Connect with us

Reuters

Zoom hits political turbulence in Washington, Beijing; lobbyists ready

Avatar

Published

on

WASHINGTON (Reuters) – Zoom Video Communications, whose remote meeting app made the obscure California company a hub for global communications during the coronavirus pandemic, now finds itself fighting political battles in Washington and Beijing.

FILE PHOTO: A 3D printed Zoom logo is placed between small toy people figures and a keyboard in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration

Even before Zoom ran into criticism from U.S. lawmakers about its relations with China this week, it had prepared itself for political problems. The California-based company recently brought on board several lobbyists, including a former Trump campaign official, and added a former White House official to its board.

This month, Zoom suspended accounts of three U.S. and Hong Kong activists at Beijing’s request after they tried to commemorate the anniversary of the 1989 Tiananmen Square crackdown. Then on Thursday, three U.S. lawmakers asked Zoom to clarify its data-collection practices and relationship with the Chinese government.

“To be clear, their accounts have been reinstated, and going forward, we will have a new process for handling similar situations,” Zoom said Thursday.

Zoom’s mobile app has been downloaded 5.4 million times from Apple’s China store since Jan. 1, 11 times the number over the same period in 2019, according to research firm SensorTower.

Earlier this spring, Zoom fielded complaints about “zoombombing,” where people would inject hate speech and racist slurs into class meetings and other gatherings.

In May, Zoom said it hired David Urban of the American Continental Group, who headed President Donald Trump’s successful Pennsylvania campaign and is on the Trump 2020 Advisory Committee. Zoom also added Lt. Gen. H.R. McMaster, a former Trump national security adviser, to its board.

In April Zoom said it had hired the lobbying firm Mehlman Castagnetti, Rosen and Thomas. Zoom also hired the Cohen Group, a company spokesman said.

ACG and Cohen did not respond to a request for comment. Mehlman Castagnetti declined comment.

Asked about the letters from lawmakers, Zoom said: “”We appreciate the outreach we have received from various elected officials and look forward to engaging with them.”

Reporting by Diane Bartz; Editing by David Gregorio

Source: http://feeds.reuters.com/~r/reuters/topNews/~3/FW-Nni641_g/zoom-hits-political-turbulence-in-washington-beijing-lobbyists-ready-idUSKBN23J31L

Private Equity

KKR passes $11bn for fourth flagship Asia fundraise, could raise $12.5bn – report

Avatar

Published

on

KKR has hauled in more than $11bn through the first close of its latest mammoth Asia private equity fund, putting it wel

Source: https://www.altassets.net/private-equity-news/by-region/asia-by-region/kkr-passes-11bn-for-fourth-flagship-asia-fundraise-could-raise-12-5bn-report.html

Continue Reading

Cyber Security

NY Charges First American Financial for Massive Data Leak

Avatar

Published

on

In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. had exposed approximately 885 million records related to mortgage deals going back to 2003. On Wednesday, regulators in New York announced that First American was the target of their first ever cybersecurity enforcement action in connection with the incident, charges that could bring steep financial penalties.

First American Financial Corp.

Santa Ana, Calif.-based First American [NYSE:FAF] is a leading provider of title insurance and settlement services to the real estate and mortgage industries. It employs some 18,000 people and brought in $6.2 billion in 2019.

As first reported here last year, First American’s website exposed 16 years worth of digitized mortgage title insurance records — including bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and drivers license images.

The documents were available without authentication to anyone with a Web browser.

According to a filing (PDF) by the New York State Department of Financial Services (DFS), the weakness that exposed the documents was first introduced during an application software update in May 2014 and went undetected for years.

Worse still, the DFS found, the vulnerability was discovered in a penetration test First American conducted on its own in December 2018.

“Remarkably, Respondent instead allowed unfettered access to the personal and financial data of millions of its customers for six more months until the breach and its serious ramifications were widely publicized by a nationally recognized cybersecurity industry journalist,” the DFS explained in a statement on the charges.

A redacted screenshot of one of many millions of sensitive records exposed by First American’s Web site.

Reuters reports that the penalties could be significant for First American: The DFS considers each instance of exposed personal information a separate violation, and the company faces penalties of up to $1,000 per violation.

In a written statement, First American said it strongly disagrees with the DFS’s findings, and that its own investigation determined only a “very limited number” of consumers — and none from New York — had personal data accessed without permission.

In August 2019, the company said a third-party investigation into the exposure identified just 32 consumers whose non-public personal information likely was accessed without authorization.

When KrebsOnSecurity asked last year how long it maintained access logs or how far back in time that review went, First American declined to be more specific, saying only that its logs covered a period that was typical for a company of its size and nature.

But in Wednesday’s filing, the DFS said First American was unable to determine whether records were accessed prior to Jun 2018.

“Respondent’s forensic investigation relied on a review of web logs retained from June 2018 onward,” the DFS found. “Respondent’s own analysis demonstrated that during this 11-month period, more than 350,000 documents were accessed without authorization by automated ‘bots’ or ‘scraper’ programs designed to collect information on the Internet.

The records exposed by First American would have been a virtual gold mine for phishers and scammers involved in so-called Business Email Compromise (BEC) scams, which often impersonate real estate agents, closing agencies, title and escrow firms in a bid to trick property buyers into wiring funds to fraudsters. According to the FBI, BEC scams are the most costly form of cybercrime today.

First American’s stock price fell more than 6 percent the day after news of their data leak was published here. In the days that followed, the DFS and U.S. Securities and Exchange Commission each announced they were investigating the company.

First American released its first quarter 2020 earnings today. A hearing on the charges alleged by the DFS is slated for Oct. 26.



Tags: First American Financial Corp., New York State Department of Financial Services, Reuters

Source: https://krebsonsecurity.com/2020/07/ny-charges-first-american-financial-for-massive-data-leak/

Continue Reading

Blockchain

Coinbase Reportedly Eyeing Stock Exchange Listing in Latest Power Move

Avatar

Published

on

U.S. crypto exchange Coinbase might be going public if reports from inside sources are to be believed.

The San Francisco-based company has undergone a significant evolution since its inception eight years ago but remains one of the major players in the cryptocurrency exchange scene.

In recent times, the platform has been riddled with controversy over issues around token listings, privacy violations, and government agency affiliations.

Coinbase Going Public?

According to Reuters, inside sources at Coinbase say the exchange is exploring the possibility of a stock exchange listing. The platform could pursue the move later in the year. Or at the start of 2021.

There’s no official confirmation yet as Coinbase has not notified the U.S. Securities and Exchange Commission (SEC). However, anonymous sources told Reuters that Coinbase is working on modalities behind the scene, including arrangements with law firms and investment bankers.

A U.S. stock exchange listing could further catapult Coinbase’s valuation in what would be the latest in a string of power moves by the giant exchange. Back in October 2018, the platform raised $300M in a Series E funding round, which took the company’s valuation to $8 billion.

Unconfirmed reports suggest Coinbase might opt for a direct listing instead of an initial public offering (IPO). If confirmed, the move will eliminate the need for potentially expensive underwriters and lockup agreements that come with the dilution of shares in an IPO.

Coinbase’s reported IPO plans reveal an emerging theme for major crypto businesses. From mining firms to cryptocurrency hedge funds, public listings appear to be the next logical step in the evolution of big virtual currency companies, especially against the backdrop of increased institutional investment.

Mining giants like Bitmain and Canaan pursued IPO plans in the past, with the latter scrapping its underwhelming share sale back in late 2019. The Canaan IPO, too, only raised $90M out of a $400M projection. Meanwhile, Bitmain has had to endure a couple of its own false starts.

At the start of 2020, the Grayscale Bitcoin

BUY NOW Trust (GBTC) also obtained SEC approval to act as a reporting company.

From Crypto Exchange to Digital Asset Business

Apart from its exchange services, Coinbase now hosts other business elements like custody and commerce. The latter tool allows businesses to easily accept crypto payments. It already has over 8,000 merchant customers. In May, Coinbase announced plans to acquire Tagomi, a crypto brokerage firm.

The move signaled further intentions to pivot towards institutional players. The exchange reportedly holds over 1 million BTC. Coinbase has radically shifted its strategy over the last few years. Initially sticking to a limited token listing regime, the exchange now has a more liberal policy towards altcoins.

The platform lists 27 different assets and in mid-June, it announced plans to consider 18 more tokens.

coinbase libra

Some of these listings resulted in parabolic price spikes which just as quickly disappeared. Critics have consequently handed down some heavy comments regarding its new listing policy, particularly for tokens associated with the Digital Currency Group (DCG).

Despite their relatively small market cap, these ‘coins’ found their way to the Coinbase trading catalog prompting critics to label the listing as rather questionable. On separate occasions, #DeleteCoinbase and #BoycottCoinbase were trending on Twitter.

The company’s acquisition of controversial analytics firm Neutrino also sparked outrage in the crypto community owing to Neutrino’s association with government-sanctioned spyware programs.



Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, TradingView and Twitter.

Disclaimer. Read MoreRead Less

As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.

Source: https://beincrypto.com/coinbase-reportedly-eyeing-stock-exchange-listing-in-latest-power-move/

Continue Reading
Blockchain News28 mins ago

Blockchain Allowed 17 Million People to Travel Between Macau and China During Coronavirus

IOT5 hours ago

Consumer Interest in IoT Devices Varies Among Gender, Need

AI8 hours ago

Executive Interview: Brian Gattoni, CTO, Cybersecurity & Infrastructure Security Agency 

AI8 hours ago

Making Use Of AI Ethics Tuning Knobs In AI Autonomous Cars 

AI9 hours ago

Application of AI to IT Service Ops by IBM and ServiceNow Exemplifies a Trend 

AI9 hours ago

How  Veterans Would Study Machine Learning If He Had to Start Today 

AI9 hours ago

Forecasting for Fall Uncertainties 

Cyber Security11 hours ago

IOTW: Despite Patch, Zerologon Attack Still A Big Deal

Ecommerce11 hours ago

Unique OPPtoberfest Virtual Conference Focuses on Sales Development…

Ecommerce11 hours ago

transcosmos becomes a certified “Lazada” partner,…

AR/VR16 hours ago

Horror-Comedy Hello Puppets! Continues Performance on Steam

Energy18 hours ago

Global Electrical SCADA Market Report 2020: Developments in IoT Technology and Cloud Computing has Increased Growth

Energy18 hours ago

Global $855 Billion Bio-Refinery Product Market to 2026 with Neste Oil, Renewable Energy, Pacific Ethanol, UOP, Abengoa Bioenergy, and Valero Energy Dominating

Energy18 hours ago

U.S. Chemical Production Expanded In September

Energy18 hours ago

$9.8 Billion Worldwide Thermal Spray Coatings Industry to 2027 – Impact of COVID-19 on the Market

Energy18 hours ago

Valisure Expands Testing Capabilities With The Addition Of Elemental Analysis

AR/VR19 hours ago

Somnium Space’s Next Updates to Add Buildable Worlds, Web Access & More

AI20 hours ago

Beyond Limits and The Carnrite Group Create Alliance to Drive AI Innovation in Oil & Gas, Utilities, Power and Industrial Sectors.

Esports20 hours ago

BIG, OG, fnatic round out Flashpoint 2 team list

Crowdfunding20 hours ago

Earn $10,249 a Year in FREE “Crypto Income”

Energy21 hours ago

Ball Corporation and Kroenke Sports & Entertainment Announce Global Partnership to Advance Sustainability in Sports and Entertainment Through Aluminum Beverage Packaging, Improved Recycling Programs and Consumer Education

Energy21 hours ago

St. James Gold Announces Private Placement

Energy21 hours ago

Worldwide Water and Wastewater Treatment Equipment Industry to 2027 – Featuring SUEZ, Ecolab & DuPont Among Others

Energy21 hours ago

Automotive Refinish Coatings Market Size Worth USD 11.69 Billion by 2027 | CAGR of 3.7%: Emergen Research

AR/VR21 hours ago

Captain Toonhead vs the Punks from Outer Space Unleashes FPS Tower Defense in 2021

Germany
Esports21 hours ago

Vitality take down BIG to set up clash against Astralis in DH Open Fall

Energy24 hours ago

Dorian LPG Ltd Provides Update for the Second Quarter 2021 and Announces Second Quarter 2021 Earnings and Conference Call Date

Energy24 hours ago

SK Innovation Declares Ambition to ‘Lead the Efforts for Battery Safety, Charging Speed and Driving Range’ at InterBattery 2020

Energy24 hours ago

Canada Nickel Makes Third New Discovery at Crawford Nickel-Cobalt Sulphide Project

Energy1 day ago

AEP Reports Strong Third-Quarter 2020 Earnings

Blockchain1 day ago

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

Blockchain1 day ago

Collider Labs Raises $1M to Invest in Blockchain Startups

Blockchain1 day ago

Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Cyber Security1 day ago

Business Enablement By Way Of The BISO

Ecommerce1 day ago

McFadyen Digital Launches Industry-First “Marketplace Suite Spot”

Ecommerce1 day ago

Celerant Technology® Integrates with SYNQWARE™ Enabling Gift and…

Ecommerce1 day ago

Online Merchants See Vast Choice among Payment Gateway Firms in U.S….

Ecommerce1 day ago

Turing Pi 2 – compact edge clusters with 32 GB RAM and new Raspberry…

Ecommerce1 day ago

The Top eCommerce Companies in October, According to eCommerce…

Ecommerce1 day ago

Footwear Manufacturer Otabo Steps Up Digital Strategy with Centric…

Trending