Senate committee calls for privacy law updates in response to Statistics Canada plan

(Dec 14, 2018) The Senate Committee on Banking, Trade and Commerce urges the federal government to update privacy legislation in response to Statistics Canada’s plan to obtain the financial information of 500,000 citizens, Global News reports. The committee’s report states the Canadian government should modernize the Privacy Act and the Personal Information Protection and Electronic Documents Act in order to bring Canada’s law closer to global legislation, such as the EU General Data Protection Regulation. “Ca... Read More

CFPB director identifies data security and privacy as top concern

(Dec 12, 2018) Speaking at a press briefing on her first day, Consumer Financial Protection Bureau Director Kathy Kraninger said data security and privacy will be a top concern as she considers what data the bureau collects and how it is used, stored and shared, the ABA Banking Journal reports. Kraninger said, “We absolutely will put consumers first in the decisions I make.” Kraninger also stated she would use the agency’s enforcement powers but said, “I think there is a responsibility here to make sure the la... Read More

Microloan industry raises privacy concerns in China

(Dec 6, 2018) As Chinese millennials find themselves stuck between a high cost of living and low access to credit cards, the microloan industry has seen a proliferation, Vice reports. A recent survey from Ant Financial found that 45 of the 170 million people born after 1990 in China have an Ant Check Later microloan account. As microloan services surge, so too has “naked loan services.” These transactions require the user to supply a nude photo as collateral so that if repayments are not met on time, the lend... Read More

Hackers turning to formjacking to steal payment info

(Dec 6, 2018) Symantec takes a look at malicious JavaScript code used to steal credit card and other payment information. Formjacking has been found behind several attacks on online businesses. Symantec reveals the code has different iterations. In one situation, formjacking code was used to take payment information from 30 websites around the world, all of which were funneled to one website located in Paris. Another situation saw formjacking used to force browsers to load infected JavaScript code to make off... Read More

FTC seeks comment on identity theft rules

(Dec 5, 2018) The U.S. Federal Trade Commission announced it is seeking comment on whether it should alter the Red Flags Rule and Card Issuers Rule. The two rules require financial institutions and creditors to take steps to detect instances of identity theft. The FTC listed out the topics it wants to be covered in the comments, such as the benefits the rules give to consumers, whether there is a continuing need for specific provisions within the rules, what costs the rules have imposed on consumers and busin... Read More

DHS prioritizes blockchain for monitoring bitcoin transactions

(Dec 4, 2018) In the U.S. Department of Homeland Security’s 2019 fiscal year pre-solicitation document, the agency explains that it would like to dedicate resources toward creating blockchain forensic applications to help address bitcoin analytics, Bitcoin reports. To mitigate the risk of illegal transactions, the agency noted a three-phase approach that includes designing a blockchain system for law enforcement agencies, developing a prototype that can analyze “suspicious transactions without external data, ... Read More

CRA employees continue illicit access to citizens' tax info

(Nov 30, 2018) CBC News reports Canada Revenue Agency employees have accessed the tax information of thousands of citizens. Internal documents obtained by CBC News found CRA staff members examined the files of at least 10,000 citizens over a 10-month time frame. The documents show 14 privacy breaches were deemed significant enough to be reported to the Office of the Privacy Commissioner of Canada. CRA employees continue to illicitly access tax information despite the agency’s completion of the $10.2 million te... Read More

Op-ed: Ontario needs stronger laws to protect privacy

(Nov 30, 2018) In an op-ed for the Toronto Sun, Standing Committee on Finance and Economic Affairs Chair Stephen Crawford explains why Ontario citizens need stronger laws to protect their privacy. Crawford writes citizens have embraced digital banking, and, in order for the marketplace to thrive, proper laws are needed to keep confidence high and allow Ontario’s economy to grow. Crawford writes it is why he introduced the Safeguarding our Information Act, 2018, which would prevent government agencies from gath... Read More

Op-ed: Privacy, data security concerns could impact tech stock prices

(Nov 28, 2018) In an op-ed for CNBC, Tim Seymour and Ryan Dodd write about the impact privacy and data security concerns may have on tech companies’ stock prices. Stories about disclosures from major tech companies have raised concerns from investors, and recent developments had turned cyber risk into a serious business risk. “2018 represents the evolution of technology and cyber risk from the story of lost customer data, embarrassing public disclosures and the occasional firing of the C-suite,” Seymour and Do... Read More

Bains: Statistics Canada never sent notice about data collection

(Nov 21, 2018) Canadian Minister of Innovation, Science and Economic Development Navdeep Bains told a House of Commons committee he first learned of Statistics Canada's plan to gather citizens' financial information from the media, Global News reports. The testimony comes after a similar revelation earlier this month by the Office of the Privacy Commissioner of Canada that it had not been notified by Statistics Canada's plans. However, Bains still spoke well about the agency. “I think that Statistics Canada is... Read More