British Airways’ GDPR fine cut to £20m

British Airways’ GDPR fine cut to £20m

British Airways’ GDPR fine cut to £20m

British Airways has had its proposed £183.4m GDPR fine reduced to £20m by the UK’s Information Commissioner’s Office (ICO). The fine remains the biggest ever handed out by the ICO. It has announced an intention to fine Marriot £99m for a data breach but this is also expected to be reduced. The ICO issued its intention to fine BA in…

Poll shows public trust in corporate sustainability reports at record high

Poll shows public trust in corporate sustainability reports at record high

Poll shows public trust in corporate sustainability reports at record high

Trust in corporate social and environmental performance is at its highest ever level, according to a global poll by GlobeScan and GRI. The poll of 1,000 people shows that public trust in corporate statements on social and environmental performance across the 27 markets surveyed now stands at 51%. This is up from 30% when the survey launched in 2003, with…

UK mitigates ‘most’ risks for post-Brexit financial services but some gaps for EU clients

UK mitigates ‘most’ risks for post-Brexit financial services but some gaps for EU clients

UK mitigates ‘most’ risks for post-Brexit financial services but some gaps for EU clients

The UK’s financial services industry has mitigated most Brexit risks for continuing cross-border business, even if the UK and EU fail to reach agreement over the future of financial services once the transition period expires at the end of 2020, said the Bank of England’s Financial Policy Committee (FPC). However, it warned that “some disruption” remains a possibility for EU-based…

UK firms well behind on compliance with new money laundering directive

UK firms well behind on compliance with new money laundering directive

UK firms well behind on compliance with new money laundering directive

Regulated firms in the UK, including banks and estate agents, are only just over half way through implementing the European Union’s Fifth Money Laundering Directive (5MLD) – which became law in January – and are at risk of fines, according to research by LexisNexis Risk Solutions. It warned that banks, lenders, wealth managers and estate agents must comply with the…

Businesses and insurers run sanctions risks over ransomware payments, warns US Treasury

Businesses and insurers run sanctions risks over ransomware payments, warns US Treasury

Businesses and insurers run sanctions risks over ransomware payments, warns US Treasury

The US Treasury has warned that companies and insurers that pay ransoms to cyberattackers, or financial institutions facilitating payments, could be in breach of US law. Advisories from the Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) have reminded companies of their duty to submit suspicious activity reports (SAR), and warned businesses and cyber insurers that…

H&M hit with €35.3m GDPR fine for snooping on employees

H&M hit with €35.3m GDPR fine for snooping on employees

H&M hit with €35.3m GDPR fine for snooping on employees

Swedish multinational clothes retailer H&M has been fined €35.3m under the GDPR by Hamburg’s data protection commissioner for snooping and storing information on employees at one if its subsidiaries. Hamburg’s commissioner for data protection and freedom of information said the case centred around the monitoring of several hundred employees at H&M’s service centre in Nuremberg. It explained that members of…

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Car manufacturer Fiat Chrysler will pay $9.5m to settle charges with the US Securities & Exchange Commission (SEC), which alleged disclosures on its emissions control systems were misleading. Fiat Chrysler agreed to the settlement without admitting or denying the SEC’s findings. In 2016, Fiat Chrysler published the results of an internal audit that it said showed compliance with emissions regulations…

Skiers sue Austrian government for Covid-19 cases

Skiers sue Austrian government for Covid-19 cases

Skiers sue Austrian government for Covid-19 cases

The Austrian government is facing four civil lawsuits and a potential class action over an outbreak of Covid-19 at a popular ski resort in March, as the virus spread across Europe ahead of lockdowns. Austrian consumer rights group Verbrauchschutz Verein (VSV) has filed the test cases on behalf of visitors to the Ischgl ski village in the Tyrol region who…

Pandemic has exposed weaknesses in insurers’ ERM, says AM Best

Pandemic has exposed weaknesses in insurers’ ERM, says AM Best

Pandemic has exposed weaknesses in insurers’ ERM, says AM Best

Covid-19 has exposed weaknesses in insurers’ risk management, according to a new AM Best report that warns enterprise risk management (ERM) programmes are still able to miss the “unknown unknowns”. It adds that how (re)insurers strengthen ERM frameworks in response to the pandemic “will be a key area of interest” for the ratings agency during the next few months. “Weaknesses…

Data breach whistleblower reports hit new high

Data breach whistleblower reports hit new high

Data breach whistleblower reports hit new high

Whistleblower reports to the UK’s Information Commissioner’s Office (ICO) about potential data breaches and misuse of customer information have reached an all-time and are up 34% on last year, according to numbers from law firm RPC. They show that in the 12 months to the end of March, there were 427 whistleblower reports to the regulator, up from 319 the…