Payment Account Reference (PAR)
PAR: unique identifier for payment transactions, ensures tracking, reconciliation of funds. Essential for efficient financial processing and reporting.
The Future of Transatlantic Digital Collaboration With EU Commissioner Michael McGrath
EU Commissioner Michael McGrath discusses transatlantic digital collaboration and data protection strategies at CSIS event. Key topics included: the role of the EU in lawmaking, GDPR modifications, the importance of the Data Privacy Framework for transatlantic trade, withdrawal of the AI Liability Directive, AI's impact on elections, and the new 28th company regime for ease of business across the EU. McGrath emphasized the need for dialogue amid tariff tensions with the U.S., and the potential for enhanced cooperation on consumer protection and digital regulation.
The GDPR Opens the Door to Government Surveillance
GDPR risks infringing personal freedoms despite claims of data protection. It allows government overreach under vague exemptions for national security, facilitating potential misuse for surveillance. The regulation's loopholes disproportionately impact small businesses and fail its core objective of safeguarding personal data. While claiming to balance security and privacy, the lack of clear guidelines enables governments to bypass protections, increasing risks of surveillance and eroding democratic rights. The possibility of employing citizens' data for military use further blurs the line between public safety and individual liberties.
The CISO Shift: 3 Factors Reshaping Cyber Risk at the Leadership Level
CISOs are evolving due to regulatory demands and financial risks, necessitating a shift from technical to strategic leadership, often advocating for role division (technical vs. business). They must adapt to regulations like SEC disclosure and DORA, leverage AI for risk management, and prioritize customer trust in data privacy. Effective risk communication to the C-suite and alignment with business objectives are crucial for success. To thrive amidst evolving risks, organizations may introduce new roles alongside CISOs, ensuring integrated risk management practices.
CIOs and CISOs Take on NIS2: Key Challenges, Security Opportunities
NIS2 compliance poses significant challenges for CIOs and CISOs, impacting operations and budgets. The directive, aiming for unified cybersecurity standards across EU states, demands extensive resources, reshaping IT leadership roles. While some firms find compliance burdensome, those with prior ISO/IEC 27001 certification experience smoother transitions. The emphasis on dedicated cybersecurity roles underscores the urgent need for skilled professionals, pushing organizational strategies towards proactive security rather than mere compliance. Overall, NIS2 presents both challenges and opportunities for enhancing organizational security posture.
AI Project Failure Rates Are on the Rise: Report
AI project failures rising: 42% of businesses abandoned initiatives in 2025, up from 17% in 2024 (S&P Global). Main obstacles: cost, data privacy, security. Enterprises struggle to transition pilots to production, emphasizing need for selective AI use to reduce failures. Embracing failed projects fosters a culture of experimentation, leading to better future outcomes.
https://www.ciodive.com/news/AI-project-fail-data-SPGlobal/742590/
How PAR Is Transforming Payment Data Into Better Customer Experiences
PAR enhances payment data for improved customer experiences.
GPAI Code of Practice
GPAI Code of Practice: EU's AI Act mandates GPAI providers, like GPT and Llama, to comply with copyright laws and create a Code of Practice for adherence. The 3rd Draft simplifies requirements, stressing proportional compliance based on provider size. Key areas include: establishing a copyright policy, responsible web crawling practices, identifying TDM opt-outs, mitigating copyright infringement risks, and appointing a copyright contact. The finalized Code is expected by May 2025, and stakeholder feedback is open until March 30, 2025.
https://www.taylorwessing.com/en/insights-and-events/insights/2025/03/gpai-code-of-practice
EU Draft AI Code Faces Industry Pushback
EU's draft AI code faces industry backlash due to concerns over copyright, risk assessments, and transparency. Tech groups argue the rules are overly burdensome and may stifle innovation, particularly regarding mandatory third-party risk assessments. Critics highlight inadequate protections for fundamental rights and copyright law. Feedback on the draft is open until March 30, with a final version expected in May.
https://dig.watch/updates/eu-draft-ai-code-faces-industry-pushback
EIOPA Publishes Consultation on Opinion on AI Governance and Risk Management
EIOPA released a consultation on AI governance and risk management for insurance. The Opinion guides insurance entities on AI use, emphasizing risk assessment, proportional governance, ethics, data management, and accountability. It highlights the importance of fairness, transparency, and documentation, while encouraging a customer-centric approach and regular review of AI strategies. Adequate data governance and redress mechanisms are mandated, not introducing new laws but clarifying existing regulations. Feedback is due by May 12, 2025.