Cyberattacks cost small companies $200K, putting many out of business

Equally worrying for modern executives, it’s also set to cost businesses $5.2 trillion worldwide within five years, according to Accenture. “Modern IT infrastructures are more complex and sophisticated than ever, and the amount of virtual ground that we’ve got to safeguard has also grown exponentially,” explains Jesse Rothstein, CTO of online security provider ExtraHop. “From mobile to desktop interactions, cybercriminals can launch thousands of digital attacks designed to compromise your operat


Equally worrying for modern executives, it’s also set to cost businesses $5.2 trillion worldwide within five years, according to Accenture. “Modern IT infrastructures are more complex and sophisticated than ever, and the amount of virtual ground that we’ve got to safeguard has also grown exponentially,” explains Jesse Rothstein, CTO of online security provider ExtraHop. “From mobile to desktop interactions, cybercriminals can launch thousands of digital attacks designed to compromise your operat
Cyberattacks cost small companies $200K, putting many out of business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: scott steinberg, special to cnbccom, christopher west davis, tom connor, rohit arora, ceo, co-founder of
Keywords: news, cnbc, companies, attacks, small, 200k, putting, security, online, according, thousands, cost, companies, incidents, hightech, businesses, business, cyberattacks, digital


Cyberattacks cost small companies $200K, putting many out of business

In an age of ongoing digital transformation, cybercrime has quickly become today’s fastest-growing form of criminal activity. Equally worrying for modern executives, it’s also set to cost businesses $5.2 trillion worldwide within five years, according to Accenture.

With 43% of online attacks now aimed at small businesses, a favorite target of high-tech villains, yet only 14% prepared to defend themselves, owners increasingly need to start making high-tech security a top priority, according to network security leaders.

“Modern IT infrastructures are more complex and sophisticated than ever, and the amount of virtual ground that we’ve got to safeguard has also grown exponentially,” explains Jesse Rothstein, CTO of online security provider ExtraHop. “From mobile to desktop interactions, cybercriminals can launch thousands of digital attacks designed to compromise your operations at every turn, only one of which ever needs to connect to cause serious disruption.”

As a result, he says, it’s guaranteed that virtually every modern organization’s high-tech perimeters will eventually be breached. This being the case, for small business owners, it’s no longer a matter of considering if security threats will arise, but rather thinking in terms of when.

Worse, the consequences of cyberattacks continue to grow, with digital incidents now costing small businesses $200,000 on average, according to insurance carrier Hiscox, and 60% going out of business within six months of being victimized. The frequency with which these attacks are happening is also increasing, with more than half of all small businesses having suffered a breach within the last year and 4 in 10 having experienced multiple incidents, reveals Hiscox.

At the same time, though, according to Keeper Security’s 2019 SMB Cyberthreat Study, 66% of senior decision-makers at small businesses still believe they’re unlikely to be targeted by online criminals. Similarly, 6 in 10 have no digital defense plan in place whatsoever, underscoring the need for heightened industry awareness and education across the board.

“Attackers are getting smarter, attacks are occurring faster, and incidents are becoming more complex,” cautions Justin Fier, director of cyberintelligence and analytics at cyberdefense firm Darktrace. “The latest cyberattacks speedily exploit vulnerabilities in computer networks — which [can be infected] like human immune systems, changing thousands of times per second — and can overtake even major networks in an hour and a half.”


Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: scott steinberg, special to cnbccom, christopher west davis, tom connor, rohit arora, ceo, co-founder of
Keywords: news, cnbc, companies, attacks, small, 200k, putting, security, online, according, thousands, cost, companies, incidents, hightech, businesses, business, cyberattacks, digital


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Fidelity says it won’t pay for zero fees by selling your trade executions to the highest bidder

“We do not take payment-for-order-flow on equity orders,” said Murphy, president of Fidelity’s personal investing business. The industry average is $2.89, so we gave $635 million back to our customers,” Murphy claimed. While it is not the biggest income source for online brokers, payment-for-order-flow is an increasing revenue stream. Schwab made $139 million from selling its customers’ orders in 2018, up 22% from the previous year, according to regulatory filings analyzed by Reuters. Boston-bas


“We do not take payment-for-order-flow on equity orders,” said Murphy, president of Fidelity’s personal investing business. The industry average is $2.89, so we gave $635 million back to our customers,” Murphy claimed. While it is not the biggest income source for online brokers, payment-for-order-flow is an increasing revenue stream. Schwab made $139 million from selling its customers’ orders in 2018, up 22% from the previous year, according to regulatory filings analyzed by Reuters. Boston-bas
Fidelity says it won’t pay for zero fees by selling your trade executions to the highest bidder Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: kevin stankiewicz, jessica bursztynsky
Keywords: news, cnbc, companies, selling, pay, million, trying, bidder, online, brokers, wont, executions, trade, trades, murphy, highest, paymentfororderflow, zero, fees, orders, customers, fidelity


Fidelity says it won't pay for zero fees by selling your trade executions to the highest bidder

Fidelity Investments has joined its rivals by offering zero-commission online trades, but it’s trying to differentiate itself by not selling the right to execute trades to third-party firms, brokerage executive Kathleen Murphy told CNBC on Friday.

“We do not take payment-for-order-flow on equity orders,” said Murphy, president of Fidelity’s personal investing business. “Many competitors do to the tune of hundreds of millions of dollars.” She mentioned no names.

Payment-for-order-flow refers to how market makers, like Citadel Securities or Virtu Financial, pay for the first crack at executing a stock order.

The practice has drawn scrutiny from regulators globally because it creates an incentive for brokers to send orders to whoever pays the most, rather than the place that might get the best outcome for customers.

In 2016, the Securities and Exchange Commission raised questions about the arrangement potentially creating “conflicts of interest for broker-dealers handling customer orders.” Payment-for-order-flow is banned in Canada.

Murphy argued that Fidelity, by forgoing this process, saves its clients more money than its competitors.

“We gave $17.20 on a 1,000 share order back to our customers, on average. The industry average is $2.89, so we gave $635 million back to our customers,” Murphy claimed.

Fidelity’s decision on Thursday to drop trading commissions put it in the same boat as Charles Schwab, E-Trade, TD Ameritrade and Interactive Brokers, all which recently announced similar moves. While Fidelity isn’t public, the other companies have seen their shares fall as the revenue drivers for the brokerages became even less clear.

While it is not the biggest income source for online brokers, payment-for-order-flow is an increasing revenue stream. Schwab made $139 million from selling its customers’ orders in 2018, up 22% from the previous year, according to regulatory filings analyzed by Reuters. TD Ameritrade was paid $458 million for customer orders in its last fiscal year, up from $320 million the year before.

Boston-based Fidelity, which manages $2.8 trillion in assets, used to charge $4.95 for online stock trades. The zero commissions took effect Thursday for individual investors. They’ll be available Nov. 4 for registered advisors.

Murphy said she’s not worried about Fidelity’s margins taking a huge hit. “We are a private company, so we make sure our margins never get too high frankly because we’re always trying to give back value back to the customers.”

Brokers generally make most of their money through interest income on their clients’ deposits.

— Reuters and The Associated Press contributed to this article.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: kevin stankiewicz, jessica bursztynsky
Keywords: news, cnbc, companies, selling, pay, million, trying, bidder, online, brokers, wont, executions, trade, trades, murphy, highest, paymentfororderflow, zero, fees, orders, customers, fidelity


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Can you get sued over a negative Yelp review? Here’s what you need to know

So what happens if you post a negative review of a business and the business-owner tries to fight back, or even tries to silence you with a lawsuit? In July, a Yelp user in Florida named Tom Lloyd told “CBS This Morning” that he was left with more than $25,000 in legal bills after a veterinary practice sued him for defamation over a negative Yelp review. In the review, Lloyd recounted how his dog died at the animal hospital waiting for a surgeon who never showed up. “Most Americans don’t realize


So what happens if you post a negative review of a business and the business-owner tries to fight back, or even tries to silence you with a lawsuit? In July, a Yelp user in Florida named Tom Lloyd told “CBS This Morning” that he was left with more than $25,000 in legal bills after a veterinary practice sued him for defamation over a negative Yelp review. In the review, Lloyd recounted how his dog died at the animal hospital waiting for a surgeon who never showed up. “Most Americans don’t realize
Can you get sued over a negative Yelp review? Here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: tom huddleston jr
Keywords: news, cnbc, companies, states, negative, yelp, review, business, legal, heres, sued, businesses, know, consumers, lawsuit, reviews, need, online


Can you get sued over a negative Yelp review? Here's what you need to know

Small businesses often live or die by word-of-mouth, as roughly 86% of U.S. consumers consult online reviews before patronizing a local business, according to a BrightLocal survey. So what happens if you post a negative review of a business and the business-owner tries to fight back, or even tries to silence you with a lawsuit? It’s a trend that’s become more common as more and more people share their opinions in online forums and discussion boards, from Yelp (which features over 100 million reviews from users) to the comments sections of businesses’ social media pages. In July, a Yelp user in Florida named Tom Lloyd told “CBS This Morning” that he was left with more than $25,000 in legal bills after a veterinary practice sued him for defamation over a negative Yelp review. In the review, Lloyd recounted how his dog died at the animal hospital waiting for a surgeon who never showed up. And Lloyd is not alone. In 2018, a tourist attraction in Branson, Missouri called Bigfoot on the Strip sued a Kansas man and his daughter over a relatively tepid review posted on TripAdvisor (the man initially gave the business a rating of three out of five stars). The lawsuit sought at least $25,000 and legal costs from the Kansas man, but he was granted a summary judgement in August 2019, which terminated the lawsuit, according to court records. And in 2015, a Colorado couple reportedly racked up $65,000 in legal fees (including a $15,000 settlement payment) fighting a defamation lawsuit brought by a flooring company the couple negatively reviewed on Yelp. “Most Americans don’t realize they can be sued for writing an online review,” says Evan Mascagni, an attorney who currently serves as Policy Director at the Public Participation Project, a nonprofit group that advocates for First Amendment rights. “With the rise of user-generated [review] content sites like Yelp, TripAdvisor, Google, we’ve really seen a shift where folks are being sued for their speech online,” Mascagni tells CNBC Make It. With so many consumers posting online reviews of businesses, it’s not surprising that some business-owners might take exception to the occasional negative review, says Carl Settlemeyer, an attorney in the Federal Trade Commission’s bureau of consumer protection. “Sometimes [a consumer’s review] may go too far, sometimes a business may be trying to throw its weight around and trying to silence a consumer,” Settlemeyer tells CNBC Make It. Mascagani goes as far as to say some people are trying to “hijack our judicial system to silence, intimidate and harass critics of theirs.”

Are reviewers protected?

While Settlemeyer notes that businesses suing consumers over negative online reviews is far from an everyday occurrence across the country, it’s become enough of an issue that Congress felt the need to pass a law in 2016, called the Consumer Review Fairness Act (CRFA), to protect consumers’ ability to leave an honest online review of a business without being punished. The CRFA banned the use by businesses of non-disparagement clauses in any contracts that aren’t reasonably open to negotiation. It’s opened the door for the government to crack down on businesses trying to use the threat of a lawsuit, and the associated legal fees, to strong-arm consumers into either avoiding writing negative reviews or taking them down after they’ve been written. The FTC has used the law to issue complaints against businesses (from an HVAC repair company to a vacation rental business) that the agency alleged have used non-disparagement clauses in contracts to sue consumers who left honest reviews online, “with different language that ranged from a strong confidentiality restriction that would cover posting reviews to outright ‘Don’t leave me any review less than five stars or I’m going to sue you for $25,000,'” Settlemeyer says. “The bottom line is the businesses aren’t allowed to use those provisions … and they have to notify customers that those non-disparagement provisions are void and that they can’t enforce them and that they’re free to post their honest reviews of their interactions with the business.” If you are sued by a business that claims to have a non-disparagement provision, you can report the lawsuit on the FTC website, says Settlemeyer, who adds that each state’s attorney general also has the power to enforce the CRFA. And there are other laws on the books in most U.S. states aimed at protecting people from frivolous lawsuits that infringe on their First Amendment rights. As Mascagni points out, 29 states currently have anti-SLAPP statutes, which aim to make it easier for defendants to seek dismissal of a meritless lawsuit (such as a business suing a consumer over an honest review) and can even impose financial penalties on plaintiffs who lose an anti-SLAPP motion. But in states without anti-SLAPP laws, consumers may be more exposed, Mascagni says. “Oftentimes, in those states, what you’ll see is people just censoring themselves: taking the review down, apologizing, editing the review, retracting, those sorts of things,” he says. If a consumer finds themselves hit with a lawsuit stemming from an honest review, Mascagni recommends contacting an attorney. He says his organization, the Public Participation Project, and other First Amendment advocates, can help consumers find attorneys with anti-SLAPP experience in their area. Some review websites also take steps to make sure users know their First Amendment rights, and a Yelp spokesperson tells CNBC Make It the site issues “legal threat alerts” to warn against businesses that have potentially tried to stifle users’ free speech online. “Yelp regularly engages in advocacy work to protect the First Amendment rights of consumers because we believe in the ability for consumers to share their experiences online,” the Yelp spokesperson tells CNBC Make It.

Could it still cost you money to fight?

If a business sues you for an honest review and loses due to anti-SLAPP laws, you could be due reimbursement for legal fees. However, in states without anti-SLAPP statutes, even if you successfully get a lawsuit dismissed, there could still be attorney’s fees you have to pay. “This being America, and anybody can file a lawsuit, and legal costs are not cheap even if you do have strong footing, I don’t want to encourage anybody to go broke fighting over this. And, I can understand why somebody would decide they don’t want to fight,” Settlemeyer says.

What you need to remember when reviewing


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: tom huddleston jr
Keywords: news, cnbc, companies, states, negative, yelp, review, business, legal, heres, sued, businesses, know, consumers, lawsuit, reviews, need, online


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These are the jobs with the fastest-growing wages—and online shopping is giving them a boost

Jobs tied to the holiday shopping season are seeing some of the fastest-growing wages in the country, according to Glassdoor’s latest job market report. Warehouse associates saw a 6.3% boost in pay year over year in September, and those workers earned a median of $42,864. The career site analyzed wages for workers in September 2019 compared to September 2018 for the report. Retail key holders are generally in charge of opening and closing the store, as well as overseeing operations when a manage


Jobs tied to the holiday shopping season are seeing some of the fastest-growing wages in the country, according to Glassdoor’s latest job market report. Warehouse associates saw a 6.3% boost in pay year over year in September, and those workers earned a median of $42,864. The career site analyzed wages for workers in September 2019 compared to September 2018 for the report. Retail key holders are generally in charge of opening and closing the store, as well as overseeing operations when a manage
These are the jobs with the fastest-growing wages—and online shopping is giving them a boost Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jennifer liu
Keywords: news, cnbc, companies, shopping, market, giving, wagesand, fastestgrowing, workers, wages, labor, seeing, pay, jobs, key, boost, retail, zhao, online


These are the jobs with the fastest-growing wages—and online shopping is giving them a boost

Jobs tied to the holiday shopping season are seeing some of the fastest-growing wages in the country, according to Glassdoor’s latest job market report. Warehouse associates saw a 6.3% boost in pay year over year in September, and those workers earned a median of $42,864.

The career site analyzed wages for workers in September 2019 compared to September 2018 for the report.

Wages for people who work as retail key holders and truck drivers also ticked up, driven by a tight labor market that has resulted in retailers upping the ante to attract workers ahead of the busiest shopping period of the year. Retail key holders are generally in charge of opening and closing the store, as well as overseeing operations when a manager isn’t present.

The increased pay for these jobs reflects not only seasonal consumer trends, but also the changing nature of retail as a whole.

“Warehouse associates and truck drivers’ pay increasing has a lot to do with the growth in e-commerce and how retail spending is shifting online,” Glassdoor senior economist Daniel Zhao told CNBC Make It. “But at the same time, you’re seeing retail key holders see strong pay growth, which indicates even for traditional retailers and brick-and-mortar shops, they’re seeing those labor shortages, which is pressuring them to increase wages.”

Retailers like Amazon, Target, UPS and Kohl’s publicized better pay and benefits as part of their holiday hiring efforts in recent months.

Another job with outsized wage growth in September: construction laborers, whose median base pay increased by 6.2% in the last year to $42,519.

Despite constantly fluctuating indicators around real estate, “one thing that has been fairly consistent is that businesses have reported it’s hard to find qualified and experienced workers in construction,” Zhao said. “That’s why you see job openings are so high in our data, as well as pay increasing by 6.2%. That’s a large increase for workers and really speaks to how even though the top line indicators for the industry are kind of volatile, it does seem like the shortage of workers is boosting the labor market for the industry.”

The only health care position to see higher pay is for pharmacy technicians, which Zhao predicted will continue as the share of the aging population and the health care sector grow. Pharmacy technicians generally require training in a two-year associates program.

An increase in pay among these lower-wage jobs may be a contributing factor as to why workers earning $60,000 or less are changing jobs at record rates, according to a recent survey from the New York Fed.

Here are the top 10 jobs that saw the biggest gains in wages in the last year — and what they earn, according to Glassdoor data.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jennifer liu
Keywords: news, cnbc, companies, shopping, market, giving, wagesand, fastestgrowing, workers, wages, labor, seeing, pay, jobs, key, boost, retail, zhao, online


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Fidelity joins the stampede to eliminate fees for online trading

Fidelity Investments has joined its major competitors in offering zero-commission online trades as the brokerage industry continues its low-fee makeover. In the latest chapter of an ongoing fee war, Charles Schwab, E-Trade, TD Ameritrade and Interactive Brokers all announced recently that they were dropping trading commissions. Fidelity boasts $2.46 trillion in assets that it manages for clients and has 21.8 million accounts with total assets of $6.8 trillion. “With this decision, Fidelity is ta


Fidelity Investments has joined its major competitors in offering zero-commission online trades as the brokerage industry continues its low-fee makeover. In the latest chapter of an ongoing fee war, Charles Schwab, E-Trade, TD Ameritrade and Interactive Brokers all announced recently that they were dropping trading commissions. Fidelity boasts $2.46 trillion in assets that it manages for clients and has 21.8 million accounts with total assets of $6.8 trillion. “With this decision, Fidelity is ta
Fidelity joins the stampede to eliminate fees for online trading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jeff cox
Keywords: news, cnbc, companies, commissions, statement, trading, stampede, fees, trillion, value, joins, offering, schwab, eliminate, trades, fidelity, industry, online


Fidelity joins the stampede to eliminate fees for online trading

Fidelity Investments has joined its major competitors in offering zero-commission online trades as the brokerage industry continues its low-fee makeover.

The company tweeted that it has eliminated commissions on all its trades involving stocks, options and exchange-traded funds, a burgeoning $4 trillion industry that has remade the way Fidelity and its peers do business.

In the latest chapter of an ongoing fee war, Charles Schwab, E-Trade, TD Ameritrade and Interactive Brokers all announced recently that they were dropping trading commissions. The news sent shares of the companies reeling as the revenue drivers for the companies became even cloudier.

Fidelity boasts $2.46 trillion in assets that it manages for clients and has 21.8 million accounts with total assets of $6.8 trillion. The firm previously charged $4.95 for trades.

“With this decision, Fidelity is taking a different path from the industry,” Kathleen Murphy, president of Fidelity Investments’ personal investing business. said in a statement. “We are providing customers unmatched value while challenging industry practices that appear to give value in one place when they are actually having customers pay in other ways.”

While its competitors, particularly Schwab, made high-profile announcements when they eliminated trading commissions, Fidelity chose to go lower-key.

In its statement, the firm said it also would automatically direct client money into higher-yielding money market accounts and is offering zero payment for order flow on where it sends its trades for execution.

“We made this decision after careful consideration to our clients and ensuring we are satisfying their full needs,” Murphy added.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jeff cox
Keywords: news, cnbc, companies, commissions, statement, trading, stampede, fees, trillion, value, joins, offering, schwab, eliminate, trades, fidelity, industry, online


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The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up

Siu Rui Quek had always been entrepreneurial. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell


Siu Rui Quek had always been entrepreneurial. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell
The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: karen gilchrist
Keywords: news, cnbc, companies, students, mentor, jack, zuckerberg, inspired, multimillion, siu, startup, technology, know, dorsey, mark, lesson, rui, build, big, online, quek


The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up

Siu Rui Quek had always been entrepreneurial. As a teen, he would fuel his passion for technology and earn extra cash buying and selling gadgets online. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. That lesson? Know your mission. Quek is co-founder and CEO of $550 million online consumer marketplace Carousell. He started the business with his college friends Marcus Tan and Lucas Ngoo back in 2012 after they were inspired by talks from the top tech talents during an internship in Silicon Valley. And, even today, he says those presentations played a vital role in shaping Carousell’s success.

I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Siu Rui Quek co-founder and CEO, Carousell

“The one thing that we really learned and took away,” Quek told CNBC Make It, “is to be absolutely mission-oriented and mission-first.” “This idea of being mission-first just helps people transcend personal egos (and) helps create collaboration,” he said. To be sure, the founders did not mentor Quek and his friends directly. “I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way — I know him but he doesn’t know me,” Quek said.

Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. Carousell

But, by watching their presentations and studying their style, Quek said he and his co-founders were inspired to think about the big picture and how they could use technology to solve big issues. “I think the one commonality all of them had was just this whole fascination for using technology to solve problems and make a big impact,” said Quek. For Carousell, that meant building a platform to simplify buying and selling online, which, Quek said, plays into the company’s wider mission to “inspire every person in the world to start selling.”

You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: karen gilchrist
Keywords: news, cnbc, companies, students, mentor, jack, zuckerberg, inspired, multimillion, siu, startup, technology, know, dorsey, mark, lesson, rui, build, big, online, quek


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Cambridge Analytica whistleblower: US heading in ‘same direction as China’ with online privacy

Online privacy in the U.S. is heading in the “same direction” as China, Cambridge Analytica whistleblower Christopher Wylie told CNBC on Wednesday. Cambridge Analytica worked for the 2016 Republican presidential campaigns of both Donald Trump and Texas Sen. Ted Cruz. While Cambridge Analytica has since shut down, Wylie said the tactics it used could be deployed elsewhere, and that is why data privacy regulation needs to be dramatically enhanced. “My real concern is what happens if China becomes


Online privacy in the U.S. is heading in the “same direction” as China, Cambridge Analytica whistleblower Christopher Wylie told CNBC on Wednesday. Cambridge Analytica worked for the 2016 Republican presidential campaigns of both Donald Trump and Texas Sen. Ted Cruz. While Cambridge Analytica has since shut down, Wylie said the tactics it used could be deployed elsewhere, and that is why data privacy regulation needs to be dramatically enhanced. “My real concern is what happens if China becomes
Cambridge Analytica whistleblower: US heading in ‘same direction as China’ with online privacy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, direction, data, wylie, facebook, cambridge, state, heading, regulation, whistleblower, online, china, analytica, privacy, companies, users


Cambridge Analytica whistleblower: US heading in 'same direction as China' with online privacy

Online privacy in the U.S. is heading in the “same direction” as China, Cambridge Analytica whistleblower Christopher Wylie told CNBC on Wednesday.

“The United States is walking in the same direction as China, we’re just allowing private companies to monetize left, right and center,” Wylie said on “Squawk Alley.”

“Just because it’s not the state, doesn’t mean that there isn’t harmful impacts that could come if you have one or two large companies monitoring or tracking everything you do,” he said.

Wylie, whose memoir came out this week, has become outspoken about the influence of social media companies due to the large amounts of data they collect.

In March 2018, he exposed the Cambridge Analytica scandal that brought down his former employer and resulted in the Federal Trade Commission fining Facebook, 15 months later, $5 billion for mishandling.

Facebook said political consulting firm Cambridge Analytica improperly obtained data of up to 87 million of its users who took a personality test through a third-party app – the app not only gathered the users’ Facebook data, but also gathered data on their Facebook friends. Cambridge Analytica worked for the 2016 Republican presidential campaigns of both Donald Trump and Texas Sen. Ted Cruz.

While Cambridge Analytica has since shut down, Wylie said the tactics it used could be deployed elsewhere, and that is why data privacy regulation needs to be dramatically enhanced.

“Even if the company has dissolved, the capabilities of the company haven’t,” he said. “My real concern is what happens if China becomes the next Cambridge Analytica, what happens if North Korea becomes the next Cambridge Analytica?”

China’s regulation of the internet is the most severe in the world, according to a 2018 report from nonprofit Freedom House. In addition to controlling its own citizens’ data, China also is “providing like-minded governments with technology and training that enable them to control their own citizens,” Freedom House wrote.

Wylie also said he believes that social media companies should, at a minimum, face regulation similar to water utilities or electrical companies — “certain industries that have become so important because of their vital importance to business and people’s lives and the nature of their scale.”

In those cases, “we put in place rules that put consumers first,” he added. But he pointed out, “You can still make a profit. You can still make money. But you have to consider the rights and safety of people.”

The power of Big Tech and the appropriate regulation restraints to safeguard users and competitors are key areas of inquiry in a number of antitrust investigations being conducted by the FTC, Justice Department, state attorneys general and committees on Capitol Hill.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, direction, data, wylie, facebook, cambridge, state, heading, regulation, whistleblower, online, china, analytica, privacy, companies, users


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Biden campaign rallies its donors for big Super Tuesday push as poll numbers and fundraising soften

Ed Rendell, who attended the gathering and is helping Biden raise campaign cash, brushed off donor concerns about polls and fundraising. These discussions came just days after the Biden campaign announced an underwhelming third-quarter fundraising haul of slightly more than $15 million. A Biden campaign spokesman declined to comment. Politico recently reported that Biden’s campaign plans to increase its staffing in Super Tuesday states. Biden’s campaign said the last week of the third quarter re


Ed Rendell, who attended the gathering and is helping Biden raise campaign cash, brushed off donor concerns about polls and fundraising. These discussions came just days after the Biden campaign announced an underwhelming third-quarter fundraising haul of slightly more than $15 million. A Biden campaign spokesman declined to comment. Politico recently reported that Biden’s campaign plans to increase its staffing in Super Tuesday states. Biden’s campaign said the last week of the third quarter re
Biden campaign rallies its donors for big Super Tuesday push as poll numbers and fundraising soften Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: brian schwartz
Keywords: news, cnbc, companies, bidens, biden, iowa, online, campaign, donors, big, push, soften, numbers, fundraising, carolina, rallies, trump, president, super, poll


Biden campaign rallies its donors for big Super Tuesday push as poll numbers and fundraising soften

Democratic presidential candidate and former U.S. Vice President Joe Biden responds to a question during a forum held by gun safety organizations the Giffords group and March For Our Lives in Las Vegas, Nevada, October 2, 2019.

Joe Biden’s campaign — which is grappling with weakening poll numbers, a disappointing third-quarter fundraising haul and attacks from President Donald Trump over Ukraine ties — rallied its leading donors and fundraisers over the weekend in Philadelphia as it looks to reestablish momentum in the race for the Democratic presidential nomination.

That means increased emphasis on Super Tuesday primaries March 3, when 40% of delegates are up for grabs, and not necessarily on the earliest nominating states, Iowa and New Hampshire, where campaigns usually seek to grab an early toehold in presidential races.

According to attendees who spoke on condition of anonymity due to the private nature of the talks, senior campaign officials told leading Biden fundraisers, or bundlers, that the campaign is looking to boost the number of its fundraising events and bolster its online donor program in a bid to dominate Super Tuesday. California, North Carolina and Texas all hold their primaries that day.

The weekend sessions, which were scheduled before the most recent developments in the polls and the Ukraine scandal, were held at the 201 Hotel. They were led by campaign manager Greg Schultz, deputy campaign manager Pete Kavanaugh and other leaders.

“They need to raise a substantial amount. Super Tuesday comes immediately after the first four states,” said a business executive helping Biden raise cash and who participated in the strategy session. When asked how the aides described their upcoming efforts, this person said: “More events with him, surrogates, and ramping up online. They feel good about ramping up online.”

Attendees described the senior campaign officials’ remarks as a “rah rah speech” — and a call to beef up fundraising efforts in order to have the best chance at picking up delegates in earlier primary states such as Nevada and South Carolina. These primaries are scheduled for February, after the Iowa caucuses and the New Hampshire primary. In the most recent surveys, Biden is ahead of the pack in Nevada and South Carolina but slightly behind in Iowa and New Hampshire.

“Goal for 4Q [fourth quarter] was, ‘Let’s ramp it up with traditional events, and let’s beef up the online contributions,'” said another backer of Biden’s who took part in the meeting. “I agree timing is an issue — we need enough to get through Iowa and New Hampshire. Staying in the hunt through those two and crushing them in S.C. will bring in the Super Tuesday money. So we need to do reasonably well in those two.”

Former Pennsylvania Gov. Ed Rendell, who attended the gathering and is helping Biden raise campaign cash, brushed off donor concerns about polls and fundraising.

“Donors are always worried. I’ve never had donors that are 100% confident,” Rendell told CNBC on Monday. “If the polls show that they you are winning by 20, they ask why aren’t you winning by 23.”

These discussions came just days after the Biden campaign announced an underwhelming third-quarter fundraising haul of slightly more than $15 million. The former vice president’s tally for the period was less than the takes for Sens. Bernie Sanders and Elizabeth Warren and South Bend, Indiana, Mayor Pete Buttigieg.

Biden’s front-runner position has weakened substantially. He is virtually tied or slightly behind Warren in some surveys, and his once-massive lead over Warren in the Real Clear Politics polling average has collapsed to 0.3%.

A Biden campaign spokesman declined to comment.

Biden recently spoke about his possible path to victory through the electoral college at a fundraiser in California. The former vice president mentioned the state of North Carolina as one he thinks they could win while noting Texas could be a long shot.

“I think we can win Georgia. And I think we can win North Carolina,” he said last week. He labeled the Lone Star state, along with later primaries in Georgia and Arizona, as “a stretch,” while noting, “I don’t want to jinx myself.”

Georgia holds its primary March 17, and Arizona’s is March 24.

Politico recently reported that Biden’s campaign plans to increase its staffing in Super Tuesday states.

Still, Biden’s campaign privately stressed that in order to make inroads, it needs to efficiently raise the cash necessary to compete, and possibly win, the majority of the Super Tuesday delegates. Biden’s campaign said the last week of the third quarter represented its best seven days of online fundraising since May.

While the campaign gave the impression to donors that it may spend more online, Biden’s political organization has seen a dip in Facebook ad spending over the past 30 days. The social media giant’s ad library shows the campaign has spent over $280,000 on Facebook ads since Sept. 5, which was less invested than other primary contenders over that same time period, such as Warren, Sanders, Buttigieg, Sen. Kamala Harris and billionaire Tom Steyer. Facebook is often used by campaigns to appeal to grassroots donors and help bring in small donations.

Biden himself spoke to more than 100 financiers at the weekend event — and signaled that he’s going to ratchet up his attacks on Trump in the Ukraine scandal, donors said. The president has repeatedly linked Biden and his son Hunter to unproven claims of corruption in Ukraine.

Trump himself is embroiled in an impeachment inquiry by the House of Representatives after a whistleblower alleged the president asked Ukraine’s president to investigate the Biden family. While Trump has denied wrongdoing, he recently said China should also look the younger Biden’s business ties there while reiterating his call for Ukraine to investigate.

Biden wrote an op-ed for The Washington Post, which was published over the weekend, in which he forcefully pushed back on Trump’s attacks.

“And to Trump and those who facilitate his abuses of power, and all the special interests funding his attacks against me: Please know that I’m not going anywhere,” Biden wrote. “You won’t destroy me, and you won’t destroy my family. And come November 2020, I intend to beat you like a drum.”

Biden also recently put out a new attack ad against Trump titled “Unhinged” as part of a $6 million media effort in the early states. CNN reports the ad will run in Iowa, New Hampshire, South Carolina and Nevada as a digital spot and will be broadcast on a few of those television markets.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: brian schwartz
Keywords: news, cnbc, companies, bidens, biden, iowa, online, campaign, donors, big, push, soften, numbers, fundraising, carolina, rallies, trump, president, super, poll


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Doctor launches the first online clinic dedicated to using common drugs for a different purpose: to slow aging

One of the many wild medical pursuits in Silicon Valley is the effort to slow down the aging process. Zalzala, a 38-year-old family medicine doctor based in the Detroit area, has just opened an online clinic called Qalytude, dedicated to anti-aging. “There’s this movement around Metformin that I could see having a snowball effect,” Zalzala told CNBC. He’s jumping into a market for anti-aging services, products and technologies that’s expected to reach $271 billion by 2024, according to Market Re


One of the many wild medical pursuits in Silicon Valley is the effort to slow down the aging process. Zalzala, a 38-year-old family medicine doctor based in the Detroit area, has just opened an online clinic called Qalytude, dedicated to anti-aging. “There’s this movement around Metformin that I could see having a snowball effect,” Zalzala told CNBC. He’s jumping into a market for anti-aging services, products and technologies that’s expected to reach $271 billion by 2024, according to Market Re
Doctor launches the first online clinic dedicated to using common drugs for a different purpose: to slow aging Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: christina farr
Keywords: news, cnbc, companies, slow, online, doctor, metformin, market, drug, aging, warn, wild, purpose, zalzala, launches, visit, common, antiaging, different, using, drugs, dedicated


Doctor launches the first online clinic dedicated to using common drugs for a different purpose: to slow aging

One of the many wild medical pursuits in Silicon Valley is the effort to slow down the aging process. Sajad Zalzala is trying to make it a reality.

Zalzala, a 38-year-old family medicine doctor based in the Detroit area, has just opened an online clinic called Qalytude, dedicated to anti-aging. As a physician licensed to practice in all 50 states, Zalzala can treat patients anywhere in the country by phone or online, in addition to those who visit his physical clinic.

Initially, Zalzala will be targeting the small but growing segment of Americans who take medicines like Metformin, a type 2 diabetes drug, but for the unintended purpose of staving off aging. Researchers are now finding evidence of reduced cancer risk in the drug, and studies in mice have shown potential for an improved life span, but scientists warn that it might not produce the same result in humans.

“There’s this movement around Metformin that I could see having a snowball effect,” Zalzala told CNBC.

He’s jumping into a market for anti-aging services, products and technologies that’s expected to reach $271 billion by 2024, according to Market Research Engine. Venture capital funds are dabbling in the space as are billionaires like Jeff Bezos and biohackers, who experiment with drugs and supplements for health and longevity purposes.


Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: christina farr
Keywords: news, cnbc, companies, slow, online, doctor, metformin, market, drug, aging, warn, wild, purpose, zalzala, launches, visit, common, antiaging, different, using, drugs, dedicated


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Walmart to sell online women’s apparel brand ModCloth to Go Global Retail

Walmart is selling online women’s apparel business ModCloth, which it acquired in March 2017, to Go Global Retail, the companies announced Friday afternoon. A press release said Go Global Retail will invest primarily in building out ModCloth’s website, as ModCloth operates as a freestanding and independent fashion brand. Go Global Retail, founded in 2011, is a brand investment platform that has worked with other apparel companies including VF Corp., Guess and Billabong, according to its website.


Walmart is selling online women’s apparel business ModCloth, which it acquired in March 2017, to Go Global Retail, the companies announced Friday afternoon. A press release said Go Global Retail will invest primarily in building out ModCloth’s website, as ModCloth operates as a freestanding and independent fashion brand. Go Global Retail, founded in 2011, is a brand investment platform that has worked with other apparel companies including VF Corp., Guess and Billabong, according to its website.
Walmart to sell online women’s apparel brand ModCloth to Go Global Retail Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: lauren thomas
Keywords: news, cnbc, companies, online, sell, womens, global, brand, business, deal, apparel, walmart, modcloth, retail, walmarts


Walmart to sell online women's apparel brand ModCloth to Go Global Retail

Walmart is selling online women’s apparel business ModCloth, which it acquired in March 2017, to Go Global Retail, the companies announced Friday afternoon.

A Walmart spokesperson declined to comment on the terms of the deal.

A press release said Go Global Retail will invest primarily in building out ModCloth’s website, as ModCloth operates as a freestanding and independent fashion brand. Go Global Retail, founded in 2011, is a brand investment platform that has worked with other apparel companies including VF Corp., Guess and Billabong, according to its website.

ModCloth was founded in 2002 as a trendy apparel business, selling its bright-colored sweaters and patterned dresses mainly online and targeting women ages 18 to 35. It’s since opened a handful of stores where customers can try on items but inventory can’t be taken home. Instead, they’re able to order them, at no cost for shipping. ModCloth is also sold in Nordstrom.

For Walmart, its deal to buy ModCloth about two years ago was part of a bigger push to grow online, following its acquisition of Jet.com in 2016, where it also gained Marc Lore, who heads up Walmart’s U.S. e-commerce business. The price tag of the ModCloth deal also wasn’t disclosed at that time.

For the most part, Walmart has kept these younger and trendier brands — such as plus-size apparel brand Eloquii and men’s apparel maker Bonobos — out of its own stores and off its website, so as not to dilute the way shoppers view them. Instead, it’s used the deals to gain talent and to learn more about their customers.

But those acquisition efforts have recently stalled, with Walmart’s e-commerce business losing money and some of its acquisitions, including ModCloth and Bonobos, remaining unprofitable, according to a report from Vox.

Instead, Lore and Bonobos co-founder Andy Dunn, who had played a key role in Walmart’s string of start-up acquisitions, have both said Walmart plans to focus more on incubating its own brands for the foreseeable future. It launched a direct-to-consumer mattress brand called Allswell last year, for example.

Ashley Hubka, senior vice president of corporate strategy, development and partnerships at Walmart, said in a statement Friday: “We believe that ModCloth’s strong brand equity positions it for growth in the future. We feel good about the progress at ModCloth and believe that Go Global’s team and scale out strategy presents an attractive opportunity for the employees and customers of this beloved brand.”

The companies said the deal is expected to close later this year.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: lauren thomas
Keywords: news, cnbc, companies, online, sell, womens, global, brand, business, deal, apparel, walmart, modcloth, retail, walmarts


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