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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 […]

Fintechs Not a Threat to Banks, Regulators Say

Fintechs Not a Threat to Banks, Regulators Say

At the annual meeting of the IMF-World Bank last Thursday, regulators assured that fintechs will not be a threat to banks. However, they also called on financial authorities to make sure that traditional lenders are well-equipped to handle the changes these businesses will bring to their industry.   Indonesian finance minister Sri Mulyani Indrawati, who was also a panelist, said that technology can be used not only to innovate, but also prod incumbents such as banks to improve their business models The two monetary organizations also jointly published a paper called the Bali Fintech Agenda which aims to help policymakers […]

Infosec Industry Fear Reprisal from Chinese Hackers After Arrest of Top Intelligence Officer

Infosec Industry Fear Reprisal from Chinese Hackers After Arrest of Top Intelligence Officer

Leading figures in the infosec industry said that the arrest of high-ranking director in China’s Ministry of State Security (MSS), Yanjun Xu, may prompt an increase in attacks from Chinese hacking groups within the next few months. US cybersecurity firm Recorded Future says that the MSS is the agency that oversees China’s cyber espionage operations. Meanwhile, both Crowdstrike CTO Dmitri Alperovitch and ex-Facebook CSO Alex Stamos said that the arrest may lead to the breakdown of Obama and Xi’s deal to stop all hacking operations aimed at intellectual property (IP) theft in the autumn of 2015. Source: ZDNet

Google Struggling with Free Speech, Censorship, According to Leaked Research

Google Struggling with Free Speech, Censorship, According to Leaked Research

Breitbart News recently published what it says is a leaked presentation showing how Google is struggling to find balance between allowing free speech and censoring harmful content. The research, entitled “The Good Censor”, was reportedly put together by Google employees with the aim to reassure the world that the company is protecting users against the negative aspects of free speech while providing them a platform where everyone can express themselves. It is said that the presentation concludes by saying that while transparency, consistency, and responsiveness are critical to addressing the problem, there is not a “right amount” of censorship that […]

China’s Alipay Says Stolen Apple IDs Used for Theft of User Funds

China’s Alipay Says Stolen Apple IDs Used for Theft of User Funds

In a post on Toutiao last Wednesday, Alipay said that hackers have stolen funds from its users using stolen Apple IDs, and the issue remains unresolved at present. The Ant Financial company said that they have already reached out to Apple who has yet to offer a solution. Alipay meanwhile advises customers who have their accounts linked to their Apple IDs to lower their transaction limits. According to state media Xinhua, it is estimated that some users have lost up to $288 due to the breach that hit both Alipay and Tencent’s WeChat.   Source: Reuters

PH Businesses Not Responsive Enough to Cyber Threat Alerts, Cisco Says

PH Businesses Not Responsive Enough to Cyber Threat Alerts, Cisco Says

In its recently published 2018 Asia Pacific Security Capabilities Benchmark Study, Cisco said that most companies in the Philippines only investigate half of the cybersecurity threat alerts that they get. The study took 150 respondents from the Philippines’ financial, telecommunications, retail, and software industries, all classified as medium and large enterprises. Cisco found that although the respondents said that they receive around 5000 alerts per day, which is the one of the lowest among the Southeast Asian countries.   However, Cisco Systems Philippines Managing Director Karrie Ilagan explained that this can be attributed to the country’s level of digitization, which […]

Huawei Takes on Qualcomm, Nvidia with New AI Chip

Huawei Takes on Qualcomm, Nvidia with New AI Chip

Chinese tech giant Huawei unveiled this week two new artificial intelligence (AI) chips called the Ascend 910 and Ascend 310 which are expected to be used in data centers and internet-connected consumer devices. Huawei says that its Ascend 910 chip, which is aimed for use at data centers, can outperform competitor chips and help train networks within a few minutes. The new chips are expected to pit Huawei directly against major chip makers such as Intel, Samsung, Qualcomm and Nvidia.   Source: CNBC  

Top Republican Lawmaker Asks for Briefings on China Hackings

Top Republican Lawmaker Asks for Briefings on China Hackings

In letters to the chief executives of Apple, Amazon, and Super Micro Computer, US Republican senator John Thune said that he would like to get staff briefings about a Bloomberg report detailing chips implanted by the Chinese government on server motherboards for the purposes of cyber espionage. Thune said that allegations that a foreign power had carried out a supply chain attack on the US must be taken seriously. Meanwhile, Republican Senator Marco Rubio and Democratic Senator Richard Blumenthal also wrote to Super Micro CEO Charles Liang and asked him to provide information regarding the Bloomberg report by October 17. […]

Amazon AI Recruiting Tool Shows Bias Against Women

Amazon AI Recruiting Tool Shows Bias Against Women

Amazon has reportedly dropped an AI-powered recruiting engine designed to automate the process of reviewing applicant resumes after engineers had found that the system had a bias against women. Sources within the company said that the experimental hiring tool, which was intended to mechanize the search for top talent, was not being gender neutral in rating candidates for software developer jobs and other technical posts. It is said that Amazon’s system had taught itself that male candidates were preferable and thus penalized resumes that included words like “women’s,” as in “women’s chess club captain.”. It also reportedly downgraded graduates of […]

Google Challenges EU Regulator Over $5 Billion Antitrust Penalty

Google Challenges EU Regulator Over $5 Billion Antitrust Penalty

Google said in an email last Tuesday that it has filed an appeal challenging the decision of European antitrust regulators to penalize the company $5 billion for unfairly using its Android operating system to thwart competitors. The Alphabet unit previously argued that the Android gave consumers more choices, not less. However, EU competition enforcers said that Google had abused its market dominance since 2011 and forced manufacturers to pre-install Chrome and Google play with the mobile OS. It is said that a final appeal is still possible at the Court of Justice of the European Union, but only on points […]

New Report Says New Pentagon Weapon Systems Easy to Hack

New Report Says New Pentagon Weapon Systems Easy to Hack

A new report from the US Government Accountability Office (GAO) revealed that the next-gen weapons systems currently being developed by the Department of Defense can be hacked fairly easily. The report was ordered by Congress in preparation for the approval of the DOD funding which amounts to over $1.66 trillion intended for Pentagon’s expansion of its weapons portfolio. However, the GAO said that their testers were easily able to gain access and control the systems undetected, partly due to basic issues such as poor password management and unencrypted communications. The GAO report also said that the tests were carried out […]