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Background for this topic.

A fine is a monetary penalty imposed by a competent authority or court for violating a law, regulation, or legally binding requirement. In information security and privacy, it may follow inadequate safeguards for personal data, unlawful processing, failure to meet required reporting or record-keeping duties, or non-compliance with sector-specific controls. The legal basis, maximum amount, and factors such as severity, duration, negligence, cooperation, and remediation vary by jurisdiction; a fine is generally punitive rather than compensation for affected parties.

For security practitioners, a fine signals that controls and security decisions may be examined as evidence of compliance. Maintain documented risk assessments, access reviews, patching decisions, supplier oversight, logging, and retention practices, especially where they protect regulated data. During an incident, preserve relevant records and establish an accurate timeline for containment, notification, and remediation. Privacy requirements such as data minimization and retention limits can therefore be security controls as well as legal obligations. A fine does not by itself establish that a particular attack or breach occurred.

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Also: Samourai Wallet Founder Sentenced, $128M Balancer Hack Post-MortemThis week, "Bitcoin Queen" sentenced, as was Samourai Wallet co-founder Keonne Rodriguez, Balancer hack post-mortem, Coinbase's 21 million euro fine, mistrial in $25 Million Ethereum exploit case. Spanish authorities detained a crypto influencer and accused the United States of a crypto heist.

Bank Info Security 8 months ago

UK Unveils Cyber Security and Resilience Bill

Legislation Proposes More Regulations for Greater Swath of the UK EconomyThe British government introduced Wednesday long-anticipated cybersecurity legislation aimed at tackling disruptive hacks targeting critical national infrastructure. Companies that run afoul of the new regulations could face daily fines that amount to 10% of their global revenue.

AGs Cite Security Failures Leading to Illuminate Education's Late 2021 Data TheftA California-based vendor of software used to collect and analyze student data, including records of children with disabilities and special educational needs, has been fined a total of $5.1 million by the attorneys general in three states in the wake of a 2021 hack that affected 3 million people.