The future of regulatory compliance is under scrutiny as President-elect Donald Trump’s administration continues the transition process. Also in recent GRC news: Hackers demanded ransom after disabling San Francisco’s transportation system, ‘dronejacking’ could become the next security issue and Facebook hits another EU privacy roadblock in its quest to use WhatsApp’s data.
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The future of compliance under President Trump
President-elect Donald Trump has said he will dismantle Dodd Frank and stated that 70% of federal regulations are unnecessary, leaving some to wonder what the future of regulatory compliance will look like.
Roy Snell, chief executive of the Society of Corporate Compliance and Ethics, told the Wall Street Journal that compliance will be fine for the next four years because enforcement remains a, “for profit industry.”
Governance and compliance attorney Scott Killingsworth of Bryan Crave LLP shared similar views with Snell, telling the Journal that, “Compliance is still going to be much less expensive than misconduct.” Killingsworth added that compliance will remain an important role in business moving forward, no matter the reduction in regulatory enforcement.
San Francisco transportation system hacked
The San Francisco Municipal Transportation Agency recently fell victim to a ransomware attack on its light rail system. The hackers managed to disrupt some of the transportation agency’s internal computer systems, including email, Forbes reported.
The hackers reportedly demanded payment of 100 Bitcoins, equal to $70,000, in exchange for removing the ransomware from the transportation agency’s systems. The systems were down briefly and resumed full operations later in the same day of the attack. A spokesperson for the transportation agency said that the attack did not have much of an effect on service, telling Forbes that, “There has been no impact to transit service, to our safety systems or to our customers’ personal information.”
‘Dronejacking’: The next big cybersecurity threat?
Consumer drone sales have been growing at an incredible pace, with sales projected to reach $12 billion in 2021 after reaching over $8 billion last year, according to Business Insider. Growing alongside the increasing sales numbers are threats of exploitation and hijacking that could potentially turn drones into tools for espionage or terrorism.
Drones have a high potential for exploitation because they often use unencrypted means of communication and contain, “many open ports,” Intel Security cybersecurity and privacy director Bruce Snell told International Business Times.
Drone exploits, once discovered, may also be put up for sale on the Dark Web. “Once these toolkits start making the rounds, it is just a matter of time before we see stories of hijacked drones showing up in the evening news,” Snell told IB Times.
Facebook hits roadblock in WhatsApp plans
In its quest to access users’ WhatsApp data, Facebook has hit another roadblock in the EU as it will face additional action over using WhatsApp’s data for its own advertising purposes, Bloomberg Technology reported.