GRC Report Staff

South Korea’s financial regulator is tightening the screws on cyber risk, warning banks and other financial institutions that security can no longer be an afterthought. On September 23, Vice Chairman Kwon Dae-young of the Financial Services Commission (FSC) met with chief information security officers from across the sector to address the recent wave of cyber breaches and to press for stronger resilience.

The world’s top privacy watchdogs are closing ranks on artificial intelligence, signaling that innovation must not come at the expense of privacy. At the Global Privacy Assembly (GPA) in Seoul last week, twenty data protection authorities from across Europe, Asia-Pacific, and North America endorsed a joint statement designed to lay down governance guardrails for AI.

The BBC first reported that a ransomware attack against Collins Aerospace’s airport software has forced check-in and boarding systems offline across several of Europe’s busiest airports, leaving airlines to rely on manual workarounds.

Kmart’s experiment with high-tech fraud prevention has backfired. Australia’s Privacy Commissioner has ruled that the retailer unlawfully harvested shoppers’ biometric data in its attempt to stop refund fraud, a decision that places facial recognition technology under fresh scrutiny in the retail sector.

The U.S. Department of the Treasury is beginning the long process of translating the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into practice. On September 19, Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM), inviting public comment on how the law should be implemented. The request is not about imposing new requirements just yet, it is the first opportunity for stakeholders and the broader public to weigh in on how the U.S. will regulate payment stablecoins in the years ahead.

In their Autumn 2025 Joint Committee Report, the European Supervisory Authorities (the EBA, EIOPA and ESMA) describe a financial sector that remains resilient on paper, yet increasingly exposed to forces beyond its control. The warning is not about a brewing crisis so much as a reminder that shocks are arriving faster and hitting harder, from trade wars to cyber strikes.

The Federal Trade Commission (FTC) Chairman Andrew N. Ferguson recently submitted a report to the White House Office of Management and Budget (OMB) recommending the deletion or revision of certain federal regulations identified as anticompetitive.