July 22, 2019
Following Equifax’s historic data breach in 2017 affecting 147 million clients, people were anxious to know the repercussions for the company. This week there was some closure on that front. Various American regulatory agencies, including the Federal Trade Commission, announced that Equifax would have be hit with a 700-million-dollar in fines. 275 million of that will be fines, and 300-425 million will be in compensation for consumers. However, there have been critics who have claimed that the fine was too small for the size of the breach. Also, the settlement will not cover 19,000 Canadian clients.
Read more on CBC
Desjardins, the Quebec-based financial giant, could also be facing some fines soon after their record-setting data breach a few weeks ago. The Office of the Privacy Commissioner of Canada and their Quebec counterpart have both started investigations into the incident, looking at if Desjardins lacked proper cybersecurity and privacy protection.
Read more on Computer Weekly
However, that wasn’t the only headline involving Desjardins this week. A petition has been circulating amongst victims of the data breach. This petition requests the government for new SIN numbers following the Desjardins data breach and has gained over 80,000 supporters. With this public outcry, an emergency meeting of the members of parliament is scheduled for early this week.
Read more on TechCrunch
Canadian Arctic & China
Reports released by Business Development Bank of Canada stated that small and medium businesses in Canada are lagging behind others in online security and data security. According to these reports, 25% of businesses have no recovery plans in place in the event of a data breach. The reports accentuate the need to be wary about giving out your personal information online!
Read more on the HuffPost
FSB (Russia’s Secret Intelligence Agency)
Finally, if you are a Russian spy, you may have another thing to worry about. This week, it was learned that the FSB (Russia’s secret intelligence agency) had been hacked for 7.5 terabytes of data by an anonymous hacking group called “0v1ru$”. It is alleged that this is the largest data breach in the FSB’s history. The FSB and other new sources claim that no state secrets were affected.
Read more on Forbes