Obama will press China on hacking, Data analytics drive innovation at Treasury and more

By Ryan Kamauff

Here are the top cyber news and stories of the day.

• Commission wants to turn tables on IP thieves by crippling PCs with extortion-style lock-outs – “Buried in a 100-page report issued last week by the Commission on the Theft of American Intellectual Property was a recommendation to copy a tactic cyber scammers use to extort money from innocent victims.” This would provide an immediate response to IP thieves. They could reach back into the attackers’ computers and gain access or knowledge, aiding in attribution. That said, the legal ramifications of such actions will be serious. Via ComputerWorld, more here.
• Obama will press China on hacking – “President Obama will raise the issue of cybersecurity with President Xi Jinping during a U.S.-Sino meeting next week in California that follows a series of Chinese attacks on the U.S. that have raised tensions between the two countries.” Whether or not the Chinese government “officially” knows about national hacks on US property, it ought to be an embarrassment that they are unable to contain these attacks (or execute them under shadow of darkness). The US cannot afford to let our IP go, and needs to confront this problem both from a technical standpoint as well as a diplomatic standpoint. Via the Hill, more here.
• Pentagon cyber leak reveals contractor tensions – The recent Chinese attacks are now being used by DoD officials as evidence of the need for better cyber commitment from contractors and congress. It will be interesting to see the role these attacks play when the new defense spending bill is outlined in the next few weeks. Via Politico, more here.
• Data analytics drive innovation at Treasury – “Last week, Nani Coloretti, Treasury Department’s assistant secretary for management, shared how her department is using data analytics to improve business operations and processes, cutting costs and increasing efficiency.” Apparently the treasury department has been able to save the taxpayer $50M last year by better forecasting coin demand and limiting production as a result. Via FedScoop, more here.
• Liberty Reserve Founder Indicted on $6 Billion Money-Laundering Charges – “The founder of digital currency system Liberty Reserve has been indicted in the United States along with six other people in a $6 billion money-laundering scheme, in what authorities are calling the largest international money-laundering case ever prosecuted, according to documents unsealed today.” The Liberty reserved had 1M users and processed 12M transactions a year. It was used as a money laundering service by criminal elements across the globe. It is estimated over $6B was laundered through the service. Via Wired, more here.
• Chromium browser gets new reset options for easier recovery from malware – “A future version of Google Chrome may make it a cinch to clean up messy settings cast into chaos by malware (or your own misguided hands).” New settings in Chromium (the browser that is the source for Google Chrome), would enable completely resetting to a default factory state. Via ComputerWorld, more here.

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