Chung Ah-young reports: About 80 officials, including former CEOs and executives, from three credit card firms face heavy penalties for the theft of customers’ personal information, the financial regulator said Wednesday. Former CEOs of the firms face heavy penalties equivalent to recommendations of dismissal, which means they will be banned from working for other financial…
Category: Financial Sector
Canada: Employer’s Potential Liability In Class Action For Employee’s Breach of Privacy
Ryley Mennie of McCarthy Tétrault LLP writes: A recent decision of the Ontario Superior Court of Justice highlights the increasing focus on (and potential liability arising from) customers’ and clients’ privacy rights and the importance for employers to properly monitor the activities of their employees. Additionally, while the decision comes from Ontario, which, unlike British Columbia, has…
European bank ‘hit by sophisticated cyber-thefts’
BBC reports: Kaspersky Lab said it had detected a computer server in January being used to co-ordinate an attack that appeared to have snatched more than 500,000 euros ($700,000; £400,000) over the course of a single week. The firm said it believed most of the victims were based in Italy and Turkey. It said that it had…
Bank not liable for customer’s $440,000 cybertheft
Jaikumar Vijayan reports: A Missouri escrow firm that lost $440,000 in a 2010 cyberheist cannot hold its bank responsible, an appeals court ruled this week. The Court of Appeals for the Eighth Circuit’s decision this month affirmed a lower court ruling in the case. The appeals court also held that the escrow firm can be…
Canada: Stolen Customer Data Results In Ontario’s First Certified Privacy Class Action
Michael J. Paris of Bennett Jones LLP writes: Businesses that collect personal information have an added incentive to monitor employees handling customer data – Ontario’s first class action arising from the new tort of “intrusion upon seclusion” was certified last week.1 In Evans v Bank of Nova Scotia, the plaintiffs sought to certify a class action…
KR: FSS toughening punishment on data theft
Chung Ah-young reports that the South Korean financial regulator is cracking down by enhancing the penalties for employees and executives: Financial Supervisory Service (FSS) Governor Choi Soo-hyun directed the reinforcement of the punitive measures for any irregularities which can disrupt the market order and breach the rights of financial consumers. To prevent a recurrence of…