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PCC Publishes its Rules of Procedure

PCC Publishes its Rules of Procedure

The Philippine Competition Commission (PCC) has published its 2017 Rules of Procedure (Rules), which shall guide the PCC in the handling of complaints, referrals from regulatory agencies, and motu proprio inquiries, as well as in the conduct of its investigations. Under the Rules, the PCC, through the Enforcement Office, shall conduct a 90-day preliminary inquiry on the basis of a verified complaint, referral by a regulatory agency, or a directive from the Chairman and the Commissioners of the PCC 
(Commission), to determine whether there are reasonable grounds to conduct a full administrative investigation for any violation of the Philippine Competition […]

Asia Business Law Journal Interviews JJ Disini on Fintech

“Fintech”, short for financial technology, has become a major buzzword in recent years, especially in the most developed countries of the world. It is, however, still a relatively murky concept in some areas of the Asia-Pacific, even though it has already brought significant change to the economic landscape in the region. Many experts are seeing enormous fintech opportunities in the Asia-Pacific, and are also predicting the region to surpass the US and Europe in fintech innovations. Some say that government support, regulatory facilitation, consumer willingness, and easy access to capital are just a few of the reasons contributing to this […]

NSA Won’t Comment on Prior Knowledge on “KRACK” WiFi Bug

NSA Won’t Comment on Prior Knowledge on “KRACK” WiFi Bug

The NSA declined to issue a response when asked if it had any prior knowledge about the KRACK WPA2 flaw which had surfaced earlier this week. According to the vulnerabilities equities process (VEP), the US government can determine whether to disclose or withhold information it has on a computer security vulnerability. Rumors online have floated the idea that the NSA might have known about, or even used the KRACK bug before it got discovered, with some pointing to a document leaked by Edward Snowden which mentions a tool called BADDECISION that can be used to hack WPA/WPA2 protocols. However, several […]

Malaysia to Form Task Force for Blockchain Tech Exploration

Malaysia to Form Task Force for Blockchain Tech Exploration

In a recent forum held in Kuala Lumpur, Malaysia’s Minister of Science, Technology and Innovation (MOSTI) Datuk Seri Panglima Wilfred Madius Tangau announced that the country will be creating a National Task Force which will explore the opportunities offered by blockchain technology. The plan was mentioned in the minister’s speech which was read by MOSTI deputy secretary-general Prof. Madya Dr Ramzah Dambul. It was also revealed that the task force will be composed of government agencies and several organizations from the private sector.    According to MOSTI, Malaysia is on its way to adopting blockchain tech in line with emerging […]

Chrome May Stop Cryptocurrency Miners Via Special Permission

Chrome May Stop Cryptocurrency Miners Via Special Permission

Chrome engineers are planning to use a special browser permission to stop in-browser cryptocurrency miners. Chrome engineer Ojan Vafai suggested implementing a “battery saver mode” where tasks are aggressively throttled. A tab in battery saver mode which is put in the background will have its tasks stopped completely. It was also revealed that the engineers have shelved the idea of blocking the miner’s Javascript code at browser level by using a blacklist, calling it impractical.   Until Chrome engineers can agree on a final solution to the issue, users are advised to use miner blocking extensions like AntiMiner, minerBlock, or […]

Digital Payment Boom to Help APAC e-Commerce Hit $2.1 Trillion

Recent reports showed that the Asia-Pacific e-commerce market is seeing a yearly growth of around 12%, and is set to hit US2.1 trillion in 2021. Many see the rapid adoption of digital payment as a significant contributor to this growth. According to stats provided by WorldPay, consumers are increasingly shifting away from traditional platforms towards online payment options. In China, the world’s largest e-commerce market, e-wallets account for as much as 62% of payments. In HongKong, payments via e-wallets are expected to hit 28% by 2021, while in India it is already the the most popular payment method at 26%. […]

Sockbot Malware Found in Play Store

Sockbot Malware Found in Play Store

Google has recently taken down eight apps from the Play Store which were infected by the Sockbot Android malware. The apps, which were discovered by Symantec researchers, were made by a single developer called FunBlaster. Posing as player skin apps for Minecraft Pocket Edition, the eight apps were reportedly downloaded around 600,000 to 2.6 million times. As its name suggests, the malware starts a SOCKS proxy on the infected device and awaits orders from a remote server. Researchers say that the malware could have been used to carry out a DDoS attack or relay malicious traffic. Source: Bleeping Computer

Google Launches Chrome 62 for Windows, Mac, and Linux

Google Launches Chrome 62 for Windows, Mac, and Linux

Last Wednesday, Google officially launched its Chrome browser version 62 which is equipped with new functions and fixes that addresses the security issues of version 35. Chrome 62 will now give a “not secure” warning when a user types information in a field on an HTTP page. When a user browses using Incognito mode, all HTTP pages will be marked as  “not secure” whether or not a form field is on the page. 62 will now also support OpenType variable fonts so that web developers will no longer have to load multiple font families to if they want variations on a font […]

JPMorgan to Acquire Online Payment Startup WePay

JPMorgan to Acquire Online Payment Startup WePay

Last Wednesday, JPMorgan Chase & Co. announced their intention to purchase fintech startup WePay, an online payment provider used by many small companies. WePay offers small businesses convenient payment capabilities, making it popular among rising entrepreneurs. The company assists online software service companies like FreshBooks, as well as crowdfunding platforms like GoFundMe. WePay allows businesses to process electronic payments while supporting overall user experience with integrated payment functions. According to Wall Street Journal, WePay’s reported price range is estimated at $220 million–the value it reached during its 2015 fundraising project. To date, the terms of the deal have yet to […]

AIG Says More PH Firms Need Cybersecurity Insurance Cover

AIG Says More PH Firms Need Cybersecurity Insurance Cover

Last Tuesday, AIG Philippines warned that more companies in the country should seriously consider cyber-insurance to protect their business and private customer data. AIG Philippines, an American non-life insurance firm, said that only a number of companies in different industries have acquired insurance coverage to fight cybersecurity attacks and data leakages. AIG Philippines President and CEO Mark Lwin said that a lot of enterprises rely heavily on server networks when processing sensitive customer information. They explained that data breaches and cybersecurity meltdowns are seriously detrimental to individuals as well as different industries that build the country’s economy. In a recent […]

Hackers Make ATMs Spit Out Cash Using “Cutlet Maker”

Hackers Make ATMs Spit Out Cash Using “Cutlet Maker”

Last Tuesday, a hacker or hacker organization was reported to be selling an ATM malware called Cutlet Maker that uses a USB port to command ATMs to churn out cash. The malware has been on the Dark Web market AlphaBay since May 2017. However, since AlphaBay was shut down, moderators created a new website called “ATMjackpot” to sell it back on the web. The new version operates on any type of Wincor Nixdorf ATM, requiring simple connection to the machine’s USB plug. On the website, hackers uploaded four videos showing how anyone can run the malware to obtain instant cash. […]

Chinese Social Media Tightens Censorship Ahead of China’s National Party Congress

Chinese Social Media Tightens Censorship Ahead of China’s National Party Congress

It was reported last Wednesday that China’s major messaging app WeChat has stopped users from changing their profile photos, usernames, and taglines until the end of October. The censorship move comes before China’s National Party Congress, a largely celebrated political conference that happens every 5 years in the country. The anticipated political summit determines China’s primary party leadership. With the popular messaging app serving over 800 million registered users, WeChat is an example of how the government is tightening internet censorship for Chinese users. The conference was set to begin on Wednesday, with online restrictions being implemented the night before […]