(Bloomberg) -- Facebook Inc. has become the first big test case for the European Union’s beefed up privacy rules as Ireland’s data watchdog opened a probe into a security breach announced last week that affected as many as 50 million accounts.
Facebook ’s massive data breach, could cost as much as $1.63 billion in fines from regulators in Europe, where privacy laws are more stringent.
The UK's banking watchdog has slapped the banking arm of UK supermarket chain Tesco with a £16.4 million fine for its failure to prevent a cyber attack that affected thousands of customers in 2016.
Facebook, already facing scrutiny over how it handles the private information of its users, said on Friday that an attack on its computer network had exposed the personal information of nearly 50 million users.
With its continued efforts to encourage the adoption of technological advancements in the market, the Dubai Financial Services Authority (DFSA) entered yesterday into an Exchange Of Letters with the Financial Services Agency of Japan (FSA) to cooperate in the development of financial technology (FinTech).
Uber Technologies has reached a $148 million settlement agreement with the attorneys general of all 50 states and the District of Columbia. The settlement stems from the company's failure to report a massive 2016 data breach in a timely manner, as well as the company's inadequate information security practices.
The UK's banking watchdog is threatening to charge Tesco Bank £30m for its failure to prevent a cyber attacks that affected thousands of customers in 2016.
A spate of online banking glitches has hit the UK's leading high street banks, leading inevitably to discussions of resilience and operational risk in the industry.
