The Basel Committee on Banking Supervision is turning its attention to the technology failures that can disrupt banks without a cyberattack ever taking place, highlighting weaknesses in change management, system testing and third-party dependencies as persistent sources of operational risk.
Australia’s Federal Court has now ordered Venture 5 Group, which trades as CashnGo, to pay about $2.5 million (AUD 3.5 million) over unfair terms that enabled those practices in its small amount credit contracts. The penalty follows proceedings brought by the Australian Securities and Investments Commission, or ASIC. CashnGo admitted the terms were unfair and consented to the orders sought by the regulator, including the penalty.
Honeywell Aerospace has agreed to pay more than $2 million to settle allegations that a business unit failed to meet cybersecurity requirements attached to a U.S. Department of Defense contract, turning what might otherwise have remained a problem of technical compliance into a False Claims Act case.
The Federal Trade Commission and a bipartisan coalition of 22 states have sued Amazon, accusing the company of secretly manipulating the auctions that determine advertising prices on its marketplace and extracting more than $20 billion from businesses that believed they were competing under a different set of rules.
At two CEO roundtables in June, the Australian Prudential Regulation Authority and Australian Securities and Investments Commission asked industry leaders to consider cyberattacks complicated by artificial intelligence, failures at critical service providers and crises that spill across organizational boundaries. The regulators published notes from the discussions Tuesday.
The European Commission has added ChatGPT, Reddit and Roblox to the short list of digital services considered large enough to warrant the European Union’s highest level of scrutiny, giving the three companies until January to meet a more demanding set of obligations under the Digital Services Act.
Ohio State University has agreed to pay $2.1 million to resolve allegations that it failed to disclose employees’ ties to and financial support from the People’s Republic of China while seeking federal research funding, the Justice Department announced Monday.