Transcripts For BLOOMBERG Bloomberg Technology 20170516 : vi

BLOOMBERG Bloomberg Technology May 16, 2017

Says he noticed cooperation at nato and the group of 20. Powered by 2600 journalists and analysts in over 120 countries, from washington, im Alisa Parenti. Bloomberg technology is next. Emily this is bloomberg technology. Cybersecurity stocks jump in the wake of the global wannacry hack attack. The next act. A former ceo joins us to talk about his new fund and where he is placing his bets in a bloomberg exclusive. Apple hits refresh with a new. Ine of macbooks first to the lead, we take a look at the evolving Threat Landscape in cyberspace. President trump discussed highly classified intelligence in a meeting with russian officials last week. The National Security adviser says the information the president shared was appropriate , and based on opensource reporting. Take a listen to general h. R. Mcmaster defending President Trump. What the president shared was appropriate. The story combined what was leaked with other information, sources anded about methods. I wanted to make clear with everybody that the president in no way compromised any sources or methods in the course of the conversation. Emily this is on the heels of a global cyber attack that is causing the Intelligence Community to work overtime. What are the implications of both events for the Intelligence Community . Mike joins us from washington. This is some the heels of the president abruptly firing the head of the fbi. Im curious, is trump having an impact on what is going on ins in cyber world . Are we more or less vulnerable to a cyber attack . Emboldeningt is attackers. The new administration, a lot of people thought President Trump would be more aggressive in cyberspace. We had a couple draft orders of the executive, the cyber executive order that showed a different task. When the order came out last week, it was more of the same, and if anything, that seems to have emboldened the attackers. We had not just the massive rent somewhere attack that spread Ransomware Attack that spread across the globe, but a group said they might decide to do a dump a month, which means they would release a new set of tools that the u. S. Uses in cyberspace every month, which could be devastating. Emily talking about this rent somewhere attack, what new information this Ransomware Attack, is it contained . Do we know the origins . Waxed on some sort of the first wave of attacks has been contained. People are looking for new versions, and they have spotted a wannacry 2. 0 that behaves in much the same way. Where attention is focused is who did this . There is some reporting that it may be linked to north korea. If so, this becomes a state operation. A couple things might affirm that diagnosis. The timing, the attack was released around the same time north korea did a new Missile Launch. Some of the things that might count against it is, we know the ware has only netted about this is a bitcoin. Nationstate trying to fill its itfers because its such suffered sanctions, that is not effective. Emily microsoft is blaming the u. S. Government. The government is pointing fingers at microsoft and other companies. Who is to blame, as for how it got out of control . Microsoft is not going to come out of this looking good. There was a patch issued when the initial vulnerability was brokers. The shadow Everybody Knows that not everyone does catches the way microsoft would like them to. There is a question, whether microsoft ought to ship their operating systems that is safer to begin with. They might rethink the process. However you look at it, microsoft is not looking good. Is it the intelligence agencies, or is there some moved to look at the way that these vulnerabilities were first developed i the nsa, that then, insider hackd an that allowed the information to be released . This is the way nationstates nationstates work. China and russia do this. Im not sure if we should point the blame at the nsa. Mike riley d. C. , covering cybersecurity, thanks for the update. As a whole rallied on the news of the Ransomware Attack. Able to says they were block many attacks. Experts say they may know who is behind them. Symantecs ceo. You were nodding as mike was speaking. Your leaders believe north korea was behind it . We have produced evidence that shows the people who were involved in attacks were linked to north korea. Some fragments of the code are present in this attack. That doesnt mean north korea did it. It means there were fingerprints from the same time to malware that was used in some of the attacks, like the gentleman before me mentioned. I think the thing that would indicate that that would not be the case is the size of the ransom request does not track to the size of the ransom requests that that usually that group usually requests. They were linked to an attack in bangladesh. Request is higher than 300 u. S. Dollars in bitcoin. That request doesnt help, but you never know. I think what may be another case that is here is that some Smaller Group got a hold of the nsa vulnerability linked leaked by shadow brokers and wrote an amateur piece of malware that got out of control. Great,som request is not so a few theories are being worked. It is not time to, lawenforcement is all a all over this. The other point the gentleman made, microsoft, are they culpable for this . That is something we should talk about. I think microsoft has come a long way in recent years in hardening their operating system and their patches. This is about vulnerability, and vulnerability comes, people become aware of vulnerabilities and they catch them. This is about i. T. And consumers being very quick to adopt the latest patches, whether it be an apple product, a google product, a microsoft product. You say you blocked 22 million infection attempts. How many did you catch . We had a small number of customers report that they have infection, a really small number , in hundreds of thousands of enterprises that run our products. Our products were blocking this long ago. We had Artificial Intelligence a blocked it without any help. They figured it out themselves and stopped it by themselves. That is a step forward in the industry. I think we have situations where other vendors may have been defense there, who have blocks for it but maybe werent updated. That is how things got out of hand in europe. Emily the u. S. Was largely unaffected. Why was that . In our view, because the great researchers that got on the problem early and work it found a situation in this malware that would turn it off and make it go dormant. That was put in place on friday night. By the time people woke up and the propagation got to the u. S. , the malware was already dealt with from a dormants point of view a dormance point of view. Spending onu expect symantec products to increase as a result . Definitely. Every time there is an event like this, cybersecurity firms fare very well, which is usually an increase in pipeline. We are starting to see that. The future is bright for us. Awareness is there. I think we are not the kind of and that gets up and bashes pedicures or the platform vendors. We are here to fight cybercrime. We shared our information with the cyber threat alliance, thing we are a member of that has Network Security players in it. We shared that on friday. We are trying to help the industry. We are a good operator and we have a Huge Investment in this area. Emily what trends are you seeing . Is the Threat Landscape changing as a result of the actions of the Trump Administration . I would say cyber criminals are somewhat emboldened, not just by the Trump Administration, really, i think emboldened by the effectiveness of the attacks. We heard about england saudi arabia in january that were things in saudi arabia in january that were concerning. There are more consequences in the u. S. Cyber criminals are more emboldened. We produced a threat report a couple weeks ago. In there, we reported rent somewhere is on a rise, up 36 ransomware is up 30 per 36 . Average price has gone up to over 1000 to repair. Way of makings a money for criminals, and it is definitely an effective thing on consumers and their digital safety. Emily we will continue to follow the Ripple Effect of the attacks felt around the world. Greg clark, thank you so much. Thanks. Emily in todays revolving door, twitter cofounder biz the companyoining six years after he left and two months after selling his start up to pinterest. He says he will be focused on Company Culture and wont be replacing another executive. We spoke to him last october and asked about the challenges at twitter. I dont follow the small up send downs. Ups and downs. Great leadership thinks in terms of decades, not quarters. I am waiting. Jack is, in the grand scheme of things, jack has just gotten the job. He has only had it for a year. That is nothing. Emily shares of twitter jumped following the announcement. Bloomberg news is among twitters video partners. Isormer Google Ventures ceo completing his fundraising for his new investing firm. We will hear from him exclusively about where he is take placing his thats next. , 2 00 live on twitter p. M. In san francisco, 5 00 p. M. In new york. This is bloomberg. Emily after saying he was out, returning to the investing world. He has raised 100 50 million for his new fund, called section 32. Joining us and it in an exclusive interview, he oversaw many startups. Great to have you back. Great to see you. Emily you said we were at peak vc, the market is too crowded. What changed . Im back. Thank you. I think we are still at peak vc. I was not happy with the fund i was constituting in terms of the investor rates, so i took a minute to reconstitute it and build a smaller, more focused fund. I think the majority of the companies i will invest in are built around relationships i have built over the last 10 years. Andy if we are at peak vc, Goldman Sachs says there is a lot of money to invest, how do you break in . Hopefully i am in already to some degree. With a smaller font, i have the advantage to be very selective in the companys eye investing, the people i higher. The companys eye investing, the people i hire. Emily you dont often see the rules in vc. You are doing this in san diego. You are not just investing in health and biotech, but tech proper, which is competitive. How do you think you can step up . I have lived in san diego for years. I exist in the cloud. Francisco, thean idea we are limited by geography is crazy. One fund is the best returning he didntl time and live in san francisco. Stay tuned on that front. Emily so you dont plan to do it by yourself . Know, for now maybe but not forever. Emily where will you be placing your bets . More readily available in my mind are the things that are excess access attention. Even health care has become a very trendy area for investment, to overans subject funding. That leaves huge parts of the market available, whether in or otherral tech applications, for example i have been looking at the food chain. Interesting. We have been talking a lot about sure you saw, bloomberg did a piece about how it is a juice machine that got a lot of funding and our reporters discovered that you could squeeze out just as much juice by hand as with the machine itself. Was that a mistake . I dont think so. We dont know how the company plays out. They have great leadership. They have ample cash available. It is still going. My time in the valley has taught me one thing, that some people, when they see a balloon, they want to pop it. They want to poke at it. So i would say, there might have been too much kicking someone when they are down. . Mily what about uber lots of pr issues of are the last few months. Lots of culture issues, lawsuits. What has gone wrong . Between uberels and what is going on at the white house are hard for me not to draw. They are having a bad time. Fundamentally, that is due of it due to a fundamental lack of leadership. There are a lot of great people there, and i would love to see the company pull out of this, but they are having a bad couple months. Toly you are comparing them donald trump. I said the white house and uber. When it comes to the white house, i think we should be concerned what is going on. At least i am. The first time in my life i have ever felt our institutions are unstable or unpredictable, and i think there is one thing that we as a people should cherish, a little bit of consistency and reliability in our federal government. I think it is a confusing time. Emily what does that mean for luber . For uber . R you have a company that is transformative, that is in a period of struggle. Google faith that, Facebook Google faced that, facebook faced that. It is available to consumers oliver the place. I dont know how it plays out from here, but i am hopeful. Emily is travis the right person to lead the company . I dont think i am the right person to answer that. There. Work i havent been in their offices in a long time. I think the employees of uber are [no audio] there. I havent been in their offices in a long time. Market flight predictability, and not unknowns. There are a lot of unknowns in washington and surprises. Some of those are not pleasant. News every morning and i think, what crazy thing has happened this morning . Anxiety. Tes general it is not good. Emily how will that influence the choices you make when running your new fund . We will see. I have never been influenced by washington and policymakers outside of, they set the ground rules of the way the market operates. Those have not changed much. The instability in washington is something to keep an eye on. Maris, excited to see what you do. Thanks for stopping by from the cloud. Coming up, instagram is adding another signature snapchat feature. We will bring you the details, next. This is bloomberg. Emily ant financial is delaying ipo plans after losing ground in chinas Digital Payments market. Alibaba cost finance alibabas valued at 60 billion and a fundraising round last june. Disney is being held ransom by hackers. The ceo revealed a news to employees monday. The hackers claim to have stolen an unreleased film, identified by outlets as the latest pirates of the caribbean movie, and are threatening to distributed online. This is part of an attack affecting to a thousand computers in 150 countries, two weeks after netflix confirmed hackers leaked new episodes of its series orange is the new black or for Company Refused to pay a ransom. Instagram is adding a signature snapchat feature, the ability for people to add animal ears and flowers to their selfie. Mark zuckerberg says camera tools will be a major strategy this year as a stepping stone to an augmented reality world. Over 200 Million People use Instagram Stories per day, compared to snapchats 60 million users total. We tackle the intersection of politics, technology and culture his new book. , on that is next. Check us out on the radio. You can listen on the Bloomberg Radio app and sirius xm. This is bloomberg. Alisa im Alisa Parenti in washington. You are watching bloomberg technology. U. K. Labor party leader jeremy billion inaise 62 taxes to put my money into health, education, and infrastructure. Thats according to the main opposition parties 128 page manifesto. He says the party has a program for the many, not a few. In paris, the new french threw his weight behind the citys bid for the 2024 summer olympics. He met with a delegation from the International Olympics committee. The ioc will decide in september whether paris or los angeles will host. President macri also met with you and secretarygeneral. He meets tomorrow with the European Council president. Before announcing the new french cabinet. Increasing concern in blom after north koreas Missile Launch last week u. S. Officials say it could. Travel 2800 miles, easily within the range of the u. S. Territory. Guam is a key u. S. Military hub in the pacific. Former fbi director james comey says President Trump asked him to shut down the probe into former National Security adviser Michael Flynn. This is according to the new york times. Some breaking news for you. Global news powered by more than 2600 journalists and analysts in countries. 20 im Alisa Parenti and this is bloomberg. It is just after 5 30 p. M. Here in washington, 7 30 wednesday morning in sydney. We are joined by paul allen. Reporter good morning. Looks like a fairly subdued today around the region. Asx futures only up by just a single point. Keep an eye on bhp this morning, the worlds biggest miner. The ceo says the company would consider further sales of the u. S. Shale assets, as suggested by elliott management. Meet later today. Nikkei futures pointing weaker as we wait on japan machine orders for march. Weibo up strongly in the u. S. After firstquarter revenue beat estimates. . 10 will report after the close today. We are expecting to see 40 on quarter growth there. Im paul allen in sydney. More from bloomberg technology, next. Emily this is bloomberg technology. Im emily chang. Lets get back to our lead, the fallout over claims that President Trump discussed highly classified intelligence in a meeting with the Russian Foreign minister and ambassador last week. This, paired with news of a massive cyber attack that has swept the globe, has huge implications for the Intelligence Community. Joining us from l. A. , nick bilton, special correspondent for vanity fair. Is the author of a new book about the criminal mastermind behind the silk road. In writing this book, you got an up close and personal look at the cyber underworld. We have a situation at t

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