Reuters reports: The European Central Bank said on Friday it had fined Spanish bank Abanca for its delay in reporting a cyber attack that forced it to suspend its main means of payment in 2019. “The bank’s omission hindered the ECB’s ability to properly assess Abanca’s prudential situation and to react in a timely manner…
Category: Federal
Important Notice about FIPPA – Mandatory Breach Notification and Privacy Management Program Requirements Coming into Effect on February 1, 2023
Jeff Holowaychuk and Abigail Choi of Clark Wilson write: Starting from February 1, 2023, public bodies in BC will be required to comply with the mandatory privacy breach notification and privacy management program provisions of the Freedom of Information and Protection of Privacy Act. These new provisions were part of a package of FIPPA amendments introduced…
Australia will now fine firms up to AU$50 million for data breaches
Bill Toulas reports: The Australian parliament has approved a bill to amend the country’s privacy legislation, significantly increasing the maximum penalties to AU$50 million for companies and data controllers who suffered large-scale data breaches. The financial penalty introduced by the new bill is set to whichever is greater: AU$50 million Three times the value of…
Au: Significantly larger privacy breach fines pass Parliament
Denham Sadler reports: Companies now face a fine of $50 million for “serious or repeated” privacy breaches while the privacy watchdog will have stronger powers after legislation passed Parliament on Monday. The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 passed both houses of Parliament with bipartisan support on Monday with a minor amendment, and will…
Indian govt Govt plans penalty of up to Rs 500 crore for data breach
Pankaj Doval reports: The government on Friday released the draft personal data protection bill, seeking to provide a framework for a strict user-consent regime for data processing, along with a penalty of up to Rs 500 crore for data breaches by social media and net companies while offering concessions to tech firms. Read more about…
FTC Announces Six-Month Extension for Compliance with Some Changes to Gramm-Leach-Bliley Safeguards Rule
Hunton Andrews Kurth writes: On November 15, 2022, the Federal Trade Commission announced a six-month extension for companies to comply with certain updated requirements of the Gramm-Leach-Bliley Act’s Safeguards Rule, a set of data security provisions covered financial institutions must implement to protect their customers’ personal information. The new deadline is June 9, 2023. The FTC announced updates to…