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Recent Editions

Risk Channel
North America
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
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.
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