Latest news with #CDR
West Australian
a day ago
- Business
- West Australian
National Australia Bank fined over data-sharing scheme
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
Perth Now
a day ago
- Business
- Perth Now
Major bank fined over data issues
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. National Australia Bank called the data requirements 'complex'. NewsWire / Gaye Gerard Credit: News Corp Australia 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
Business Times
2 days ago
- Business
- Business Times
NAB pays A$751,200 penalty on breaches of consumer data rights rules
AUSTRALIA'S competition watchdog said on Thursday that the National Australia Bank had paid a fine of A$751,200 (S$629,000) over alleged breaches of consumer data right rules due to failures to disclose credit limit data. The penalty, which is the highest ever for alleged breaches of Consumer Data Right (CDR) rules, was issued after the Australian Competition and Consumer Commission (ACCC) issued the lender four infringement notices. The notices relate to alleged failures to accurately disclose credit limit data in four separate requests from different CDR providers on behalf of consumers. The CDR is an economy-wide data sharing programme that helps consumers safely share the data that businesses hold about them, and helps consumers to compare products and services, among others. The failure to disclose information on credit card limits impacted the services of several fintech companies provided to consumers, including some fintech companies that offer mortgage broking tools using CDR data, ACCC said in a statement. NAB has 'fully cooperated with the ACCC's review and has resolved the data quality error identified', the lender said in an emailed statement. REUTERS
Business Standard
12-06-2025
- Business
- Business Standard
Upwind Appoints Rinki Sethi as Chief Security Officer to Accelerate the Runtime Security Revolution
PRNewswire San Francisco (California) [US], June 12: Upwind, the runtime-first cloud security platform, announced today the appointment of cybersecurity industry leader Rinki Sethi as Chief Security Officer. In this role, Sethi will lead Upwind's global Information Security and Technology functions, while also helping drive company-wide strategy across marketing, go-to-market, and customer engagement--accelerating the adoption of runtime security across the enterprise. Sethi joins Upwind at a defining moment for the industry and for the company. Following 4,000% YoY revenue growth in 2024, 40% customer expansion and more than 30 product updates in Q1 2025, Upwind has become a formidable challenger to legacy CNAPP vendors by delivering what others can't: real-time, runtime-first detection, and protection across every layer of the cloud stack. A recognized cybersecurity executive and board member, Sethi brings over two decades of experience building and scaling security programs at companies such as Twitter, BILL, Rubrik, Walmart, IBM, Palo Alto Networks, and eBay/PayPal, while serving on the boards of Vaultree and ForgeRock. She is also a founding partner at Lockstep Ventures, where she invests in the next generation of cybersecurity innovation and disruption. As one of Upwind's early customers, Sethi brings a unique perspective from both the customer and boardroom lens--making her a natural fit to help lead the company's next phase of growth. "Rinki is one of the most respected CISOs in the world, and her decision to join Upwind is a major signal of where the future of cloud security is headed," said Amiram Shachar, CEO and co-founder of Upwind. "She was one of the first to recognize that runtime context transforms how we secure the cloud. Now, she'll help scale that vision globally with the technical depth, customer empathy, and executive horsepower to match." Unlike traditional cloud security tools that rely on static rules and fragmented signals, Upwind delivers a unified CNAPP platform that combines agentless visibility with eBPF-powered runtime detection. By integrating CSPM, CWPP, CDR, vulnerability management, and identity security into a single platform, and grounding it all in live runtime activity, Upwind helps security teams focus on what matters and act before threats become incidents. Customers report up to 95% fewer alerts and dramatically faster time-to-remediation. "As a CISO, I lived the pain of chasing dashboards while incidents unfolded in real-time," said Rinki Sethi, Chief Security Officer of Upwind. "Upwind is the first platform I've seen that flips the model, from reactive noise to real-time decisions. As an early customer, I experienced how powerful it is to operate with full runtime context. That's why I'm joining Upwind, to help build the future I always wanted as a practitioner." Sethi holds a bachelor's degree in Computer Science Engineering from UC Davis and a master's degree in Information Security from Capella University. She is a widely recognized industry voice, passionate mentor, and advocate for women in security. Outside of work, she's a mom of two, a fitness enthusiast, and an active supporter of startups shaping the next wave of cybersecurity innovation. About Upwind Upwind is the next-generation cloud security platform that helps organizations run faster and more securely. Designed for today's dynamic, cloud-native environments, Upwind combines cloud security posture with real-time runtime context to deliver actionable protection across the entire application lifecycle. Founded by Amiram Shachar and the team behind (acquired by NetApp for $450M), Upwind is backed by Greylock, Cyberstarts, Leaders Fund, Craft Ventures, Cerca Partners, Penny Jar (founded by NBA star Steph Curry), and Sheva (founded by NBA player Omri Casspi). The company has raised $180M since its founding in 2022. Learn more at Media Contact Justine Rosin Headline Media justine@ IL:+972 54 885 9141 US:+1 917 724 2176 UK:+44 203 769 2363 Photo: (ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
The Hindu
12-06-2025
- The Hindu
Probe under way into cops' alleged link with sex racket in Kozhikode
The police have accessed Call Detail Records (CDR) of more persons as part of the investigation into the discreet network of a recently exposed sex racket in Kozhikode city. A preliminary CDR analysis, which already revealed the alleged links of two civil police officers with the racket, confirms that the racket has been in touch with some influential persons, including government servants, in the city. 'The two policemen, Shaijith and Sanith, who were arraigned in the sex racket case, have been placed under suspension by the District Police Chief [Kozhikode city] pending further investigation. They were drivers with the police control room,' said a police officer associated with the investigation. He said CDR analysis of 12 persons, including six women who were rescued from the spot, was progressing. Sources also confirmed that the arrest of the two police drivers would be recorded soon. Reports related to the department-level investigation conducted on their role in the case had already been forwarded to the higher authorities, they said. Apart from CDR evidence, the investigation team also retrieved some bank documents which revealed financial transactions allegedly carried out between the accused policemen and one of the arrested women. It was on June 6 that the suspected inter-district sex racket was exposed during a flash inspection at an apartment near Malaparamba in Kozhikode. The rented apartment was projected as a facility for accommodating women who offer bystander support to the needy in the nearby hospitals. According to the Nadakkavu police, nine persons, including two men who came to the spot as 'customers', were nabbed from the spot on June 6. The two policemen and a Non-Resident Keralite identified as M.K. Animesh, who allegedly sublet the building for the alleged illegal business, were arraigned in the case after a three-day-long investigation based on CDR analysis, they said.
