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Huge win for millions caught up in Optus data breach

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Major news for those impacted by the Optus data incident, with authorities working around the clock to get to the bottom of the saga

Is this a sigh of relief for Optus customers?

It is a major win for those who have been impacted by the massive Optus data breach.

Australian Prime Minister Anthony Albanese has confirmed the telco giant will cover the costs of replacing affected customers’ passports, a move he has labeled as entirely appropriate.

The hacker released the personal details of more than 10,000 people on an online forum, before removing the post.

This is evidently a costly move for Optus, but one which many Australians have been calling for.

On the other side of the coin, it will also be a massive undertaking for the nation’s passport office which has been slammed recently as Aussies head back overseas post-Covid.

This comes as the Australian Federal Police launches an operation to support the data breach victims.

AFP Assistant Commissioner Justine Gough says affected customers will receive “multi-layered protection from identity crime and financial fraud”.

As the investigation continues, Australian authorities will also be leaning on their international counterparts for assistance, including America’s FBI.

It’s a massive operation and one that many Australians and indeed people right around the world are watching closely.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

Business

Billionaire boss pays for staff holiday to Disney

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The happiest place on earth became home to the happiest staff on earth after a boss paid for a company break

Ken Griffin is the billionaire boss who booked out an entire Disney World for his staff to cap off a successful year.

Mr Griffin is the Chief Executive at Citadel LLC—a multinational hedge fund and financial services company.

He paid for his staff to visit Walt Disney World in Florida for an all-inclusive weekend away.

“We have built the most extraordinary team not only in our history, but also in the history of finance,” he said.

Around 10,000 people attended the three-day celebrations, including families of Griffin’s staff.

He paid for airfares, hotels, parking tickets, meals and entry into the happiest place on earth.

According to The New York Post, the mega-rich boss said the company has lot to look forward to.

“We have an incredible future ahead of us—and I look forward to the chapters yet to be written.”

A range of musical acts also performed, including Coldplay, Carly Rae Jepsen and DJ Diplo, as part of the weekend of celebrations.

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How did Musk lose his title as the world’s richest person?

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Elon Musk has briefly lost his title as the world’s richest person

This is all following a steep drop in the value of his stake in Tesla and his $44 billion purchase of Twitter.

Bernard Arnault, the CEO of LVMH, which includes luxury brands such as Louis Vuitton, briefly took over the title, with a personal wealth of $185 billion.

Musk has held the top position since late 2021, but has seen his wealth drop, as Tesla investors are worried that he is focused more on Twitter than the electric vehicle company.

Tesla has lost nearly half of its market value and Musk’s value has fallen approximately $70 billion since he made a bid for Twitter back in April.

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Europe plans to bar Meta from using your personal data 

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Europe plans

Europe plans to bar Meta from using your personal data in major ruling

Meta will require permission from its users to serve advertisements based on their personal data, if a confidential EU privacy body has its way.

The European Data Protection Board (EDPB) has issued the agency that overseas Meta one month to issue the ruling.

This is yet another blow for Meta. The company makes around 98% of its revenue from advertising, equating to $27.16 billion in the third quarter of 2022 alone.

Meta attracts advertisers due to its ability to specifically target users based on their geographical location, age, and interests. But the company has been forced to reduce a number of its targeting options recently.

This is to avoid advertisers from targeting users based on sexual orientation, health, religion, and a number of other personal characteristics.

But this recent move from the EDPB is just another blow for the social media giant. The company also having to weather Apple’s iOS 14 update that allowed users to opt out of off app tracking, further reducing the ability for advertisers to specifically target individuals with ads.

Providing users with further control over their personal data is another evolution in the data rights discussion. The issues has been raised in various articles and documentaries, including The Great Hack

If passed, Meta users will once again be faced with the million-dollar question. Would they prefer tailored ads or ads that may not be relevant?

While regulations around data privacy will continue to evolve, advertising will never cease. This is particularly true for Meta, which relies on advertising revenue for its existence.

By Dr Karen Sutherland, University of the Sunshine Coast and Dharana Digital 

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