“Privacy to us is a human right.”- Tim Cook, CEO of Apple
Apple’s core goal is to create excellent the best product possible while respecting the privacy of those who use their software. Privacy is a huge concern for Apple in a time in where it seems that our lives are public for all to see. Thus, Apple is taking a huge step forward to try and protect it’s valued customers from immoral data apps and law enforcement.
On June 12th, Apple updated its App Store policy to restrict all apps from harvesting the data of other apps and contacts that iPhone users have. This is direct attack on Facebook who collects data for marketing and acquisition opportunities through their VPN app, Onavo. This App Store update comes after Facebook was involved in the Cambridge Analytica scandal, where millions of users data was taken from Facebook unbeknownst to them.
Last year, Apple took a lot of flack for not giving the FBI access to a terror suspect’s iPhone data. The news was so big that the President of the United States switched to an Android over Apple’s refusal. However, the FBI went to a third party and got the phone unlocked through them, a data breach that Apple found worrisome.
The company will now go forward with a brand new update which gives iOS devices that are prone to the hack a new software called “USB Restriction Mode”. This mode stops hackers by restricting data from being transferable after an iOS device has been locked for an hour.
Law enforcement are astonished by this update and ridicules Apple for it. They feel as if American citizen’s safety is in danger if they cannot access suspects personal data. To Apple, this isn’t just a law enforcement problem, but a problem for any criminal willing to bypass the iOS encryption. So, they are satisfied with this update as privacy is fundamental to them.
Apple’s stock price has decreased from June 12th to June 13th by .82% and volume increased by 26.83%.
On June 13th, the S&P 500 was also down due to anticipation and the eventual exercise of the Fed hiking interest rates to 2% occurred