Intel flaws hint at tech “too big to fail” risk 4 Jan 2018 Researchers revealed bugs in the firm’s processors, as well as those of AMD and ARM, potentially making most computing devices vulnerable to hacks. Chipmakers need massive scale to justify huge investments, but a concentrated market means problems can become systemic.
Apple provides hedge against global tech backlash 19 Dec 2017 Authorities worldwide are stepping up action against technology giants over the way they erode privacy, use data to push rivals out of business and influence elections. As a security-minded purveyor of hardware, Apple stands apart. It’s likely to avoid the worst of the blowback.
Thales’ 4.8 bln euro Gemalto bid puts jobs first 18 Dec 2017 The French defence firm has crashed Atos’ tilt at Gemalto, offering a higher price. The deal brings modest returns and leaves Thales exposed to a struggling payments business. Its biggest shareholder, France’s government, may care more about the temporary pledge to spare workers.
Gemalto investors’ best call is the Atos helpline 14 Dec 2017 The digital-security group rejected its French suitor’s 4.3 bln euro offer. But Gemalto’s claim that the price is low looks iffy, and after four profit warnings a promised turnaround plan is unlikely to be persuasive. Shareholders are justified if they find Atos more convincing.
Data M&A bomb blasts hole in Iron Mountain 12 Dec 2017 Its $1.3 bln deal for IO Data’s U.S. assets wiped some 7 pct off the value of the records-storage company. It’s smart to expand into stashing information electronically. But Iron Mountain is paying way above its own EBITDA multiple for only a modest impact on earnings.
Atos’ brassy Gemalto bid promises thin cashback 12 Dec 2017 The French group wants to buy the digital-security firm for $5 bln. Gemalto’s shares had fallen 41 pct this year after profit warnings. Its units that make chips for bank cards and phones are struggling, and even generous cost savings would give Atos a mediocre return.
Uber cover-up makes new boss’s job even harder 22 Nov 2017 The ride-hailing app paid off hackers but didn’t tell regulators, or 57 mln people whose data might have been exposed. It’s an ugly coda to ex-CEO Travis Kalanick’s irresponsible reign. With Uber’s London future, for one, in the balance, Dara Khosrowshahi has his work cut out.
Equifax hack damage is only the start 10 Nov 2017 Revenue at the $13 bln credit arbiter’s U.S. data unit slipped in its last quarter, having previously grown at a 7 pct rate, even though a huge data breach was only revealed on Sept. 7. And that’s before the legal blows start to rain down. Investors are being too sanguine.
Yahoo ex-boss shows everyone’s in dark on hacks 8 Nov 2017 Marissa Mayer told senators she still doesn’t know who was behind a 2013 data theft affecting 3 bln users. Equifax’s CEO said the same of a breach involving 145 mln consumers. And Congress struggles to draft cyber rules. Amid such cluelessness, the epidemic can only get worse.
Equifax’s lax cyber defense made for easy target 3 Oct 2017 Former CEO Richard Smith told Congress the company’s failure to maintain software led to its data hack, and admitted he didn’t ask hard questions. The mistakes should be a lesson for other firms, and a spur for the White House as it considers replacing Social Security numbers.
Crypto-currencies’ strength becomes their weakness 29 Sep 2017 Freedom from regulation was the big draw of bitcoin, ether and the like. But exchanges established to trade them often lack basic controls on identity, fraud, tech and even volume. Without fixes, digital currencies will stay on the financial fringe, prone to crime and bubbles.
Botched SEC hack probe a warning for other agencies 26 Sep 2017 Chair Jay Clayton says he doesn’t know the exact timing of a 2016 breach and his predecessor may not have been notified. It’s troubling given the sensitive market data kept there, and a heads up for the CFTC and other watchdogs. Investor worry over their defenses is justified.
Equifax can’t even oust its failed CEO effectively 26 Sep 2017 Rick Smith is "retiring," as the euphemism goes, after a massive cyber attack and fumbled response - and with little financial penalty. The interim management plan makes clear the board hadn't planned succession adequately either. Equifax needs regime change at every level.
SEC failure puts U.S. cyber security on back foot 21 Sep 2017 Unlike the Equifax hack, the breach into the watchdog’s systems doesn’t put people’s data at risk. But the SEC buried its belated disclosure of the attack in a broader statement on cyber issues. It sets a terrible example on transparency for the publicly traded firms it oversees.
Equifax boss in danger of getting Stumpfed 12 Sep 2017 The U.S. credit-scoring agency has now lost a fifth of its market value since revealing a massive hack. A bumbling response leaves CEO Rick Smith on the back foot as lawmakers and consumers demand answers. Under similar circumstances, Wells Fargo's John Stumpf paid with his job.
Equifax hack provides an Exxon Valdez moment 8 Sep 2017 Sensitive personal data of 143 mln consumers may have been compromised at one of the big U.S. credit-grading agencies that double as gatekeepers. Just as the oil shipwreck spurred anti-pollution policy, Equifax could be the best catalyst yet to rethink corporate cyber security.
Tencent is biggest target in China cyber crackdown 16 Aug 2017 As Beijing's campaign to control content gathers pace, gaming giant Tencent, which delivered another set of strong quarterly results, is an easy target for censors. Its soaring market value, however, suggests investors have yet to factor in the risk to earnings.
Ransomware reveals tech challenges past and future 28 Jun 2017 The Petya cyber attack spread from Ukraine to 65 countries, infecting software that could have been patched. Human error enables hacking of today's IT setups, making prank emails that deceived bank bosses alarming, too. The cloud reduces that danger – but introduces others.
UK cyberspace crackdown faces reality checks 5 Jun 2017 Prime Minister Theresa May pledged new curbs on extremist propaganda and communications via YouTube, WhatsApp and the like following attacks in London and Manchester. Such promises can be good politics, but to actually happen they must make technological and economic sense.
Attacks on UK add tension to “strong and stable” 5 Jun 2017 Murders by militants in London and Manchester come at a time when Britain is already badly split on economic, geographic and demographic lines. Such atrocities show why Prime Minister Theresa May’s pledge of firmer government resonates, but also why it will be so hard to deliver.