📉 Tech Giants Prioritize Profits, Wise Data Breach, OpenSSH Risk

Good morning. It’s Tuesday, July 02. Today we are covering:

• The Shareholder Supremacy 

• Fintech company Wise says some customers affected by Evolve Bank data breach 

• OpenSSH vulnerability regreSSHion puts millions of servers at risk 

• China Plans Broader Push to Develop Tech Like Musk’s Neuralink

• People can move this bionic leg just by thinking about it

Let’s dive in

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The Shareholder Supremacy 

By Edward Zitron via Where's Your Ed At

• Meta, Microsoft, and Google prioritize shareholder value over customer service, leading to the proliferation of unprofitable and unsustainable technologies.

• The concept of Shareholder Supremacy, originating from 1916's Dodge vs. Ford Motor Co. case, incentivizes short-term profits and mass layoffs, damaging sustainable business practices.

• Jack Welch's management philosophy at General Electric emphasized profit growth through layoffs and financial manipulation, influencing modern corporate strategies that prioritize stock prices over product quality. 

𝕏: The Shareholder Supremacy has eaten the world, turning the tech industry into the playground of do-nothing management dictators that see human beings as assets and the customer as subordinate to growth - all inspired by GE’s Jack Welch. - Ed Zitron (@edzitron)

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Fintech company Wise says some customers affected by Evolve Bank data breach 

By Lorenzo Franceschi-Bicchierai via TechCrunch 

• Wise announced a data breach at Evolve Bank and Trust affecting some of its customers' personal information, including names, addresses, and Social Security numbers.

• The breach, caused by a ransomware attack by the LockBit cybercrime gang, has impacted multiple Evolve partners, including Affirm, EarnIn, Marqeta, Melio, and Mercury, who are assessing the fallout.

• Wise reassures that its systems were not compromised and is directly contacting affected customers while continuing to investigate the breach.

𝕏: Evolve has known their systems were compromised since late May. But it appears they didn’t notify impacted fintechs (or end users) until the breach became public last week - Jason Mikula (@mikulaja)

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OpenSSH vulnerability regreSSHion puts millions of servers at risk 

By Lucian Constantin via CSO 

• OpenSSH has a serious remote code execution vulnerability, regreSSHion, which could let unauthenticated attackers gain root access to servers.

• Over 14 million OpenSSH instances are potentially vulnerable, with the flaw traced back to a regression of a 2006 flaw reintroduced in October 2020.

• Mitigation includes upgrading OpenSSH to a patched version or setting the LoginGraceTime parameter to 0, with the flaw rated 8.1 on the CVSS scale due to the difficulty of exploitation.

𝕏: This OpenSSH RCE advisory is a classic example of hacker craftsmanship, generosity of spirit, & community contribution - a regression of duke’s 2006 vuln - Dug Song (@dugsong)

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China Plans Broader Push to Develop Tech Like Musk’s Neuralink

By Foster Wong via Bloomberg

• China plans to develop brain-computer interfaces similar to Elon Musk's Neuralink by forming a committee to draft standards for the technology.

• The committee will include specialists from various sectors to work on standards for brain information encoding and decoding, data communication, and data visualization.

• This initiative signals China's intention to advance its capabilities in the emerging field of brain-computer interface technology.

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People can move this bionic leg just by thinking about it

By Sarah Ward via MIT Technology Review

• A new neural interface connects a bionic limb to nerve endings in the thigh, allowing the limb to be controlled by the brain, making it feel more natural and reducing phantom limb pain.

• The two-step process involves surgery to connect shin and calf muscles, followed by the use of surface electrodes to measure nerve activity, enabling more dynamic and natural movements.

• Patients using the neural interface showed significant improvements in mobility, walking 41% faster, navigating obstacles better, and feeling that the prosthetic is truly part of their body.

𝕏: Really enjoyed learning about a mind-controlled leg prosthetic out of @medialab. I write about how it works and when it will be standard of care  in @techreview. (It's also the first story out of my @AAASMassMedia fellowship!!). - Sarah (@swardluvspumice) 

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Trending in AI

• Meta changes its label from ‘Made with AI’ to ‘AI info’ to indicate use of AI in photos

• Microsoft AI Deal With UAE’s G42 at Risk Over National Security Fears

• New YouTube policy lets you request the removal of AI-generated content that uses your likeness

• This is Big Tech’s playbook for swallowing the AI industry

• Biden Puts $504 Million Toward 12 US 'Tech Hubs' for Biotech, Climate Solutions

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Thanks for reading to the bottom and soaking in our Newslit Daily fueled with highlights for your morning.

I hope you found it interesting and, needless to say, if you have any questions or feedback let me know by hitting reply.

Take care and see you tomorrow!

— Jose Montes de Oca

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