Tag: whistleblower

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Double-Edged Sword: Cambridge Analytica Whistle-Blower exposes the dual nature of Technology
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Been Hacked? To Report Or Not To Report… To The SEC, It Isn’t Even A Question.

Double-Edged Sword: Cambridge Analytica Whistle-Blower exposes the dual nature of Technology

By Cameron Abbott, Max Evans and James Gray

In his cautionary tale, 1984, author George Orwell spoke of a paradigm where the unregulated use of powerful technology, referred to as “telescreens”, manifested a society beholden to the ethics of the controller. This paradigm is perhaps more real than ever, according to an article by Reuters

By exploring the views of Cambridge Analytica whistle-blower Christopher Wylie, the article advises that the deep, multifaceted involvement of big tech companies in consumers’ lives, the ultimate dependence that arises from such involvement and the overwhelming vulnerability of such consumers renders tech companies “too big to fail”. Wylie argues that the vast imbalance of power and information in favour of these companies over users is resulting in a constant scrambling by regulators to control the rapid adoption of such technology forms.

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Been Hacked? To Report Or Not To Report… To The SEC, It Isn’t Even A Question.

By Tyler Kirk

In the US, the Securities and Exchange Commission has encouraged its regulated entities to self-report. If entities do not self-report, there is the very real possibility that a whistleblower may disclose a cybersecurity incident to the Commission. Significantly, the SEC has indicated that it would take a more adversarial position against an entity that does not self-report.
When self-reporting cybersecurity incidents to the SEC, it is important to approach the Commission with a well thought out plan for responding to the incident. Moreover, a remediation strategy should be a part of every entity’s cybersecurity policies and procedures.

After a cybersecurity incident, SEC regulated entities, such as investment companies and their boards, should move quickly to establish the scope of the incident, decide whether to self-report to the SEC, and begin the remediation process. According to the Commission, under some circumstances, the SEC has tools available to assist with remediation.

Importantly, self-reporting cybersecurity incidents to the SEC could benefit an investment company and its board by leading to a reduced penalty in the event an enforcement action is brought on the basis of the incident.

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