Linked List: March 12, 2023

Sunday, 12 March 2023

U.S. Treasury: All Silicon Valley Bank Depositors Will Have Access to All of Their Money Starting Tomorrow ★

The Department of the Treasury:

The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

Taxpayers aren’t on the hook because SVB has assets greater than its deposits — they simply don’t have liquid assets to cover them. Sanity prevails. They say there are no atheists in a foxhole, but there are more of them than there are libertarians in a bank run. Thank jeebus we have a sane president.

Kolide ★

My thanks to Kolide for sponsoring last week at DF. Right now, “Zero Trust” is in serious danger of becoming an empty buzzword. The problem isn’t just that marketers have slapped the Zero Trust label on everything short of breakfast cereal — it’s that for all the hype, we don’t seem to be getting any safer.

At the heart of Zero Trust is a good idea, but the way most companies execute that idea is incomplete. Specifically, most security practitioners forget that device compliance is a crucial element of Zero Trust. Kolide solves the device compliance element of Zero Trust for companies that use Okta. Kolide’s premise is simple: if an employee’s device is out of compliance, they can’t log in to their cloud apps until they’ve fixed the problem. And instead of creating more work for IT, Kolide provides instructions so users can get unblocked on their own.

Kolide works across your Mac, Windows, and even Linux devices, with mobile support coming soon. To learn more and see their product in action, simply visit their website.