The scale of the MOVEit vulnerability and data breach at IT service provider Majorel is believed to be larger than first thought. It is becoming obvious that financial institutions are now more affected than expected. The data breach in MOVEit was discovered on the 30.05.2023. and personal data breached through the MOVEit vulnerability has been published on the darknet. With massive amounts of data published worldwide after the MOVEit vulnerability, new figures being published daily. Those affected include financial institutions such as Commerzbank subsidiary Comdirect, ING, Deutsche Bank and Postbank. The leaked data includes the customer's first name, last name and IBAN. Also in Turkey, on 28.09.2023, Elca Kozmetik Ltd. made the necessary statement to the Turkish Data Protection Authority about the breach. It is declared that from 83.185 individual customers and potential customers, name and surname, e-mail, phone number and birth date have been breached over the company.
28.09.2023
Austria's Association for Consumer Information (VKI) made a declaration about a decision from Austrian court regarding their complaint against Austrian Airlines’ misleading climate-related claims used on advertising campaign. VKI filed the complaint against Lufthansa subsidiary Austrian Airlines a year ago over a campaign that advertised flights between Vienna and Venice as carbon neutral, using sustainable aviation fuels. VKI argued it was technically impossible to have carbon neutral flights with current technologic developments. In its ruling, the Austrian court found that the flights were "actually operated entirely with kerosene or with sustainable aviation fuel added kerosene ". Following the decision, it was announced that Austrian Airlines will take the decision into account in their future advertising campaigns and will be more transparent about the use of sustainable aviation fuels.
25.09.2023
Austria's Association for Consumer Information (VKI) made a declaration about a decision from Austrian court regarding their complaint against Austrian Airlines’ misleading climate-related claims used on advertising campaign. VKI filed the complaint against Lufthansa subsidiary Austrian Airlines a year ago over a campaign that advertised flights between Vienna and Venice as carbon neutral, using sustainable aviation fuels. VKI argued it was technically impossible to have carbon neutral flights with current technologic developments. In its ruling, the Austrian court found that the flights were "actually operated entirely with kerosene or with sustainable aviation fuel added kerosene ". Following the decision, it was announced that Austrian Airlines will take the decision into account in their future advertising campaigns and will be more transparent about the use of sustainable aviation fuels.
25.09.2023
Germany is looking for a possible amendment to exempt small and medium-sized enterprises (SMEs) from the European Union's green reporting rules. Berlin is asking Brussels to widen the definition of small and medium-sized enterprises (SMEs) "in order to limit the bureaucratic burden on SMEs to what is required". They want to raise the minimum employee threshold for the definition of an SME from 250 to 500 employees. The German proposal is estimated to affect between 7,500 and 8,000 companies, releasing them from having to comply with recently adopted sustainability reporting rules. However, starting over the debate on one of the key elements of the EU's climate vision would both reduce the impact of the directive and also impact companies that have already begun to reorganize their operations in line with sustainability and reporting standards. Under the current rules, only listed SMEs are included in the scope of the regulation, and these companies are not under reporting obligations until 2026.
23.09.2023
The extended scope of the newly adopted proposal subscribes to the principle of same activity, same risk, same rules, ensuring that all entities engaged in offering professional consumer finance services should be subject to relevant and proportionate registration and supervisory arrangement. In addressing new types of services such as Buy Now Pay Later and new market entrants such as fintechs, the legislators have solidified consumer protection with regards to financial services overall. With the revised legislation, application of a proportionate approach with regards to Credit Worthiness Assessments and the requirement that the assessments are set and they are “proportionate to the nature, duration, value, and risks of the credit for the consumer”.
23.09.2023