The recent King's Speech, delivered by King Charles III on behalf of Sir Keir Starmer's newly elected Labour government, heralds a transformative period for UK businesses and compliance professionals. This ambitious legislative program, reminiscent of Labour's sweeping reforms in 1997, promises to reshape the regulatory landscape across multiple sectors, demanding a strategic overhaul of compliance practices nationwide.
A global technology outage caused by a faulty software update grounded flights, knocked media outlets offline, and disrupted hospitals, small businesses, and government offices on Friday. This incident highlighted the fragility of a digitized world dependent on a few key providers. At the heart of the massive disruption was CrowdStrike, a cybersecurity firm that provides software to thousands of companies worldwide.
The fashion industry is facing unprecedented challenges as it struggles to reconcile its complex global supply chains with mounting environmental, social, and governance (ESG) concerns. Recent revelations have cast a spotlight on the opacity of fashion supply chains, raising questions about the effectiveness of current sustainability initiatives and the industry's commitment to ethical practices.
The European Union has recently unveiled the AI Act, published on July 12, 2024, and set to gradually come into force from August 1, 2024. This landmark legislation, working in tandem with the existing General Data Protection Regulation (GDPR), establishes a comprehensive framework for the development, deployment, and use of artificial intelligence across the EU. As stakeholders grapple with the implications of this new regulatory landscape, the French data protection authority, CNIL, has stepped forward with guidance to illuminate the complex interplay between these two pivotal regulations.
In today's rapidly evolving business environment, the development of a mature risk and resiliency strategy has transitioned from being an optional consideration to an indispensable necessity for organizational survival and success. This strategic imperative hinges on several critical elements: a profound comprehension of existing and potential threats, a comprehensive understanding of internal operational dynamics, and the adept utilization of state-of-the-art risk intelligence tools.
On April 7, 2024, U.S. Senator Maria Cantwell (D-WA), Chair of the Senate Committee on Commerce, Science and Transportation, and U.S. Representative Cathy McMorris Rodgers (R-WA), Chair of the House Committee on Energy and Commerce, released a discussion draft of the American Privacy Rights Act (APRA). This bipartisan, bicameral draft legislation seeks to unify the fragmented landscape of sectoral-based and state-specific data privacy laws in the United States.
The Financial Industry Regulatory Authority (FINRA) has announced a significant penalty against SoFi Securities LLC, amounting to $1.1 million, for multiple violations related to its customer identification and identity theft prevention programs. SoFi Securities, headquartered in San Francisco, California, and a member of FINRA since 2011, was found to have inadequately established and maintained protocols for its cash management brokerage account, SoFi Money, resulting in vulnerabilities to fraudulent activities.