Stock Update: Apple Inc (NASDAQ AAPL) CEO Tim Cook Talks Privacy After A Chinese iCloud Hack

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Apple Inc (NASDAQ AAPL)’s chief executive officer Tim Cook is talking business and the future of his company in China. One of those chats involves privacy and security involves the privacy and security of users. He is currently in talks with Chinese officials. This comes just days after a web monitoring group liked the government to a hack into Apple iCloud.

Cook’s visit to China was actually overshadowed by one web monitoring group report regarding government involvement in a huge hack against Apple users. The Chinese government officials refute the allegations and claim they were victimized.

Cook’s interview made zero comments on the attack and when asked about the Greatfire attack, he said Apple was aware of intermittent organized network attacks. Details were not spared. The CEO added that Apple’s top priority for China is to launch the Apple Pay system. Cook explained, “China is a really key market for us. Everything we do, we are going to work it here. Apple Pay is on the top of the list.”

Apple Inc (NASDAQ AAPL): Privacy

China is one of the most successful markets to break into and Apple surely does not want to miss a beat. The only thing standing in the way of the iPhone maker’s quest is China’s government officials, who are far less likely to trust foreign companies.

Apple Pay could be a huge opportunity for the tech giant. Cook even summed it up with, “Apple Pay is going to be huge.It’s going to change the way we pay for things.”

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Apple Inc financial news (NASDAQ AAPL)

The whole simplicity of Apple Pay is the primary appeal. People can pay for things in-store and online without having to swipe a credit card. This system is also far more secure as stores can’t add credit card information from the consumer. This works by allowing the iPhone to transfer a temporary one-time code which has no significance to the shop owner.

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