Henry Kenyon

Big data poses big problems for banks, experts say
Risks to security and privacy cited as products and services develop rapidly

The financial services industry’s use of big data and data aggregation tools has the potential to benefit millions of consumers but also could disproportionately affect the privacy and security of vulnerable populations.

That’s the take of experts who testified to the House Financial Services Committee’s Task Force on Financial Technology last month, hoping to convince lawmakers that more attention is needed on the issue.

Privacy ‘poisoning’ poses threat to companies using blockchain
Public blockchains face a one-two punch, with data privacy laws another factor

A new type of cyberattack that can render blockchain technology unusable may become a major headache for organizations that depend on it.

Known as privacy “poisoning,” the attack involves loading private data, such as names, addresses and credit card numbers, or illegal material, such as child pornography, into a blockchain, therefore putting the network in conflict with local laws. The result is that the affected chain with all of its contained data cannot be used unless expensive and time-consuming steps are taken.