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MOBILE SECURITY START UP OMLIS SECURES $31M IN CONTRACTS AND GROWS TO OVER 40 EMPLOYEES IN FIRST YEAR

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MOBILE SECURITY START UP OMLIS SECURES $31M IN CONTRACTS AND GROWS TO OVER 40 EMPLOYEES IN FIRST YEAR 1

Rapidly emerging global mobile payments solutions provider, Omlis, today announced the successful completion of the first Omlis Licensed implementations, and an exponential growth in identified partner and client opportunities in South America, and across Europe, Middle East and Africa.  Currently tipped as one to watch for 2015, Omlis also confirmed over $31m in contracted revenues over the next 5 years, all secured in the first 12 months of trading. The company, founded in October 2012 in Newcastle Upon Tyne, has set the world of mobile payments alight with a unique mobile payments encryption solution, which presents businesses with the opportunity to deliver convenient and secure mobile payment transactions.

“It’s hard to believe that the company has expanded so quickly,” said Markus Milsted, Founder and CEO of Omlis. “Our CCO, John Stuart, previously shaped the commercial strategies for world-class organizations including S1 and Verifone securing orders in excess of $350million in competitive global markets. The Omlis team is growing and the talent is immense.”

Omlis has expanded from 2 to 43 full-time employees in Newcastle and London since February last year. Completely funded by private investors, the start-up is on its way to becoming the fastest growing mobile payment security company in a swiftly expanding mobile payment market. Such accelerated growth can be attributed to the growing global fraud issues attributed to the mass adoption of mobile payments by consumers driven by convenience, creating the increasingly mobile centric world we live in today.

By the end of 2013, there were 245 million mobile payment users and Juniper research forecasting growth to 450 million mobile payment users by 2017. The 2014 McAfee threat report showed that the number of mobile malware attacks grew by 167% across 2013. With growth in malicious and fraudulent mobile attacks evidently on the rise, Omlis presents an opportunity for the mobile payments ecosystem to deliver 100% fault-tolerant mobile payment security.

Markus Milsted, Founder and CEO of Omlis.

Markus Milsted, Founder and CEO of Omlis.

“The mobile payments market presents an immense opportunity for businesses to implement new ways to pay,” said Stuart Macdonald, MD of Omlis partner Seric Systems. “Omlis combats the failings present in current security encryption methods which are by comparison inherently vulnerable, as highlighted regularly in the media. The Omlis technology is the security solution of choice for any organisation that processes mobile transactions and takes their client privacy seriously.”

The company is consistently adding to its high calibre global partner network of reputable technology corporations. The first major contract signed in early 2014 was with Stratus Technologies Mexico, who process over 60% of all payment transactions in Mexico. Omlis further established their Latin American presence by securing a partnership with leading Chilean technology services provider ISN Technologies in July.

“With mobile payments expanding quickly across Latin America and Chile, it is imperative to implement a mobile payment security solution that can be easily deployed across territories and on all makes of mobile devices,” said Ruben Nanjari, General Manager of ISN. “This innovative modern security technology will be of great benefit to the marketplace and ensure that Chilean businesses and consumers experience full and uncompromised mobile transaction security.”

Omlis forged forward in the second half of 2014, forming relationships with leading technology distributors Orion SaS (Software & Services) and Vciso. Most recent milestones include a five-year distribution agreement with award-winning global IT infrastructure provider Seric Systems and recognition as 1 of only 3 global security software solutions available on the IBM marketplace to close out the year.

“We are proud to support the rapid expansion of Omlis mobile payment security,” said Simon Cairns, Director of Orion Software and Services. “They have recruited amazing talent within the tech sector and their growth reflects the strength of their proposition. The Omlis vision is ambitious yet on track with the market’s needs for enhanced security features to drive adoption of mobile payments. With the partnership growing, Orion and Omlis have already made great strides in helping financial institutions provide key differentiators in the market.”

The most recent partnership agreement with Stratus Global Technologies, a first in 9 years for Stratus, will see Omlis security deployed as the most secure mobile payment solution on a global basis alongside the Omlis partner network in 2015. The notion of Omlis being a gentle giant has firmly been laid to rest and their accelerated growth rate goes some way to confirming that this giant is rapidly powering forward and there is nothing gentle about its ambition.

About Omlis – Omlis is a global mobile payment solutions provider bringing market proven, highly powerful, differentiated and most effective solutions to all mobile commerce security. Providing completely secure, unique and uncompromised technology with 100% fault-tolerant tracking of all payments in real-time for full transaction accountability. Find out more at www.omlis.com and @OmlisUK on Twitter

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‘Spooky’ AI tool brings dead relatives’ photos to life

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'Spooky' AI tool brings dead relatives' photos to life 2

By Umberto Bacchi

(Thomson Reuters Foundation) – Like the animated paintings that adorn the walls of Harry Potter’s school, a new online tool promises to bring portraits of dead relatives to life, stirring debate about the use of technology to impersonate people.

Genealogy company MyHeritage launched its “Deep Nostalgia” feature earlier this week, allowing users to turn stills into short videos showing the person in the photograph smiling, winking and nodding.

“Seeing our beloved ancestors’ faces come to life … lets us imagine how they might have been in reality, and provides a profound new way of connecting to our family history,” MyHeritage founder Gilad Japhet said in a statement.

Developed with Israeli computer vision firm D-ID, Deep Nostalgia uses deep learning algorithms to animate images with facial expressions that were based on those of MyHeritage employees.

Some of the company’s users took to Twitter on Friday to share the animated images of their deceased relatives, as well as moving depictions of historical figures, including Albert Einstein and Ancient Egypt’s lost Queen Nefertiti.

“Takes my breath away. This is my grandfather who died when I was eight. @MyHeritage brought him back to life. Absolutely crazy,” wrote Twitter user Jenny Hawran.

While most expressed amazement, others described the feature as “spooky” and said it raised ethical questions. “The photos are enough. The dead have no say in this,” tweeted user Erica Cervini.

From chatbots to virtual reality, the tool is the latest innovation seeking to bring the dead to life through technology.

Last year U.S. rapper Kanye West famously gifted his wife Kim Kardashian a hologram of her late father congratulating her on her birthday and on marrying “the most, most, most, most, most genius man in the whole world”.

‘ANIMATING THE PAST’

The trend has opened up all sorts of ethical and legal questions, particularly around consent and the opportunity to blur reality by recreating a virtual doppelganger of the living.

Elaine Kasket a psychology professor at the University of Wolverhampton in Britain who authored a book on the “digital afterlife”, said that while Deep Nostalgia was not necessarily “problematic”, it sat “at the top of a slippery slope”.

“When people start overwriting history or sort of animating the past … You wonder where that ends up,” she said.

MyHeritage acknowledges on its website that the technology can be “a bit uncanny” and its use “controversial”, but said steps have been taken to prevent abuses.

“The Deep Nostalgia feature includes hard-coded animations that are intentionally without any speech and therefore cannot be used to fake any content or deliver any message,” MyHeritage public relations director Rafi Mendelsohn said in a statement.

Yet, images alone can convey meaning, said Faheem Hussain, a clinical assistant professor at Arizona State University’s School for the Future of Innovation in Society.

“Imagine somebody took a picture of the Last Supper and Judas is now winking at Mary Magdalene – what kind of implications that can have,” Hussain told the Thomson Reuters Foundation by phone.

Similarly, Artificial Intelligence (AI) animations could be use to make someone appear as though they were doing things they might not be happy about, such as rolling their eyes or smiling at a funeral, he added.

Mendelsohn of MyHeritage said using photos of a living person without their consent was a breach of the company’s terms and conditions, adding that videos were clearly marked with AI symbols to differentiate them from authentic recordings.

“It is our ethical responsibility to mark such synthetic videos clearly and differentiate them from real videos,” he said.

(Reporting by Umberto Bacchi @UmbertoBacchi in Milan; Editing by Helen Popper. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)

 

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Does your institution have operational resilience? Testing cyber resilience may be a good way to find out

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REMOTE WORKING STRATEGY REQUIRED TO STRENGTHEN CYBER RESILIENCE

By Callum Roxan, Head of Threat Intelligence, F-Secure

If ever 2020 had a lesson, it was that no organization can possibly prepare for every conceivable outcome. Yet building one particular skill will make any crisis easier to handle: operational resilience.

Many financial institutions have already devoted resources to building operational resilience. Unfortunately, this often takes what Miles Celic, Chief Executive Officer of TheCityUK, calls a “near death” experience for this conversion to occur. “Recent years have seen a number of cases of loss of reputation, reduced enterprise value and senior executive casualties from operational incidents that have been badly handled,” he wrote.

But it need not take a disaster to learn this vital lesson.

“Operational resilience means not only planning around specific, identified risks,” Charlotte Gerken, the executive director of the Bank of England, said in a 2017 speech on operational resilience. “We want firms to plan on the assumption that any part of their infrastructure could be impacted, whatever the reason.” Gerken noted that firms that had successfully achieved a level of resilience that survives a crisis had established the necessary mechanisms to bring the business together to respond where and when risks materialised, no matter why or how.

We’ll talk about the bit we know best here; by testing for cyber resilience, a company can do more than prepare for the worst sort of attacks it may face. This process can help any business get a clearer view of how it operates, and how well it is prepared for all kinds of surprises.

Assumptions and the mechanisms they should produce are the best way to prepare for the unknown. But, as the boxer Mike Tyson once said, “Everyone has a plan until they get punched in the mouth.” The aim of cyber resilience is to build an effective security posture that survives that first punch, and the several that are likely to follow. So how can an institution be confident that they’ve achieved genuine operational resilience?

This requires an organization to honestly assess itself through the motto inscribed at the front of the Temple of Delphi: “Know thyself.” And when it comes to cyber security, there is a way for an organization to test just how thoroughly it comprehends its own strengths and weaknesses.

Callum Roxan

Callum Roxan

The Bank of England was the first central bank to help develop the framework for institutions to test the integrity of their systems. CBEST is made up of controlled, bespoke, intelligence-led cyber security tests that replicate behaviours of those threat actors, and often have unforeseen or secondary benefits. Gerken notes that the “firms that did best in the testing tended to be those that really understood their organisations. They understood their own needs, strengths and weaknesses, and reflected this in the way they built resilience.”

In short, testing cyber resilience can provide clear insight into an institution’s operational resilience in general.

Gaining that specific knowledge without a “near-death” experience is obviously a significant win for any establishment. And testing for operational resilience throughout the industry can provide some reminders of the steps every organization should take so that testing provides unique insists about their institution, and not just a checklist of cyber defence basics.

The IIF/McKinsey Cyber Resilience Survey of the financial services industry released in March lasy year provided six sets of immediate actions that institutions could take to improve their cyber security posture. The toplines of these recommendations were:

  1. Do the basics, patch your vulnerabilities.
  2. Review your cloud architecture and security capabilities.
  3. Reduce your supply chain risk.
  4. Practice your incident response and recovery capabilities.
  5. Set aside a specific cyber security budget and prioritise it
  6. Build a skilled talent pool and optimize resources through automation.

But let’s be honest: If simply reading a solid list of recommendations created cyber resilience, cyber criminals would be out of business. Unfortunately, cyber crime as a business is booming and threat actors targeting essential financial institutions through cyber attacks are likely earning billions in the trillion dollar industry of financial crime.A list can’t reveal an institution’s unique weaknesses, those security failings and chokepoints that could shudder operations, not just during a successful cyber attack but during various other crises that challenge their operations. And the failings that lead to flaws in an institution’s cyber defence likely reverberate throughout the organization as liabilities that other crises would likely expose.

The best way to get a sense of operational resilience will always be to simulate the worst that attackers can summon. That’s why the time to test yourself is now, before someone else does.

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Thomson Reuters to stress AI, machine learning in a post-pandemic world

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By Kenneth Li and Nick Zieminski

NEW YORK (Reuters) – Thomson Reuters Corp will streamline technology, close offices and rely more on machines to prepare for a post-pandemic world, the news and information group said on Tuesday, as it reported higher sales and operating profit.

The Toronto-headquartered company will spend $500 million to $600 million over two years to burnish its technology credentials, investing in AI and machine learning to get data faster to professional customers increasingly working from home during the coronavirus crisis.

It will transition from a content provider to a content-driven technology company, and from a holding company to an operational structure.

Thomson Reuters’ New York- and Toronto-listed shares each gained more than 8%.

It aims to cut annual operating expenses by $600 million through eliminating duplicate functions, modernizing and consolidating technology, as well as through attrition and shrinking its real estate footprint. Layoffs are not a focus of the cost cuts and there are no current plans to divest assets as part of this plan, the company said.

“We look at the changing behaviors as a result of COVID … on professionals working from home working remotely being much more reliant on 24-7, digital always-on, sort of real-time always available information, served through software and powered by AI and ML (machine learning),” Chief Executive Steve Hasker said in an interview.

Sales growth is forecast to accelerate in each of the next three years compared with 1.3% reported sales growth for 2020, the company said in its earnings release.

Thomson Reuters, which owns Reuters News, said revenues rose 2% to $1.62 billion, while its operating profit jumped more than 300% to $956 million, reflecting the sale of an investment and other items.

Its three main divisions, Legal Professionals, Tax & Accounting Professionals, and Corporates, all showed higher organic quarterly sales and adjusted profit. As part of the two-year change program, the corporate, legal and tax side will operate more as one customer-facing entity.

Adjusted earnings per share of 54 cents were ahead of the 46 cents expected, based on data from Refinitiv.

The company raised its annual dividend by 10 cents to $1.62 per share.

The Reuters News business showed lower revenue in the fourth quarter. In January, Stephen J. Adler, Reuters’ editor-in-chief for the past decade, said he would retire in April from the world’s largest international news provider.

Thomson Reuters also said its stake in The London Stock Exchange is now worth about $11.2 billion.

The LSE last month completed its $27-billion takeover of data and analytics business Refinitiv, 45%-owned by Thomson Reuters.

(Reporting by Ken Li, writing by Nick Zieminski in New York, editing by Louise Heavens and Jane Merriman)

 

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