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Mar 19, 2019

Perspective | College admissions are corrupt because universities are. Here’s how to fix them.

By Viet Thanh Nguyen Viet Thanh Nguyen 



How the pursuit of money and status overtook the missions of knowledge and truth.


The Trojan Shrine at the University of Southern California is a symbol of its ideals. Can the school realize them? (Mario Anzuoni/Reuters)
The scandal around rich people buying college admissions for their underqualified children is disgusting and disheartening for everyone, but especially for those of us who teach and study at universities. My own University of Southern California is described as the “epicenter” of a crisis involving bribes in the hundreds of thousands of dollars. While it is tempting to say that the scandal involves only nefarious individuals, and that we can address the problem with a fine tuning of the bureaucracy, the problem is much deeper. There is an illness in higher education, and its name is corruption.
Corruption, in its most effective version, is an open secret — the “old boys’ club,” the “smoke-filled room” or the “network.” We accept that this is the way things are, until a brazenly illegal act of corruption exposes the status quo of legalized corruption. This is what has happened with the bribery scandal, which is only a symptom of an illness that has grown deeper and more pervasive over the past few decades in academia. Treating the symptom without understanding the illness will cure nothing.
Universities are noble enterprises built on the basis of the pursuit of truth and knowledge. But like all of our most noble enterprises, universities can be undermined by our own weaknesses, our susceptibility to temptation. In this case, the temptation comes from too much money and its attendant pathologies: greed, power, status and celebrity. I am proud to be a professor at USC, where the faculty and students are impressive, competitive and ambitious — and where the school has made efforts to work with the local community, providing admissions for neighborhood students and committing to socioeconomic diversity among its students. But USC is also close to Hollywood and the celebrity culture captured by one of the students, an Instagram “influencer” with 1.3 million followers, ensnared by the Varsity Blues scandal. (She had said online that she found school boring and looked forward only to the football games and the parties, suggesting that to her and other elite students, universities are merely finishing schools and vanity projects.)
And USC suffers from the same desire to climb the rankings as other schools, which drives it to raise billions in a fundraising arms race. The rankings also reward “selectivity,” which is why schools try to gain as many applicants as possible, knowing that they will reject most. No wonder parents are desperate enough about the admissions system to reach for various forms of corruption: coaching (expensive), bribery (even more expensive, and obviously illegal), and the ultimate power play, the massive donation (the priciest, the most visible, the most lauded and therefore the most acceptable form of corruption).
In this way, universities are no different from those of us who obsess over our personal rankings: How many Twitter followers we have, how many views on YouTube and, in this case, the prestige of our degrees. The mania about status is a marker of our new Gilded Age, one based on a star system. In this winner-take-all society, stars are overpaid and the rest are underpaid. Billionaires are the celebrities, the millionaires service the billionaires, the middle class shrinks and desperately tries to retain its status and the poor watch with ever increasing resentment at the spectacle of the rich rewarding the rich. The parents who bribed the coaches understand this and want every possible edge for their children. Even the parents who follow the official process increasingly think of themselves and their children as consumers.
Relegating the noble goals of knowledge and truth to a secondary status after the pursuit of money and consumption has led to the university’s corruption. Universities protest that they do believe in higher values. But who is naive enough to believe that a school cares more for these than for the football team, when the football coach is the highest-paid employee of the university (as is the case at Stanford, University of California at Los Angeles and the University of Texas at Austin, three of the universities involved in the admissions scandal)? Likewise, who believes that the billionaire donor who gives hundreds of millions to name a building or a school for himself really cares more for the educational mission than for his vanity?
This is why corruption in America’s university system cannot be addressed purely by reform (although that would be a start). The system is shaped by outside influences like celebrity, power, money and spectacular entertainment. So what can administrators, and all those whose lives intersect with higher education, do to meaningfully change their schools in the new Gilded Age? Here are a few paths:
First, acknowledge that the problem of corruption even exists. Adding more layers of bureaucracy with ethics and compliance officers is merely playing whack-a-mole. The patient will not be cured until the patient admits to the illness that can be treated. This extends from university presidents to boards of trustees to each and every one of us who benefits in some way from the corruption, including administrators, full-time faculty, alumni and students.
Second, increase transparency and expand democratic governance, because corruption grows in darkness and secrecy. This would mean reforming boards of trustees so that they are not composed purely of the corporate class of billionaires and millionaires. Including faculty, students, staff and community members as trustees would help to ensure that fiduciary and administrative responsibilities are more democratic. As for university management, faculty, staff and students are often sidelined in favor of a professional, nonacademic class of bureaucrats. But the excluded people are the heart of the university, and they need to serve on committees, have oversight responsibilities and help determine university policy and direction through empowered academic senates (at my alma mater, the University of California at Berkeley, undergraduates can serve on university administrative committees, and the UC system has a student regent on its Board of Regents). When faculty, staff and students aren’t allowed to serve, they feel powerless and have no incentive to do things like report on corruption and abuse.
Third, university presidents must take the lead in negotiating an arms treaty. Universities are held hostage by magazine and other rankings, which drives them to practices like artificially inflating the competitiveness of their admissions systems. Universities should uniformly refuse to participate. By giving the ranking systems information, universities aid in their own commodification.
Fourth, star donors should stop paying for gigantic edifices. Instead, they should donate their money to scholarships for students in need. This will have much more human impact, whereas everyone knows the edifices are, at their foundation, about ego and reputation.
Fifth, get big money out of college sports. The bribery scandal revolves around minor sports, but major sports like football and basketball have regularly led to various ethical collapses in the past few decades, like the protection of football and the legacy of Joe Paterno over the lives of children at Penn State, or the “epidemic of academic fraud” involving athletes at more than a dozen universities. Sports have a noble place at a school where the Greek ideal is to test both body and mind. But big money has corrupted bodies and minds, too, pressing unpaid players toward injury while denying them full access to an education. This is where alumni and students are implicated. Too many of them treat big money sports as a religion, enabling rot within the university. “That rot,” sportswriter Dave Zirin tells me, “is expressed most clearly in the taking in of billions of revenue for football and basketball while predominantly black athletes are left holding an empty bag.” The head coaches in the five major college athletic conferences earn more than their schools spend on all athletic scholarships combined.
Sixth, taxpayers should agree to be taxed enough to benefit education at all levels, including higher education. Overall state funding for public two- and four-year colleges in the 2017 school year was nearly $9 billion below its 2008 level, after adjusting for inflation. Public universities have had to increase tuition and pursue donors, leading to all the problems that elite private universities have. If taxpayers are upset at seeing the rich buy college seats, legally or illegally, they need to recognize that they have abdicated their collective responsibility by not demanding greater public support for a more equitable and just educational system. Falling public support for higher education is a cost that is transferred to students, who have reduced access to education, are burdened with greater debt loads and are increasingly taught by poorly paid adjunct (nonpermanent) faculty who make up more than 70 percent of college teachers.
Seventh, students and parents should stop seeing themselves as consumers and universities as brands with luxury amenities. Universities are spending enormous amounts of money on ever more spectacular dorms, restaurants, recreational centers and the like, responding to the marketplace of consumption. Students walk away with huge debts that have financed these luxuries, which have nothing to do with education. Universities should do their part and stop providing these luxuries, even at the cost of not attracting as many students. Parents and students who complain about rising university costs should know that they are complicit when they demand frills that have nothing to do with education.
Eighth, reduce costs and pass the benefits to students. Presidents, the managerial class and faculty stars are overpaid (I speak as one who has entered this stratum in the past couple of years). The accelerating costs of tuition are related to how universities have added layers of management and pursued expensive faculty. What if — allow me this fantasy — a university’s president, senior administrators and full professors agreed to a 10 percent cut in salary, all of which would go to fund scholarships for needy students? Perhaps such a powerful symbolic move by the most rewarded stratum in a university is unlikely in a capitalist marketplace. And yet we have the example of Gregory Fenves, who turned down a $1 million salary to become president of UT Austin, accepting $750,000 instead. That is still a great deal of money. But we live in a capitalist system where we value getting the most money we can, rather than being happy with enough money. That, too, is a kind of corruption we pass on to students, who are smart enough to watch what we do and not just listen to what we say. And we — the adults — have not done enough.
Finally, after admitting to corruption, university leadership should take the lead and do what the faculty have demanded for years: Commit universities, first and foremost, above money, reputation or ranking, to their noble mission, the light of which still remains, the pursuit of truth and knowledge. We cannot be resigned to less.

Europe Markets Closing Report: Autos stocks lead gains as European markets move higher; Danske Bank shares dive

Sam Meredith


European stocks were higher Tuesday morning, as investors monitored heightened Brexit uncertainty and awaited the Federal Reserve’s latest monetary policy meeting.
The pan-European Stoxx 600 closed up provisionally 0.62 percent higher during afternoon deals, with most sectors and major bourses in positive territory.

European Markets: FTSE, GDAXI, FCHI, IBEX

TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
FTSEFTSE 100FTSE7228.7343.300.60400254540
DAXDAXDAX11682.1194.640.8277626163
CACCACCAC5398.4348.650.9168027977
Europe’s autos stocks led the gains, up more than 2.4 percent after French daily Los Echos reported on Monday that the Peugeot family could favor Fiat Chrysler as a candidate for possible consolidation operations. Shares of Fiat Chrysler jumped more than 5 percent on the news. Faurecia, Porsche and Daimler were also firmly higher.
Looking at individual stocks, Denmark’s Danske Bank tumbled toward the bottom of the European benchmark on Tuesday. It comes after two U.S. law firms filed a lawsuit against the lender on behalf of institutional investors over a 200 billion euro ($227 billion) money laundering scandal. Shares of the Copenhagen-listed stock fell over 5.5 percent.
Meanwhile, Antofagasta rose to the top of the index after it announced a higher-than-expected dividend payout on Tuesday. The mining company also reported a drop in annual core earnings that was in line with analyst expectations. Shares of the London-listed stock gained more than 2.5 percent.
Brexit drama
Market focus is largely attuned to central bank expectations, with the Fed due to kick-off its two-day policy meeting later in the session.
With global economic growth appearing to slow, most market participants anticipate the U.S. central bank to strike a dovish tone on Tuesday. The Federal Reserve is also expected to lower its interest rate forecasts — or “dot plots” — to show little or no further tightening in 2019.
In Asia, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, was little changed from the previous session.
Back in Europe, fresh Brexit uncertainty dragged U.K. sterling higher then lower as it became clear that British Prime Minister Theresa May’s request for a Brexit extension may not be granted by the European Union.
May has failed to secure approval among U.K. lawmakers for her deal to leave the European Union.

Source: CNBC

Market Insider | Stocks making the biggest moves premarket: General Motors, Tesla, Netflix, Boeing & more

Peter Schacknow


Check out the companies making headlines before the bell:

Tesla — CEO Elon Musk has not sought pre-approval for any tweet related to the automaker since striking a settlement with the Securities and Exchange Commission (SEC), according to a filing by the commission with a judge. The SEC is seeking to hold Musk in contempt of court for alleged violation of the settlement agreement.
Netflix — CEO Reed Hastings said the video streaming service will not make its movies or TV shows available on the new video offering that Apple is expected to announce next week. Hastings said he prefers that customers view Netflix content on the company’s own service.
Boeing — Canadian officials are re-examining the approval the country gave to Boeing’s 737 MAX jets. Transport Minister Marc Garneau said that no action might be taken, but that the move was wise in light of the worldwide grounding of the aircraft following two fatal crashes in the past few months.
Revlon — Revlon said it found a “material weakness” in its financial reporting, although the cosmetics maker said it does not expect any changes to previously reported results. The company said the weakness relates to the implementation of a back end technology system.
Fox Corp. Class A, Fox Corp. Class B, 21st Century Fox Class A, and 21st Century Fox Class B — These stocks will begin trading today under new and reassigned ticker symbols and names, following the completion of Walt Disney’s purchase of Fox assets. Fox Corp. shares represent the TV and film studios, and 21st Century Fox represents Fox News and the broadcasting operation.
Booking Holdings — Booking Holdings was downgraded to “market perform” from “outperform” at Telsey Advisory Group, with Telsey pointing to increased competition for the parent of Priceline and other travel sites from the likes of Airbnb and Google.
Five Below — Five Below was upgraded to “buy” from “hold” at Loop Capital Markets, which thinks the discount retailer has improved its merchandising and execution within its stores.
Del Taco Restaurants — Del Taco reported adjusted quarterly profit of 18 cents per share, missing estimates by a penny a share. Revenue exceeded forecasts, however. The restaurant chain also gave a full-year earnings forecast of 47 cents to 52 cents per share on an adjusted basis, short of the consensus forecast of 57 cents a share.king a settlement with the Securities and Exchange Commission (SEC), according to a filing by the commission with a judge. The SEC is seeking to hold Musk in contempt of court for alleged violation of the settlement agreement.
Netflix — CEO Reed Hastings said the video streaming service will not make its movies or TV shows available on the new video offering that Apple is expected to announce next week. Hastings said he prefers that customers view Netflix content on the company’s own service.
Boeing — Canadian officials are re-examining the approval the country gave to Boeing’s 737 MAX jets. Transport Minister Marc Garneau said that no action might be taken, but that the move was wise in light of the worldwide grounding of the aircraft following two fatal crashes in the past few months.
Revlon — Revlon said it found a “material weakness” in its financial reporting, although the cosmetics maker said it does not expect any changes to previously reported results. The company said the weakness relates to the implementation of a back end technology system.
Fox Corp. Class A, Fox Corp. Class B, 21st Century Fox Class A, and 21st Century Fox Class B — These stocks will begin trading today under new and reassigned ticker symbols and names, following the completion of Walt Disney’s purchase of Fox assets. Fox Corp. shares represent the TV and film studios, and 21st Century Fox represents Fox News and the broadcasting operation.
Booking Holdings — Booking Holdings was downgraded to “market perform” from “outperform” at Telsey Advisory Group, with Telsey pointing to increased competition for the parent of Priceline and other travel sites from the likes of Airbnb and Google.
Five Below — Five Below was upgraded to “buy” from “hold” at Loop Capital Markets, which thinks the discount retailer has improved its merchandising and execution within its stores.
Del Taco Restaurants — Del Taco reported adjusted quarterly profit of 18 cents per share, missing estimates by a penny a share. Revenue exceeded forecasts, however. The restaurant chain also gave a full-year earnings forecast of 47 cents to 52 cents per share on an adjusted basis, short of the consensus forecast of 57 cents a share.

Source: CNBC

Released | The impact of monetary policy on gold

2 minutes



The upcoming Federal Reserve Open Markets Committee (FOMC) meeting on 20 March is expected to confirm market expectations that the Federal Reserve (Fed) will remain on hold for the rest of the year. This, in turn, will likely influence gold’s performance. Our historical analysis shows that when the Fed has shifted from a tightening to a neutral stance, gold prices have increased, even if this effect has not always been immediate. In our view, the combination of rangebound US interest rates, a slowdown in the appreciation of the US dollar and continued market risks will continue to make gold attractive to investors.

A shift in monetary policy expectations has influenced gold’s performance in recent months 

Contribution to gold returns from movements in the US dollar, changes in interest rates, and other factors*
*Based on a proprietary attribution model developed by the World Gold Council using the four drivers of gold described in Focus 1. “Other” include economic expansion, uncertainty, and momentum. For more details, see Goldhub.
Source: Bloomberg, World Gold Council.

7 Stocks That Can Lead as S&P 500 ROE Growth Peaks

By Shoshanna Delventhal Updated Mar 19, 2019



Stock investors now face a greater challenge in finding shares of companies with upside potential for return on equity (ROE) growth as S&P 500 ROE peaks. Moving forward, analysts at Goldman Sachs expect thinning profit margins, and the wearing off of the positive impact of the Trump administration's tax cuts, as resulting in flat ROE growth for the broad index in 2019. That being said, analysts indicate that there are still plenty of stocks with superior ROE growth in a position to outperform the market in the upcoming period.
Goldman has screened the market and created a sector-neutral basket of 50 stocks that it believes can continue to lead the market by posting the highest ROE growth over the next year.
"The basket has outperformed the S&P 500 by 5 pp YTD, consistent with other growth themes," wrote Goldman analysts in the firm’s U.S. Weekly Kickstart Report dated March 15. “The median stock in the list is expected to see ROE improve from 16% to 19% during the next 12 months,” read the report, noting that the basket outperforms especially well when growth is scarce.
This is Investopedia’s second of two stories on high-ROE stocks. (Read part one here.)
7 High-Return Stocks as ROE Peaks
(ROE Growth)
  • Ball Corp. (BLL); 25%
  • IQVIA Holdings Inc. (IQV); 17%
  • Fluor Corp. (FLR); 43%
  • DXC Technology (DXC); 43%
  • Cisco Systems Inc. (CSCO); 40%
  • Fidelity National Information Services (FIS); 31%
  • UDR Inc. (UDR); 39%
  • Median S&P 500 Company; -4%
Source: Goldman Weekly Kickstart Report, March 15, 2019

Limited Potential for ROE Growth in 2019

According to Goldman, ROE growth is peaking and getting leaner. ROE reached 18.6% in 2018, its highest level since 2000. While last year’s ROE growth was fueled by factors including Trump’s massive corporate tax cuts, which cut the effective tax rate from 22% in 2017 to 17% in 2018, Goldman is less optimistic about broader S&P 500 ROE gains this year. New threats to companies include forecasts for flat margin growth through 2020, with risks tilted to the downside, as well as heightened cost pressures. Goldman likes companies with high and stable gross margins, making them more likely to pass through higher input costs and outperform. The firm also notes that while investors punished companies with high leverage and borrow costs in 2018, it does not expect that trend to continue in 2019, thanks to the Fed’s more dovish stance.

Legacy Tech Titan Cisco

Networking giant Cisco has seen its shares gain 23.4% YTD, compared to the S&P 500’s 12.7% increase over the same period. ROE growth is at 40%, compared to the broader index at negative 4%.
The tech company’s earnings have been fueled by a successful transition away from legacy hardware businesses, towards high-growth industries like the Internet of Things (IoT), cybersecurity and software. The company has been on an acquisition spree as it doubles down on its restructuring. Its strong free cash flow has allowed the San Jose, Calif.-based company to return billions of dollars per quarter to shareholders in the form of dividends and share buybacks. After posting several consecutive quarters of revenue growth above expectations, guidance for the upcoming period has confirmed a continuation of this trend.

Looking Ahead

Despite positive drivers for the strong ROE stocks in Goldman’s basket, not all of the 50 stocks in the basket are doing well YTD, with analysts indicating that 72% outperforming. Given some stocks in the basket, such as TripAdvisor Inc. (TRIP) and Coca Cola Co. (KO), are lagging the broader market, investors should be sure to not pick these names blindly.

Analysis | The Cybersecurity 202: Government can’t fight cyber threats alone, DHS secretary says

By Joseph Marks



PowerPost Analysis
Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events

THE KEY

Department of Homeland Security Secretary Kirstjen Nielsen testifies before a House Homeland Security Committee hearing. Joshua Roberts/Reuters
The U.S. government can’t manage cybersecurity threats from Russia and China on its own and it needs private businesses to help, Homeland Security Secretary Kirstjen Nielsen said Monday.
She said industry should follow government’s lead in not building products with technology from companies that might pose cybersecurity risks, such as Russia's Kaspersky and China's Huawei. Companies should also alert DHS about digital vulnerabilities, including those that would allow hackers to compromise public safety or steal vast amounts of computing power.
And most importantly, businesses should actively strategize with DHS about how to collectively respond to cyberattacks before they happen, Nielsen said during her annual State of Homeland Security address.
That’s a stark contrast to the past few years when government has saved its most intense contacts with industry for after digital assaults -- not before one actually happens. 
“We’ve been through the ‘let’s partner.’ We’ve been through the ‘let’s share information,’ ” Nielsen said. “Now we need to operationalize those partnerships … to stand shoulder to shoulder and not just in response [to a cyberattack] … but on the front end.”
The picture Nielsen painted was of a far more active relationship between government and industry on cybersecurity threats than what exists today. But it’s a model government has been trying to build during the past year, including with a mammoth public-private effort to map and protect the nation’s most vital digital assets. 
Nielsen described the shift as moving beyond the “whole-of-government approach” to cybersecurity protections — the mantra top government officials have touted the past several years as they seek to coordinate among digital defenders, law enforcement, policy officials to combat cybersecurity threats.
“The idea that we can prevail with so-called ‘Whole of Government’ efforts is now an outdated concept. It’s not enough,” Nielsen said. “We need a ‘Whole of Society’ approach to overcome today’s threats.”
That society-wide effort is necessary, she said, because the threat posed by cyberattacks is greater than the threat of terrorism — and neither government nor industry is prepared to face the threat alone.
“Today, I am more worried about the ability of bad guys to hijack our networks than their ability to hijack our flights,” Nielsen said. “America is not prepared for this. Your average private citizen or company is no match against a nation-state such as China, Iran, North Korea or Russia. It is not a fair fight. And until now our government has done far too little to back them up.”
Government has increasingly contacted private companies in the past year to brief them on new digital threats — including a comprehensive webinar in February on the shifting tactics of Chinese hackers. And the U.S. will increasingly urge companies to cut ties with foreign companies suspected of spying on behalf of their governments -- even beyond China’s Huawei and the Russian anti-virus company Kaspersky.
“Our adversaries are using state-owned companies as a ‘forward-deployed’ force to attack us from within our supply chain,” she said. “So, we are working with industry partners to identify and delete these bugs and defects from our systems.”
DHS issued a directive in 2017 requiring federal agencies to remove Kaspersky from their computer networks. If the department determines that other companies pose a similar spying threat, it won’t hesitate to issue a similar directive banning them — and the department will also “do all we can to encourage the private sector to do the same,” Nielsen said.
Her ultimate message: This is an assault that touches every aspect of society and we’ll have to be unified in our response.
“It’s not just U.S. troops and government agents on the front lines anymore,” Nielsen said. “It’s U.S. companies … It’s ordinary Americans. Threat actors are mercilessly targeting everyone’s devices and networks. They are compromising, co-opting, and controlling them. And they are weaponizing our own innovation against us.”
You are reading The Cybersecurity 202, our must-read newsletter on cybersecurity policy news.
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PINGED, PATCHED, PWNED

Senate Democratic Leader Chuck Schumer (D-N.Y.) criticizes President Trump's budget proposals. (J. Scott Applewhite/AP)
PINGED: The Trump administration wants Congress to boost government-wide cybersecurity spending about 5 percent, from about $16.6 billion during the 2019 fiscal year to $17.4 billion during the 2020 fiscal year, according to a budget document released Monday.
The biggest boost would go to the Defense Department, which would see its funding surge 10 percent from about $8.7 billion to about $9.6 billion, while DHS funding would stay basically flat at $1.9 billion. The DHS division responsible for helping other government agencies and some industry sectors secure their computer networks would get a 3 percent boost to about $1 billion.
The budget request is just that — a request for how much money the administration would like congressional appropriators to give to particular priorities. Final funding numbers are usually far different after they’ve gone through the congressional appropriation process.
The budget request also includes $11.4 million for new cybersecurity positions at DHS, FCW’s Derek B. Johnson reports.
Here’s a full breakdown from Nextgov’s Jack Corrigan.

JPMorgan Chase CEO Jamie Dimon testifies before the Senate Banking Committee. (J. Scott Applewhite/AP)
PATCHED: The Israeli hacker who allegedly masterminded the 2014 hack of JP Morgan, which compromised data on more than 80 million bank customers, appears to be cooperating with U.S. law enforcement, Bloomberg News’s Helena Bedwell, Christian Berthelsen and Michael Riley reported.
Gery Shalon, who was extradited and charged with those crimes four years ago, could be sharing information related to the vast network of Russian hacking groups, Bloomberg reported.
“An Israeli citizen, [Shalon] allegedly teamed up with a Russian hacker who is now also in U.S. custody, raising the prospect that Shalon could provide U.S. prosecutors with a road map to Russian cyber crimes, how criminal hackers interact with that country’s intelligence services, or both,” the story notes.

The Pentagon. (AFP/Getty Images)
PWNED: Hackers defrauded defense contractors with security clearances and a university out of $150,000 through email scams last year, according to an FBI advisory to industry obtained by CyberScoop’s Sean Lyngaas.
The scammers “obtained fraudulent lines of credit to buy expensive technical equipment in the organizations’ names,” CyberScoop reported, and “spoofed email addresses of the target organizations, convincing suppliers to process payments with fake purchase orders and credit documents.”
The bureau did not name victims of the scam, which was aimed at stealing money, not classified or sensitive information, Cyberscoop reported. The scams took place in early 2018, the story says.
PUBLIC KEY
Cybersecurity news from the public sector:

U.S. officials have warned their Brazilian counterparts of their security concer...
Reuters

China dismissed U.S. security warnings against its telecoms equipment maker Huaw...
Reuters

The co-chair of the task force laid out five work streams that will steer larger efforts around securing the technology supply chain.
FCW

According to the latest-available data, the NSA in 2017 collected more than 530 million call detail records linked to 40 “targets.”
Ellen Nakashima
PRIVATE KEY
Cybersecurity news from the private sector:

A new variant of the infamous Mirai botnet is targeting embedded devices like routers and internet-connected cameras.
Cyberscoop

Several Sprint customers have said they are seeing other customers’ personal information in their online accounts.
TechCrunch
THE NEW WILD WEST
Cybersecurity news from abroad:

Scammers are using the Christchurch tragedy as an opportunity to carry out online scams and attacks.
CERT NZ

Hacker used a Mirai botnet to DDoS companies and ask for ransoms to stop attacks.
ZDNet

Source: The Washington Post