GRC Report Staff

In a move that’s caught the attention of both the tech world and regulatory watchers, the U.S. Federal Trade Commission (FTC) is pushing forward with its antitrust investigation into Microsoft, as reported by Bloomberg. Originally launched during the final months of the Biden administration, the probe has gained new traction under the leadership of FTC Chair Andrew Ferguson, appointed by President Donald Trump. The investigation, which focuses on Microsoft’s software licensing, cloud computing practices, and its evolving role in artificial intelligence, offers an unexpected glimpse into how antitrust policy might evolve under the current administration—and hints at some surprising continuity with previous approaches.

PwC Singapore found itself on the wrong side of the Public Company Accounting Oversight Board (PCAOB) this week, as the regulator slapped the firm with a 1.5 million fine for violations related to its independence compliance process.

In a letter to its customers, Bank of America has revealed a security incident that might have affected sensitive personal data. The incident, which occurred on December 30, 2024, is tied to a third-party vendor responsible for shredding documents. According to the bank, the vendor didn’t secure certain documents properly during transport, and some of those documents were discovered outside a financial center. While it’s unclear whether any individual customer’s documents were directly involved, the bank is erring on the side of caution and notifying those who could be impacted.

The Public Company Accounting Oversight Board (PCAOB) has taken action against nine firms from KPMG's network for failing to meet essential regulatory requirements. The sanctions come as a direct response to violations of key reporting rules and quality control standards, and send a clear message about the PCAOB’s commitment to safeguarding the integrity of the financial system.

New York Attorney General Letitia James has filed a lawsuit recently against National General and its parent company, Allstate Insurance, over a string of data breaches that exposed the personal information of over 165,000 New Yorkers. The lawsuit paints a troubling picture of how weak cybersecurity practices allowed hackers to access sensitive information—and not once, but twice—due to a series of preventable oversights.

Our recent survey reached over 100 dedicated and experienced professionals from across the GRC spectrum. Ranging from compliance and risk management to cyber risk and integrated GRC, these individuals are the ones on the front lines, and their insights remind us that behind every percentage is not just statistic but a true human story, a tale of vigilance, collaboration, and the unyielding drive to create a resilient, compliant, and better future.

The financial landscape is shifting fast. While digital banking services and cryptocurrencies bring innovation, they also open the door to new risks that criminals are quick to exploit. As we enter 2025, the Swedish financial watchdog is focusing its efforts on addressing these emerging threats. From money laundering to terrorist financing and sanctions evasion, financial firms face growing pressure to safeguard the system from exploitation.