GCHQ chief warns Chinese. The bill for open source software in the United States is growing. Financial Stability Board on Crypto Regulation.

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In one look.

  • Britain’s intelligence chief says Chinese technology poses a threat to global security.
  • The bill for open source software in the United States is growing.
  • Financial Stability Board to talk about crypto regulation.

Britain’s intelligence chief says Chinese technology poses a threat to global security.

Jeremy Fleming, director of the UK government’s communications headquarters, gave a rare speech in London on Tuesday warning the public that Beijing has “deliberately and patiently set out to gain strategic advantage by shaping global tech ecosystems”. The spy chief said the Chinese Communist Party leadership plans to use digital currency and satellites, among other existing and emerging technologies, to tighten its control over global markets and expand its surveillance capabilities around the world.

Fleming also claimed that Chinese efforts to create a central bank digital currency could allow officials to monitor transactions and potentially evade future international sanctions. Describing the growing threat as “the national security issue that will define our future”, he also said the Chinese government plans to leverage its tech exports to create “customer economies and governments” and aims to expand its authoritarian practices. to other nations. Fleming warned that unless lawmakers invest in emerging security technologies like quantum computing, “the divergent values ​​of the Chinese state will be exported through technology.”

Mao Ning, a spokeswoman for China’s Foreign Ministry, denied Fleming’s claims during a daily briefing on Tuesday, saying: “The British official’s remarks have no factual basis. China’s technological development aims to improve the lives of Chinese people. He’s not targeting anyone, much less posing no threat. Western authorities have sent warning signals about the potential use of equipment exported by Chinese tech leader Huawei Technologies Co. for digital espionage, but Huawei and Beijing have denied the accusations.

The bill for open source software in the United States is growing.

In a bipartisan decision, the US Senate Homeland Security Committee approved the Securing Open Source Software Act 2022, legislation that calls on the Cybersecurity and Infrastructure Security Agency (CISA) to create a “risk framework” regarding the use of open source in government and critical infrastructure agency. Prompted by the infamous Log4j vulnerability, the bill requires CISA to hire experts who can identify and fix vulnerabilities in open source code, and any open source software used will be continuously monitored and audited by CISA. The law also directs some agencies to create internal open source programs.

“This software needs to be secure and the responsibility for this rests firmly with the user, in this case our public sectors across the world,” Amanda Brock, CEO of the non-profit group OpenUK, Told Computing. However, as Brock noted, the bill is unclear about how CISA will coordinate this framework, particularly where third-party services are involved. “Where there is payment associated with open source software, it is not for the software itself, and understanding this is essential. Responsibility for these – as with any paid service – lies with the provider, but it’s part of the act of curation that all end users must ensure,” Brock added. The bill will need to pass the full Senate before it becomes law, but some experts say whatever Either way, cloud companies could take it upon themselves to implement enhanced security measures.” I strongly suspect that the cloud provider industry will solve this problem significantly sooner than the government will. “, said Michel Isbitski, director of cybersecurity strategy at cloud security firm Sysdig. “They have to do this because of the amount of open source software they use in their They also have the advantage of scale her on their side. »

Financial Stability Board to talk about crypto regulation.

US policymakers gathered in Washington, DC yesterday for Fintech Week, where the Financial Stability Board, which coordinates international financial regulation, is expected to share its plan for regulating the cryptocurrency market. The Washington Post Explain that although the council does not have the power to legislate, its recommendations have motivated legislators in the past. “It’s fair to say that the United States wants to be at the forefront globally and has largely done so,” said Patrick Dougherty, a former Securities and Exchange Commission lawyer who now sits on the board of the Global Digital Asset and Cryptocurrency Association. The White House is also calling for a crackdown on the illicit use of digital assets, and last week the Financial Stability Oversight Board issued a warning urging lawmakers to restrict the use of cryptocurrency before it does not threaten global financial systems. The board will also review issuance rules for the use of stablecoins after the fall of the Terra stablecoin in May led to a massive downturn in the crypto market. The cryptocurrency industry continues to push back against the possibility of regulation, with industry group Crypto Council for Innovation warning that “a heavy-handed approach could bring this technology to its knees.”

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