Leveraging Knowledge to Manage Your Data Risks
In its July 2018 report on “A Financial System that Creates Economic Opportunities,” the U.S. Treasury Department outlined its proposals to identify improvements to the regulatory landscape to “better support nonbank financial institutions, embrace financial technology, and foster innovation.”
The Treasury Report contains over 80 specific recommendations for “Embracing Digitization, Data and Technology,”…
As part of its Virtual Markets Integrity Initiative, on September 18, 2018, the New York Attorney General’s Office issued a report reviewing the platforms of various cryptocurrency exchanges. The initiative arose from the recognition that online virtual currency exchanges perform functions markedly similar to traditional stock exchanges and broker-dealers, but are generally not registered under state or federal securities or commodities laws and often have not implemented standards designed to protect investors.
Continue Reading New York AG Warns Investors of Risks of Trading on Cryptocurrency Exchanges
According to recent documents made public by the U.S. Patent and Trademark Office (USPTO) IBM has applied for a patent for a system that would use distributed ledger technology to address privacy and security concerns associated with the increasing usage of drones in both commercial and recreational applications. In the application for this patent, IBM’s…
In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of Innovation. Mulvaney said the new division, to be run by Paul Watkins under the umbrella of the CFPB, is designed to foster…
Bitfinex, a global digital currency exchange, paused trading last week when it experienced a distributed denial-of-service attack. During the pause in trading, it announced to users that “Bitfinex is currently under extreme load. We are investigating the issue and will keep you all up to date as we learn more.”
The company resumed trading after…
While many traditional financial institutions hesitate to embrace cryptocurrencies such as bitcoin, a recent news report suggests that Fidelity Investments, the fourth largest U.S. asset manager, is looking to enter the fray. Business Insider reported last week that Fidelity has posted internal job listings for systems engineers “to help engineer, create, and deploy a digital…
Kromtech Security has reported that the sensitive personal information of more than 25,000 investors of Bezop cryptocurrency was exposed when a MongoDB database was left unsecured. The security incident is reported to be linked to a distributed-denial-of-service attack that occurred earlier this year.
The investors’ compromised information included their names, addresses, email addresses, photocopies of…
In the decades that followed the enactment of the Homestead Act of 1862, more than 1.6 million U.S. citizens and intended citizens filed applications with the U.S. government to lay claim to 160 acres of land guaranteed to each applicant willing to settle, farm and improve the lands.
Settlers quickly encountered a major problem. The…
As numerous states propose and enact legislation focused on blockchain technology and cryptocurrencies, in 2018, no state has been more aggressive in this space than Wyoming. In March, the state legislature passed several bills impacting cryptocurrency businesses, each of which is designed to position Wyoming as a blockchain-friendly environment for businesses.
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Lazarus, the well-known hacking group responsible for the WannaCry ransomware attack from last year, as well as the attack on the Bangladesh Central Bank and Sony, is now targeting global financial firms and Bitcoin adopters with a phishing campaign dubbed “HaoBao.”
The phishing campaign was discovered by McAfee Labs in mid-January. The way it works…
