Wednesday, April 11, 2018

System design flaw? Is everything “unlimited” in this system? Should the system balk at transactions over $1 billion?
A major financial accident’: Samsung employee makes $140 billion ‘fat finger’ mistake
Last Friday, a Samsung Securities employee accidentally caused the company to pay out the massive dividend in the form of its own shares to more than 2000 employees who were members of the company stock-ownership scheme, The Wall Street Journal reported.
According to the paper, the dividend was supposed to be 1000 won ($1.21) per share, but the employee mistook the form of measurement, confusing won for shares, leading the company to issue a dividend that was 1000 times the value of each share held by the employees.
The mistake saw the company deposit 2.8 billion shares worth 111.8 trillion won ($140 billion) — more than 30 times the company’s existing issued shares — into employee accounts.
Shortly after receiving them, 16 staff members sold five million shares worth about $241 million. It took Samsung Securities 37 minutes to completely block employees from selling the accidental shares.

I like it! Can’t wait to see what shakes out.
Oooh. Pay attention, EU. Peter Teffer reports:
Companies operating in the EU that are currently hiding serious data breaches similar to those that rocked Facebook last month better disclose those before 25 May, or be prepared to pay serious fines.
On that date, the EU’s new general data protection regulation (GDPR) will come into force. The new EU bill will require that companies that process personal data inform the relevant data protection authority in case of a data breach.
If the compromised personal information is sensitive, companies will need to inform their customers too.
Failure to do so may lead to a fine, which could be up to €10m or two percent of the company’s annual turnover, whichever is higher.
A European Commission official confirmed on Monday (9 April) that data breaches that happened before 25 May, but are kept silent until after that, will also be liable for such a fine.
Read more on EUObserver.

My reading also. Lots of long questions (often improbable scenarios) to ensure each Senator had time on camera, then a simple rephrasing and a short answer from Mark.
Facebook CEO, Mark Zuckerberg comes out unscathed after first day of congressional hearing
… It was an interesting exchange. Senators tried to grill Zuck, but he seemed better prepared than the 44 U.S. Senators that questioned him. For the most part, Zuckerberg came out unharmed from the five hour long testimony.

Top 5 takeaways from day 1 of Mark Zuckerberg’s Senate testimony
Congress has no idea how Facebook works
A few of the Senators questioning Zuckerberg on Tuesday clearly understood the issues at hand. They took time to do their research, they understood how Facebook works, they had a clear grasp of what went wrong in the Cambridge Analytica ordeal, and they asked important questions in an effort to ensure Facebook is taking the proper measures in the aftermath of this scandal. They were the minority.
Most of the questions Zuckerberg had to field from Congress on Tuesday were basic, irrelevant, misguided, or flat-out embarrassing. Truth be told, we were pretty impressed with the Facebook CEO’s ability to figure out what Senators were trying to ask. Of course, some of the grandstanding was so confusing and misguided that Zuckerberg seemed to have no idea what was actually being asked of him. We can’t fault him there — we were often left baffled as well.
Facebook may some day offer a paid version of its service
People like targeted ads
Artificial intelligence is key to Facebook’s future
A big Facebook conspiracy theory was finally debunked
“Yes or no, does Facebook use audio obtained from mobile devices to enrich personal information about users?” Sen. Gary Peters asked.
Zuckerberg’s response left no room for interpretation: “No.”

Keyword searchable transcript of Facebook CEO Mark Zuckerberg Hearing on Data Privacy and Protection
C-SPAN video and keyword searchable text – Facebook CEO Mark Zuckerberg Hearing on Data Privacy and Protection. Mark Zuckerberg, the CEO of Facebook, testified before a joint hearing by the Senate Judiciary & Commerce Committees on access to user’s data, April 12,10, 2018.

Mark Zuckerberg's Net Worth Skyrocketed $3 Billion During His Senate Testimony and Could Rise Again Today

Services my Computer Security students must understand.
E-Discovery Company Catalyst Acquires TotalDiscovery for Legal Holds and Collections
The Denver-based e-discovery technology and services company Catalyst today announced that it has purchased a majority interest in TotalDiscovery, a company that provides a cloud-based legal hold and data collection platform.

Perspective. Here’s a fact, now tell me why.
Over 80% of teenagers prefer iPhone to Android — and that’s great news for Apple
… 82% of teens of teens currently own an iPhone, according to Piper Jaffray's "Teens Survey," which questions thousands of kids across 40 states with an average age of 16.
That's up from 78% in last fall, and it's the highest percentage of teen iPhone ownership Piper's seen in its survey.
iPhone ownership among teens could go even higher — 84% of teens say their next phone will be an iPhone.

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