Ticker: Allianz Life confirms data breach; Meta to drop political ads in EU

Hackers gained access to personal data on the majority of the 1.4 million customers of Allianz Life Insurance Company of North America, the company confirmed over the weekend.

Minneapolis-based Allianz Life, a subsidiary of Munich, Germany-based Allianz SE, said the data breach happened on July 16 when a “malicious threat actor” gained access to a third-party, cloud-based system used by the company.

“The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life’s customers, financial professionals, and select Allianz Life employees, using a social engineering technique,” Allianz Life said in a statement. “We took immediate action to contain and mitigate the issue and notified the FBI.”

Allianz Life said its investigation is ongoing and that the company has begun reaching out to the impacted individuals. It said the incident involves only Allianz Life in the U.S., not other Allianz corporate entities.

Meta to drop political ads in EU

Facebook and Instagram owner Meta said that it will stop all political advertising in the European Union by October, blaming legal uncertainty over new rules designed to increase transparency in election campaigns.

The social media giant said in a blog post that it will no longer allow ads for political, electoral and social issues on its platforms, which also include Threads, starting in early October.

The company said it was making the decision because of the 27-nation EU’s “unworkable” Transparency and Targeting of Political Advertising regulations.

The rules introduce “significant operational challenges and legal uncertainties,” Meta said.

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