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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 […]

Flight Sim Creator Apologizes for Including Password Dump Tool

Flight Sim Creator Apologizes for Including Password Dump Tool

Last weekend, game developer FlightSimLabs apologized for including a Chrome password dump tool in its FSLabs A320-X game installer. The suspicious file had already been flagged as a virus by a number of antivirus products. A Reddit user discovered that a file called test.exe which comes from http://securityxploded.com was included in the installer package. The tool also runs with administrative rights on Windows Vista and later versions. However, FSLabs founder Lefteris Kalamaras pointed out that the tool was meant to counter password crackers that attempt to bypass the software’s DRM system with offline key generators. Kalamaras added that they decided […]

Notifications Sent to Owners of Unsecured Amazon Servers

Notifications Sent to Owners of Unsecured Amazon Servers

It was reported earlier this week that security researchers had sent “friendly warnings” to clients of Amazon servers who had left their storage unprotected. Around 50 alerts had been posted and many had received more than one warning. One such security researcher named Robbie Wiggins said that he regularly seek out and notify organizations who have their data exposed and revealed that while some had sent him monetary rewards, others did not even bother to put up contact details. It was noted that in the past 18 months, companies such as Uber, Verizon, Alteryx, the WWE, Dow Jones and three […]

Security Expert Reveals Details on Mac Password Stealing Trojan

Security Expert Reveals Details on Mac Password Stealing Trojan

Last Tuesday, a security researcher from Digita Security revealed the details of a Mac remote access trojan in a blog post. The malware apparently had been overlooked by antivirus manufacturers for two years. Chief research officer Patrick Wardle said that the Coldroot trojan is able to access the inner levels of the operating system to gain full remote control of the system as if the attacker were using the computer in person. The malware, which can also steal passwords and alter files, is often disguised as a document which asks the user for his password once opened. It also modifies […]

South Korean Regulator Confirms Government Will Support Cryptocurrency Transactions

South Korean Regulator Confirms Government Will Support Cryptocurrency Transactions

South Korea’s Financial Supervisory Service (FSS) chief Choe Heung-sik confirmed last Tuesday that the government will be supporting the cryptocurrency industry and normal transactions done under Know Your Customer (KYC) transparency.   The country’s regulators had already mandated a system which disallows anonymous trading which came into effect last January 30. While it is still possible to trade without using one’s real name, all purchases made with cryptocurrencies or withdrawing to fiat will still require KYC compliance. Choe added that they will be rolling out plans that will encourage smaller banks to adopt the real-name trading system. Source: CCN

Facebook’s Ad VP: Russian Ads Did Not Aim to Sway Election  

Facebook’s Ad VP: Russian Ads Did Not Aim to Sway Election  

Facebook’s vice president of advertisement recently received heavy criticism for his opinion on the issue of Russian-bought ads and the previous US election. Rob Goldman tweeted last week that swaying was not the main goal of the said ads since majority of Russian ad spend had happened after the election. Goldman however, made an apology to Facebook staff after and said that the tweet was his own view and he should have probably had it reviewed internally before tweeting. Goldman’s tweet was in direct contradiction with special counselor Robert Mueller’s recent indictments where 13 Russians had been charged with election […]

U.N. Secretary Calls for Global Cyber Warfare Rules

U.N. Secretary Calls for Global Cyber Warfare Rules

In a speech last Monday at the University of Lisbon, U.N. Secretary General Antonio Guterres stressed the for global rules on cyber warfare to minimize the impact of such attacks on civilians. Guterres said that cyberwarfare already exists, however, there is no scheme in place to regulate it and it is unclear how the Geneva Convention or international humanitarian law applies to it. Guterres added that the UN can be a platform where scientists to governments could work out such rules “to guarantee a more humane character” conflicts involving information technology. He also called on  professors and engineers to contribute, […]

Meltdown-Spectre Class Action Lawsuits Against Intel Mounting

Meltdown-Spectre Class Action Lawsuits Against Intel Mounting

It was reported that since February 15 this year, Intel now has 32 lawsuits over the Meltdown-Spectre vulnerabilities found in its processors, and more are expected to be filed within the next few months. It is said that various groups are seeking monetary damages and equitable relief for Intel’s omissions and mishandling of the security vulnerabilities. Intel had previously released updates that caused a number of issues including random reboots and in some cases, data loss. Tree lawsuits were also filed in relation to the $24 million stock sale made by Intel CEO Brian Krzanich two months before the disclosure […]

Congress Mulls New Rules on Cryptocurrencies

Congress Mulls New Rules on Cryptocurrencies

It was reported earlier this week that Congress may be considering new rules that may result to stricter federal oversight of cryptocurrencies. A number of lawmakers from both parties have already expressed concern on the emerging asset class.  Republican Senator Mike Rounds, a Senate Banking Committee member, said that there was clearly a need for a regulatory framework. Republican Representative Bill Huizenga agreed with the idea, saying that the explosion in the cryptocurrency market has made him more comfortable with the idea of added oversight. Democratic senior member of the House Financial Services Committee Carolyn Maloney, an advocate for direct […]

Facebook to Verify election Ad Buyers Via US Mail

Facebook to Verify election Ad Buyers Via US Mail

A Facebook senior account executive revealed last Saturday that the company will be verifying the identities of election ad buyers later this year using postcards sent via the US mail service. The verification measure is in response to criticisms on the failure of Facebook to prevent Russian interference in the 2016 US elections. U.S. law prohibits foreigners from donating or contributing anything of value, or making any expenditure in connection with any federal, state or local election in the United States. According to Facebook’s global director of policy programs Katie Harbath, users who mention  a candidate in their ads will […]

User Sues Microsoft for Forced Windows 10 Upgrade

User Sues Microsoft for Forced Windows 10 Upgrade

An Albuquerque man by the name of Frank K. Dickman Jr. filed a complaint against Microsoft and CEO Satya Nadella for forcing an upgrade on his computer which rendered it unusable. Dickman said that Microsoft had forced a Windows 10 upgrade on his ASUS 54L laptop computer, which originally came with an OEM license for Windows Version 7. The upgrade bricked his system, and Dickman is now demanding that Microsoft furnish him with a replacement copy of Windows 7 within 30 days or pay $600 million. It is said that Dickman’s suit may not go anywhere, but similar lawsuits had […]