4 ms·

Finance is default not trusted. If documents are missing, fraud is presumed. Tech doesn’t seem to have reached that point just yet.

by ip26 4y ago

77pt77 4y ago
As can be seen by the Madoff afair.
JustSomeNobody 4y ago
> Tech doesn’t seem to have reached that point just yet. It's on a high speed train heading in that direction now.
- dylan604 4y ago
  Luckily for these companies, they are US based, and high speed rail doesn't really exist there.
  - kevviiinn 4y ago
    Ouch
- hgsgm 4y ago
  US trains derail before arrival.
SirAllCaps 4y ago
At my company (not finance, and never gotten sued), documents are ephemeral primarily due to GDPR reasons. Many of them contain various personal data of clients and/or employees, legal makes us specify for how long each service needs to hold on to it, and purge as soon as possible to minimize chance of leaks.
- rdtsc 4y ago
  It’s a funny intersection of hold requirements. Litigation and one set of compliance requires holding records for at least this much time, GDPR and other such things require keeping records no more than some particular time. I haven’t seen the case when the intersection is an empty interval. But I imagine then one would choose to justify breaking one of the least important ones.
  - wizzwizz4 4y ago
    GDPR Article 6, 1(c): > Processing shall be lawful […] if […] processing is necessary for compliance with a legal obligation to which the controller is subject;
    - rdtsc 4y ago
      Ah perfect. Thanks for the reference.
  - rodgerd 4y ago
    It's where being able to have strong guarantees about how customer data is being used becomes critical. I'm required to keep evidence about your KYC information and your financial transactions for compliance purposes for (e.g.) 7 years after you stop doing business with me. If I'm using them for that purpose I'd be in the clear GDPR-wise. However, the day I break off doing business with you I need to stop using them for marketing or sales leads - that would be a GDPR breach. Where I suspect it will get very messy for companies is the sexy new "hoover all the data into ML models" is going to come a GDPR cropper because I doubt most of the people doing it can show that they purged it when their relationship with the data owner ended, if they even had one in the first place. They're sure as fuck violating copyrights all over the place.
steveBK123 4y ago
Finance is generally well regulated, tech is well.. not.
- RhodesianHunter 4y ago
  Which in some contexts makes sense. Losing all of your Facebook pictures is never going to be as devastating as losing your retirement.
  - steveBK123 4y ago
    I think its rather disingenuous or modest for tech to fall back on "whats the worst that can happen, maybe you lose some pictures from the cloud" as a defense for such a light touch. There's many areas in which tech competes directly with, or has attempted to build shadow parallel systems to other more regulated industries - payments, exchanges, various medical plays, media, etc.
    - dylan604 4y ago
      all of those "disruptors" just makes me cringe every time i hear it now. there have been so many bad actors. paypal still seizing accounts because some automated thing made a decision that can't be shared as to why. seems like Stripe as been in the news for similar topics. then you get the ones like Uber just flagrantly doing shady things to get that disruption. now, when i hear someone say disrupt, i immediately assume they are cutting corners on whatever regulation that is needed to gain a leg up over the incumbent companies following the regulations.
      - steveBK123 4y ago
        Tech thinks it is "disruption" when they are breaking laws they don't like / they deem outdated / they deem "unfair" / that prevent them from making more money more quickly. Tech wanted people to think this was different from Wall St somehow, but I think the average American no longer sees the difference.
      - 4y ago

Finance is default not trusted. If documents are missing, fraud is presumed. Tech doesn’t seem to have reached that point just yet.

by ip26 4y ago

Finance is default not trusted. If documents are missing, fraud is presumed. Tech doesn’t seem to have reached that point just yet.

77pt77 4y ago

As can be seen by the Madoff afair.

JustSomeNobody 4y ago

> Tech doesn’t seem to have reached that point just yet. It's on a high speed train heading in that direction now.

dylan604 4y ago
Luckily for these companies, they are US based, and high speed rail doesn't really exist there.
- kevviiinn 4y ago
  Ouch
hgsgm 4y ago
US trains derail before arrival.

SirAllCaps 4y ago

At my company (not finance, and never gotten sued), documents are ephemeral primarily due to GDPR reasons. Many of them contain various personal data of clients and/or employees, legal makes us specify for how long each service needs to hold on to it, and purge as soon as possible to minimize chance of leaks.

rdtsc 4y ago
It’s a funny intersection of hold requirements. Litigation and one set of compliance requires holding records for at least this much time, GDPR and other such things require keeping records no more than some particular time. I haven’t seen the case when the intersection is an empty interval. But I imagine then one would choose to justify breaking one of the least important ones.
- wizzwizz4 4y ago
  GDPR Article 6, 1(c): > Processing shall be lawful […] if […] processing is necessary for compliance with a legal obligation to which the controller is subject;
  - rdtsc 4y ago
    Ah perfect. Thanks for the reference.
- rodgerd 4y ago
  It's where being able to have strong guarantees about how customer data is being used becomes critical. I'm required to keep evidence about your KYC information and your financial transactions for compliance purposes for (e.g.) 7 years after you stop doing business with me. If I'm using them for that purpose I'd be in the clear GDPR-wise. However, the day I break off doing business with you I need to stop using them for marketing or sales leads - that would be a GDPR breach. Where I suspect it will get very messy for companies is the sexy new "hoover all the data into ML models" is going to come a GDPR cropper because I doubt most of the people doing it can show that they purged it when their relationship with the data owner ended, if they even had one in the first place. They're sure as fuck violating copyrights all over the place.

steveBK123 4y ago

Finance is generally well regulated, tech is well.. not.

RhodesianHunter 4y ago
Which in some contexts makes sense. Losing all of your Facebook pictures is never going to be as devastating as losing your retirement.
- steveBK123 4y ago
  I think its rather disingenuous or modest for tech to fall back on "whats the worst that can happen, maybe you lose some pictures from the cloud" as a defense for such a light touch. There's many areas in which tech competes directly with, or has attempted to build shadow parallel systems to other more regulated industries - payments, exchanges, various medical plays, media, etc.
  - dylan604 4y ago
    all of those "disruptors" just makes me cringe every time i hear it now. there have been so many bad actors. paypal still seizing accounts because some automated thing made a decision that can't be shared as to why. seems like Stripe as been in the news for similar topics. then you get the ones like Uber just flagrantly doing shady things to get that disruption. now, when i hear someone say disrupt, i immediately assume they are cutting corners on whatever regulation that is needed to gain a leg up over the incumbent companies following the regulations.
    - steveBK123 4y ago
      Tech thinks it is "disruption" when they are breaking laws they don't like / they deem outdated / they deem "unfair" / that prevent them from making more money more quickly. Tech wanted people to think this was different from Wall St somehow, but I think the average American no longer sees the difference.
    - 4y ago