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Cybersecurity

Some on Senate Banking Committee Concerned About Facebook’s Venture Into Cryptocurrency With Calibra

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WASHINGTON, July 16,2019- Facebook’s venture into cryptocurrency raised a high degree of concern among some members of the Senate Banking Committee at a hearing on Tuesday. Committee Ranking Member Sen. Sherrod Brown, D-Ohio., said Facebook is “dangerous” and that it does “all it can” to manipulate billions of users and generate profit.

Brown also accused Facebook of playing a part in the 2016 presidential election as well as “abetted genocide in foreign countries.”

“The last thing we need is to concentrate more power for huge corporations,” he said.

Testifying before the committee was David Marcus, head of Calibra, Facebook’s digital currency project. He said that the company will not offer official use of its currency, known as Libra, until its regulatory concerns have been fully addressed.

Libra will also prioritize privacy and consumer protection and create safeguards that will exceed existing standards, he said. People possessing Calibra digital wallets will be able to send and receive money from their smartphones without the intervention of a third party, such as a bank.

Concerns from other committee members focused on the possibility that Facebook may share the information obtained from Calibra with third parties. Sen. Martha McSally, R-Ariz., said that Facebook has had “repeated violations” of user privacy in the past. Sen. Mark Warner, D-Va., speculated whether WhatsApp and Messenger, both subsidiaries of Facebook, may embed Calibra’s database into their systems.

Sen. Thom Tillis, R-N.C., said that the advent of Libra could be a good opportunity to set international standards for consumer rights. However, problems could stem from cryptocurrency’s current lack of efficient regulation.

Sen. Kyrsten Sinema, D-Ariz., said that Facebook’s digital currency could have an impact on national security and make it easier for users to facilitate illegal transactions.

Marcus said that users need to submit a government-issued identification in order to make transactions on Calibra. Calibra will also work with the Federal Reserve and other banks to ensure that they have no conflicting monetary policies.

“To earn peoples’ trust, we have to have the highest standards of privacy,” he said. Calibra’s system is designed to separate financial and personal data, so that the platform and entities on it cannot exploit that data.

The United States should “absolutely” lead the way on virtual currency, said Marcus, because if the U.S. fails to act, we may see a country with values different from ours move head of us in that industry.

(Photo by Masha Abarinova)

Cybersecurity

Microsoft Executive Calls For Improved Information Sharing Between Governments and Companies

Brad Smith said information sharing is critical for preventative measures against cyberattacks.

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Microsoft Vice Chair Brad Smith

WASHINGTON, September 20, 2021—Microsoft Vice Chair Brad Smith called for improved information sharing between countries to prevent cyberattacks on critical infrastructure.

While participating in a Washington Post Live discussion on September 20, Smith pointed toward certain sectors and aspects of society that should be protected from cyberwarfare. He specifically mentioned that a country’s digital supply chains, healthcare systems, and electoral processes should be considered off limits.

“I think the sobering fact of life is that unfortunately the world typically comes together to do what needs to be done only after it has experienced some kind [disaster],” he said.

“If we said we won’t harm civilians in a time of war, why should we for a moment, tolerate this kind of harm to civilians in what is supposed to be a time of peace?” Smith likened the SolarWinds attack to tampering with a blood supply to harm recipients.

A webinar in June hosted by the Stimson Center heard that a cybersecurity framework between countries is key to combatting cyberattacks.

Information sharing with private companies

In addition to reaffirming a commitment to not cause civilian harm, Smith also called for improving coordination and information sharing between private companies and stated that these efforts are enhanced by government leadership.

“I think any day when we’re sitting down and talking about how we can collaborate more closely among companies, that’s probably a good day.” Smith lauded efforts by the Biden Administration to facilitate information sharing between tech companies to prevent further attacks like the one SolarWinds suffered, “We are going to need a government that can work as a single well-coordinated team and the team is going to need to include participants in an appropriate way from the private sector as well. I’m hopeful, encouraged and I would dare say even optimistic.”

Last month, Comcast Cable’s chief product and information officer Noopur Davis said the private sector is falling behind on information sharing during cyberattacks, and that companies in the tech industry are reevaluating their strategies and how they share information to prevent such acts. Some have noted that companies are still not prioritizing cybersecurity.

Senator Angus King, I-Maine, has even called for new rules requiring companies to disclose when they’ve been breached in a hack.

Shortage of cybersecurity workforce

Smith noted, however, that there is still a lot of work that needs to be done. He described a “substantial shortage” of cybersecurity professionals, which he stated is one of the reasons organizations are not able to move quickly enough to keep pace with bad actors and implement best practices.

“There is a real opportunity for us to work together for community colleges to do more [and] for businesses to do more to train their people,” he said.

Overall, Smith stated that things are moving in the right direction but emphasized that the international community—governments and otherwise—need to establish better methods of federating data that is secure from bad actors but accessible to the necessary parties.

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Cybersecurity

Private Sector Falling Behind on Information Sharing During Cyberattacks, Says Comcast Rep

Comcast’s Noopur Davis says cyber attackers share information better than the private sector.

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Noopur Davis, Chief Product and Information Officer at Comcast Cable.

ASPEN, Colorado, August 23 — In the wake of an influx of ransomware attacks on critical infrastructure and cyberattacks on private carriers, entities across the technology industry are revaluating their strategies and how they share information to prevent such acts.

T-Mobile announced on August 15 that as many as 50 million consumers had their private data compromised during a data breach. Days later, on August 17, as part of Technology Policy Institute’s 2021 Aspen Forum, Noopur Davis, Chief Product and Information Officer at Comcast Cable, sat down for a fireside chat to discuss what the industry was doing to address this event and events like it.

Join in Broadband Breakfast Live Online’s Discussion on “Cybersecurity: Reviewing the Biden Administration’s Executive Order,” on Wednesday, August 25, 2021, at 12 Noon ET.

When Davis was asked how she felt about the current state of cybersecurity, she said it was okay, but that the telecom community at large would have to do more.

She referenced the mean time of comfort—that is, the average duration between the time that a service becomes connected to the internet and when it is targeted by bad actors. While in the early days of the internet cybersecurity experts could expect to have significant mean times of comfort, she stated that this is no longer the case.

“The second you connect [to the internet] you are attacked,” she said.

As soon as a successful breach is recognized, Davis explained that the target companies begin to revaluate their “TTP,” or tactics, techniques, and procedures.

Information sharing is crucial

Though one company may find a remedy to their breach, other companies may remain vulnerable. To combat this, Davis said that it is critical for companies to share information quickly with their counterparts, but she indicated that this is a race that the private sector is currently losing.

“[Attackers] share information better than [the private industry does].”

She went further, revealing that there is now a sophisticated market for malware as a service, where various platforms publish reviews for their products and services and even offer tech support to those struggling to get the most out of their purchases.

Growing market for hacking tools

She pointed to the Colonial Pipeline attack as an example where hackers did not even create the malware themselves—they just purchased it from a provider online. She explained that this marketplace has significantly lowered the barriers of entry and deskilled the activity for would be attackers, and that theoretically anyone could engage in such nefarious acts today.

Though Davis was in favor of collaboration between companies to address these attacks, she made it clear that this would not mean that responses and capabilities would become standardized, and that every company would maintain their own unique strategies to ensure that their services and data remain uncompromised.

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Cybersecurity

DOJ Official Supports Mandatory Breach Reporting

Proposed legislation would make it mandatory for companies to report cyberattacks.

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Richard Downing from the Senate judiciary committee last week

August 2, 2021—An official from the Department of Justice urged members of the Senate judiciary committee last week to proceed with legislation requiring companies to report ransomware attacks to federal agencies.

Richard Downing, deputy assistant attorney general of the criminal division within the department, told the committee studying cybersecurity during a hearing that such mandatory breach reporting legislation would aid in its defense against cyberattacks.

There is currently no federal law requiring such disclosures, but bipartisan Senate legislation co-sponsored by Senator Angus King, I-Maine, would change that. Titled Cyber Incident Notification Act of 2021, the bill was introduced last month.

This legislation would require all contractors, federal agencies, companies, and organizations critical to U.S national security to report all breaches of data to the Department of Homeland Securities’ Cybersecurity and Infrastructure Security Agency (CISA) within 24 hours.

The bill and discussions about it come in light of high-profile cyberattacks that have targeted software company SolarWinds and oil transport company Colonial Pipeline in the last several months. And the discussion isn’t expected to slowdown as more critical infrastructure is hooked up to the internet.

The Last week, the House energy committee approved a series of cyber bills that would improve telecom network security.  

Cyber threats becoming more bold

Downing noted that threat actors are becoming bolder and more sophisticated, and that the government must hasten efforts to thwart attacks and stay ahead of such malicious acts.

“Many actors now research their victims—identifying the victim’s net worth, the cost of a business interruption, and even the value of their cyber insurance policy—to extort as much money as possible,” Downing said during the hearing.

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