Following months of controversy, nonprofit inBloom announced Monday it is shutting down. In an e-mail to the organization’s supporters, CEO Iwan Streichenberger wrote, “I have made the decision to wind down the organization over the coming month.” InBloom had been financed with $100 million from the Bill and Melinda Gates Foundation, providing a cloud service for schools to centrally store encrypted student data. “InBloom’s demise yesterday in the face of a flurry of privacy allegations unambiguously demonstrates that privacy can also be a first-order business risk. So much so,” writes IAPP VP of Research and Education Omer Tene in this post for Privacy Perspectives, “that it can bring a high-flying, much-celebrated, well-funded and strongly backed organization to its knees.”
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