GRC Report Staff

South Korea's financial regulator is asking some of the country's largest financial institutions to prepare for a future in which artificial intelligence is no longer simply a productivity tool but a weapon. At a meeting in Seoul, Financial Services Commission Chairman Lee Eog-weon met with the chief executives of five major financial holding companies to discuss a problem confronting regulators around the world. The same technologies banks hope will make operations faster and more efficient are also making scams more convincing, cyberattacks more sophisticated, and fraud harder to detect.

A Swedish startup called Eggsplain spent the spring working with the country's privacy regulator on a question that has become surprisingly difficult to answer. When an AI supplier fine-tunes a model using personal data, who is actually responsible for that data?

A surprising amount of operational resilience comes down to keeping lists. Not the glamorous kind, or dashboards, AI copilots, or threat intelligence feeds. Just knowing what systems exist, where they are, who owns them, what depends on them, and what happens when they fail. The consultation, launched Tuesday by the Monetary Authority of Singapore (MAS), is proposing a substantial expansion of its Technology Risk Management Notices. The consultation, open through July 31, touches nearly every stage of the technology lifecycle, from asset inventories and risk assessments to system monitoring, backup strategies, incident response, and outage reporting.

A Florida-based commercial lender has agreed to pay a $4 million penalty and provide refunds to California borrowers after state regulators found the company engaged in lending activities without the required license, according to an enforcement action announced Monday by the California Department of Financial Protection and Innovation (DFPI).

Broadway Electric and Cornerstone Contracting, two New York-based government contractors, along with its CEO and President, have agreed to pay $21.3 million to resolve allegations that they used service-disabled veteran-owned small businesses and other qualifying firms as vehicles to secure federal contracts that otherwise would have been out of reach.

A decade-long practice involving insulin prescriptions has led CVS Pharmacy to agree to pay $36.5 million to resolve allegations that it improperly billed Medicaid programs across the United States for more insulin than patients were prescribed.

South Korea’s privacy regulator has opened an investigation into streaming platform TVING after the company disclosed a data breach involving unauthorized access to a database containing user personal information.