Commonwealth Bank admits to losing records for 20 million accounts
Commonwealth Bank of Australia (CBA) has admitted to losing track of data tapes containing customer information for almost 20 million accounts in a major security breach in 2016, which it chose not to disclose to account holders. Australia’s biggest bank by assets has said that there was no evidence the information – names, addresses, account numbers and transaction details – spanning 16 years was compromised and its decision not to tell customers was justified by an investigation showing the tapes were “most likely” disposed of as intended. CBA said it had put monitoring mechanisms in place for the accounts and notified regulators as well as briefing them on the investigation results. It added that the tapes did not contain passwords, personal identification numbers “or other data that could be used to enable account fraud”. CBA said the data were not encrypted. (Financial Times*)
Cambridge Analytica to close following Facebook data controversy
Cambridge Analytica, a data firm that worked for President Donald Trump’s 2016 campaign, is shutting down following allegations about its misuse of Facebook data and the campaign tactics it pitched to clients. In March 2018, the company suspended its chief executive, Alexander Nix, and said it was launching an independent investigation to determine if the company engaged in any wrongdoing in its work on political campaigns. The company decided to close its doors because it was losing clients and facing mounting legal fees in the Facebook investigation. SCL Group and SCL Elections, which are affiliated with Cambridge Analytica, also are shutting down in the U.S. and the U.K. Cambridge Analytica has denied wrongdoing in the Facebook incident. The company said in its statement that despite the efforts to correct the record, it “has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas.” (Wall Street Journal)
Sustainable Finance
Barclays unveils new ‘green trade loans’ for businesses
Barclays, whose annual general meeting in London was disrupted by climate change protestors, has launched a green trade loan product that is designed to help businesses that are developing new projects or providing new sustainable services. To qualify for the new type of green trade loan businesses must be used for a certain type of activity, including energy efficiency, renewable energy, sustainable transport and waste management, among others. It is hoped that by providing easier access to working capital this initiative will allow more green projects to come forward. Dr Rhian-Mari Thomas, Chair of the Barclays Green Banking Council, said: “The Barclays Green Trade Loan adds to our growing green corporate banking proposition and furthers our ambition to bring green finance into the mainstream for all our customers and clients.” (Climate Action Programme)
Policy
Hawaii approves ban on sunscreens believed to kill coral reefs
Hawaii lawmakers have passed a bill that would prohibit the sale of over-the-counter sunscreens containing chemicals they say are contributing to the destruction of the state’s coral reefs and other ocean life. If signed by Governor David Ige, it will make Hawaii the first state in the US to pass such a law – which would take effect on the 1st of January 2021. The chemicals oxybenzone and octinoxate, which are used in more than 3,500 of the world’s most popular sunscreen products, including Hawaiian Tropic, Coppertone and Banana Boat, would be prohibited. Prescription sunscreens containing those chemicals would still be permitted. Many Hawaiian businesses are not waiting for the governor to sign the law. They have begun implementing their own bans. “Nonprofits, athletes and hotels in Hawaii are starting to create their own regulations for what can and can’t be used,” said Caroline Duell, founder of the Safe Sunscreen Council and owner of a natural-sunscreen company. (NPR)
Waste
Wimbledon announces ban on plastic straws for 2018
The All England Lawn Tennis Club (AELTC) has announced it will use recyclable paper straws for the 2018 Wimbledon tournament, in a bid to prevent more than 400,000 plastic straws going to landfill. The Wimbledon chief executive, Richard Lewis, has said that recycling point signage at the event would also be improved in a bid to further reduce the amount of waste generated going to landfill, which stood at 1.4% in 2017. The announcement from AELTC comes as part of a wider sustainability plan for Wimbledon, which also details the provision of a recyclable paper bag option for merchandise bought during the two-week event. In a bid to cut the number of plastic bottles used by spectators, 87 water re-fill points and 21 water fountains will be available for use at the event – representing a 93% increase in water points from 2014. (Edie)
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