The markets: All the major U.S. stock indexes declined yesterday. The S&P 500 is down nearly 3% over the last 30 days. Asian, European and UK stocks were down in early trading as markets digested the affect of rising energy prices now that Ukraine is cutting the supply of Russian gas to Europe. But U.S. stock futures drifted up before the opening bell.
Today: The FBI says there is no link between the attacks in Las Vegas and New Orleans, but there are a few coincidences that authorities will be trying to figure out. Both men used the Turo app to obtain vehicles used in the attacks. Both previously served in the Army, at the same base. Both served in Afghanistan. And, of course, both conducted their attacks on the same day. Security at CES in Las Vegas will be tighter than normal this year.
Europe takes the lead in tech policy, again
Good morning. In two weeks, any company that provides financial services in the European Union or serves EU companies in that sector will have to comply with the Digital Operational Resilience Act (DORA). Think of it as a stress test to measure a company’s cybersecurity and operational infrastructure to reduce the risk of one incident causing a systemic failure. Much like the General Data Protection Regulation (GDPR) that passed in Europe several years ago, the new legislation could become the de facto standard for companies elsewhere. That’s food for thought at a time when federal regulation in the U.S. is likely to be scaled back under the Trump Administration, and protectionist policies could increase.
I’ve been speaking about the implications of this potential regulatory divergence with leaders like Andrew Rubin, the CEO of Illumio, a security company based in California. As he notes, “prior to GDPR, everybody collected any data they wanted about you, used it for anything, sold it to anyone and let anybody access it … Now, everybody has essentially adopted [the same] set of rules and regulations around privacy.”
