Tech

How Twitter was shaken by the allegations of a whistleblower

In the days since it was first reported that former Twitter head of security Peiter “Mudge” Zatko had filed an explosive whistleblower disclosure, the company has had to confront renewed scrutiny from lawmakers, a dip in its stock price and added uncertainty in its high-stakes legal battle with billionaire Elon Musk.

New York (CNN Business). Since Peiter “Mudge”, the former Twitter security head, has filed an explosive whistleblower disclosure. The company has faced renewed scrutiny from lawmakers, a drop in its stock price, and uncertainty in its high-stakes legal fight with Elon Musk. Zatko claimed that the company had serious security and privacy issues that could pose a risk to investors, users, and the US national security. He also claimed that Twitter executives had misled regulators and the company’s board about its weaknesses. Next month, a Twitter whistleblower will testify at a Senate Judiciary hearing. Twitter (TWTR), which has criticized Zatko, has broadly defended itself against these allegations, saying that the disclosure paints an “false narrative” about the company and is “riddled inconsistencies or inaccuracies.” In January, Zatko was fired by Twitter for what a spokesperson claimed was “ineffective leadership” and poor performance. The slew if sharp reactions to Zatko’s disclosure by lawmakers, regulators, cybersecurity industry experts, and Musk’s attorneys raises the possibility that the claims could have serious and long-lasting consequences for the social media company. It comes at a time when Twitter is already struggling with uncertainty among its shareholders, employees, and advertisers due to its pending deal for Musk. The disclosure, which includes supporting exhibits and totals around 200 pages in length, was sent last month by the US government to several congressional committees and agencies, including the Securities and Exchange Commission and the Federal Trade Commission. CNN obtained a copy from a top Democratic aide on Capitol Hill. FTC, DOJ, and SEC declined to comment. Read MoreTwitter shares fell 7.7% Tuesday after the disclosure. The stock of the company was already in decline due to Musk’s attempt at renegotiating his $44 billion deal to acquire it. It is now trading at less than half of its February high of $80. Here’s a look at what happened in the immediate aftermath to the disclosure. Lawmakers and regulators began asking questions Wednesday, the day following the disclosure was first reported on CNN and The Washington Post. The Senate Judiciary Committee announced that it would hold a hearing with Zatko regarding his claims of security breaches and misleading statements made by Twitter executives. The hearing is scheduled for September 13, the same day that Twitter shareholders will vote on whether or not to approve Musk’s $44 million takeover deal. How Twitter security affects your security “Mr. Zatko’s allegations of widespread security problems and foreign actor interference at Twitter raise grave concerns,” said Sens. The committee’s chair and ranking Republican are Chuck Grassley and Dick Durbin. “If these claims are true, they could pose security and data privacy risks for Twitter users all over the world. Other US lawmakers also commented on the matter. According to Rachel Cohen, spokesperson for the Senate Intelligence Committee (which received a copy) the committee is taking the disclosure seriously. It is planning a meeting to discuss these allegations. Sen. Richard Blumenthal is the Senate subcommittee chairman on consumer protection. He sent a letter Tuesday to the FTC asking for an investigation into the claims and imposing fines and individual liability on Twitter executives if they are found to be responsible for security breaches. On Wednesday, Sen. Ron Wyden renewed his call for Twitter to secure its users’ direct messages against prying eyes using secure, end-to–end encryption. On Thursday, members of the US House Committee on Homeland Security sent Parag Agrawal a note requesting that he address Zatko’s allegations and explain Twitter’s readiness for the 2022 midterm elections. The Irish Data Protection Commission, Twitter’s European main regulator, has also stated that it is seeking information about the company in light these allegations. Implications for Twitter-Musk TrialThe whistleblower’s disclosure could have significant implications for Twitter’s fight against Musk over their acquisition agreement. The Tesla CEO has been unusually quiet since the news broke. Musk tweeted a meme about Jiminy Cricket (Pinocchio’s conscience in the Disney classic). He also included the words “give me a whistle” and a screenshot from a Washington Post article discussing Twitter’s method for measuring spambots. This latter issue is central to Musk’s attempts to end the deal. (Twitter has stated that it stands by the publicly reported measurements. However, Musk has accused Musk of using bots to get out of a deal that he now regrets. Musk lawyers bring up Twitter whistleblower during court hearing on acquisition deal. Musk has not spoken much about Zatko but his lawyers clearly have an interest in the former head of security at Twitter. CNN’s Alex Spiro, Musk lawyer, said Tuesday that Zatko had been subpoenaed by his legal team before the news broke. Spiro repeatedly mentioned Zatko during a Wednesday court hearing. This was an indication of how Musk’s legal team might use the new allegations. Spiro suggested that Musk’s team doesn’t trust Twitter’s estimates for spam accounts (mDAU) and monetizable daily users (mDAU), which is a key metric it provides investors. He said that Musk’s team is asking for information to verify the measurements. Spiro stated that they have an economic incentive not to lie. “There is a whistleblower complaint which has been filed publicly and it discusses the false information given.” The disclosure stated that Zatko claimed Twitter doesn’t have an accurate count on the number of spam and bot accounts it hosts and that there is little incentive for the company to count all of them. These allegations could be a boost for Musk’s claims. Musk’s lawyers may also try to seize on other claims in disclosure that are not related to bots, including allegations that Twitter misrepresented its privacy and security practices to regulators like the Federal Trade Commission and Securities and Exchange Commission. (Zatko stated to CNN that his disclosure was not related to the acquisition. He also said that he had no personal relationship with Musk. Twitter claims that bots are allowed on its platform, including good bots that tweet news alerts. However, its rules prohibit spamming and platform manipulation. According to Twitter, it regularly challenges, suspends, and removes accounts that are involved in spam or platform manipulation. It also typically removes more than one million spam accounts per day. CNN asked the company about the total number and total number of accounts on its platform. Reassurance to employeesTwitter executives have been publicly defending the allegations and trying to stop the fallout internally. CNN obtained an internal memo from Agrawal that Tuesday, in which he promised to challenge the disclosures and sought to reassure employees. He called the allegations “frustrating” and “confusing to read.” This topic was also brought up at a company-wide, regularly scheduled meeting at Twitter on Wednesday. Agrawal opened the meeting by denying Zatko’s claims. He said that a “false narrative”, which “is currently challenging the integrity of our company,” was created. A Twitter employee shared details of the call with CNN. Sean Edgett (Twitter’s general counsel) stated that the company had reached out to “various agencies around world” and regulators when it learned of the Zatko allegations. Twitter confirmed to CNN on Thursday that it would combine its teams to combat spam bots and toxic content in order to better fight bad actors. This was first reported by Reuters. A spokesperson did not respond directly to a question regarding whether the reorganization was related to the disclosure.

Tech

IBM misses first quarter revenue estimates; cuts growth forecast to 6%-8%

IBM, a US-based technology giant, announced on Thursday that its revenue for the first-quarter (Q1) 20 The revenue figures were lower than Wall Street’s estimates of $14.35billion, but the earnings per share (EPS IBM’s targets were met in the first quarter as both its software and consulting businesses grew by 6% and 8.2% Big Blue also reiterated their full-year forecast of free cash flow of $10.5 billion.

Cognizant Technology Solutions Corp cut its 2022 forecast in November due to a decline in contracts. IBM’s “We are heavily reliant on our teams, particularly our global innovation centers. Granger said that India has never been about labour arbitrage, but rather a talent play. IBM Consulting contributed to This segment was rebranded in 2021 from IBM Global Business Services prior to IBM’s separation with Kyndryl.

Analysts say that the offering is in direct competition with IT services giants Accenture and TCS when it comes to large Keep up with the latest technology and startup news.

Tech

Crypto firms scramble to find banking partners as willing lending partners dwindle

After the collapse of Silvergate Capital Corp., Signature Bank, and Silicon Valley Bank, U.S. regulators expressed concern about the safety and soundness business models of banks that are heavily focused on crypto clients. U.S. regulators also warned banks to be on the lookout for any liquidity risks posed by crypto-related deposits. These deposits could be subjected to rapid outflows if clients try to redeem their crypto-assets for real money. “Crypto- and Web3-start-ups tell us they cannot get a bank account for their business,” said Marcus Foster. He is the head of crypto policy at Coadec. Foster said that the issue has gotten “significantly worse” in recent months.

This has forced digital asset companies to look for smaller financial institutions located in remote corners of the global finance. Discover the stories that interest youBlockchain5 StoriesCyber safety7 StoriesFintech9 StoriesEcomm9 StoriesML8 StoriesEdtech6 StoriesA FV Bank spokesperson said the bank has seen a rise in inquiries in recent weeks despite not being insured by the Federal Deposit Insurance Corp. A spokesperson for Bank Frick in Liechtenstein said that it had also seen a “significant” increase in account requests, with the majority of inquiries coming from companies in Europe, Singapore, and Australia.

However, the bank is not purely focused on crypto and has a broadly diversified business model, the spokesperson said.Switzerland-based Arab Bank told Reuters in March it had seen an increase in U.S. firms, mostly crypto funds or those involved in crypto venture capital, seeking to open accounts, but that the bank was unlikely to accommodate all of them. While ZA Bank, a Hong Kong digital bank, reported that it had received four times as many enquiries from crypto firms after Silicon Valley Bank collapsed, it stated that it would only accept firms with a license to trade virtual assets. Nikki Johnstone is a partner with Allen and Overy in London.

She said that the “concentration risks” that come from a growing clientele seeking business from smaller firms are the “biggest challenges” of having fewer crypto banking options. She said that this increased expectation places more pressure on the firm to manage and monitor risks at a higher level. Cryptocurrency firms need banks to hold their customers’ dollar deposits, and to conduct day-to-day operations. “Of course, the motto of crypto says ‘we’re going to replace banks’. But first, we’re not there yet and I don’t think we’ll be there ever,” said Paolo Ardoino. He is the chief technology officer at Tether, which is the largest stablecoin in terms of market capitalisation.

Its reserves were previously the subject of investor scrutiny. ‘TOP TEN’ Several top banks have told Reuters they are turning away most crypto-related clients, while others say they only work with top-tier companies – policies they maintain are unchanged since their past positions. According to a source with knowledge of the situation, JPMorgan Chase does not accept any crypto-related clients anywhere in the globe, except for Coinbase which has revealed that it deposits its customers’ funds with the bank. This policy has been in place for a long time. Circle, the principal US Dollar Coin issuer, has a portion its reserves held by BNY Mellon.

A spokesperson for ING stated that the bank does “not target or focus actively on cryptocurrency firms” and therefore its exposure is “very low.” Allen and Overy’s Johnstone, a lawyer with the firm, said that banks are often cautious because of the increased money-laundering risks in the crypto sector and the lack of robust crypto regulations. Circle, the principal USD Coin issuer, holds a portion its reserves at Customers Bank. Gemini, on the other hand, says it holds reserves for its stablecoins at State Street Bank and Goldman Sachs. Coinbase has revealed that it deposits funds for its customers at Cross River Bank, in addition to JPMorgan Chase.

Ricardo Mico is the U.S. CEO at Banxa. Banxa provides payment and compliance infrastructure for crypto. “There is a concern over the lack of banking partners in the market, especially for smaller and less-proven enterprises,” he said. (Reporting from Elizabeth Howcroft in London, Hannah Lang in Washington, with additional reporting by Mehnaz Yassin and Georgina Le; editing by ElisaMartinuzzi and Sharon Singleton.) Stay on top of the latest technology and startup news.

Tech

National Quantum Mission to be funded at Rs 6K crore by the Centre

The mission will have an outlay of Rs 6,003,65 crore from 2023-24 to 2030-31 and will make India the sixth country with a dedicated quantum mission after the US, Austria, Finland, France and China, science and technology ministerJitendra Singhtold reporters in New Delhi. Science and Technology MinisterJitendra Singh told reporters in New Delhi that the mission will have an outlay of approximately Rs 6,003,65 crore between 2023-24 and 2030-31. This will make India the sixth nation to have a quantum mission, after the US and Austria.

The National Quantum Mission, approved by the Union Cabinet under the leadership of Prime Minister Narendra Modi will accelerate quantum-technology-led economic growth in India and nurture the ecosystem. Singh joked that the NQM will give India a quantum leap in this area. CP Gurnani, CEO ofTechMahindratweeted, “A welcome move! The National Quantum Mission is expected to accelerate India’s tech progress, increasing India’s credibility and ability in quantum computing. @tech_mahindra We are deeply invested in Quantum and it’s encouraging that the government is putting so much focus on this technology.

“Singh said that the mission will develop magnetometers and atomic clocks for precise timing, communication and navigation. The deep ocean mission, Space, drones, and remote sensing policies, supercomputing, cyber-physical missions, the Thirty Meter Telescope and LIGO, as well as the impending NRF will advance fundamental research in the coming year. “Raman Research Institute in Bengaluru tweeted: “RRI is thrilled at the launch of National Quantum Mission. We look forward in continuing to work for the nation on pathbreaking quantum technology”. Urbasi Sinha, who heads the Quantum Information and Computing Laboratory (QuIC) at RRI, tweeted: “RRI is at the forefront of India’s quantum technology research.” I personally worked on the DPR, and am excited about the prospects it holds for me as a scientist, for the institute, and for the nation.

The mission can bring the technology development eco-system in the country up to a global competitive level. The mission will benefit the communication, health, financial, energy, drug design, and other space applications. It will also provide a boost to National Priorities like Digital India. Make in India. Skill India. Stand-up India. Self-reliant India. “We know that quantum keys that use quantum principles are secure and can withstand attacks from hackers. There needs to be fundamental changes at the network level, for infrastructure and hardware devices which generate these keys. He said that this is an area that must be investigated for defence-based installation.

Quantum machine learning can be used for satellite placements – with the increasing debris and satellites orbiting Earth, quantum optimization techniques are helpful in satellite placements – and weather analysis. He said that precise quantum hardware could be used to detect earthquakes and other geological phenomena. Malhotra, who spoke about quantum education, said that in order to make India a hub for quantum, it is important to focus on improving and imparting education at all levels.

Tech

PlanSource Celebrates its continued growth in India

PlanSource, the leading provider of US employee benefit technology, shared exciting updates on their plans for 2023, as well as recent recognitions regarding their operations in India. PlanSource has offices in several cities in the United States, as well as in Bengaluru in India. The India operations deliver an exceptional customer experience by scaling processes and providing coverage around the clock. PlanSource’s rapid expansion, increased product investment and market momentum led to more than 750 employer groups choosing PlanSource in 2022 as their benefits engagement platform.

The company now has more than 4,000 clients, five million employees and eight million users. PlanSource has grown rapidly under the leadership of Tom Signorello. This includes: A plus 47 NPS score for customers, and up-time metrics and call center metrics that exceeded SLAs. Launching new products, including ‘The Source,’ an employee engagement tool that increases benefit usage, improves the overall employee experience, and puts everything employees need in one convenient place, their mobile device.

PlanSource is expanding its industry-leading integrations portfolio by adding new HCM partners, such as Paylocity and SAP, carrier integrations like Aetna and a partner marketplace with 80+ valuable add-ons. Our values are based on implementing measurable ESG and DEI initiatives to create a sustainable future, a healthier planet and inclusive community. Establishing a Women in Tech and Leaders program globally PlanSource launched its Bengaluru operations in 2020.

The India office has made a significant contribution to product development and customer support. PlanSource, founded in 2008, employs 800 employees with more than 200 based in India. Tom Signorello said during his recent trip to India that “it is an exciting time for the benefits technology industry, as automation creates increased efficiency and the opportunity for a better end-user experience.” PlanSource is well positioned to continue to lead the industry, and we remain committed in furthering our mission to deliver the best customer experience. PlanSource encourages employees to be innovative and open. This can be done at many levels.

Process innovation extends beyond development to include Marketing, Sales and Operations, Finance and Human Resources. I am therefore excited by the contributions of India operations in developing industry leading products. Our India-based leadership team and talent contributed significantly to the launch of IQ decision support, which gives our customers measurable ROI (8x-12x). Recently, our India team developed Chatbot and Personalized Communication capabilities. I am excited to see these launched this week.

In our India operations, we have created a culture that is outstanding and focuses on diversity/inclusion. In 2023, we were awarded the “Great Place to Work” certification in India. Vista Private Equity recognized our India Center of Excellence for being the best CoE among their 70+ portfolio companies. We plan to continue to grow and look forward to the continued contributions from our India operation.” PlanSource is a trademark of PlanSource, Inc., as well as other trademarks owned by PlanSource.

Tech

Elon Musk announces he will launch a rival to Microsoft’s ChatGPT

Billionaire Elon Musksaid on Monday he will launch an artificial intelligence (AI) platform that he calls “TruthGPT” to challenge the offerings fromMicrosoftandGoogle. He criticised Microsoft-backed OpenAI, the firm behind chatbot sensation ChatGPT, of “training the AI to lie” and said OpenAI has now become a “closed source”, “for-profit” organisation “closely allied with Microsoft”.

He also accused Larry Page, co-founder of Google, of not taking AI safety seriously. Musk said, “I’m starting something that I call ‘TruthGPT,’ or a maximum truth seeking AI that tries understand the nature of universe,” in an interview aired Monday on Fox News Channel. He said TruthGPT was “likely the best path to security” and would not “annihilate human beings”. It’s just starting late. Musk registered a Nevada-based company named X.AI Corp last month, according to a filing with the state. Musk was listed as the sole director, and Jared Birchall as the managing director of Musk’s family office as secretary.

‘Civilizational devastation’ The move came after Musk and a team of artificial intelligence experts, including industry executives, called for a 6-month pause on developing systems that are more powerful than OpenAI GPT-4. They cited potential risks to the society. Musk reiterated his AI warnings during the interview with Carlson. According to the excerpts, “AI is more harmful than, for example, mismanaged airplane design, production maintenance, or bad car production.” “It could lead to civilizational destruction,” Musk said. He said that an AI super intelligent could write extremely well and manipulate public opinion. Musk co-founded OpenAI back in 2015.

He stepped down from its board in 2018. In 2019, Musk tweeted that he was leaving OpenAI to focus on Tesla, SpaceX and other projects. He also tweeted that he left OpenAI because he had to focus on Tesla and SpaceX. Musk, CEO of Tesla, SpaceX and Twitter, has become CEO of Twitter. He bought the social media platform for $44 billion in 2013. Musk told Fox News that he valued Twitter recently at “less than 50%” of its acquisition price.

Microsoft Corp announced in January that it would invest a further multi-billion dollars in OpenAI. This investment will intensify the competition with Google and fuel the race for AI funding in Silicon Valley.