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The Co-op has confirmed that all 6.5m of its members had their personal data stolen in a cyber attack earlier this year. CEO Shirine Khoury-Haq said that names, addresses, and contact details were accessed, but no financial or transaction data was compromised. Previously, the company had only said that a “significant number” of its customers' data had been accessed by the hackers, but did not give a precise figure. The breach, which occurred in April, disrupted IT systems, caused store supply issues and forced funeral services to temporarily revert to paper records. Co-op executives told MPs recently that many of its systems were protected from attack because it had defences in place which detected unusual behaviour within a few hours. The company is however not expecting to make “any significant recovery” of the costs of the hack from insurers as it chose to invest in detection systems rather than cyber insurance policies. Meanwhile, the Co-op has partnered with social impact business The Hacking Games to address cybercrime by guiding young people towards ethical careers in cybersecurity. The partnership will first be implemented within the Co-op Academies Trust, which serves 20,000 students. Research suggests that more than two-thirds (69%) of European teenagers have engaged in some form of cybercrime, underscoring the importance of redirecting these skills. Fergus Hay, chief executive of The Hacking Games, remarked: "There is an incredible amount of cyber talent out there – but many young people don't see a path into the industry."

 

The Daily Telegraph

Daily Mail

The Guardian

The 2025 Summer Risk and Compliance Report

Each quarter, Hyperproof takes a deep dive into market trends in the GRC space. A new report just released that compares their data against reports from Accenture, BDO, PWC, and more so that security pros have the best data available to finish the year strong. 

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The European Central Bank (ECB) is next year to test euro zone banks' resilience to geopolitical turmoil as part of a growing focus on risks. "In the 2026 thematic stress test exercise, we will follow up on this year’s stress test by asking banks to assess which firm-specific geopolitical risk scenarios could severely impact their solvency,"  chief ECB supervisor Claudia Buch told the European Parliament. The ECB runs thematic health checks on euro zone banks every other year, when there is no European Union-wide stress test by the European Banking Authority.

 

Reuters

Barclays has been fined £42m by the UK's Financial Conduct Authority (FCA) for significant failings in its financial crime risk management related to Stunt & Co, a gold bullion trader. The FCA highlighted that Barclays inadequately assessed the source of £46.8m deposited into Stunt & Co's account, which was later identified as criminal proceeds. Despite being informed of a police raid on Stunt & Co, Barclays continued to classify the account as "low-risk." The FCA's Therese Chambers said: "The consequences of poor financial crime controls are very real – they allow criminals to launder the proceeds of their crimes." Barclays has asserted its commitment to combating financial crime and has cooperated with the FCA's investigations.

 

Financial Times

The Daily Telegraph

The Times

The Guardian

Siemens CEO Roland Busch and SAP CEO Christian Klein have called on the European Union to revise its artificial intelligence legislation, claiming it hinders innovation. In an interview with the Frankfurter Allgemeine Zeitung, Busch said: "We are sitting on a treasure trove of data in Europe, but we are not yet able to tap into it." The EU's AI Act, which became law last year, categorises AI applications by risk and imposes security and transparency requirements. However, both CEOs argue that overlapping regulations are detrimental to progress, with Busch labelling the EU's Data Act as "toxic" for digital business models. They emphasised the need for reforming data rules before investing in infrastructure and data centres.

 

Reuters

Sarah Cardell, the chief of the Competition and Markets Authority (CMA), has said that the UK government's initiative to encourage regulators to support economic growth poses no additional risk to consumers. During her address to the Business and Trade Committee, Cardell said: "If we think about our statutory mandate at the CMA, it's about promoting competition and protecting consumers, and both of those things are foundational to driving economic growth." The government has urged regulators to enhance the UK's appeal for international investment, leading to concerns about potential anti-competitive behaviour. However, Cardell stressed that consumer protection remains the CMA's priority, saying: "We should do that with a growth-focused lens."

 

City AM

Nikhil Rathi, chief executive of the UK's Financial Conduct Authority (FCA), has raised concerns about rising UK sovereign debt and the potential for cyber attacks on Britain's financial infrastructure. Rathi highlighted the increasing influence of foreign hedge funds in the UK gilt market, noting that over a quarter of trades are now conducted by these entities. He emphasised the need for more real-time data on trading in fixed income markets to ensure market integrity, especially in light of recent geopolitical tensions, including the Iran-Israel conflict and Russia's actions in Ukraine. The FCA's call for enhanced data comes as the global sovereign debt market surpasses $100trn, raising alarms about potential forced selling by highly leveraged hedge funds.

 

City AM

France's Prime Minister François Bayrou has proposed cutting two public holidays as part of a 2026 budget proposal to cut overall spending while also increasing defence expenditure. Bayrou suggested axing Easter Monday and 8 May, a day that commemorates the Allied victory at the end of World War Two in Europe. He said Easter Monday had "no religious significance" and the whole nation had to work and produce more, observing that the various bank holidays had turned the month of May into a gruyère - a Swiss cheese full of holes - although he added he was open to other suggestions. On Tuesday, Bayrou saud that France was "in mortal danger" of being crushed by debt. The far-right National Rally (RN) party blasted Bayrou's proposal as an attack on French history and on French workers, while Green party leader Marine Tondelier lamented that the day that commemorated victory against Nazism would no longer be a holiday.

 

BBC News

New York Times

Reuters

In a monthly report published on Tuesday, the Organization of the Petroleum Exporting Countries said the world economy may perform better than expected in the second half of the year despite trade conflicts. "India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year," OPEC said in the report. "With this, the second-half 2025 economic growth may turn out better than currently expected."

 

Arab News

A report from the Convention on Wetlands says the destruction of the world's wetlands, which support fisheries, agriculture and flood control, may mean the loss of $39 trillion in economic benefits by 2050. "The scale of loss and degradation is beyond what we can afford to ignore," said Hugh Robertson, the lead author of the report, which calls for annual investments of $275bn to $550bn to reverse the threats to the remaining wetlands, and said current spending was a "substantial under-investment."

 

Reuters

Allianz CEO Oliver Bäte has warned that Germany risks becoming the “sick man of Europe” and predicted its social security system could collapse within a decade unless the government cuts spending.

 

Financial Times

In response to a complaint by campaigners who have accused Brussels of weakening green rules without consulting the public, the European Union's Ombudsman has instructed the European Commission to explain why it expedited proposals to cut sustainability laws. Earlier this year, the Commission proposed legal changes that would exempt thousands of smaller European businesses from European Union sustainability reporting rules. The move aimed to simplify rules for sectors competing with rivals in China and the U.S. "Based on the material made available to date, the Commission does not seem to have adequately justified derogating from its rules in this case," Ombudsman Teresa Anjinho said in a letter to the Commission.

 

Reuters

A global climate alliance of top banks is at risk of losing key European members after lenders including Barclays and UBS refused to commit to remaining in the group.

 

Financial Times

Barclays has successfully taken down a fraudulent website posing as "Barclays Finance" which misled customers into believing it could facilitate money transfers. The site, which featured the Barclays logo and claimed to offer a "smart way to keep your money safe and secure," was linked to a fake business registered in April with Sri Lankan directors. After being alerted by City AM, Barclays said it was "acting to have it removed as quickly as possible." By yesterday afternoon, the website was taken down, although the Companies House entity remains active.

 

City AM

Thousands of investors are facing significant losses after the 79th Group, which owes over £200m to 3,700 individuals, collapsed in April. The company, which attracted investments through high-return loan notes, is under investigation for "suspected widespread fraud." Administrators from Grant Thornton have indicated that the situation resembles a Ponzi scheme, where funds from new investors are used to pay earlier ones. Andy Cole, a former director at HM Revenue & Customs, served as a non-executive adviser to the group but has denied any wrongdoing. He said: "At no time did I promote any financial products marketed by 79th Group." The group, which was not authorised by the Financial Conduct Authority, continued to solicit investments even as police investigations were underway.

 

The Times

Stellantis, the owner of Vauxhall, Peugeot, and Citroën, has cancelled plans to launch hydrogen-powered vehicles, citing limited refuelling infrastructure, high investment costs, and weak consumer incentives. COO Jean-Philippe Imparato said the hydrogen market "remains a niche segment" with no midterm economic viability. Resources will shift to electric and hybrid development, with no impact on jobs.

 

The Times

Italy's Justice Ministry has announced plans to release approximately 10,000 inmates, representing about 15% of the prison population, to alleviate severe overcrowding. The ministry said that 10,105 prisoners are "potentially eligible" for alternatives such as house arrest or probation, provided they meet specific criteria, including having less than two years left on their sentences and no serious disciplinary offences in the past year. Excluded from this initiative are those convicted of serious crimes including terrorism and organised crime. Italy faces one of the highest prison overcrowding rates in Europe, with an occupancy level of around 122%. The ministry has established a taskforce to manage the release process, which will report on its progress by September.

 

Reuters

Proposals to provide new UK workers with "day one" protection against unfair dismissal have faced a significant setback in the House of Lords, where a Conservative-led measure was approved to reduce the qualifying period from two years to six months. The defeat represents a blow to Labour: the proposals were part of their manifesto commitment. The bill, which also aimed to introduce other rights such as sick pay and flexible working requests, will now return to the Commons for further consideration. Critics, including Lord Sharpe of Epsom, argued that the changes could harm employment prospects for vulnerable groups, particularly young workers.

 

The Independent