sec

SEC orders disclosure of 'potential' security breaches

Even potential data security breaches must be disclosed by U.S. companies in some circumstances, the Securities and Exchange Commission said today.

The move by the SEC is likely to shed more light on how publicly-traded companies are grappling with cybersecurity problems -- especially because the agency's ruling says that disclosure is needed when "the risk of potential incidents" becomes significant enough to impact the bottom line.

In a statement, the SEC indicated it would like to see:

Discussion of aspects of the registrant's business or operations that give rise to material cybersecurity risks and the … Read more

Groupon slashes reported revenue by half, COO exits after 5 months

Groupon, until recently, was the daily-deals darling.

But according to The Wall Street Journal, the Chicago-based company is slashing its reported revenues by half--from $713.4 million in 2010 down to $312.9 million--in accordance with accounting revisions prompted by the SEC. What's more, after only five months on the job, Groupon's second COO of the year has quit.

Groupon was recently compelled to change its accounting practices after discussions with the Securities and Exchange Commission (SEC). Valued at $20 billion, Groupon was on track to move forward with a $750 million IPO, but in June it was … Read more

Alleged LulzSec, Anonymous hackers arrested in Ariz., Calif.

An Arizona man was arrested today for allegedly stealing data from Sony Pictures Entertainment earlier this year, and two others were indicted on charges of participating in a denial-of-service (DoS) attack that temporarily shut down Santa Cruz County servers late last year.

Cody Andrew Kretsinger, 23, of Phoenix was indicted September 2 by a federal grand jury on charges of conspiracy and unauthorized impairment of a protected computer, the FBI said in a statement. Kretsinger could not be reached for comment.

Separately, 47-year-old Christopher Doyon of Mountain View, Calif., was arrested and appeared before Magistrate Judge Howard Lloyd in U.… Read more

Google bumped up Motorola offer by $3 billion

Google upped its original offer to acquire Motorola Mobility by 33 percent, or about $3 billion, according to regulatory documents filed yesterday.

Last month, Google announced it had signed a deal to acquire Motorola Mobility for $12.5 billion.

According to a Motorola filing with the Securities and Exchange Commission, Google senior vice president of mobile, Andy Rubin, contacted Motorola Mobility Chief Sanjay Jha in early July to discuss possible responses to the recent $4.5 billion purchase by Microsoft, Apple, RIM, and others, of Nortel Networks' patent portfolio.

Google's behind-the-scenes reaction to the patent auction seems to follow … Read more

Zynga delaying IPO?

Social-gaming site Zynga may delay its initial public offering until November as a result of the current turmoil in the stock market, according to the New York Post.

Zynga was looking to raise up to $1 billion by going public as early as September. But citing sources "with knowledge of Zynga's plans," the Post said the company has been concerned by the stock market's recent up-and-down ride, prompting it to back off on its IPO for now.

Launched in 2007, Zynga has turned into a force for online social gaming with such popular titles as FarmVille, … Read more

Cook given 1 million share bonus as new Apple CEO

Following this week's management change at the very top of Apple, the company's board has awarded new Chief Executive Officer Tim Cook with a hefty bonus.

In an SEC filing that was posted to Apple's investor site this afternoon, the company notes that Cook has been given 1 million restricted shares of Apple stock, half of which will be vested in five years time. The rest will be vested in 2021, contingent upon Cook still being at the company:

"In connection with Mr. Cook's appointment as chief executive officer, the board awarded Mr. Cook 1,… Read more

'Anonymous' hacker quits, burns bridges on way out

This past Sunday, after reporting on Anonymous' hack of BART's Web site and leak of user information from mybart.org, I started receiving messages on Twitter and elsewhere from sources purporting to be tied to Anonymous. They were all critical of the leak of personal info from mybart.org--pointing to dissent on Twitter and Anonymous IRC channels. "Just wanted you to know not all of Anon approves..." read one of the messages. Then today, it seems to have all become too much for one former Anonymous hacker.

Until now, he's gone by the handle "SparkyBlaze&… Read more

AntiSec hackers target Vanguard Defense exec

The hacktivist group AntiSec says it has released a gigabyte of private documents from Vanguard Defense Industries, including e-mails from an executive connected with a cybersecurity organization it has targeted previously.

In a post on Pastebin this morning, AntiSec said the e-mails belong to Richard Garcia, a senior vice president at Vanguard who is also a board member at InfraGard, an FBI program that teams up public and private cybersecurity efforts. In June, AntiSec affiliate LulzSec hacked the Web site of InfraGard Atlanta, releasing passwords and other sensitive information.

Describing InfraGard as "a sinister alliance," AntiSec gloated about … Read more

Groupon's net loss rises to over $100 million

With its steady stream of daily deals, Groupon has seen an increase in both subscribers and sales, but the company continues to rack up a string of net losses, reporting a second-quarter deficit of more than $100 million, according to a filing yesterday with the Securities and Exchange Commisson.

Compared with a net loss of just $35.9 million a year ago, the latest downturn comes as the company has spent a lot of cash to increase staff and venture into new markets, notes The Wall Street Journal's MarketWatch.

Groupon's workforce has surged to 9,625 employees as … Read more

Verizon workers go on strike

Comcast offers a $9.95 Internet Essentials service to low-income families, the FBI releases an iPhone app that helps parents with a missing child, and Verizon workers in the Northeast and Mid-Atlantic go on strike after negotiations fail to produce a contract.

Links from Monday's episode of Loaded: