billion. His recommendations carry particular weight because India is already the biggest market for companies like Facebook and offers enormous potential for dozens more. The committee Srikrishna ... Read More »
Small and midsize businesses face a unique set of challenges when addressing compliance with the EU’s General Data Protection Regulation. In many ways they’re under more pressure than larger firms because resources are usually limited, making penalties for noncompliance potentially disastrous. Allocating enough money to overhaul content procedures can limit opportunities for short term growth. In fact, a recent survey ... Read More »
Equifax Inc (EFX.N) avoided fines in a deal with eight states’ banking regulators over a data breach that compromised sensitive data of more than 145 million people, as the credit reporting agency agreed to tighten up security. Equifax’s disclosure of the cyber attack in September 2017, one of the largest to date, prompted the ouster of top executives. Former Chief ... Read More »
The Justice BN Srikrishna-led committee on data protection created by the Centre will submit its report on July 15. The announcement was made by former Supreme Court judge Srikrishna on June 29. The committee was formed in July 2017 by the government to deliberate on a data protection framework for the country. Secretary, Department of Telecom (DoT) Aruna Sundararajan, CEO ... Read More »
As reported previous by BIIA, the Reserve Bank of India (RBI) last year had formed a high-level task force on public credit registry (PCR) for India. On June 18th 2018 the Reserve Bank of India published the report of the task force. To download the full text, please click here. In its executive summary, highlighted below, the Taskforce recommends the ... Read More »
Russian Banks are to obtain access to data on company accounts with the help of the Federal Tax Services of RF (FNS). Access will be provided through the system of interdepartmental online interaction on a round-the-clock basis. The new service came within the framework of the Federal Law of 07.08.2001 No.115-FL “On the counteracting of criminally gained income legalization (laundering) ... Read More »
Regulators need to do more to allow new technologies that could help in the fight against money laundering, as financial institutions are struggling with ever-growing compliance costs, an Asia finance industry group said recently. Banks have been slapped with vast sums for not preventing money being laundered through their accounts, and the call for action comes after Commonwealth Bank of ... Read More »
aChina will roll out vigorous efforts to build a more comprehensive and rigorous social credit system to improve its business environment and boost development, the State Council decided at an executive meeting chaired by Premier Li Keqiang on recently. Key priorities for improving the social credit system were identified at the meeting. These measures include building a social credit-centered regulatory ... Read More »
Just days into GDPR, tech companies already face legal tussles over consent. However tech companies are not alone as a herd of German lawyers has started to pester SMEs with cease and desist orders. Leading the pack is Austrian Privacy activist Schrems who filed GDPR Complaints Against Google, Facebook, Instagram and WhatsApp, alleging that they are forcing users to consent ... Read More »
Just days into GDPR, tech companies already face legal tussle over consent. Who will be next? Privacy activist Max Schrems has filed complaints against Google, Facebook, Instagram and WhatsApp, alleging that they are forcing users to consent to data collection in order to use their services. It marks the first real test for regulators since the introduction of the GDPR, which states ... Read More »
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