3 Things You Should Know About Because I Said so

August 9, 2016 at 9:17 am 2 comments

Just joking. But there really is some interesting news today.

Oracle Breach Shows We Are Even More vulnerable Than We Think

Word is trickling out of a data breach which is potentially more troubling than most. Krebs on Security, the Uber reliable blog of former Washington Post reporter Brian Krebs, reported yesterday that Russian cybercriminals have hacked into hundreds of computers at Oracle and may well have compromised a customer support terminal for   Oracle’s MICROS point-of-sale credit card payment systems.

Judging by Oracle’s website, the  MICROS  system is used by a wide range of industries ranging  from  Cruise ships and hotels to restaurants and retailers .  Avivah Litan, a leading cyber security expert at  Gartner, believes that the breach may explain why so many shops, hotels, and retail outlets have suffered breaches at their point of sale systems in the past months.

As the internet becomes more deeply embedded into not only commerce but everyday machines and appliances expect more breaches that impact a wider array of products. The breach is already following familiar patterns indicating it will be even bigger then it now appears.  For one thing, Oracle only confirmed the breach after being confronted by Krebs,  who does more to alert the public to cyber threats than any of those   laws  requiring companies to notify government and the public of   data breaches.  Oracle is involved in so many different parts of the cyber infrastructure that we will be lucky if only its POS operations were compromised.

NY AG announces $100 million Libor settlement

New York Attorney General Eric T. Schneiderman announced that Barclays had reached a $100 million settlement with 44 states to resolve claims that it manipulated the London Interbank Offered Rate and other benchmark interest rates.  According to the AG Barclays is the first bank under investigation by AG’s to settle LIBOR claims. It won’t be the last.

The LIBOR scandal hasn’t gotten the attention it deserves. LIBOR was set on a daily basis by banks reporting what they were being charged by other banks to borrow money.  Since so many financial products were tied to the LIBOR it became too tempting for banks  to submit false  prices.  In addition, as the financial crisis kicked in,  Barclays ordered its employees to submit false  information about how much they were being charged to borrow money.     I didn’t see how big a piece of the settlement NY is getting but it’s safe to say  that banker malfeasance has been a boom to the state’s coffers.

Olympian Gag Orders

This has absolutely nothing to do with your credit union or the financial industry but it’s one of my pet peeves. As really erstwhile readers of this blog l know I’m not a big fan of the Olympics.  The athletes are great but  a wonderful  sporting festival  has evolved into a made–for- TV reality show produced to entice the non-sports fan into watching sports they otherwise wouldn’t care about in the slightest but for the fact that America is going for the Gold.   It’s like the NCAA basketball tournament  on steroids. If you harbor any doubts about just how commercial this celebration of amateur athletics is read this article on trademark restrictions.

“Participating athletes themselves may not tweet or post about a sponsor in an advertising context that implies their association with the games, unless they’ve gained prior approval, according to U.S. Olympic Committee guidelines. Athletes found to violate these rules could be forced to withdraw from competition or be stripped of their medals, according to the Olympic charter. “

Enjoy you day.

Entry filed under: General, New York State. Tags: , , .

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2 Comments Add your own

  • 1. Karen Thurber  |  August 9, 2016 at 10:33 am

    I think you mean vulnerable not venerable……

    Reply

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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