GRC Report Staff

This week marks a significant shift in the digital landscape as the European Union's Digital Markets Act (DMA) comes into full effect, introducing a series of changes that aim to reshape the behavior of major tech companies. The DMA is a set of regulations specifically targeting six tech giants classified as "gatekeepers": Amazon, Apple, Google parent Alphabet, Meta, Microsoft, and TikTok owner ByteDance.

In a groundbreaking move, the U.S. Securities and Exchange Commission (SEC) has officially passed its first-ever climate disclosure rules, a development that promises to reshape corporate reporting and shed light on the environmental impact of publicly traded companies. The decision, reached in a Wednesday vote, is seen as a legacy-defining effort for SEC Chair Gary Gensler.

Gunvor S.A., an international commodities trading company based in Switzerland, has pleaded guilty and agreed to pay over $661 million to settle an investigation by the U.S. Justice Department, resolving allegations of violations of the Foreign Corrupt Practices Act (FCPA).

The Reserve Bank of New Zealand has unveiled plans to implement robust cyber reporting rules, following the publication of consultation feedback and decisions on collecting essential data to fortify defenses against cyber threats.

At the beginning of last month, news broke that Bank of America had been hit by a data breach. The breach occurred within a third-party service provider, Infosys McCamish Systems LLC (IMS), late last year. As more information has come out it has been revealed that other organizations, notably including Northwestern Mutual, have been affected. According to reports, a ransomware group known as LockBit is responsible for the breach.

In a significant move towards environmental protection, the European Parliament has approved a groundbreaking directive on environmental crimes and corresponding sanctions. The directive, adopted on Tuesday with overwhelming support, introduces an expanded list of criminal offenses and penalties aimed at combatting illegal practices detrimental to the environment.

Superintendent Adrienne A. Harris of the New York State Department of Financial Services (DFS) has announced a major settlement with Gemini Trust Company, LLC ("Gemini"). The agreement stipulates Gemini's commitment to returning at least $1.1 billion to customers affected by the Gemini Earn Program ("Earn") through the Genesis Global Capital, LLC ("GGC") bankruptcy proceedings.