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May 31, 2019updated 30 May 2019 5:03pm

ICO moves forward with Online Harms standards / Tesla takes the Model 3 to China / Wells Fargo brings in new CISO

By Luke Christou

3 THINGS THAT WILL CHANGE THE WORLD TODAY

Good morning, here’s your Friday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.

ICO moves forward with Online Harms standards

The Information Commissioner’s Office (ICO) will today bring an end to the consultation phase of its proposed benchmark standards for the design, development and offering of online services accessible by children.

The ICO has been seeking opinions on its Age appropriate design: a code for practice for online services standards since April 15. The ICO proposes measures such as blocking children from using ‘like’ buttons on platforms such as Facebook and Instagram, and banning tactics designed to keep children on social media platforms for longer.

The standards are in response to the Online Harms White Paper published by the UK government last month, which called for tougher regulation of social media companies to protect young people from harmful content online.

The ICO will judge response to put together a final version which will be put before Parliament. If accepted, the standards are expected to come into effect before 2020.

Tesla takes the Model 3 to China

The United States and China might be in the middle of a trade war, but that hasn’t stopped Tesla from moving in on China’s electric vehicle market.

The Elon Musk-owned automotive company is set to begin taking pre-orders on its Model 3 vehicle in China from today, following the launch of its high-end vehicles in the East Asian nation over the past few months.

Musk has said that Tesla will use its new Gigafactory 3 production facility in Shanghai, China, to locally produce the Model 3. This will allow Tesla to sell the vehicles without paying a 25% import tariff charge, which could significantly reduce the cost for Chinese consumers.

Wells Fargo brings in new CISO as fake accounts scandal drags on

Gary Owen will begin his tenure as the chief information security officer (CISO) of Wells Fargo today, as the financial services firm attempts to show the United States Federal Reserve Board (FRA) than it is working to improve its “governance and controls”.

The FRA placed restrictions on Wells Fargo’s growth in February in the wake of the account fraud scandal. In 2016 it was discovered that employees had created millions of fake accounts over a five year period, resulting in clients being charged fees for accounts that they hadn’t authorised.

A $575m fine was issued by all 50 US states in December last year, bringing the total cost of the scandal to $2.9bn.

Owen will be responsible for maintaining Wells Fargo’s risk and information security framework, leading the company on access management, cybersecurity and monitoring.

Thursday’s Highlights

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deVere CEO: Brexit nightmare won’t end after Halloween deadline

Fighting fake news with anti-deepfake technology

AI catches essay cheats with 90% accuracy