Researcher exploring economic inequality with Facebook user data

(Feb 21, 2018) Politico reports on a study currently underway to explore economic inequality in the U.S. by using Facebook user data. Stanford economist Raj Chetty, "a favorite among tech elites for his focus on data-driven solutions to the nation's social and economic problems," is leading the study, the report states. The research is focusing on the social connections of U.S.-based users. It is estimated that three out of five Americans currently use Facebook. Cecilia Muñoz, who led President Barack Obama's ... Read More

Report: 'Cryptojacking' is on the rise

(Feb 16, 2018) In the aftermath of the Browsealoud attack, Bloomberg reports on the increased frequency of "cryptojacking," the online hijacking of people's personal devices in order to produce, or mine for, cryptocurrency. The recent Browsealoud attacks were allegedly mining a cryptocurrency called Monero. Security researcher Scott Helme, who first discovered the Browsealoud vulnerability, said, “We’ll see an explosion of cryptojacking this year.” When explaining the impact of such an attack, Salon told its r... Read More

Russian hackers sentenced in data breach case

(Feb 16, 2018) U.S. District Judge Jerome Simandle sentenced Dmitriy Smilianets and Vladimir Drinkman to 4 and 12 years respectively, Courthouse News reports. Drinkman pled guilty to charges in 2015 and admitted his role in hacking 17 corporate networks and stealing more than 160 million credit card numbers. The two Russian hackers were key players in one of the largest cyberattacks tried in a U.S. court, the report states.Full Story... Read More

Report on Australia's open banking regime open for public consultation

(Feb 15, 2018) The first implementation of the new Consumer Data Right is set to take force under the open banking regime, ZDNet reports. Under the Consumer Data Right, individuals are able to access transaction and product usage of data concerning their banking, energy and telecommunications data and are able to control how the data is used and who can have access to it. A report published last week by King & Wood Mallesons made several recommendations on how the Australian open banking regime should look... Read More

House holds hearing on blockchain technology

(Feb 15, 2018) Speaking at a U.S. House Committee on Science, Space, and Technology hearing, IBM Fellow Jerry Cuomo advocated for government use of blockchain, Computerworld reports. Cuomo called for the government to take the lead in promoting and deploying blockchain. Cuomo did warn the government about overregulation, saying cryptocurrency does not represent the potential of blockchain. At the same hearing, Benjamin N. Cardozo School of Law Associate Clinical Professor Aaron Wright recommended the creation ... Read More

Mulvaney: CFPB is continuing Equifax investigation

(Feb 14, 2018) Speaking at a U.S. Senate Budget Committee Hearing, Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney said his agency is continuing its investigation into the Equifax data breach, The Wall Street Journal reports. “I can tell you, Senator, there has been no change in the position from the previous leadership of the CFPB regarding Equifax,” Mulvaney said. The acting director’s statement comes after reports the CFPB was pulling back in its investigation of the credit monitor... Read More

Mastercard appoints JoAnn Stonier as chief data officer

(Feb 12, 2018) In a company news release, Mastercard announced JoAnn Stonier, CIPM, will serve as the company’s chief data officer, a new position designed to affirm the company's commitment to data protection. Kevin Stanton, chief services officer at Mastercard, said Stonier’s appointment “reflects a thoughtful approach to this new position and to our data innovation overall.” Stanton added, “Our chief data officer will ensure that data is acquired, available, reliable, consistent and accessible in a manner t... Read More

Treasury secretary seeks answers on CFPB's Equifax investigation

(Feb 8, 2018) Following a report stating the Consumer Financial Protection Bureau is pulling back on its investigation of the Equifax data breach, U.S. Treasury Secretary Steven Mnuchin said he wants answers from the agency about the probe, Reuters reports. Mnuchin said he plans on speaking with CFPB Acting Chief Mick Mulvaney about the investigation, while the agency said it is examining the cyberattack following Reuters' initial report. Meanwhile, Sen. Elizabeth Warren, D-Mass., released her own report on t... Read More

Senate mulls future regulation of cryptocurrency

(Feb 7, 2018) At a hearing to discuss virtual currencies, the U.S. Senate Committee on Banking, Housing, and Urban Affairs signaled that current laws may not be fully equipped to deal with cryptocurrency and hinted that additional legislation may be in its future, Recode reports. Chairs from the Securities and Exchange Commission and the Commodity Futures Trading Commission spoke on current regulation and expressed their interest in sparing a new market from too much early regulation. Jay Clayton, the leader ... Read More

Post-breach, focus on ethical response

(Feb 2, 2018) Bank of Montreal Chief Ethics Officer Ula Ubani told attendees of Canadian Institute’s annual Privacy and Data Security Compliance Forum that companies should focus on acting ethically after suffering a data breach, IT World Canada reports. While companies often look toward how-to documents following a breach, Ubani said organizations should instead take a step back and figure out what is in the best interest of stakeholders, rather than focusing on bad press, costs, and criticism from regulator... Read More