Daily Market Update - February 20, 2015

New York mayor hit by cyber attack… Citigroup commits $100 billion in climate change battle… Citigroup commits $100 billion in climate change battle…

Risk Management News

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New York mayor hit by cyber attack
The administration of New York City was thrown into chaos earlier this week as a cyber attack targeted communications networks used by the City Council, public-advocate, comptroller and the mayor. The denial of services attack flooded the city’s email systems crippling its ability to receive or send emails from 11am until the evening. The New York Post reports that no personal data or city records were compromised. For businesses that rely heavily on email communication the takeaway is to always have back-up systems in place that can easily be implemented swiftly to mitigate the loss of the email service for whatever reason.
 
Privacy concerns over police body cameras
Privacy concerns have been raised over the use of body-worn cameras by law enforcement officers. Canada’s Privacy Commissioner has issued guidance to the country’s police urging them to carefully consider whether the benefits of the use of body-mounted cameras worn by officers outweigh the impact on privacy. As with any organization that is collecting personal data the implementation of body-worn camera programs by police comes with risk. The commissioner is advising the use of Privacy Impact Assessments and that law enforcement agencies consult data protection experts before implementing programs. Among the areas that need to be considered are; retention of data including duration and methods of storage; minimizing the recording of innocent bystanders; and the use of recordings for secondary purposes such as officer training.
 
Citigroup commits $100 billion in climate change battle
The third largest financial institution in the US has committed $100 billion over the next decade for projects to reduce the impact of climate change. Citigroup has announced that the money will be used to fund initiatives such as greener housing, sustainable growth and cutting water waste in municipalities. It will also fund projects to cut the firm’s own impact on the environment and to help clients and its supply chain reduce their environmental risks. Citigroup committed $50 billion to a similar initiative in 2007 and aimed to invest the money in projects by 2016 but hit its target two years ago. The firm says this new funding is in response to growing client demand for sustainable investing. 
 

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