Daily Tech Digest - October 03, 2023

How AI can be a ‘multivitamin supplement’ for many industries

It won’t replace humans in the same way that supplements don’t replace a healthy diet. Still, it will strengthen companies’ existing operations and fill in the gaps that are currently making work more burdensome for human laborers. ... It’s exciting to realize that there will soon be professions that we don’t even have names for yet. As the technology ages and matures and governing bodies create the necessary laws and regulations, our current state of uncertainty will transform into an exciting, bright new future of human-tech cooperation. We are already seeing this future take shape. For instance, MarTech companies are testing AI-powered fraud detection to supplement the work that human experts do to monitor traffic quality and transparency. This not only eases the human workload but helps companies save resources while getting better results overall. Similar benefits of human-AI collaboration can be seen in healthcare, with AI that can be trained to assist patients with recovery treatments or perform routine tasks in medical offices or hospitals, freeing nurses and doctors up to focus on patient outcomes. 

Banking on Innovation: How Finance Transforms Technological Growth for Decision Makers

Regulation is a sensitive topic for the financial industry. While the need for a certain degree of oversight is universally accepted, excessive regulation can stifle the very innovation that drives economic growth. On the other hand, too little regulation can open the doors to risk accumulation and financial crises. Striking this balance is one of the most challenging tasks that government leaders face. Policies must be evidence-based, derived from transparent risk- assessment models and economic simulations. Regulatory sandboxes could offer a safe environment for financial institutions to experiment with new services and products under the watchful eye of regulators, thereby fostering innovation while ensuring compliance. ... One of the most potent ways in which PPPs can contribute to revenue management is through asset monetization. Governments often sit on a wealth of underutilized assets, ranging from real estate to utilities. A PPP can unlock the value of these assets by involving private-sector expertise and investment. 

Microsoft Releases Its Own Distro of Java 21

Microsoft’s continuing support for OpenJDK is a strong indicator of how important Java is in the enterprise software space. “And the new features of Java 21 such as lightweight threads are maintaining Java’s relevance in the cloud native age,” said Mike Milinkovich, executive director of the Eclipse Foundation. “Being one of the first vendors to ship Java SE 21 support shows how focused Microsoft is in meeting the needs of Java developers deploying workloads on Azure.” Also, Spring developers will be pleased to know that Spring Boot 3.2 now supports Java 21 features. Many other frameworks and libraries will soon release their JDK 21-supported versions. “Microsoft has some of the best developer tool makers in the world — to have them add Java to the mix makes sense,” said Richard Campbell, founder of Campbell & Associates. “Of course, that happened a couple of years ago, and JDK 21 is just the latest implementation. In the end, Microsoft wants to ensure that Azure is a great place to run Java, so having a team working on Java running in Azure helps to make that true. What does it mean for the ecosystem? More choices for implementations of Java, better Java tooling, and more places to run Java fast and securely.”

Why embracing complexity is the real challenge in software today

The reason we can’t just wish away or “fix” complexity is that every solution — whether it’s a technology or methodology — redistributes complexity in some way. Solutions reorganize problems. When microservices emerged (a software architecture approach where an application or system is composed of many smaller parts), they seemingly solved many of the maintenance and development challenges posed by monolithic architectures (where the application is one single interlocking system). However, in doing so microservices placed new demands on engineering teams; they require greater maturity in terms of practices and processes. This is one of the reasons why we cautioned people against what we call “microservice envy” in a 2018 edition of the Technology Radar, with CTO Rebecca Parsons writing that microservices would never be recommended for adoption on Technology Radar because “not all organizations are microservices-ready.” We noticed there was a tendency to look to adopt microservices simply because it was fashionable. This doesn’t mean the solution is poor or defective. 

Balancing Cost and Resilience: Crafting a Lean IT Business Continuity Strategy

Effective monitoring is the backbone of a resilient infrastructure. The approach should focus on: Filtering out the noise - Monitoring solutions need to ensure that only critical notifications are sent out, preventing information overload and ensuring that the right people are alerted promptly when critical events inevitably happen. Acting quickly and decisively - Time is of the essence during disruptions. IT, DevOps, SIRT, and even PR teams need to be well coordinated for various types of events. From security breaches to data center fires or even just mundane equipment failures, anything that might result in customer or operation disruptions will involve cross-team communications and collaboration. The only way to get better at handling these is to have documentation on what should be done, a clear chain of command, and practice drills. In conclusion, a comprehensive backup and recovery strategy is essential for businesses aiming for uninterrupted operations. While there are many solutions available in the market, it’s crucial to find one that aligns with your business needs. 

How do you solve a problem like payments infrastructure?

Today, banks need to be willing to adopt new technology to change, and this will involve working with a third-party service provider. Another roundtable participant added that as part of this process, it is imperative to utilise validation evaluation to recycle new enhancements. Otherwise, banks will end up with the belief that the improvements that were made are unique, but in fact, competitors will keep pace or even get ahead when it comes to the innovation game or enticing new customers. This banker revealed that they opted to not disconnect from their existing infrastructure, but instead chose a top layer architecture to process payments in a more efficient way. In line with this, the participant added that culture must be considered, because this is what brings together the different components that are needed and ultimately reveals when the time is right to change the systems. Providing background information, this Sibos attendee mentioned that 15 years ago, the bank considered whether it would be more cost effective to map local, regional, or global ISO 20022 messaging into existing architecture or to create a new platform that could work for the next 20 years. 

GenAI: friend or foe in fraud risk management?

Building high-performance fraud detection algorithms today is dependent on real-life customer and transaction data to train and validate the models, which has remained a constraint. GenAI can help with realistic synthetic data creation for model training and validation, scenario and fraud attack simulation to identify vulnerabilities and design controls to mitigate these risks. Customer due diligence (CDD) is a critical function in fraud prevention – be it new client onboarding or new credit approvals (loans, credit cards, increasing credit limits) for existing clients. GenAI can be a great tool to go through piles of KYC documentation and reference them with customer-filled forms and other subscribed data sources of the FI to come up with a CDD summary report. GenAI can also be used to analyse user communications with FIs – such as emails, chats, documents and product and service requests – to extract insights on financial behaviour, sentiment analysis for intentions and potential risks of fraud. Fraud investigations can also leverage GenAI for alert and dispute resolution by accessing different sources of information on the context and providing a summary of the case that will aid in its decisioning.

Weaving Cyber Resilience into the Strategic Fabric of Higher Education Institutions

There is no shortage of steps that institutions can take to bolster their cyber resilience and ensure that, should the worst happen, they’re prepared. A good place to start is by assessing the institution’s current level of resilience and looking for any gaps or obstacles. In many cases, Goerlich says, the key is simplification. For example, adopting a zero-trust security strategy can also improve a college or university’s ability to respond, maintain continuity and bounce back following an adverse event, he says. Another factor complicating resiliency for many institutions is overly complex network environments, particularly in the cloud. As colleges and universities clamor to embrace digital transformation and cloud networking, it’s not uncommon for their environments to grow to a degree that becomes unmanageable. But uncontrolled and unregulated cloud sprawl can have a serious impact on an institution’s resilience. Developing easy-to-follow approaches and processes — along with adopting simplified, automated and easy-to-use technology solutions — can make a significant difference, Goerlich says. 

How to make asynchronous collaboration work for your business

Asynchronous working can bring some benefits that synchronous work can't – most notably speed. “Real-time communication means everyone must be in the same place, or at least the same time zone, in order for work to happen. If workers need to wait for syncs to decide or act on something, it slows down the company as a whole and reduces its ability to compete,” says van der Voort. Asynchronous collaboration allows people to work at their own pace, and does not force them to wait for input from others. Morning people, evening people, midnight oil people, collaborating across geographies, can in some cases deliver higher quality results than forcing everyone to come together for a 10am video call. To get this working well, policies such as having core working hours for each staff member, and having very clear goals and anticipated outcomes for all meetings, can be incredibly useful. “One of the most significant and highly sought-after benefits asynchronous collaboration offers is a dramatic reduction in meetings,” argues Lawyer. “It allows team members to contribute in the least amount of minutes, freeing up time for other work.”

Securing the Evolution of Smart Home Applications

Very few in the cybersecurity community have forgotten one of the most noteworthy incidents, the Mirai Botnet, which took place back in 2017. Attackers behind the botnet infiltrated the site of well-known cybersecurity journalist Brian Krebs. The Distributed Denial of Service (DDoS) attack lasted for days, 77 hours to be exact. It involved 24,000 Mirai-infected Internet-of-Things devices, including personal surveillance cameras. Jumping ahead to this year 2023, in June the Federal Trade Commission (FTC) settled a case with Ring’s owner, Amazon. The online retailing giant agreed to pay the FTC nearly $31 million in penalties to settle recently filed federal lawsuits over privacy violations. The FTC alleged that Ring compromised customer privacy by allowing any employee or contractor to access consumers’ private videos. The FTC also claimed hackers used Ring cameras’ two-way functionality to harass and even physically threaten consumers – including children – if they did not pay a ransom. These types of incidents clearly illustrate how critical it is to secure devices like cameras in a smart home.

Quote for the day:

"Before you are a leader, success is all about growing yourself when you become a leader, success is all about growing others." -- Jack Welch

No comments:

Post a Comment