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Risk Channel helps you stay ahead of essential risk news shaping your profession. Every weekday, our unique blend of AI, risk experts and researchers monitor 100,000s of articles to share a summary of the most relevant and useful content to help you lead, innovate and grow.

From supply chain to regulatory enforcement, data privacy, GRC controls, whistleblowers, and risk management strategies. Risk Channel is the only trusted online news source dedicated to covering current headlines, articles, reports and interviews to make sure you’re at the forefront of changes in the risk industry.

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Risk Channel
North America
SEC drops bribery case against former Cognizant executives

The Securities and Exchange Commission (SEC) has moved to drop a long-running bribery case against two former executives of Cognizant Technology Solutions. In a filing in the Newark, New Jersey federal court, the SEC said it dismissed claims against Gordon Coburn and Steven Schwartz "in the exercise of its discretion and as a policy matter," and not on the merits. Coburn and Schwartz were charged by U.S. authorities in February 2019 with authorizing a $2m bribe to an Indian official for helping to obtain a construction permit for a new Cognizant office in Chennai. Bloomberg describes the move as the latest sign of the Trump administration’s shift away from enforcing the Foreign Corrupt Practices Act.

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Risk Channel
UK/Europe
Co-op data breach affects millions

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."

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