Tag: Financial

(Nov 8, 2019) The Wall Street Journal reports Capital One Chief Information Security Officer Michael Johnson has been removed and will assume an adviser position with the company. The change in position is potentially linked to Capital One's data breach that affected 106 million consumers in July. The bank was reportedly experiencing cybersecurity issues prior to the breach and has seen its staff shrink in the months that followed the incident. Mike Eason has been named interim CISO, while a search for a perm... Read More

(Nov 7, 2019) The Norwegian data protection authority announced citizens do not need to have a passport to be a bank customer. The DPA released this information to dispute the notion an individual must have a passport to obtain a BankID in accordance with money-laundering regulation. The agency found money-laundering rules a state passport is not the only form of ID needed to get a BankID, and the banks themselves can set up their own rules to obtain credentials. The DPA also announced the use of a tool to ob... Read More

(Nov 7, 2019) The Indian government is reaching out to financial institutions about the risks of payment features through social media apps, The Economic Times reports. “We are reaching out to the [National Payments Corporation of India] and the [Reserve Bank of India] to discuss safety features and in case some extra steps need to be undertaken to ensure security of financial data is not breached,” a government official said, according to the report. WhatsApp has been testing its payment service in India sin... Read More

(Nov 7, 2019) Eight Australian regulators, including the Office of the Australian Information Commissioner and Australian Competition and Consumer Commission, have discussed investigating Facebook's Libra cryptocurrency service more thoroughly, The West Australian reports. The limited information provided by Facebook has generated more questions than answers, leading to a rise in regulators' concerns. OAIC has suggested that regulators commence their own investigations to target specific issues with Libra.Ful... Read More

(Nov 6, 2019) The Chinese Ministry of Industry and Information Technology has begun a campaign to clamp down on privacy missteps by app developers, TechNode reports. The ministry's action comes after one of its think tanks, the China Academy of Information and Communications Technology, discovered the data collection methods of 75% of the country's 130,000 developers violate Chinese privacy laws. The MIIT set a Nov. 10 deadline for developers to align processes with the law. Apps that remain in violation afte... Read More

(Nov 1, 2019) Privacy advocates have expressed their concerns over requests from the National Bank of Canada to provide account information from other banks in order to open an online account, CBC News reports. "I've never heard of such a thing. It's unprecedented and completely privacy invasive that they would ask for your [password], which only you should have,” said former Information and Privacy Commissioner of Ontario Ann Cavoukian. Privacy and Access Council of Canada President Sharon Polsky said the re... Read More

(Oct 25, 2019) Mastercard announced it has created the Data Responsibility Imperative for companies to follow in order to better protect customers’ data. The initiative revolves around six principles that focus on data transparency, ensuring "best-in-class" privacy practices are in place and organizations are "deliberate" in how they use information in order to minimize biases and inaccuracies. "In today’s fast-paced digital economy, we’re facing never-before-seen circumstances that test our ethics on a daily ... Read More

(Oct 25, 2019) Very Good Security, a data privacy platform serving the financial and health care sectors, has obtained $35 million in Series B funding, VentureBeat reports. VGS aims to provide a platform that allows organizations to securely offload consumer data, such as Social Security numbers and credit card details, that they wish to leverage but do not wish to file in their own records. The platform encrypts sensitive information in a usable way for businesses while limiting data security risks.Full Story... Read More

(Oct 24, 2019) Yonhap News Agency reports a bill to revise the law on Social Security payments in South Korea is drawing privacy concerns from the National Human Rights Commission of Korea. The bill would give the government the ability to collect information on households of North Korean defectors in order to improve Social Security services. The commission said it has voiced its concerns on the collections being too invasive and suggested the proposal be revised to balance privacy protection and state interv... Read More

(Oct 24, 2019) Facebook CEO Mark Zuckerberg fielded questions from the U.S. House of Representatives Financial Services Committee on the tech company’s Libra cryptocurrency project, Reuters reports. Lawmakers questioned whether Facebook should provide financial services due to its past data privacy issues. “It would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project,” Rep. Maxine Waters, D-Calif., said. Zuc... Read More