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Big tech and finance join forces in cybersecurity crackdown

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Big players in the tech and finance industry are working with the Biden administration to strengthen cybersecurity guidelines

Biden says that he will work with the tech and finance industries to strengthen cybersecurity guidelines in the US.

Yesterday, he met with a group of Cabinet members and big-name executives from tech, finance and infrastructure companies.

An illustration picture taken in London on December 18, 2020 shows the logos of Google, Apple, Facebook, Amazon and Microsoft displayed on a mobile phone. – Accelerating the transition to an ever more digital life, the coronavirus pandemic has tightened tech giants’ grip on billions of customers’ lives. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)

“The federal government can’t meet this challenge alone,” Biden said. “You have the power, the capacity and the responsibility, I believe, to raise the bar on cybersecurity.”

The guest list included Amazon’s Andy Jassy, Apple’s Tim Cook, Microsoft’s Satya Nadella, Google’s Sundar Pichai and IBM’s Arvind Krishna.

Cybersecurity rises to the top of Biden’s agenda

It seems that cybersecuirty has made its way to the top of Biden’s agenda, likely prompted by a series of high-profile cyber attacks over the course of this year.

This comes after the massive Colonial Pipeline attack, which resulted in a $4.4 million ransom payout to the hackers.

Other noteworthy recent attacks on US companies include the Russia REvil gang hack and the attack on JBS, the world’s largest meat supplier.

“We have a lot of work to do,” Biden said.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Business

TikTok’s parent company loses $7bn

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TikTok’s Parent company sees losses grow as it tries to outplay Facebook, Instagram and YouTube

TikTok’s parent company, ByteDance, has experienced a loss of more than $7 billion dollars in operating costs, tripling last year’s records.

The company attributes the huge loss to its massive investment in global growth. It detailed the results in a financial report which was provided to internal stakeholders.

In the first quarter of 2022, the company recorded a profit in its operating costs, with the company’s revenue expanding by more than 80% to $61.7 billion in 2021.

But expenses that are focused on expanding its products worldwide continue to swell at a rapid rate.

While TikTok is one of ByteDance’s most successful and well-known products, the company owns a wide range of digital platforms including: Douyin, Toutiao, Vigo Video, Helo, Lark and BytePlus. In total, it attracts hundreds of millions of users in China alone and 1 billion TikTok users worldwide.

The internal report was emailed to all ByteDance’s 130,000 employees. In a note of assurance, company execs “remain confident in the strength of our business and organisation.”

The ability for ByteDance to continue to invest in the company’s growth is clearly a strong advantage the company has over its competitors in the market.

A new report found Australians spent more time on TikTok in the last 12 months than on Facebook, a leader for many years in the space.

With other platforms such as Facebook, Instagram and YouTube scrambling to compete with TikTok, it seems ByteDance must have a long-term expansion strategy in mind.

The company is evidently trying to arrive at a place where such massive losses relating to operating will be a distant memory.

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Business

Australian government will temporarily change telco laws amid Optus data breach

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Australians impacted by the Optus data breach are set to be given greater protection as authorities scramble to protect the personal information that was leaked online

Today, the Australian federal government has announced it will temporarily change the country’s telecommunication laws, paving the way for Optus to share sensitive data.

The move will see the divers licenses, alongside Medicare and passport numbers of impacted customers provided to financial institutions.

Allowing enhanced monitoring for those who were compromised in the cyberattack.

Optus will be working hand-in-hand with banks to monitor fraudulent activity, hopefully avoiding any breaches.

The government says all of the personal information must be immediately destroyed once it is no longer deemed necessary.

When announcing the changes, Communications Minister Michelle Rowland said financial institutions have been proactive throughout this process – but elements of the Optus response have previously been criticised.

The breach affected nearly 10 million customers and former customers, sending the country into a panic.

Australian Treasurer Jim Chalmers says this latest move is designed to help keep impacted residents safe from cyber crime.

This unprecedented move now sits with the Governor General who is required to give final approval.

Australians are told the regulations will remain in place for a period of 12 months.

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Business

Another twist in the Musk and Twitter deal

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The trial between Twitter and Elon Musk is still set to go ahead

The trial between Twitter and Elon Musk is set to go ahead, in a strange series of events. This comes despite Musk’s recent change of heart over the deal to buy the social media platform

Delaware Court judge Kathaleen McCormick says neither party has applied for a “stay” in the action. Now, proceedings are still due to begin on October 17.

This comes a day Musk performed a U-turn, deciding to go ahead with the multi-billion dollar deal to buy the social media giant.

Musk’s lawyer says his client has “reconsidered his position” and is now “committed to completing the transaction.”

The transaction values Twitter at $54.20 per share, bringing the total sale price to around 44 billion.

The trial was scheduled to run over five days with Twitter arguing the Tesla CEO should be required to complete the transaction.

Musk launched a counterclaim, alleging the company suffered a substantial reduction in its value, rendering the deal invalid.

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