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'Bloomberg Technology' Full Show (09/16/2022)

Sep 18, 2022

'Bloomberg Technology' Full Show (09/16/2022)

from the heart, where innovation, money and power collide in silicon valley and beyond, this is

bloomberg

technology

with emily chang ed. I'm Emily Chang in San Francisco and this is

Bloomberg

technology

launching in the next hour. It's been a bad week for tech stocks that's only gotten worse from big names to small ones. It's been the worst five days for the NASDAQ since January as investors wonder what the Fed will do next as it prepares for a public debut and bad news for Star Wars fans. Disney has dropped the upcoming film Rogue Squadron from its 2023 release calendar.
bloomberg technology full show 09 16 2022
How this is going to affect cinemas worldwide in this hour we'll get to all that in a bit a look at the markets and here at Ludlow so we made it to Friday Ed but only markets and specifically tech stocks a bad week , which only got worse. Yes I mean we did a late rally I think on the NASDAQ 100 from adding to some of those losses and closing five to ten percent but as you said this was the worst week for the NASDAQ 100 since January, and you really talked about big and small mega-caps, but it was the mega-caps that dragged along.
bloomberg technology full show 09 16 2022
Our bottom bright spot as a semiconductor actually gains fifteen to one percent on this type of rally, which is what we've seen in returns , particularly on the short end of the curve taking a bit of a breather but spurring slightly higher sustained cryptocurrency volatility Digital Assets Of course, all eyes are on the Fed next week. I really want to pay attention to this chart right in the

Bloomberg

terminal. We've talked about this being the worst week for the NASDAQ 100 since January, but this is actually the ninth occasion of the year that the NASDAQ 100 is down four percent or more and you need to look at the context of the Recall the week that happened on the very Tuesday when we got that CPI print, we had the NASDAQ 100's biggest drop in more than two years way, and against this backdrop volatility remains.
bloomberg technology full show 09 16 2022
Feels like we've got more questions than answers by the end of this week Into this important Fed meeting next Wednesday and then factor into this FedEx the ripple this news has sent through the market and real concerns about the global growth. There's one stock driver I'm going to focus on this Friday because it's kind of a big story that might have come next in the heavy news cycle, and that's Uber Uber has been buying at one point since June during the am Dropping Friday the most, although it also paired some of its losses on Thursday, hackers were able to access an employee Slack channel and also some ahem info as part of the company's Amazon and Google-hosted cloud infrastructure , and the market has really paid attention to that in context, uber well, Ed, we're going to talk a little bit more about that story now.
bloomberg technology full show 09 16 2022
We'll get back to you later in the

show

. I'm a hacker, is the casual message Uber employees received from an unknown source late Thursday, prompting the company to shut down its internal Slack messaging as it investigates a massive cyber breach. According to The New York Times, my next guest is Casey Ellis, the founder and CTO of Bug Crowd, a bug bounty company that specializes in identifying bugs or vulnerabilities in other companies' software systems. He now joins us to do everything to break it down so it sounds pretty serious Casey I know Uber is having a real fire drill going on right now how did that happen? the time but that was one of the um the bad ones we are trying to stop um essentially we know at this point that there was either text messages or possibly a multifactor push message notification ba um, a spam campaign targeted at people performed with elevated privileges within Uber, um, this spam campaign was successful, and um, you know, because of that success, the attacker gained access to credentials that got him into the network, once inside he was able, moving around, you know, find additional information to escalate their privilege and do some of the things that lead you to know some of the oddities that were on the spot, like it started breaking yesterday .
bloomberg technology full show 09 16 2022
Let's talk about the oddities My source says there are unseemly images on their internal networks aside from wreaking havoc, what kind of valuable information they might have gotten their hands on with slack and so on umm looks it looks from the outside that uh you know nothing is necessarily off the table at this point and of course there is still a lot o If incident response like Uber is down you're going to have a very busy Friday and most likely a very busy weekend just um to be able to undo this thing and figure out exactly what happened so they can take the appropriate response steps and obviously warn people um as well as necessary but you know at this point they say that on Things like private user data wasn't accessed, uh and whatnot, so it's not necessarily an assumption that the attack gone and arrived used all and and all of that but obviously they had a lot more access than they should and and and when that kind of thing happens, especially with this kind of trolling that's behind the hack within the er pacing There seemed to be a lot of work to be done within Uber's corporate environment to figure out what exactly happened so it can be fixed.
bloomberg technology full show 09 16 2022
Uber says they have no evidence the incident involved access to SE nsitive Uber data, it doesn't seem like the Uber service, the Uber public ride-sharing service, was affected, but right, yeah, right, they seem focused are very busy burning the whole thing down and working out exactly what to do as a response step and how do you know future precautions as well as any external services that are up to this point now there is an interesting bug bounty link here , which affects the culprit I also got into their Hacker One scheme, which helps the company pay bug bounty to people who find vulnerabilities in Uber's system, you definitely, um, look, I think you do what I make of it is, um, that's how I first found out about the problem, um, there was basically more spam, so you talked about some of the inaps Appropriate pitches and there was, you apparently know that s bands going on in the corporate doldrums, um, you know, the people who interacted were the attacker and so on, um, carrying the same line, there were messages that were sent to virtually everyone in the research community or in the White people called White Hat Hacker or the good guy who thinks like bad guys, uh, community who had filed an issue with Hacker One in the past and basically said this happened like I'm here now just so you me know it didn't really seem to have any intent or purpose other than just making a bunch of noise, but it definitely did, um, and you know by that point you obviously have a whole lot of you know Computer security pros when they get this message, they jump straight into what the heck happened mode, um, at that point you know I noticed and got involved and obviously started got, you know what steps might be needed from our bug crowd perspective, it's okay if weird things are going on that affect the vulnerability disclosure and bug bounty area, and we are obviously a big chunk of that area we need to make sure you know nothing is affecting us either which is for sure there weren't any but you can't be overly cautious when something like this interestingly resonates well at exactly the same time , when Joe Sullivan, the former chief security officer at Uber, was on trial for a data breach, a huge data breach It happened in 2016 that the company allegedly didn't tell the public when they were supposed to have Uber because I know that it paid that hacker a hundred thousand dollars to make the hacker go away, but didn't properly disclose, uh, what to do.
You're concerned about the timing and also the history of Uber, maybe you don't have a great track record here. Yes, it's interesting because obviously this case is still ongoing at this point. I think you actually know that in session it's day it's been in session pretty much all week, um, to my knowledge, and you know, I think Joe's side of the story and kind of the inner side of it, the story through Discovery is playing out now, um, you know the whole incident I mean probably the other thing that got my spidey feeling tingles just a little bit um with the timing of it all was obvious that the whole thing is currently regarding going on to the breaking point, um, you've already met a bunch of other things happening that are general, um, you know, encouraging, I think, activists, um, you know, hacktivism, um, activities, um, you know bay area tech, right now there's a bunch of stuff happening that's getting people's attention, you know the testimony of the merger, uh, earlier in the week was related to twitter.
You know what's been happening with Cloudflare for the past few weeks, there's a lot of very tense and very passionate topics, kind of all bo got up at the same time, um, and that honestly was the correlation between all of those things, and then was this event on uber one of the things you know i had a sleepless sleepless night last night trying to figure out what the heck is going on yes in terms of talking to the how this is affecting uber and how it's affecting all of that, you know, sympathy and my heart goes out to the security team who's about to work a very long weekend burning this whole thing down, so I think it's probably the right place, just there to kick off a long, hard weekend In front of you Casey Ellis Founder and CTO of Bug Crowd Thanks for stopping by Thanks Grinder is getting a brand new CEO We'll be a Next, talk to George Harrison about his ideas for the popular dating app.
This is

Bloomberg

. Thank you dating app grinder just announced a new CEO, George Harrison, co-founder and former CEO of the auto ecommerce marketplace is joining us now for more of the big news, so step into a big role here , george but you obviously have some experience with a car marketplace and on the board what have you learned behind the scenes that you think you bring to the table yes thanks for that grinder is a great company and me have built a business that has gone public but margins are always a challenge in our grinder auto business.
Margins are amazing and that's obviously a very big difference. Grindr is a really great business but more importantly it's a really great mission right you serve a community that is underserved and that is using this product in a really dramatic way to connect and that mission is for me super appealing and i'm really excited to be a part of it and obviously grinders have been around for a long time since 2009, the product hasn't actually really changed much in that time that people have been using it in the same way for a long time but the features it offers have obviously expanded, it's not just about sex anymore it's about dating and now it's being used in many other ways and my goal as CEO will be to trying to continue promoting this truly incredible product and the community it best serves, we can talk a little more about how Grindr is being used around the world ird because I think it gives an impression you know it's just a dating app but it's actually so much more yes I mean in so many there are so many other things people use it for travel and use massive features that people use it for, and it's all organic by the way, it's not that grinders build products to make travel easier, it's that people log into a city th they might be visiting too and start talking to people about where to stay, what to do, where to go for dinner or have fun so people use it for travel health information in a very organic way is another massive feature in The grinder brand with the monkeypox epidemic has been very active in promoting our user base
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