Tag: Goldman Sachs
The appeals court wrote that Aleynikov did not steal anything physical when copying the source code because it was done over the Internet and did not violate the National Stolen Property Act. After that ruling, state charges were brought, this time under New York Penal Code § 165.07 Unlawful Use of Secret Scientific Material.
That legislation was written in 1967 and specifically refers to “a tangible reproduction.” Aleynikov was initially found guilty by a New York jury trial in May 2015. Manhattan District Attorney Cyrus Vance, Jr. sent the case up to the Appellate Division, where the prosecutor lost the case in July 2015. Aleynikov, who was featured in the book Flash Boys, can now appeal further to the New York Court of Appeals, the court of last resort within the Empire State.
Spokespeople offer the line that “developing technology like this requires dedication and significant resources, and our diverse pool of members all have different capacities and capabilities which naturally change over time.” The departed's capacities and capabilities have not significantly changed however, relative to other R3 members. What has obviously changed for Goldman Sachs (a founding member) Morgan Stanley (a second tranche introduction) and Santander (a third tranche member) is the swollen size of the consortium those businesses were joining. At least it is described as a consortium. R3 is, more exactly, a limited liability company receiving funding from its financial sector members. While it does not provide a complete members list, R3 is currently believed to have over 70 financiers — including some of the largest investment banks in the world — and it seems to be precisely because of its rapid expansion, up from an initial nine in September 2015, that some of those earlier joiners are leaving. Martha Bennett, an analyst with Forrester, told The Register that she saw “some quite complex dynamics at work here, given the different strands to R3's activities, the prolonged discussions around the fund-raising, the decision to open-source Corda, and so on,” all of which could have contributed to the exodus. Speaking to The Register, Dr Garrick Hileman, of the University of Cambridge's Centre for Alternative Finance, noted that “while the assembly of so many major banks by R3 was impressive, such a large number of members inevitably leads to organisational challenges.
It has not gone unnoticed that the proofs-of-concept that R3 has produced have had a very limited number of participants.” As we wrote back in September, the fintech execs seem capable of making the most exciting innovations boring, and their approach to the blockchain has been exemplary, especially when those execs seem to be searching for a commercial advantage through the early adoption of a “disruptive” technology. “What’s happening at R3 may be indicative of the distributed ledger space in general,” Hileman told The Register. “Many executives over the last year were seduced by the blockchain buzz, but now six to 12 months on, I expect we’ll see a blockchain shakeout in 2017.
Some previously hyped blockchain use-cases are likely to be tabled or shelved, while others in less regulated areas than capital markets are more likely to be deployed.” Considering the number of companies involved in the consortium, there has inevitably been plenty of disagreement on what that “disruptive” technology should be, with few of the proofs-of-concepts offering interoperable, let alone complementary, services. Hileman told The Register that he thought “it's important to look at which companies have withdrawn from the consortium.” He noted that Goldman Sachs, “arguably the top investment bank in the world, may have had a hard time seeing how it could obtain an edge within such a large group.” That member size makes it “difficult for Goldman to control and influence the consortium’s direction,” claimed Hileman. “There is an obvious conflict with such fiercely competitive companies, all seeking to drive forward their own advantage, working together in harmony on democratizing and transparency enhancing technology.” He added: “R3 employs many of the most talented people in the blockchain industry, so some will see their setbacks as a setback for the overall industry. However, public blockchains, such as Bitcoin and Ethereum, arguably gain from the lack of cohesion at companies like R3.
The most compelling aspect of R3 is its consortium members, not its technology.” Bennett said: “During the first six months or so of the consortium's life, it looked like to focus was to identify the most promising use case(s) and then proceed with figuring out how to develop the required processes and software to translate them into blockchain reality.” She added: “Most importantly, with the participants at the time, it was actually possible to see how they might converge on a set of use cases that would be relevant to most, if not all.
Even then, it would have been a challenge to get all members aligned around the governance principles and common processes, etc, that are a prerequisite of a successful blockchain deployment." Bennett continued: “Looking at the sprawling membership R3 has now from quite disparate segments of financial services sector (including insurance and payments), it's difficult to see how any kind of alignment can be achieved.” ® Sponsored: Customer Identity and Access Management
Following its blockbuster Blue Coat Systems acquisition this summer, Symantec may be looking to make another big buy, according to Bloomberg. Published reports say the security vendor is close to buying LifeLock in a deal that could be worth as much as $2 billion.
LifeLock, based in Tempe, Ariz., offers proactive fraudulent activity monitoring and prevention, predictive analytics for fraud potential and theft protection and remediation services.
The company adds more than 50 million identity elements a day – unstructured data from a variety of sources, including credit and wireless application, black market websites, and more.
A report in Bloomberg on Monday said Symantec is among a list of companies interested in bidding on LifeLock, citing people familiar with the matter.
The report said buyout group Permira and private equity group TPG, which in the process of closing a deal on competitor Intel Security, is also eyeing the company.
[Related: 10 Companies Symantec Could Buy Next]
The report said a LifeLock sale could be worth as much as $2 billion. LifeLock has engaged Goldman Sachs to evaluate its sale options.
Elliott Management owns an 11 percent stake in LifeLock.
Elliott Management also reportedly has a large stake in Symantec.
Symantec declined to comment, saying it does not comment on rumors or speculation.
The report comes on the heels of Symantec's acquisition of Blue Coat, which closed in August at a price tag of $4.65 billion.
CEO Greg Clark has said that Symantec isn't done making acquisitions yet, saying it will "continue to do the inorganic things that we've done for many years." Clark said Symantec plans to build on the four pillars or information, users, web and messaging security.
Robert Keblusek, CTO of Sentinel Technologies, a Downers Grove, Ill.- based Symantec partner, said an acquisition of a company like LifeLock could make a lot of sense for the security vendor if it helps feed their intelligence engine. He said security analytics are a "huge way for security companies to differentiate themselves" in today's marketplace.
"If it would feed more analytics intelligence and make overall security portfolio stronger for zero-day activity, I think that is one of the biggest end games for any of these vendors," Keblusek said.
That security analytics and intelligence capability will prove key as Symantec looks to go head to head with other major security vendors, such as Cisco, which also offer extensive threat intelligence and security capabilities, Keblusek said.
"You can have an excellent product that does a lot of the blocking and protects endpoints but if you don't have the intelligence to know what to block and what to do then that’s very difficult," Keblusek said.
The report did not say when the sale in question might occur if it were to go through.
The formation of this new Financial Systems Analysis and Resilience Center (FSARC) was announced by the Financial Services Information Sharing and Analysis Center (FS-ISAC), today. FSARC is the brainchild of eight large banks that are members of FS-ISAC - Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street, and Wells Fargo.
Through FSARC, large banks will have "closer collaboration" with government partners in the FBI, Department of Homeland Security, and US Department of Treasury. While FS-ISAC continues to be focused on distributing timely information about active threats, FSARC will take a longer view -- performing deeper analysis to create long-term strategies to address systemic risks across financial products and practices. As Andrew Hoerner, FS-ISAC vice president of communications explains, "FS-ISAC is focused on real-time threat intelligence sharing for incident response and prevention.
FSARC is focused on proactive analysis at a meta level to identify and analyze threats and risks across the sector and come up with solutions to prevent emerging threats and risks." FSARC will use the same "circle of trust" membership model used by FS-ISAC. Bank of America’s Siobhan MacDermott and JPMorgan’s Greg Rattray will serve as interim Co-Presidents "until the center reaches full operational capability." The formation of FSARC comes on the heels of (but not in response to) US bank regulators' releasing draft rules for cybersecurity that would require financial services organizations to (among other things) recover from any cyberattack within two hours, and finance leaders at a G7 meeting pushing a global financial cybersecurity framework. Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events.
For more information from the original source of the news item, please follow the link provided in this article.
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I don't know Putin.
I think it would be great if we got along with Russia, but I don't know Putin." "She doesn’t know if it's the Russians doing the hacking," he continued. "They’re trying to tarnish me with Russia.
I know nothing about the inner workings of Russia.
I have no loans from Russia.
I have a great balance sheet."