Bloomberg Pulls a News Corp on Goldman

By Rich

From the New York Post, of all places:

Goldman later learned that Bloomberg staffers could determine not only which of its employees had logged into Bloomberg’s proprietary terminals but how many times they had used particular functions, insiders said.

The matter raised serious concerns for the firm about how secure information exchanged through the terminals within the firm actually was – and if the privacy of their business strategy had been compromised.

Oops. Imagine if AWS or Salesforce did something like this? They won’t because it is a kiss-of-death type mistake if there are viable alternatives, but Bloomberg is too entrenched for this to damage them materially.

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Loose Lips Sink Ships.  According to a report by the radio show Marketplace,

``The whole thing came to light because a reporter for Bloomberg News said to a guy at Goldman Sachs, ‘Hey, have you left the firm? You haven’t logged in for while.”’’

It’s really just Big Data recording to create an improved customer experience, with bad controls and sloppy privacy rules behind it.  Bad controls and sloppy privacy oversight?  What a surprise!

By Dean

It isn’t surprising that Bloomberg records how often every function/feature is used, and by which customers.  This is the kind of usage data that has jillions of appropriate uses.

That Bloomberg would have made it accessible widely, and seemingly made it easy to associate a real customer identity with a given set of usage data, is (if true - your source is the Post, after all) troubling.

By Chris

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