Cybersecurity

The Virtual Skinny FinTech Ed.: Get Those Paypers…

Posted by The Virtual Skinny on in FinTech Edition, Newsletter

12.21.2015

Good to Know: 2015 is on its way out … ICYMI, here’s what FinTech can look forward to in 2016. 

THE SKINNY

Thinking In the Alternative… 

Tech companies and banks are banding together to build their own version of the blockchain, the underlying technology behind virtual currency bitcoin. The project is called the Open Ledger Project.  Think alternatives to the blockchain like the Ripple network.

Tell Us More…

Nonprofit Linux Foundation is overseeing this alternative-blockchain movement. And, IBM, Intel, Cisco, the London Stock Exchange Group, JP Morgan, Wells Fargo, and State Street are in.  The goal is to build something similar to the blockchain that will help increase transparency and automation across the business world. Think stock exchanges and financial markets, specifically.

If You Build It, They Will Come … 

Yes, improving services in the business world is good and all. But, this move seems to be a lot about control. Currently, the current bitcoin network is decentralized just like the Internet.  In other words, no one person or entity can claim the bitcoin network.  With the Open Ledger Project, the participating companies can have a say in how the technology is built and operated. Word on the street is companies involved in the project want to ultimately keep this new blockchain-type technology open and non-proprietary.

WHAT ELSE IS GOING ON? 

Starting Things Off Right … 

In what will be a relatively light week on Wall Street on account of the holidays, things are looking up for tech and the financial sector.  Not so much for energy stocks, which are trailing behind.

If It’s Broke, Fix it … 

Global nonprofit organization Kiva is re-working its playbook for the U.S. market.  The organization’s lending platform, kiva.com, has been a hit in when it comes to helping finance small biz in emerging markets, but it’s not so popular in the U.S. One reason? It’s just easier and cheaper to access capital. So, what’s the new angle? Kiva’s offering what it calls the Kiva Zip platform so small biz owners can bank on their friends and family to help fund their operation. We’re talking –  raising $10k with 0% interest and zero fees and terms for three years. Not bad …

By Any Means Necessary … 

We all heard about the massive data breach at JP Morgan earlier this year leaving 76 million homes vulnerable.  Now, banks are shaking in their boots and are spending racks on racks on racks of cash to secure their systems. They’re also sending fake “phishing” aka “spear phishing” emails internally to see how employees react.  Turns out employees are falling for it.  In addition to training employees on what to do if they receive “phishing” emails, banks are also doing things like banning employees from using their work email address for play, using “out of office” emails or voicemail message, and from using portable devices like USBs.  Anything for security. Speaking of … this year, entities dropped $75.4 million in the cybersecurity market.

THE STREETS ARE TALKIN’ 

UK mobile wallet app Yoyo has gone stealth mode in the U.S. The mobile wallet is quietly entering the market via a few chosen partners. It hopes to make things official during Q1 2016.

Investors are looking to Israel’s fintech market, which is hot, Hot, HOT! Turns out the country’s progression in cybersecurity makes it ripe for a fintech boom.

First Walmart, now Target.  The retailer is getting into the mobile payments biz. Things are all very early stages, and the company says that it’s keeping its options open.

Breaking into the Chinese market.  That’s top of the list on Apple and Samsung’s list of New Year resolutions.  Both companies are looking to check that off their list with Apple Pay and Samsung Pay by collaborating with UnionPay.  Chinese Internet company Alibaba’s already got a strong hold on the market with AliPay so we’ll see how this goes.

The U.S. Securities & Exchange Commission gave the A-OK to Overstock on its plans to use the blockchain to dole out stock.

The Virtual Skinny: Make Room…

Posted by The Virtual Skinny on in Internet & Tech, Newsletter

11.25.2015

Good to Know:  Tomorrow is American Thanksgiving. Startups want people to stay at home, eat, drink, and be merry. This Thursday, these companies are prepared to deliver last-minute, wine, stuffing, movies, etc. straight to your door within an hour. BTW, like many people in the U.S., we’ll be busy gobbling up turkey. See you back here on Monday, November 30. 

THE SKINNY

When You Can’t Remember Your Password … 

It’s not you … It’s them. E-commerce company Amazon reset passwords for some of its users recently.

Why?

Well, if you got an email from Amazon, then you probably know that the company feared that some users’ passwords may have been inadvertently exposed to third parties. Amazon said it has “no reason” to believe that this actually happened but wanted to take precautionary measures.

Safety First … 

Amazon’s also pushing users to make sure their information is secure via two-factor authentication.  With this system, hackers would need more than just your username and password to get into your accounts. They’d also need another device like your mobile phone.

WHAT ELSE IS GOING ON? 

Shady “Mr. Grey…”

If you’re up to some shady things, it’s probably best to just keep your mouth shut. Around this time last year, cybersecurity firm Hold Security id-ed a Russian hacker group responsible for stealing 1.2 million credentials and over 500 million email addresses. Shortly thereafter, the U.S. Federal Bureau of Investigation (FBI) got involved. According to official court documents, the FBI figured out that the hacker, known as “mr. grey,” is linked to a Russian email address. mr. grey hasn’t been shy… The group previously boasted that it could hook people up with user account information for popular sites like Facebook and Twitter. For now, FB, Twitter, the FBI, and the U.S. Department of Justice have nothing to say on the matter.

Going Solo … 

Tor, the place where Internet users go for private and secure messaging, wants your money. The organization’s network is mainly U.S. government backed (about 80-90%), but Tor thinks that it’s time to fly solo. The project thinks that being more independent will allow it the flexibility to offer its communication services to those around the world who need increased privacy.

THE STREETS ARE TALKIN’

Do it for the kids. YouTube’s under fire for allegedly pushing junk food ads on the kids’ version of its video platform. Two children advocacy groups have filed complaints with the U.S. Federal Trade Commission.

Talk about trying to bring someone back down to Earth …  Earlier this week, Amazon CEO Jeff Bezos took to Twitter for the first time to brag about his other company, Blue Origin. The aerospace company successfully launched and landed a rocket-ship. Elon Musk, CEO of Tesla and SpaceX, must’ve been feeling some kind of way. Musk gave the ultimate back-handed compliment:  First, he congratulated Bezos but then quickly implied that SpaceX did it first.

Amazon’s e-commerce rival Jet.com just pulled in $350M and is expected to add $150M more. The company says most of it will go to marketing, customer support, and growing its team. Who needs a job?

Three ex-Goldman Sachs bankers are trading in their designer suits for jeans and hoodies. The former bankers recently joined Uber adding to the growing trend of people opting out of Wall Street for tech companies.  In more Uber news, the company’s pulling together a ‘Safety Advisory Board,’ to help the company navigate its consumer safety issue. It’ll focus on the U.S. first before taking the show worldwide.

The Virtual Skinny: Winning Isn’t Everything … Or Is It?

Posted by The Virtual Skinny on in Internet & Tech, Newsletter

1.13.2015

Good to Know:  In case you haven’t heard, the Golden Globes happened over the weekend.  Of course, Tina Fey and Amy Poehler slayed (check out their zings and cringe-worthy jokes), but online services had a pretty big night.  Kevin Spacey of Netflix’s House of Cards took home the Globe for Best Actor in a TV Series while Jeffrey Tambor nabbed one under the Best TV Comedy category for his role in Amazon’s Transparent.  Amazon’s hit show also went onto win overall Best Comedy Series. Uh … HUGE much?  

THE SKINNY.

Mr. President’s In The Buildin’ … 

Yesterday, President Obama stopped by the Federal Trade Commission to talk privacy and cybersecurity for the nation.  It marked the first time in 80 years since a sitting President had visited the agency.

A Different Type of Tour …

Just don’t call it a comeback!  On Monday, January, Obama began making the rounds on his plan, which include proposals on student data protections, a new consumer privacy baseline, and a federal standards to take the place of the current 50 state by state laws on how companies should handle data breaches.  Then the following day, he took his tour to another agency — the Department of Homeland Security – to talk cybersecurity and information sharing.  Cybersecurity is an increasingly important issue in the wake of the Sony hack’s.

The Big Finale … 

This week’s tour makes for an interesting move, as it’s a sneak peak into the President’s upcoming State of the Union address scheduled for next Tuesday night, January 20.  We’ll keep you posted on how that goes.  Meanwhile, Congress is moving full steam ahead on date breach and cybersecurity legislation.

Did Your Annoying Friend Just Mess with Your Facebook, Again? 

Well, no not really.  But, news recently broke that sympathizers of the Islamic State of Iraq AKA ISIS “hacked” into the U.S. military’s Central Command (CENTCOM) Twitter and YouTube accounts.  With a few tweets posted and some documents leaked (already publicly available), CENTCOM confirmed that their account had been “compromised” and are looking into it.  CENTCOM’s social accounts have since been taken offline.  Consider it sort of handled. Where’s Olivia Pope when you need her? #TGIT #Withdrawals

Whatchu Talkin’ Bout Cameron? 

British Prime Minister David Cameron also gave a speech of his own earlier this week where he alluded to potentially banning services like WhatsApp and SnapChat if they do not provide increased access to the UK government.  More specifically, Cameron wants the UK government to put in a place a framework to intercept all content of Internet-based communications.   This conversation differs drastically from the dialogue in the U.S. where companies, civil society groups, and others are calling for a reform of the 1986 Electronic Communications Privacy Act to require law enforcement to have a search warrant before being able to access users’ information stored online.  As users, we’d rather our information receive increased protection rather than less. #ByeFelicia (Looking at you, PM.)

Using Your Powers for Good …

Unfortunately, when we log onto our Facebook accounts from time to time, a missing child post pops up on our newsfeed. Now, Facebook is making things official by recently annoucing its partnership with the National Center for Missing and Exploited Children Amber Alerts by region to people on the social network.

The Streets Are Talkin’ 

Grocery-Delivery start-up, Instacart has raised $220 million in its latest round of raising funds.  The company is now valued at $2 billion. #Swag Spotify is racking up on its subscribers.  This week, the online music service announced that it’s reached upwards of 15 million paying users out of 60 monthly active users.  #LovesIt Oh and by the way, Amazon just got Woody Allen to direct for and write one of its new series, which will be available via the company’s Prime Instant Video service.

In Other News … 

Jimmy Kimmel continues his “Mean Tweets” series and is back with a College Football edition.  By the way, The Ohio State Buckeyes bested Oregon (42-20).