said they were outraged. In 2020, Illuminate signed a strict data agreement with the district requiring the company to safeguard student data and promptly notify district officials in the event of a data breach.

kept student data on the Amazon Web Services online storage system. Cybersecurity experts said many companies had inadvertently made their A.W.S. storage buckets easy for hackers to find — by naming databases after company platforms or products.

a spate of cyberattacks on both ed tech companies and public schools, education officials said it was time for Washington to intervene to protect students.

“Changes at the federal level are overdue and could have an immediate and nationwide impact,” said Mr. Styer, the New York City schools spokesman. Congress, for instance, could amend federal education privacy rules to impose data security requirements on school vendors, he said. That would enable federal agencies to levy fines on companies that failed to comply.

One agency has already cracked down — but not on behalf of students.

Last year, the Securities and Exchange Commission charged Pearson, a major provider of assessment software for schools, with misleading investors about a cyberattack in which the birth dates and email addresses of millions of students were stolen. Pearson agreed to pay $1 million to settle the charges.

Mr. Balderas, the attorney general, said he was infuriated that financial regulators had acted to protect investors in the Pearson case — even as privacy regulators failed to step up for schoolchildren who were victims of cybercrime.

“My concern is there will be bad actors who will exploit a public school setting, especially when they think that the technology protocols are not very robust,” Mr. Balderas said. “And I don’t know why Congress isn’t terrified yet.”

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Word of Trump Media Deal Is Said to Have Leaked Months in Advance

Months before former President Donald J. Trump’s social media company unveiled an agreement to raise hundreds of millions of dollars last fall, word of the deal leaked to an obscure Miami investment firm, whose executives began plotting ways to make money off the imminent transaction, according to people familiar with the discussions.

The deal — in which a so-called special purpose acquisition company, or SPAC, would merge with Mr. Trump’s fledgling media business — was announced in October. It sent shares of the SPAC soaring.

Employees at the Miami investment firm, Rocket One Capital, had learned of the pending deal over the summer, long before it was announced, according to three people familiar with the firm’s internal discussions. Two of the people said that Rocket One officials at the time talked about ways to profit off the soon-to-be-announced transaction with Trump Media & Technology Group by investing in the SPAC, Digital World Acquisition Corporation.

a surge in trading in a type of security known as warrants, which entitled investors to buy shares of Digital World at a preset price in the future.

Federal prosecutors and regulators are now investigating the merger between Digital World and Trump Media, including the frenzied trading in the SPAC’s warrants, according to people familiar with the investigation and public disclosures. Digital World said in a recent regulatory filing that a federal grand jury in Manhattan had issued subpoenas seeking information about Rocket One, among other things.

The exact scope of the federal investigations remains unclear. Authorities have not accused anyone of wrongdoing, and representatives of Mr. Garelick and others denied doing anything improper.

A lawyer for Rocket One and its founder, Michael Shvartsman, denied that they had any advance knowledge of the merger between Digital World and Trump Media. He added that “any assertion otherwise is untrue.”

a recent news release that neither Mr. Trump nor Devin Nunes, the former California congressman who is the company’s chief executive, received grand jury subpoenas. (The release identified the men only by their job titles.)

The investigation into unusual trading in Digital World securities is the latest blow to Mr. Trump’s social media venture, which has struggled with technological problems and slow user growth.

Federal authorities are also investigating whether Digital World’s disclosures about the merger talks with Trump Media violated rules governing SPACs. And the Securities and Exchange Commission is considering whether to block the merger, according to regulatory filings by Digital World. If the deal doesn’t go through, it would deprive Trump Media of $1.3 billion.

There is scant public information about Rocket One, which has fewer than 10 employees and has made about 20 early-stage investments over the past decade, according to a review of archived web pages and an analysis by PitchBook, a data company. Rocket One disabled its website soon after its name appeared in a Digital World regulatory filing.

Two of the people familiar with Rocket One’s internal discussions said Mr. Garelick, a former Boston hedge fund manager who is now Rocket One’s chief strategy officer, mentioned the possible deal with Trump Media to some employees last summer. Around that time, a Rocket One employee was told to conduct a financial analysis of Digital World, including its warrants, one of the people said.

investigate whether the leaders of Digital World and Trump Media started negotiating a potential merger before Digital World sold shares through an initial public offering in September. At the time of Digital World’s initial public offering, the company said in public filings that it had not yet identified a merger target. But The New York Times previously reported that talks between Mr. Orlando and Trump Media officials were already underway.

previously reported that they were involved in some of the early talks with Mr. Orlando.

Mr. Moss and Mr. Litinsky, who at one time were senior executives with Trump Media, didn’t respond to requests for comment. Mr. Litinsky no longer works for Trump Media; Mr. Moss’s job status is unclear.

Securities regulators also have asked for information from Digital World about the role played by the SPAC’s financial adviser, Shanghai-based ARC Group, according to regulatory filings. Federal regulators previously have reprimanded ARC. In 2017, the S.E.C. stopped ARC’s executives from listing shares of three companies, citing “material misstatements” in their securities filings and a lack of cooperation from the executives.

Ben Protess contributed reporting. Susan C. Beachy contributed research.

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