Facebook launches Libra, industry takes note
After much speculation, Facebook has officially revealed it will venture into the crypto and blockchain world, launching a cryptocurrency called Libra next year.
The social media giant will launch Libra through a new subsidiary, called Calibra, which will also supply the digital wallet for the new currency.
According to a Facebook statement, the wallet will be available in Messenger, WhatsApp and as a standalone app — and is expected to launch in 2020.
“For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account and those numbers are worse in developing countries and even worse for women,” Facebook said.
“The cost of that exclusion is high — approximately 70 per cent of small businesses in developing countries lack access to credit and $25 billion is lost by migrants every year through remittance fees.
“This is the challenge we’re hoping to address with Calibra, a new digital wallet that you’ll be able to use to save, send and spend Libra.
“From the beginning, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of the code or riding your local public transit without needing to carry cash or a metro pass,” Facebook said.
Already, the move has met with criticism from some industry commentators.
ForgeRock senior manager, solution architecture at digital identity management provider, Adam Biviano, said Facebook’s digital currency will challenge the banks.
“There is no doubt that we’re in the midst of dramatic changes to the banking industry, and while I don't have a crystal ball to predict whether Libra itself will take the world by storm, I can draw upon the observations of how other industries have been impacted as technology has swept through.
“One common denominator applies - if incumbent players, no matter how big and dominating, aren't ready and willing to adapt, they will be left by the wayside.
"In financial services, the move to API driven services like open banking is a golden opportunity to stay ahead of the wave and for banks to re-architect their business for agility. A key aspect to this is developing trust and the ability to take their customers with them on this journey which requires robust mechanisms to manage the underlying identities, relationships between them and allow secure frictionless ways to transact business."
Meanwhile, ICT analyst Paul Budde said the move is “interesting.” There is a concern that Facebook could use its social media clout to try and dominate mobile payments.
“You indeed need a larger 'force' to get some serious momentum behind this technology and Facebook could be such a force.
“I’m just concerned about the unregulated power of Facebook. They could indeed be a very disrupted force to the banking industry.”
Late last year, Budde had predicted that Facebook would fail when and if its long-awaited cryptocurrency venture got off the ground.
“The question for Facebook will be if they can make changes to their complex system of algorithms that would make it possible to stop fake news, lies and a range of what can only be called criminal behaviours.
“Not only is this almost technically impossible (unscrambling the egg) but such changes could limit their lucrative advertising business, and this fear is reflected in the falling share price.”
Meantime, US lawmakers are calling for Facebook to put the brakes on its cryptocurrency project.
House Financial Services Committee chair, Maxime Waters, said Facebook should stop the project until Congress and regulators can review the issue.
"Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data," she said in a statement. "With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users."
Industry: Cyber Security
- DevOps Engineer with IdAM
- Upto £80,000 plus benefits
We are ooking for an DevOps engineer, idealy with IdAM (identity access Management) experience, this is a senior role for someone that can be the lead hands on person on a project. Your role will be to work on the deployment project implementing the solution into the exsiting application so will be used to connect an applications into mulipe 3rd party appliactions. We Would look at someone who has done DevOps with Security and can cross train into IdaM, but preference would be given to someone with the IdAM experience this is a great opportunity to join a consultancy that work on some truely amazing and differnet solutions
- Senior SOC Analyst. Level 3 Palo Alto Wildfire, Rapid 7, Fortify, Splunk.
REF CH7840 Senior SOC analyst (Palo Alto Wildfire, Rapid 7, Fortify AND Splunk) Flexible location £55,000 + Senior SOC analyst needed (Level 3) that can achieve SC clearance for a permanent role. We are looking for Level 3 SOC Analysts with two or more of the following; Palo Alto Networks Wildfire (#malware) Rapid7 Nexpose Micro Focus Fortify (#automated #applicationsecurity) AND ideally Splunk. The role will include, but not be limited to; managing and handling incidents end to end, supporting and mentoring level 1 / level 2 staff, supporting the SOC manager in the delivery of the SOC roadmap, engaging with the client stakeholders (other technical teams) as and where needed, use case development, advanced search and reporting etc. Flexible location, commutable in the future to London or Birmingham This role will sit within a public sector client so the individual must be able to achieve SC clearance. To arrange a call with Chris Holt use this calendy link https://calendly.com/chris-holt/arranged-call-with-chris-holt-remote-soc-role Chris.Holt@dclsearch.com 07884666351
- Identity & Access Management (IdAM) Consultant
- Upto €100,000 plus bonus and benefits
An Identity & Access Management Consultant is needed to lead and drive technical and or business transformation projects in a client-facing position for a prestigious consultancy in Germany. The Identity & Access Management Consultant will be responsible for technical design and implementation of Identity & Access Management/IAM products within a wide variety of clients. The Identity & Access Management Consultant will have a blend of technical hands-on and client-facing consultancy with the ability to develop new business. Broad technical knowledge across Identity and access management is benefical. The Identity & Access Management Consultant will need to have technical hands-on experience with one or more of the following core areas; Privileged Access Management (PAM, CyberArk, Beyondtrust, Thycotic) Identity Governance Administration (IGA, Sailpoint, Omada, RSA) Customer Identity & Access Management (CIAM, Forgerock PSD2) The Identity & Access Management Consultant must have the willingness to travel to customer sites across Germany.
- PCI DSS Security Specialist, Level 1 Service Provider,
CH7827 Payment Card Industry DSS Security Specialist, Level 1 Service Provider End User. £75,000 Flexible location, ocassional travel to London- Covid permitting Payment Card Industry DSS Security specialist needed to join a Security team to work with a highly respected CISO within a Level 1 Payment Service Provider. The PCI- DSS Security Consultant will have end to end responsibility for PCI - DSS and its continuing certification. 2021 / 2022 plan is to transition PCI to the cloud. Experience must include a focus into the Payment Card Industry. A mix of Information Security standards, frameworks, audit principles, controls / policies and the management and use of the technical tooling to achieve compliance is essential. PCI objectives / 12 key requirements, OWASP top 10, ISO 27001, NIST Cybersecurity Framework etc An ideal candidate will be working within an end user environment with a cyber consultancy background. PCI Cloud compliance, specifically someone with experience taking PCI-DSS from on premise into the cloud is HIGHLY desired. However, someone with Solid PCI experience with a strong technical background which include Cyber / Secure by design etc would be considered. Experience managing internal stakeholders and external third parties essential. Flexible working, but with the ability to get into London. This is an exclusive role to DCL Search & Selection. Arrange a call with Chris Holt on https://calendly.com/chris-holt/arrange-a-call-chris-dcl-pci-compliance