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In 2014, now a decade ago in cyber-time, I interviewed TecSec CEO and security specialist, Jay Wack. I asked about the security of the cloud, which at the time was starting to transform the storage of electronic information. “There's really no such thing as the cloud,” Mr. Wack told me, “there are only other people's computers.” I was not entirely surprised by his answer. He had a snappy way of coming to conclusions. In this case I said, “Oh, something like time-sharing in the old days.” This may have been true at first; but it is now worth some investigation if the present threat environment today demands a secure cloud. Even then, Jay Wack warned: “You cannot secure the network, only the data.”
The Need for Encryption
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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