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Commercial Awareness Update - April 2019!
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<blockquote data-quote="Bugsy Malone" data-source="post: 10782" data-attributes="member: 201"><p><strong><span style="color: #00b300">Hi everyone, </span></strong></p><p></p><p><strong><span style="color: #00b300">We are pleased to have a new writer starting this week [USER=1643]@Moni Owoade[/USER] </span></strong></p><p><strong><span style="color: #00b300"></span></strong></p><p><strong><span style="color: #00b300"><strong>Commercial News Update - 10th April 2019</strong></span></strong></p><p></p><p><strong><span style="color: #00b300">The topics covered this we are:</span></strong></p><p><span style="color: #00b300"></span></p><p><span style="color: #00b300"><strong>1. Facebook user data found on Amazon's cloud computing servers (by [USER=260]@Abstruser[/USER]);</strong></span></p><p><span style="color: #00b300"></span></p><p><span style="color: #00b300"><strong>2. The up coming Aramco bond deal (by [USER=1643]@Moni Owoade[/USER]);</strong></span></p><p><span style="color: #00b300"></span></p><p><span style="color: #00b300"><strong>3. The UK launches investigations into video game subscription plans (by [USER=201]@bugsy malone[/USER]).</strong></span></p><p></p><p><strong><u>1. Facebook user data found on Amazon's cloud computing servers (by [USER=260]@Abstruser[/USER])</u></strong></p><p></p><p><strong>The story:</strong></p><p></p><p>Last Thursday, researchers at cybersecurity firm UpGuard found hundreds of millions of Facebook user information on Amazon’s cloud computing servers. The data, which was publicly available on Amazon’s servers, belonged to two datasets originating from two third-party Facebook app companies.</p><p></p><p>One of the datasets originated from a Mexican company called Cultura Colectiva, and contained over 540 million Facebook user records. The other belonged to an app called At The Pool, and contained plain-text passwords for over 22,000 users. It is unclear whether these passwords were for the At The Pool app or for Facebook accounts.</p><p></p><p>Importantly, although the data originated on Facebook and was stored on Amazon’s servers, neither Facebook nor Amazon had any control or ownership over the data itself. This is because the data was independently ‘created’ by the third-party companies, who tracked and collected the data, and stored (for a fee) on Amazon’s servers via Amazon Web Services.</p><p></p><p><strong>Impact on businesses and law firms:</strong></p><p></p><p>Data leaks and privacy infringements have become seemingly commonplace for Facebook. Just three weeks ago, Facebook came under fire for admitting that during a routine internal review, it discovered that it had accidentally stored millions of users’ passwords in a readable format. As for market reaction, Facebook’s shares fell about 1.4% on Thursday after UpGuard published its findings.</p><p></p><p>Authorities all around the world are grappling with the implications that digital data has for all manner of laws such as competition, copyright and personal privacy. In February, the German Federal Cartel Office ruled that Facebook had breached competition rules by collecting user data without their consent to provide targeted advertisements, disadvantaging smaller advertising platforms. US authorities are now conducting criminal investigations into Facebook and its data sharing agreements with other companies, in response to the Cambridge Analytica scandal. Two weeks ago, the EU Parliament approved the text of the new EU Copyright Directive, which holds internet platforms like YouTube directly responsible for copyright infringements (such as using a copyrighted song without consent) which occur on their platforms.</p><p></p><p>For law firms, last Thursday’s revelation serves as yet another reminder of the importance of data, and data privacy, in the new digital era. Law firms are likely to remain busy with data protection related work, such as advising on compliance with regulations, arranging data transfers between companies and across countries, and updating clients as the regulatory landscape continues to evolve.</p></blockquote><p></p>
[QUOTE="Bugsy Malone, post: 10782, member: 201"] [B][COLOR=#00b300]Hi everyone, [/COLOR][/B] [B][COLOR=#00b300]We are pleased to have a new writer starting this week [USER=1643]@Moni Owoade[/USER] [B]Commercial News Update - 10th April 2019[/B][/COLOR][/B] [B][COLOR=#00b300]The topics covered this we are:[/COLOR][/B] [COLOR=#00b300] [B]1. Facebook user data found on Amazon's cloud computing servers (by [USER=260]@Abstruser[/USER]);[/B] [B]2. The up coming Aramco bond deal (by [USER=1643]@Moni Owoade[/USER]);[/B] [B]3. The UK launches investigations into video game subscription plans (by [USER=201]@bugsy malone[/USER]).[/B][/COLOR] [B][U]1. Facebook user data found on Amazon's cloud computing servers (by [USER=260]@Abstruser[/USER])[/U][/B] [B]The story:[/B] Last Thursday, researchers at cybersecurity firm UpGuard found hundreds of millions of Facebook user information on Amazon’s cloud computing servers. The data, which was publicly available on Amazon’s servers, belonged to two datasets originating from two third-party Facebook app companies. One of the datasets originated from a Mexican company called Cultura Colectiva, and contained over 540 million Facebook user records. The other belonged to an app called At The Pool, and contained plain-text passwords for over 22,000 users. It is unclear whether these passwords were for the At The Pool app or for Facebook accounts. Importantly, although the data originated on Facebook and was stored on Amazon’s servers, neither Facebook nor Amazon had any control or ownership over the data itself. This is because the data was independently ‘created’ by the third-party companies, who tracked and collected the data, and stored (for a fee) on Amazon’s servers via Amazon Web Services. [B]Impact on businesses and law firms:[/B] Data leaks and privacy infringements have become seemingly commonplace for Facebook. Just three weeks ago, Facebook came under fire for admitting that during a routine internal review, it discovered that it had accidentally stored millions of users’ passwords in a readable format. As for market reaction, Facebook’s shares fell about 1.4% on Thursday after UpGuard published its findings. Authorities all around the world are grappling with the implications that digital data has for all manner of laws such as competition, copyright and personal privacy. In February, the German Federal Cartel Office ruled that Facebook had breached competition rules by collecting user data without their consent to provide targeted advertisements, disadvantaging smaller advertising platforms. US authorities are now conducting criminal investigations into Facebook and its data sharing agreements with other companies, in response to the Cambridge Analytica scandal. Two weeks ago, the EU Parliament approved the text of the new EU Copyright Directive, which holds internet platforms like YouTube directly responsible for copyright infringements (such as using a copyrighted song without consent) which occur on their platforms. For law firms, last Thursday’s revelation serves as yet another reminder of the importance of data, and data privacy, in the new digital era. Law firms are likely to remain busy with data protection related work, such as advising on compliance with regulations, arranging data transfers between companies and across countries, and updating clients as the regulatory landscape continues to evolve. [/QUOTE]
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