Steven Minsky's Blog – April 2018 Archive (5)

The See-Through Economy: New Technology and Risk Management

Year over year, scandals like Wells Fargo, Equifax, Chipotle and so many others have dominated news headlines as they wreak havoc on consumers, investors, and awaken industry and government regulators. What is driving this trend?

Consumers have entrusted corporations with increasing involvement and influence in their lives through the decades. In 2014, for example, the Supreme Court ruled that corporations have some of the rights and responsibilities as natural persons. In other…

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Added by Steven Minsky on April 26, 2018 at 4:56pm — No Comments

Wells Fargo’s Failures in Risk Management Cost $1 Billion Settlement

Wells Fargo has suffered the consequences of repeat scandals since 2016. This week, the bank agreed to a $1 billion settlement with federal regulators who have cited their lack of effective risk management practices as the root cause of their woes.

This settlement with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency would be…

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Added by Steven Minsky on April 23, 2018 at 7:48pm — No Comments

Hudson's Bay Data Breach Confirms the Need for Enterprise Risk Management in the Retail Industry

On Sunday April 1, Retail group Hudson’s Bay disclosed that it was the victim of a security breach that compromised data on payment cards used at Saks Fifth Avenue and Lord & Taylor stores in North America.

As many as 5 million cards may have been compromised, which would make the breach one of the largest involving payment cards over the past…

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Added by Steven Minsky on April 9, 2018 at 5:11pm — No Comments

Orbitz Data Breach Signals Complacency: What You Didn’t Know About Cyber Breaches

Orbitz said hackers may have accessed 880,000 credit card numbers and possibly the names, dates of birth, phone numbers, and addresses of consumers who booked through the site in 2016 and 2017.

The Orbitz data breach pales in comparison to the…

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Added by Steven Minsky on April 4, 2018 at 7:32pm — No Comments

Under Armour Risk Management Failure: Data Breach Affects 150 Million MyFitnessPal App Users

On March 29, 2018, Under Armour announced that the data of over 150 million users of the MyFitnessPal diet and fitness app was exposed in February of this year.

User data included usernames, emails, and passwords. The company put a PR spin on the breach by disclosing that government-issued identifiers like Social…

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Added by Steven Minsky on April 2, 2018 at 4:46pm — No Comments

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