Wise Criticized Over Money Laundering Controls: The British money transfer firm Wise was mandated by European regulators to enforce a formal remediation plan due to deficiencies in its anti-money laundering controls. As part of the remediation plan, Wise had to contact all these customers to request their proof of address and freeze the accounts of those who failed to provide the documents in time. Wise for inadequate anti-money laundering controls, prompting the National Bank of Belgium. 

Klarna reports healthy quarterly profits and is getting ready to go public: Klarna has reported a net profit of SEK 216 million for the third quarter of 2024, continuing its profitable streak. This follows a significant loss in 2023. The company is also preparing for an IPO in the US, aiming to raise additional capital and expand its market presence. Klarna’s growth and profitability are driven by its diverse product offerings, strategic partnerships, and strong investor backing.

First set of obligations for EU Payment Service Providers (PSPs): The Instant Payments Regulation (Regulation (EU) 2024/886) entered into force on 8 April 2024 and a first set of obligations for payment service providers (PSPs) will have to be complied with as of 9 January 2025.

Data breaches led to fines: Romania’s data protection authority imposed a fine of RON 99,516 (€20,000) on an online electronics retailer for inadequate security protocols that resulted in unauthorized access to customer accounts during two data breaches.

Weak security controls led to ransomware attack brings fines: In Poland, a data controller was fined PLN 353,589 (€82,000) after weak security measures led to a ransomware attack that encrypted personal data belonging to around 200 customers and employees. Additionally, a processor involved in the incident was fined PLN 9,822 (€2,200).

Video of Extramarital Affair covered by legitimate interests and legal claims exception in Court:  An Austrian court ruled that a divorce lawyer was justified under GDPR Article 6(1)(f) and Article 9(2)(f) in sending video evidence of a client’s extramarital affair to the opposing counsel, citing legitimate interest and the legal claims exception.

What happened to the cables in the Baltic Sea? Two communications cables were severed in November 2024 raising concerns of sabotage while NATO ramps us efforts to protect infrastructure and assets in the Baltic Sea. The Baltic Sea represents 15% of global shipping traffic. Finland confirms that the cables to Sweden were accidentally damaged during construction work.

Telia Develops 5G Transport Corridors with EU Funding: As part of the NorthStar innovation program, Telia is developing 150 kilometers of 5G transport corridors in Sweden, supported by European Union funding.

Ericsson Advocates for European Telecom Market Liberalization: Swedish telecommunications company Ericsson is urging for the liberalization and reform of European telecom markets to close investment gaps and enhance competitiveness.

Nordic and Baltic Ministers Discuss AI Cooperation: The Nordic and Baltic Ministers of Digitalization are interested in responsible AI development that enhances competitiveness while remaining safe, transparent, and aligned with Nordic values. They aim to leverage the region’s strong technological ecosystem and democratic values to become a leader in responsible AI. This centre would link national AI networks, optimize investments, and promote responsible AI use, contributing to the Nordic Council of Ministers’ Vision 2030.

The Nordic region, known for its strong technological foundation, shows potential in the field of Artificial Intelligence (AI) but faces challenges in becoming a global leader: While a vibrant startup community and burgeoning student interest in AI are promising signs, the region needs to address its lack of massive data sets, limited venture capital, and less pronounced political focus on AI compared to nations like the US and China. The dominance of traditional industries in Nordic economies further restricts large-scale investment in AI. However, Nordic countries possess expertise in specific AI areas, including computer vision, robotics, and machine learning, along with a strong base of innovative software companies that could benefit from incorporating more AI into their products and services. To become a major player in the global AI landscape, experts suggest increased funding for AI research, a clearer political emphasis on AI, more readily available capital for AI startups, and greater recognition of existing AI activities and research in the region.

The Rise of Elon Musk: Chief AI Officer of America? Elon Musk’s appointment to co-lead the Department of Government Efficiency (DOGE) under President-elect Trump, alongside his ownership of X, positions him as a significant influence in the AI landscape. While DOGE operates outside the formal government structure, Musk’s role as an important advisor to the President makes him akin to an unofficial Chief AI Officer of the United States. This raises concerns about potential conflicts of interest given his control over Tesla, SpaceX, and xAI, which directly competes with OpenAI. Musk’s ambition to dominate the AI industry is further evidenced by his aggressive fundraising for xAI, securing billions in investments, largely from Middle Eastern sovereign funds, to fuel ambitious AI infrastructure projects like the ”Colossus” supercomputer.

Trump’s Second Term: A Shift in US Cybersecurity Policy: A second Trump administration is expected to reverse many of Biden’s cybersecurity initiatives, favoring business interests and reducing regulations. This includes scrapping efforts to impose cyber regulations on critical infrastructure, scaling back initiatives to combat misinformation and AI-related social harms, and potentially revising CISA’s incident-reporting rules to be more industry-friendly. According to a Wired article, Trump’s approach will likely emphasize protecting critical infrastructure through cooperation and incentives, while adopting a more aggressive stance against foreign cyber threats, particularly from China.

Call for Feedback: ENISA’s Technical Guidance on NIS2 Cybersecurity Measures: ENISA is seeking feedback from industry stakeholders on its draft technical guidance for implementing the NIS2 cybersecurity measures, which aim to enhance the resilience of critical digital infrastructure entities in the EU. The guidance provides detailed advice, examples of evidence, and mappings to standards to help entities meet the NIS2 requirements. Stakeholders are invited to submit their comments by December 9, 2024.

New Reporting Requirements for ICT Third-Party Providers Under Dora Framework: The European Supervisory Authorities (ESAs), including ESMA and EIOPA, have outlined new reporting requirements for information registers under the DORA framework. Financial institutions must maintain detailed records of all ICT third-party provider contracts and report these annually to the relevant European authorities. Additionally, the ESAs have published validation rules and will hold a digital workshop on December 18 to further discuss these requirements.

• Board of Innovation – Autonomous Summit
  

Dates: 29-30 January 2025

Time: 3:00 pm to 8:00 pm

Location: Virtual

Book tickets: https://www.boardofinnovation.com/autonomous-summit/?gad_source=1&gclid=CjwKCAiA3ZC6BhBaEiwAeqfvylBgvn-STWBSCV548478AW7o6TZkMRS8UMGEirC94GXtJuRQoT0BOBoCfDMQAvD_BwE

• The World AI Cannes Festival (WAICF)

Dates: February 13-15, 2025

Time: 9:00 am to 5:00 pm

Location: Palais des Festivals, Cannes

Book tickets here: https://www.worldaicannes.com/en-gb/program/conferences-overview.html

• ESAs workshop on DORA Dry Run lessons learnt and data quality

Date: December 18, 2024

Time: 10:00 AM – 1:00 PM

Location: Online workshop 

Registration: https://ec.europa.eu/eusurvey/runner/18_December_ESAs_workshop