Recent data breaches at Flipboard and Evite are shocking in magnitude and yet should come as no surprise. Both involve hackers stealing vast stores of account data including usernames, email addresses and, of course, users’ passwords. The latter hacking attack culminated in perhaps the most sinister invitation that Evite has ever been associated with: one to purchase the records of ten million Evite users on the dark web. In response to the breaches, each company has naturally prompted its users to reset their passwords.
The fact that hacks such as these have become routine points to a deeper issue: trust in the simple password is woefully misplaced. Roughly 8.2M passwords are stolen every day – or approximately 95 passwords every second. Companies have long recognized the weakness of password-based systems; 81% of hacking-related breaches are due to stolen and/or weak passwords and many large organizations spend up to $1M annually just in password-reset support.
Personal authentication systems can function by verifying one of three different types of credentials. The first includes things users “know”: a password, as well as password reset clues such as our pet’s name, our first elementary school, where we got married, etc. The second includes things we “have”, such as a separate email account, or a mobile phone to receive a code for two-factor authentication. The problem is that enterprising criminals consistently find ways to obtain the data we “know”, whether by hacks, simple-to-guess passwords, or security question answers that can be found through online research. More concerning is that these criminals can access the data that we “have” through spoofing mobile numbers or phished email accounts. The most secure and hardest-to-spoof authentication requires a third kind of data: that which we “are.” Far from just a fingerprint or facial scan, biometric authentication can identify people through unique factors including their voice, the way they type, how they walk, or even how their eyes move.
However, users are wary about new security measures. A recent Paysafe report found that over 80% of consumers favor passwords over biometrics due to security concerns and that 66% worry about being able to pay for goods or services without being asked for a password. Irrationally, 56% of consumers worry that shifting to biometrics to authenticate online payments will lead to large increases in identity fraud.
Overcoming these fears and misconceptions for users should be a consideration for any organization as biometrics offer two key benefits for any fintech customer.
1) Identification and account access is simpler. Whereas passwords place the responsibility for security on the users – and can be tremendously frustrating when forgotten – biometrics remove that responsibility entirely. Analyzing a fingerprint, face, or voice is fast and easy, and doesn’t require a sophisticated password management system or an extraordinary memory. Some biometric systems are so unobtrusive as to be entirely imperceptible, and can verify a user’s identity passively as soon as a user begins interacting with an application. This shifts the responsibility and effort of authentication from the user to the technology. In this case, the best user experience is no user experience, and the strong incentive of seamless access stands to lead to increased demand for, and adoption of, biometrics.
2) Account security can be stronger. Contrary to some users’ concerns, tying authentication to one’s unique biology makes unauthorized access extremely difficult for attackers, since attempts to impersonate users can be flagged and stopped immediately. Biometrics can authenticate continuously – if someone leaves a public computer while logged in or loses a cell phone with no screen lock, biometrics can determine that the authorized user is no longer present and deny access instantly, in real-time. Biometrics can also detect if a bad actor is attempting to fool the system using a voice recording, a high-resolution image or video, or synthesized speech. Whereas a stolen cell phone can give fraudsters access to an account and allow them to receive the text message or email confirmation of a two-factor authentication system, biometrics protect users even when devices have been compromised. And combining biometric modalities – like confirming a face while simultaneously analyzing a user’s swiping behavior or voice, offers heightened security far beyond what passwords and security questions can offer. Given the profoundly negative experience when security measures fail, biometrics will earn its rightful reputation as a superior security strategy and win over users as the technology becomes more commonplace.
Indeed, there is increased user exposure to, and familiarity with biometrics. One driver is governmental regulation mandating stronger data security measures like Europe’sRevised Payment Service Directive (PSD2) and its requirement of Strong Customer Authentication (SCA) for ecommerce and mobile commerce. Under it, European businesses and organizations will have to integrate authentication that includes two of the three following types: something the user “knows” (such as a password), “has” (such as a device), or “is” (such as biometrics). As regulatory pressure leads businesses to strongly consider biometrics, companies leveraging this trend will benefit from consumers regularly encountering and engaging with the convenience and ease of biometric systems.
Just as consumers were once reluctant to adapt to ecommerce, only to embrace it once realizing the convenience and improvements it brought, biometric security is undergoing a similar evolution. There are positive signs in this regard. PaySafe’s research found mobile commerce – especially among the younger set – to be a major driver of biometrics adoption, with 69% of 18-to-24-year-olds using biometrics for online payments compared to just over 10% of those over 65. As young adults and digital natives embrace biometrics as part of their online habits, they’re simultaneously shaping a future in which personal data is far more secure.
Alexey Khitrov is president and CEO at ID R&D, a biometric solutions provider offering proprietary AI-based behavioral, voice, and anti-spoofing user authentication capabilities.
How robotic technology will disrupt the manufacturing industry
By Marga Hoek, author of The Trillion Dollar Shift
Robotics technology has the potential to disrupt industries across all sectors – but its impact on the manufacturing industry will be transformative. Not only can robots increase productivity, efficiency and profit margins but adopting this tech for good will be a key way for the manufacturing industry to transition to a more sustainable future.
Driving productivity & efficiency
Manufacturing processes are faster, more efficient, and more cost-effective when humans and robots work together. Studies show that idle time is reduced by 85% when people work collaboratively with a human-aware robot, rather than in an all-human team. Modern robotic automation is key to reshaping production processes to become more efficient and reliable. They deliver significant benefits for companies and investment is often recouped within just 18 months.
Robots in manufacturing can allow businesses to monitor the production lines from anywhere and pinpoint issues quickly, allowing for production to continue smoothly and efficiently, ensuring companies surpass consumers’ expectations of supply chain speed and reliability. Intelligent industrial service robots are an upcoming industrial tool that will amplify manufacturing capabilities and allow businesses to safely operate faster, in places humans could never go, and with cognitive and physical capabilities not yet imagined.
Transitioning to a sustainable future
Robots are a vital way to reduce pollution and emissions from manufacturing operations. For starters, they reduce our reliance on larger vehicles and machines that are harmful to the planet. Robots’ ability to be extremely accurate and minimize errors is also hugely important in sustainability efforts to reduce waste. Robots also aid businesses in their energy-saving process because they do not require as much energy to operate as humans do. Where humans need facilities with sufficient lighting and heat, robots can work under cold and dark conditions. This drastically reduces the amount of energy used in the manufacturing production process. It is estimated that for every 1C reduced in factory heat levels, there is a potential saving of up to 8%. In addition, up to 20% of energy savings can be reached if the plant turns off any unnecessary lighting.
Case Study: GE
Tech giant GE is a brilliant example of how robotics technology can both boost the bottom line and sustainability.
GE is at the forefront of robotics manufacturing technology. Their value proposition is tightly tied to productivity in field service and manufacturing and offers potential cost savings within operations. While delivering industrial-grade service robotic systems that enable automation, productivity and safety for GE and its customers, the company works closely with GE business units, GE customers and strategic partners across the globe to envision, shape and build intelligent robotic technologies from idea to commercialization.
GE’s recent $125 million investment project at its Decatur refrigerator plant boosted production capacity, added new “smart” technology and increased the site’s workforce. This includes auto guided vehicles, or AGVs, that move materials through the assembly process and more than 50 robots that perform heavy lifting operations and repetitive tasks.
The expansion project, announced in June 2018, allowed GE Appliances to increase production to meet growing demand for its freezer-refrigerators, which are top-rated in the industry for both quality and reliability. The expansion created 255 jobs, bringing total employment at the plant to 1,300. The project boosts production capacity by 25 % and ensures early compliance with 2022 refrigerant changes, making the Alabama plant a super site for GE. GE Appliances said Industry 4.0 technology additions at the Decatur facility include data visualization, 3-D scanning, rapid prototyping and other smart automation that provides the operations team with real-time data to make better and faster decisions.
Achieving the UN’s Sustainable Development Goals
Utilizing robotics technology within the manufacturing industry can help to meet the UN’s 17 Sustainable Development Goals (SDG) for a healthier planet, to be met by 2030:
SDG 3 – Good Health & Wellbeing: Collaborating with people, service robots work with shoulder-to-shoulder and over long distances, to fulfil dull, dirty and dangerous work.
SDG 8 – Decent Work & Economic Growth: Presenting new growth opportunities for businesses and creating new jobs at manufacturing plants
SDG 9 – Industry, Innovation & Infrastructure: Manufacturing value proposition of robotics ties tightly to productivity and brings potential cost savings into those operations.
SDG 12 – Responsible Production & Consumption: Providing a new and rich data source for companies to produce products responsibly
Marga Hoek is a global thought-leader on sustainable business, international speaker and the author of The Trillion Dollar Shift, a new book revealing the business opportunities provided by the UN’s Sustainable Development Goals. The Trillion Dollar Shift is published by Routledge, in hardback and e-book. For more information go to www.margahoek.com
RPA, the software robots that finance and banking professionals need to hear about.
By Rory Gray, Vice President of Sales at leading software automation firm, UiPath, explains what role Robotic Process Automation (RPA) can play in improving the efficiency of finance and banking departments.
Pre-coronavirus, the finance and banking industries were already facing a myriad of challenges. Now, this myriad is quickly becoming ever more complicated. There is increasing pressure to react to declining business health, be flexible to changing customer behaviour and to adapt to evolving workforce dynamics.
Unfortunately, for these teams, improving agility is easier said than done. Many processes involve legacy systems, paper-based documents and unstructured data. These processes are time-consuming and mundane, leaving finance and banking professionals hard-pressed to fit in client-centric and strategic work.
Take processing invoices. The way it’s done hasn’t changed for years in many organisations. It often involves a member or members of the finance team receiving the invoice by mail or email, approving it manually, printing, signing and submitting it to Accounts Payable. An AP Clerk then has to pick it up, read it, verify the approvals, extract the data and input it into to the accounting package. This all takes time and costs money. What’s more, it’s dull and prone to errors. People don’t want to spend their days doing it.
Imagine if processes such as invoicing, but also loan processing, credit card disputes and many more, could be automated. Finance and banking teams would spend much less time copying, pasting and printing and could refocus on business health and transformation.
RPA is the key to finding more time in the day
Robotic Process Automation or RPA, is software that can work just like a human. It can use AI capabilities to read and interpret data from both physical and digital documents. It can extract the necessary information and it can transfer this to multiple IT applications. It’s a software robot – or digital assistant.
For finance and banking professionals, RPA could help them break free from the time constraints caused by inefficient and complex legacy operations by passing rule-based repetitive tasks to software robots. This saves time and money – and allows people to focus on the tasks that can make a difference to the business.
RPA can help carry the burden of compliance
With data extracted, processed and formatted by software robots, employees will also no longer have to carry the full and heavy burden of compliance.
However accurate we aim to be, the reality is that processing data is always open to mistakes. This is exacerbated by ever shifting market regulations. Software robots, however, are programmed by finance and banking professionals to strictly follow the same steps every time and thus do not fall victim to the same blunders as all humans inevitably do.
Of course, many regulatory compliance functions will often need to involve some human validation or decision making. While the robots work around the clock without fatigue to complete tasks, professionals can still intervene if there is an inaccuracy that requires the personal touch or a loop in the workflow where a decision is needed. Therefore, time-consuming compliance tasks can be passed to software robots, but humans ultimately remain in control.
This in turn provides better risk management and compliance, higher accuracy, better cycle times and improved throughput.
RPA in practice
This may all sound very futuristic, but in practice, many firms are already using RPA to free up employee time, improve compliance and save money.
For example, a leading smart infrastructure solutions firm we work with has created a software robot affectionately named Archie, which has taken over the responsibility for processing all invoices.
Pre-Covid, the 400,000 invoices received by the firm each year were dealt with manually. With Archie this is now fully automated freeing up on average 11 minutes per invoice of time which employees can now use to focus on value-adding activities. It also means that no employee needs to come into the office to process the invoice, nor does any paper need to be passed around the team. Thus helping to keep the workforce safe.
With all this extra time, finance and banking departments can focus on adapting to and thriving in the current crisis. Moving away from data processing and towards advisory roles where they can best use their strategic skills.
Consequently, businesses will benefit during the pandemic and beyond and employees could see their roles shifting away from the mundane and towards tasks that keep them on their toes. A rare win-win in a difficult time.
WeWALK joins Microsoft’s AI for Accessibility Programme Using artificial intelligence to change the lives of the visually impaired
WeWALK, the smart cane designed for people who are blind or with low vision which is now in use across 37 markets, has joined Microsoft’s AI for Accessibility programme to accelerate WeWALK’s capability by developing and validating a human behaviour model for visually impaired users and creating a Voice Assistant designed for the visually impaired, providing the right mobility information when needed and allowing for even greater control of the WeWALK mobility experience.
Microsoft’s AI for Accessibility $25 million 5-year programme is aimed at harnessing the power of AI to amplify human capability for the more than one billion people around the world with disabilities. Through grants, technology, and AI expertise, the program aims to accelerate the development of accessible and intelligent AI solutions and build on recent advancements in Microsoft Cognitive Services to help developers create intelligent apps that can see, hear, speak, understand and interpret people’s needs.
WeWALK’s new Voice Assistant will be released later in 2020 and will have immediate usability benefits, improving the user’s confidence as they mobilise. The assistant will be built on clearly derived requirements and natural usage patterns and the challenge that WeWALK is seeking to overcome is to make the assistant truly ‘smart’ and dynamic, where it will effectively categorize and deliver on the user’s commands in a host of different environments.
WeWALK’s human behaviour model is due for release in 2021 and is of significant importance as currently there are no accurate models for how a person who is blind moves and how their mobility holistically evolves, especially after receiving orientation and mobility training. As a result, healthcare, government, and mobility trainers cannot effectively track how a person who is blind mobilizes and whether or not intervention has had benefit. By using WeWALK’s built-in IMU (inertial measurement unit) sensors, including the gyroscope, accelerometer, and compass, as well as data collected from a connected smartphone, the model can be implemented and expanded organically through daily usage. The first stage will be rigorous data collection and user testing, followed by data manipulation and classification to ensure that optimum reliability and system usability can be achieved.
Commenting upon WeWALK’s entry into the program Jean Marc Feghali, R&D Lead at WeWALK. “By working on these two objectives, WeWALK can set the standard for visually impaired mobility for both the individual user and the organisations that support them. We are now rigorously collecting mobility data with novel experimentation, validating our work by continuously engaging our users to ensure an exceptional product powered by Microsoft’s best. Being a part of the Microsoft family truly excites us, bringing us closer to mobility trainers, researchers, and the global visually impaired community.”
Mary Bellard, principal innovation architect lead at Microsoft adds “At Microsoft, we believe AI solutions built thoughtfully by and with the disability community have incredible potential to offer meaningful independence in people’s daily lives. That’s why we’re thrilled to support WeWALK on this important assistive tool that stands to empower the millions of people around the world who use a white cane.”
With the power of Microsoft AI, WeWALK’s impact will be wide-reaching explains Kürşat Ceylan, WeWALK’s co-founder & CPO “As a blind person from birth, I know that it is very important to get the right habits of using a cane from a young age. It is amazing to see how WeWALK can enhance this aspect of our lives with high tech, making training and orientation more effective. I believe that the smart cane will be a symbol for the fully independent journey people who are blind or with low vision.”
Selected as one of the best inventions of 2019 by TIME Magazine, WeWALK is a member of YGA Ventures, which is an ecosystem of impact entrepreneurs. The team envisions WeWALK as a platform for continuous and collaborative development, putting it at the forefront of cutting-edge assistive technologies. This is exemplified through WeWALK’s collaboration with Microsoft, where WeWALK participated in Microsoft’s 2019 AI for Good in the UK.
The WeWALK smart cane is currently available on the market and can be purchased on the company website www.wewalk.io. The free WeWALK mobile app which provides various features such as VIP friendly navigation and public transport tracking capabilities is also available for immediate download on both iOS and Android devices.
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