In 2008, geneticist David Craig showed that he was able to trace pooled genetic data that was available online back to an individual who had participated.

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The "arrow of time" is based on the notion that it is possible to use data from modern languages to trace their origins back 10, 000 years or even further.

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He thinks the financial services industry should create the identifier at the time of origination rather than work with closing and settlement records and then relying on data vendors such as Bloomberg or Reuters to trace back the instruments.

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This is a very serious vulnerability indeed, as it means that someone could get access to data stored on an iOS device without leaving a trace.

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"I also found that no thorough comparison of data from controlled archive cases was undertaken with other government departments or financial institutions in order to trace applicants until April 2012, " he said.

BBC: UKBA attacked over 'inaccurate' data given to MPs