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Chatbots News Wednesday, June 6

Banking is Dead… Long live Blockchain Banking!

  • Banks can not afford increasing expenditure of the old technology anymore they will have to adapt to the change – – Opinions expressed by Entrepreneur contributors are their own.
  • Speaking of technology and banking, Blockchain, will disrupt the financial domain most certainly.
  • Blockchain offers just what banks need today; faster transactions and going easy on the pocket.
  • Back home, the State Bank of India (SBI) has grand plans in place to use blockchain for a number of processes, including the KYC system.
  • While some banks are experimenting with this digital ledger and achieving impressive results, some financial institutions are gearing up to reform and redefine huge chunks of their banking processes.

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Banking is Dead… Long live Blockchain Banking!

How Blockchain And AI Synergy Can Help Businesses Gain A Competitive Edge

  • Blockchain and AI can be blended to protect datasets – – Without data, AI is useless.
  • In this age where many companies depend on their data centers in different geographical locations to offer the base for a large part of their business, the AI and blockchain combo can create secure, decentralized databases for the highly sensitive information that AI driven systems must collect and store.
  • This can result in significant improvements in protection of: – – Once data is recorded on a blockchain network, AI algorithm can be granted permission to access it, but certain restrictions can be set for modifying existing data and adding new records.
  • Many companies are using AI to analyze data and better understand patient needs.
  • Blockchain and AI partner together for several purposes, each allowing businesses to gain a competitive edge.

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How Blockchain And AI Synergy Can Help Businesses Gain A Competitive Edge

Security fail? One in three companies think paying hackers is worth the risk

  • A third of organisations would consider paying a ransom to hackers instead of investing more in security, a survey has claimed.
  • Decision makers at organisations around the world were asked if they would consider paying a ransom by a hacker rather than invest in security because it’s cheaper.
  • Organisations in Norway, France, Germany and Austria are most likely to give into a ransom over investing in security, with 40 percent of firms stating they’d consider taking this approach.
  • Just over a third (35 percent) of US firms said they’d consider taking this action, while the country with the fewest number of organisations which would consider paying a ransom to hackers is the UK — although one in five still represents a significant proportion.
  • Given how some of the highest percentages of organisations who’d consider paying hackers rather than investing in security are based in Europe, there’s another issue that could end up creating big challenges for these organisations — especially if the hackers manage to breach the network and steal personal data: GDPR….

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Security fail? One in three companies think paying hackers is worth the risk | ZDNet