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Will Facebook be fined after hack attack?

Will Facebook be fined after hack attack?

Technology
Following the revelation that up to 50 million Facebook accounts may have been accessed in an attack due to a weakness in the platform's code, many questions remain about the breach.In theory Facebook could be fined if it is found to be in breach of GDPR, Europe's data protection rules.It has not revealed whether other services which people use their Facebook log-ins for - such as Tinder and Spotify - have also been affected.Facebook has now fixed the issue.People potentially affected were logged out of their accounts on Friday and those definitely affected were notified.Facebook says it has identified 50 million accounts which were certainly involved in the breach, with an extra 40 million also warned as a precautionary measure.The Irish Data Protection ...
Tesco Bank fined £16.4m over cyber attack

Tesco Bank fined £16.4m over cyber attack

Technology
Tesco Bank has been fined £16.4m by the City watchdog over a "largely avoidable" cyber attack on the lender, in the first penalty of its kind. The Financial Conduct Authority (FCA) said deficiencies at the bank had left account holders vulnerable to an incident that netted cyber criminals £2.26m.The bank had received a specific warning that was not properly addressed until the attack had started and the response was "too little, too late", the watchdog concluded.It is the first time the FCA has issued a fine for a cyber-related incident.Tesco Bank said that since the incident in November 2016 it had "significantly enhanced" security measures, and apologised to customers.The FCA investigation concluded that the lender failed to exercise due skill, care and dilige...
Facebook, worth £445bn, fined £500k for data breach

Facebook, worth £445bn, fined £500k for data breach

Technology
Facebook is to be hit with the maximum £500,000 ($ 663,000) fine over data protection breaches related to the Cambridge Analytica scandal. The UK's information commissioner, Elizabeth Denham, said she would fine the social network as her office investigates how data belonging to tens of millions of users was improperly accessed.The amount is the maximum allowed under the Data Protection Act 1998, but is pocket change for a company valued last year at around $ 590bn (£445bn).The scandal took place before new EU data protection laws that allow much larger fines came into force.Facebook, along with consultancy Cambridge Analytica, has been the focus of the investigation since February when evidence emerged that an app was used to harvest the data of 50 million Faceb...
VW fined €1.2bn over diesel emissions scandal

VW fined €1.2bn over diesel emissions scandal

Business
The emissions scandal that engulfed Volkswagen three years ago continues to dog the carmaking giant, as German authorities hit the group with a €1.2bn fine. Volkswagen has said that prosecutors in the German city of Braunschweig levied the £880m fine, saying the carmaker failed to properly oversee its engine development department's activities, resulting in about 10.7m diesel vehicles with illegal emissions-controlling software being sold worldwide.The firm said it hoped that paying the fine would have "positive effects on other official proceedings being conducted in Europe against Volkswagen" and its subsidiaries.:: VW Group set to 'recall up to 28,000' Volkswagens and Seats over seatbelt issue Image: Reacquired Volks...
Barclays boss fined £642k over whistleblower unmask attempt

Barclays boss fined £642k over whistleblower unmask attempt

Business
Barclays boss Jes Staley has been fined £642,430 by regulators over his attempt to unmask a whistleblower. An investigation by the Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) sharply criticised Mr Staley's response to the receipt of an anonymous letter by the bank in June 2016.The fine and public censure of the Barclays boss is unprecedented for a serving chief executive of a major bank.Barclays said following Friday's announcement it would cut the value of Mr Staley's 2016 bonus by £500,000 - meaning that his acknowledged mistakes over the episode have cost him more than £1.1m.The case centred on a letter, signed "John Q. Public", purportedly sent from a Barclays shareholder to the board making allegatio...