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World’s Biggest Internet & Telecom Giants Are failing at Protecting Users’ Digital Rights

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 Google has the highest score. Facebook, not so much. Overall, there are no winners. Users are still the losers.

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An independent ranking chart pitting the world’s biggest internet and telecommunications giants to look at corporate practices and measures used for protecting the freedom of expression and privacy among millions of users revealed Google to rank the highest. Facebook figures way behind.

The scale is a part of ‘The Ranking Digital Rights 2015 Corporate Accountability Index’ overseen by non-profit Ranking Digital Rights, wherein a number of indicators were accounted for to ultimately provide an aggregate score of the world’s foremost internet and telecom companies’ privacy policies and practices.

Accountability Index

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A total of 31 indicators rooted in three categories including privacy, freedom of expression and commitment were assessed. Guidelines for the three categories were borrowed heavily from existing international human rights frameworks.

Right away, the report reveals a damning claim:

We found that many of the world’s most powerful internet and telecommunications companies fail to disclose key information about practices affecting users’ rights.

Quite simply, the index shows user privacy isn’t at the top of the priority list for most tech giants, if at all any.GoogleHQ

Eight of the top publicly listed companies each in the telecom industry and the internet space to a total of 16 were chosen for the index.

Citing the need for substantial improvement, only six companies of the sixteen scored at least 50 percent with Google being the overall highest at 65.

Half the companies in the list scored less than 25 percent to show “a serious deficit of respect for users’ freedom of expression and privacy.”

The director of Ranking Digital Rights, Rebecca MacKinnon said:

When we put the rankings in perspective, it’s clear there are no winners.

Few Key Insights from the Rankings:

  • Microsoft ranked the best among the commitment indicator for its openly disclosed commitments to users’ digital rights and subsequent measures to implement those commitments.
  • Facebook’s lack of disclosures and poor policies with recent acquisitions Instagram and Whatsapp and its own privacy disclosures are lagging behind every other company in the index.
  • Google’s business model wherein customized data is sold to advertisers in a round-about way restricts the search giant from gaining better numbers, despite it being first among all companies ranked.
  • Overall, disclosures relating to collection, sharing, usage and retention of user information are poorly done by most companies and are ambiguous at best.

While the scores of individual companies may be deemed arbitrary, it shows an insightful glimpse into where the world’s foremost internet and communications companies — those who service billions of users globally — are succeeding and failing in their practices and policies.

It isn’t all gloomy, however, as the report highlights every company in the index to, at the very least, have policies in place to safeguard users’ digital rights. Furthermore, companies are also becoming more transparent in revealing information about government requests to look into users’ information, deny services or censor content.

The entire index with detailed insights into all 16 companies ranked across various parameters can be found here.

Ranking Digital Rights is a non-profit research initiative based in Washington D.C. and collaborates with an international network of partners to improve freedom of expression and privacy by focusing on policies and practices of companies, predominantly in the information technology sector.

Images from Shutterstock & Digital Rights Group.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Samburaj is the contributing editor at Hacked and keeps tabs on science, technology and cyber security.




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Three Hours After Re-Launch, BitGrail Shuts Down Again

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Embattled digital currency exchange BitGrail has reportedly suspended operations a mere three hours after re-launching, a move that could signal the death knell for the controversial trading platform.

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BitGrail Shuts Down After Court Order

The Italian exchange received an order from the Court of Florence on Tuesday to cease operations immediately. BitGrail was open for all of three hours before the order was handed down. All cryptocurrencies that were previously supported on the exchange were available for trade with the notable exception of Nano XRB.

On Wednesday, BitGrail issued the following statement:

“This morning, following the re-opening, we were notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts, about the precautionary suspension request made by the Bonelli law office on behalf of a client.”

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A final decision by the court is scheduled for May 16 2018.

Embroiled in Controversy

The Italian exchange has been mired in controversy after 17 million Nano XRB tokens went missing in February. At the time, the total value of the theft was $170 million.

At the time, BitGrail said the shortfall was caused by “unauthorized transactions,” but didn’t indicate exactly when the hack took place.

A Twitter user by the name of “Francesco the Bomber,” who apparently runs the exchange, later confirmed that the funds were stolen and that the exchange didn’t have the capital to repay its customers. However, developers who used to work with Francesco claimed that the exchange was solvent long before the attack took place. This fact was concealed by BitGrail for as long as possible.

For its part, Nano XRB managed to recovery in the wake of the attacks, with prices reaching a high near $17 in early March. The cryptocurrency has nearly doubled in value over the last three weeks as part of a broader upward correction in the market.

The Nano Foundation has established a fund to assist BitGrail users affected by the attack. The Foundation says it will match donations to the fund for up to $1 million.

BitGrail was the second largest attack of a digital currency exchange this year. In January, cyber criminals made off with around $530 million worth of NEM tokens following an attack on Coincheck, a Japanese exchange.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 418 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Facebook Stock Has Best Day in Two Years as Zuckerberg Testifies

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Shares of Facebook Inc. (FB) gained on Tuesday, as CEO Mark Zuckerberg testified before U.S. lawmakers over allegations of data misuse.

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Zuckerberg Gets Likes

Mark Zuckerberg apologized and defended his company on Tuesday as he appeared before a joint U.S. Senate committee hearing. “It was my mistake, and I’m sorry,” the 33-year-old CEO said when questioned about Facebook’s misuse of user data.

Lawmakers grilled Zuckerberg on issues ranging from Facebook’s Cambridge Analytica scandal to its failure in addressing provocative messages during the most recent Myanmar crisis. He took it all in stride, appearing confident and poised throughout the question-and-answer period (at least, that’s what professional PR experts quoted by Bloomberg had to say).

Zuckerberg took full responsibility not just for Cambridge Analytica, but for Facebook’s negligence in safeguarding consumer data. That said, Republican Senator from Iowa Chick Grassley sent a strong signal that new regulations are on the way.

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“The status quo no longer works,” said Grassley, who chairs the Judiciary Committee. “Congress must determine if and how we need to strengthen privacy standards to ensure transparency and understanding for the billions of consumers who utilize these products.”

Wall Street Responds

The testimony resonated with Wall Street, as investors scooped up shares of the battered social media company. Facebook shares added 4.5%, their best in two years. By comparison, the S&P 500 Index gained 1.7% on Tuesday and the index’s technology component rose 2.5%.

The stock surge grew Zuckerberg’s personal fortune by $2.8 billion to $66 billion, according to Forbes. That makes him the world’s seventh richest person.

Despite the gain, FB is down almost 15% from its all-time high and its current price point lags behind the 50-day and 200-day moving averages. An RSI of 48 also signals weak underlying momentum for the social media stock.

Facebook’s Declining Usage

Facebook experienced a public backlash last month amid reports that a political research firm had scraped data on 87 million people. The revelation sparked a growing debate over Facebook’s privacy standards at a time when the company was battling a noticeable decline in usage.

The social media platform declined by roughly 50 million hours per day in the fourth quarter, or 5% overall. Meanwhile, independent research from a company named Edison found a steady drop in usage among Americans aged 12 and up.

While Zuckerberg has tried to spin the decline as a good thing, it’s apparent that the platform is experiencing fewer meaningful interactions, which partially explains recent efforts to transform the News Feed.

It remains to be seen how much damage the declines will do to top and bottom line results. Facebook is expected to report its quarterly earnings report Apr. 25. Analysts are expecting per-share earnings of $1.37 for the quarter, up from $1.04 the same time a year ago.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 418 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Facebook Admits It Has Failed to Protect User Privacy

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In the wake of the Cambridge Analytica scandal, Facebook has had to come clean about its privacy standards. The company recently admitted that the data on most of its 2 billion users could be compromised by malicious actors, a strong sign that the social media giant is not only misusing consumer data, but failing to protect it.

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Data on the Loose

Facebook recently announced that it has removed a feature that allows users to search for people using email addresses or phone numbers. The feature, which accounts for 7% of all searches in some regions, is being discontinued over fears that malicious users were using it to “scrape” profiles.

Mike Shcroepfer, the company’s chief technology officer, issued the following statement on Wednesday:

“Given the scale and sophistication of the activity we’ve seen, we believe most people on Facebook could have had their public profile scraped in this way. So we have now disabled this feature. We’re also making changes to account recovery to reduce the risk of scraping as well.”

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CEO Mark Zuckerberg told reporters that it was “reasonable to expect” that your information may have been accessed in this way.

The Cambridge Analytica scandal, which surfaced last month, blew the lid wide open on Facebook’s privacy standards. Since 2014, Cambridge Analytica legally obtained information on as many as 87 million Facebook users for the purpose of influencing elections. In the wake of the scandal, Zuckerberg is being summoned by U.S. Congress to testify before the House Energy and Commerce Committee, currently scheduled for Apr. 11. The CEO has acknowledged that his company made mistakes, but this has largely failed to resonate with Facebook’s growing list of critics.

Facebook Tanks

Many say that Facebook has suffered irreversible damage since the scandal was brought to light. Faced with declining usage, severed business ties and a severe backlash from the public, Facebook shares have tanked more than 16% over the last three weeks.

Prices have fallen below the 50-day and 200-day simple moving averages, with the short-term average converging on the longer one. An RSI in the low-30s makes a strong case for Facebook’s bearish downturn, although current levels indicate that an oversold bounce is likely.

FB’s share price shed another 0.7% on Wednesday even as the major indexes gained. The S&P 500’s information technology index rose 1.4%, capping off a solid recovery for the market.

Along with the other so-called FAANG stocks, Facebook has been largely responsible for the recent tech rollover and subsequent turbulence on Wall Street. Facebook, Apple, Amazon, Netflix and Google parent Alphabet lost a combined $324 billion in market cap between Mar. 12 and Apr. 2.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 418 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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