Cybersecurity is always a hot topic, especially in the financial industry, but the recent Equifax data breach has brought it into the limelight once more. The recent breach of 143 million individual's sensitive information is just one of many that clouds headlines on a regular basis.
It is very popular right now to blame the worldwide stock market declines on China. Some analysts picked China's recent economic developments; others focused on their stock market decline; others chose to focus on the devaluation of the Yuan. I believe this is an easy, convenient excuse, rather than the core issue at hand. Consider:
On Tuesday, the People's Bank of China (PBC), the country’s central bank, announced a cut in its currency reference rate relative to the U.S. Dollar (USD) by 1.9%, down to 6.23 yuan/USD. This cut was followed by an announcement on Wednesday of another 1.6% decrease to 6.33 yuan/USD.
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