Lifeboat Foundation

I consider this as a nice interim step in maturing the digital platform environment for financial services. However, once Quantum Computing, Quantum Internet, etc. is available to the masses such as in China, etc. this solution will fail in protecting financial data and other PPI related information as recent research is showing us.

https://lnkd.in/bjcCJ-U

IBM is currently attempting to merge artificial intelligence and the blockchain into a single, powerful prototype.

Continue reading “IBM Watson is Working to Bring AI to the Blockchain” »

Definitely a game changer; security threat depends on who gets the technology adopted on a broad scale first prior to other countries (China? USA? Australia? Russia? UK? CAN?, etc.)

Quantum computing offers financial institutions the prospect of faster transactions and lower trading costs, but is it also a threat to security?

My new article for TechCrunch on capitalism and the robot revolution:

Economic experts are trying to figure out a question that just two decades ago seemed ridiculous: If 90 percent of human jobs are replaced by robots in the next 50 years — something now considered plausible — is capitalism still the ideal economic system to champion? No one is certain about the answer, but the question is making everyone nervous — and forcing people to dig deep inside themselves to discover the kind of future they want.

After America beat Russia in the Cold War, most of the world generally considered capitalism to be the hands-down best system on which to base economies and democracies. For decades, few doubted capitalism’s merit, which was made stronger by thriving globalization and a skyrocketing world net worth. In 1989 — when the Berlin Wall fell — the world had only 198 billionaires. Now, according to Forbes, there are 1,826 of them in 2016.

Continue reading “Will capitalism survive the robot revolution?” »

U.S. Navy Admiral Michael S. Rogers, who serves as Commander of the U.S. Cyber Command, Director of the National Security Agency, and Chief of the Central Security Service, secretly visited Israel last week, according to Israel-based Haaretz.

The visit’s purpose was to reinforce ties with Intelligence Corps Unit 8200 of the Israel Defense Forces (IDF), particularly against cyber attacks by Iran and Hezbollah, according to Haaretz.

Israel has been the target of cyber attacks since the summer of 2014, but attacks have lately intensified. The U.S. too appears to have been victimized by Iran, with a federal court indicting a seven Iranians last week – said to be working for the Iranian government and the Revolutionary Guards – on charges of carrying out attacks against financial institutions and a dam in New York.

Continue reading “NSA head secretly visited Israel last week” »

The tragedy in Brussels shocked the world this week—but the aftershocks of the March 22 terrorist bombings are likely to include follow-on cyber-threats.

These attacks typically involve hackers targeting critical infrastructure in order to cause chaos and physical damage, alongside fear and financial damage.

“We have been able to identify a pattern of behavior of cyber attackers and attack methods surrounding major terrorist events in Western Europe, the latest such pattern was identified after the November 2015 Paris terrorist attacks,” Cytegic noted in an intelligence brief shared with Infosecurity.

Continue reading “Brussels Attacks Likely to Bring Cyber-Aftermath” »

LONDON & MIAMI–(BUSINESS WIRE)–Blue Prism, the pioneering developer of enterprise Robotic Process Automation (RPA) software, today announced its debut on AIM of the London Stock Exchange (LSE). The first developer of software robots to trade on the public markets, Blue Prism, working closely with its global network of partners, grew 35% last year and has deployments with more than 74 customers, including a number of the world’s largest banks, insurers, utilities, healthcare, telecommunications, service providers and other regulated industries. The initial public offering (IPO) will allow Blue Prism to support its global growth plans and enhance its profile within the RPA marketplace.

“Today’s milestone follows a successful year for the company, and marks a shift in acceptance for software robots as a mainstream choice for the enterprise digital workforce,” said Alastair Bathgate, co-founder and CEO of Blue Prism. “Software robots have been deployed successfully and strategically by large, blue chip organizations that have derived tremendous value from this new solution to the labor market, it’s not science fiction.”

Nice concept; however, given the recent warnings for 2016; I hope that IDC and others are not overwhelmed as well as able to meet their client’s expectations. My concern is expectations by policy holders as well as leaders operating in a mode of false sense of security and ignoring warnings that they would have focused on closely without the insurance.

New report offers insight into some of the tools and models available today to help insurers expand into this emerging market, balance their risk portfolios, and maintain a positive outlook

FRAMINGHAM, Mass., March 15, 2016 – Increased digitization and interconnectivity have catapulted the risk of cyber threats as one of the top global perils of 2016 and beyond. To combat this risk, many companies will look to insurance as a critical risk management technique that complements improved cyber security measures. IDC Financial Insights outlines the tremendous opportunities for insurers to capitalize on this largely untapped market in a new report, Perspective: Cyber Insurance — Can Technology Help Insurers Overcome Their Skepticism? (Doc #EMEA41044816), and emphasizes some of the tools and models that can help insurers effectively penetrate the emerging market while balancing their risk portfolios.

Automated online advice platforms, the so-called robo advisors, have long implied the use of algorithms eliminates conflicts of interest. It’s a premise that’s gained traction with both consumers and regulators. But a new report by the Financial Industry Regulatory Authority casts doubt on their ability to do just that.

With robo advisors like Schwab Intelligent Portfolios, Betterment and Wealthfront now managing billions of dollars worth of client assets, FINRA investigated these online advice providers. The regulator released a report Tuesday that evaluated several key service areas including governance and supervision, the suitability of recommendations, conflicts of interest, customer risk profiles and portfolio rebalancing.

FINRA found that while digital advice will likely play an increasingly important role in wealth management, investors should be aware that conflicts of interest can exist even in providers powered by algorithms. Specifically, the advice consumers receive depends largely on the digital advice provider’s investment approach and the underlying assumptions used.

Continue reading “Turns Out Robots Don’t Offer Conflict-Free Advice Either” »

Very concerning: 72% of all India companies were hacked in 2015. How many were hosting consumer and business data for non-Indian companies say US or European companies?

According to KPMG’s, Cyber Crime Survey Report 2015, around 72 per cent of the companies in India have faced cyber-attacks in the year 2015. In India a spate of cyber security issues have been witnessed like the Gaana.com or Ola Cabs apps being hacked. Such issues have raised the alarm for the whole enterprise community. And it doesn’t seem to be stopping here. According to a report from McAfee Labs, the number of cyber attacks where malware holds user data hostage is expected to grow in 2016 as hackers target more companies and advanced software is able to compromise more types of data. In many cases the objective would be financial gain or corporate espionage, either ways, resulting in heavy losses for the enterprise.

Today, no single new age enterprise is immune to cyber threats. The humongous amount of information popping out of various social and mobile platforms continues to add to organizations’ vulnerabilities, making them attractive targets for complex cyber crimes.

Continue reading “72% Indian companies faced cyber attacks in 2015, yet most do not have a threat response strategy” »