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GDPR: Data Breach Class Action Lawsuits Come to Europe

"Breached businesses in Europe: Brace for more class action data breach lawsuits.

"Class actions are here to stay for data breaches," says attorney Jonathan Armstrong, who's a partner at London-based Cordery.

"They're more likely to succeed here than in the U.S., albeit with the caveat that their numbers will be smaller," he says in an interview with Information Security Media Group. That's because at least so far, most European class action lawsuits have required victims to opt in, compared to the U.S. model of having to opt out.

The first U.K. lawsuit sparked by a data breach involved U.K. food-retailing giant Morrisons. Staff filed the lawsuit after an employee - senior internal auditor Andrew Skelton - in 2014 stole and leaked personal information, including salaries and bank details, for nearly 100,000 employees. In 2015, Skelton was sentenced to serve eight years in prison. While the breach case is still working its way through the courts, Armstrong says it could set a precedent that applies to older breaches."

Read more...
https://www.bankinfosecurity.com/interviews/gdpr-data-breach-class-action-lawsuits-come-to-europe-i-4125

You could be fined twice for the same breach under GDPR and NIS
Critical infrastructure providers could be hit with a double penalty for a data breach where new EU laws coincide

"Companies could end up paying twice for the same data breach under new EU regulations, delegates heard at Computing's Cloud & Infrastructure Live! event last week - with the potential fines reaching as high as £34 million.

Dr Kuan Hon of Fieldfisher drew parallels between the new Networking and Infrastructure Security (NIS) Directive and the General Data Protection Regulation (GDPR), both of which are designed to encourage cyber defence.

While the GDPR is aimed at protecting peoples' personal data, NIS is built around protecting the security of information systems at critical infrastructure providers. The definition includes providers of energy, water, transport, health and digital infrastructure: that can mean cloud providers, search engines and online marketplaces like eBay.

"Under the NIS Directive, this is a really, really broad definition," said Hon. "Basically, it's any connected device; any network; and any data that's associated with those."

If a provider's network is breached and contains personal data, that opens up the possibility of penalties under both regulations - and each carries a maximum fine of £17 million."

Read more...
https://www.computing.co.uk/ctg/news/3063481/you-could-be-fined-twice-for-the-same-breach-under-gdpr-and-nis

FedEx Joins Hyperledger Blockchain Hub, ‘Big Implications’ for Logistics

"American courier delivery services giant FedEx has joined Hyperledger, an open-source project established to improve cross-industry blockchain technologies, according to a press release published September 26.

Hyperledger, which is hosted by the Linux Foundation, enables organizations to build blockchain-based industry-grade applications, platforms and hardware systems in the context of their individual business transactions.

In joining Hyperledger, FedEx has become one of over 270 members. Other member companies include IBM, Intel, Deutsche Boerse, and J.P. Morgan. Kevin Humphries, Senior Vice President, IT, FedEx Services said that blockchain technology has “big implications” for supply chains, logistics, and transportation.

In February, FedEx joined the Blockchain in Transport Alliance (BiTA), a focus group whose members include rail operator BNSF, JD Logistics, and GE transportation. BiTA aims to improve transparency and security in shipping with blockchain tech.

Hyperledger Executive Director Brian Behlendorf has previously stated that distributed ledger technology (DLT) will diminish the power of tech giants like Google, Facebook, and Amazon. In today’s press release he said:

"We are gaining traction around the world in market segments from finance to healthcare and government to logistics. This growth and diversity is a signal of the increasing recognition of the strategic value of enterprise blockchain and commitment to the adoption and development of open source frameworks to drive new business models."

Read more...
https://cointelegraph.com/news/fedex-joins-hyperledger-blockchain-hub-big-implications-for-logistics

United States: US Corporate Law News: NY Sues To Stop FinTech Bank Charters

Maria Vullo, superintendent of New York's Department of Financial Services, sued the federal government to void its decision to award national bank charters to online lenders and payment companies. Vullo believes that allowing financial technology companies, or fintech firms, to obtain charters is "lawless, ill-conceived, and destabilizing of financial markets." Additionally, Vullo believes that awarding national bank charters to fintech companies is unconstitutional and puts vulnerable consumers at risk to predatory lending. The U.S. Department of Treasury plans to defend its authority to grant national charters to qualified companies engaged in the business of banking. The case is proceeding as Vullo v. Office of the Comptroller of the Currency et al, U.S. District Court, Southern District of New York, No. 18-08377.

For more information see...
https://www.nytimes.com/reuters/2018/09/14/technology/14reuters-usa-treasury-fintech-lawsuit.html

Ripple rallies on upcoming xRapid launch talks

"Ripple recorded a strong rally on September 21, amid Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, told CNBC that xRapid should be live in a month or so, allowing banks and payment providers to execute faster cross-border transactions between different currencies across the globe.

The price of XRP/USDT doubled within twenty-four hours and reached its highest levels since mid-June, before stabilizing near the 0.50 mark.

There are rumours that xRapid could already go live at Swell Conference in San Francisco on October 1.

xRapid is a cross-border payment platform, which is designed by Ripple to facilitate overseas transactions using the Ripple’s native token XRP. The product aims at banks, payment providers and financial institutions, to allow them faster and low-cost execution for cross-border transactions. The new platform is expected to help saving 40-70% of FX brokerage costs.

According to the latest news, seven partners, including Bittrex and Mercury FX, are already on board with the much-expected xRapid. In an official Tweet, Mercury FX stated that ‘in Q1, along with other xRapid pilots customers, [they] have proved that xRapid can lower liquidity costs and increase payment speed and transparency using XRP’, adding that the raw speed of xRapid was ‘unbelievable’.

Read more...
https://www.fxstreet.com/cryptocurrencies/news/ripple-rallies-on-upcoming-xrapid-launch-talks-201809270518

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