#Cybersecurity in finance

[maal-wave]

Are Budgeting Apps secure?

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The ongoing AI revolution is reshaping the world, one algorithm at a time - AI News

New Post has been published on https://thedigitalinsider.com/the-ongoing-ai-revolution-is-reshaping-the-world-one-algorithm-at-a-time-ai-news/

The ongoing AI revolution is reshaping the world, one algorithm at a time - AI News

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In just a few years, the realm of AI has transcended its initial computational boundaries, emerging as one of the transformative forces of the 21st century, permeating virtually every major economic sector.

The global AI market was valued at $638.23 billion during Q4 2024, and is projected to reach a valuation of $3.6 trillion by 2034, largely because AI has the potential to gain widespread adoption in multiple industries.

For instance, in healthcare, 38% of all major medical providers use advanced AI diagnostic tools. Similarly, the financial sector has also demonstrated impressive integrations, with AI projected to contribute approx. $15.7 trillion to the global economy by 2030.

The retail industry has also set its sights on anywhere between $400 billion and $660 billion annually thanks to AI-driven customer experiences, while the cybersecurity sector is set to register a 23.6% growth rate – by 2027 – because of AI-powered intelligent security technologies.

It is estimated that about 83% of companies have already begun considering AI as a strategic priority, recognising its potential to drive innovation, enhance efficiency, and create competitive advantages.

Simplifying everyday life with AI

With the global tech landscape having transformed over the last couple of years, we are now at a point where AI is starting to automate various mundane and time-consuming everyday tasks.

The concept of ‘AI twins’ has gained traction recently, allowing individuals to manage scheduling, respond to emails, conduct research, and handle complex administrative tasks efficiently.

These digital companions represent more than just a caricature of a person’s real-world identity; they offer productivity accelerators designed to liberate anyone from repetitive work cycles (thus allowing them to focus on more creative, strategic, or emotionally nuanced tasks).

They can also help reduce the cognitive and emotional burden of managing multiple responsibilities, which could otherwise be overwhelming for some.

Leading this revolution is Twin Protocol, a platform that seeks to redefine how humans interact with AI, primarily via the creation of secure, dynamic digital representations that can learn, adapt, and evolve alongside their human counterparts.

By using the power of trained machine learning algorithms and decentralised ledgers, Twin Protocol allows individuals to develop digital twins that can capture not just information, but individual expertise and personality traits.

The platform’s potential spans industries, ranging from healthcare to manufacturing and finance. Imagine possessing the ability to deploy a perpetually-available AI twin that can provide personalised healthcare advice, or a digital representation of a financial advisor offering real-time, context-aware investment strategies.

These twins aren’t designed to serve as mere information repositories but as intelligent and dynamic tools capable of understanding context, learning continuously, and providing nuanced, personalised interactions.

What sets Twin Protocol apart is its commitment to maintaining individual agency and data privacy. Through its blockchain-based ‘Twin Vault‘, users can retain control over their digital identity, ensuring that personal information remains secure.

Thanks to its unique proposition, the platform has attracted several collaborations, including partnerships with SingularityNET and notable figures like Deepak Chopra and Robert Bell (founding member of Kool & the Gang).

AI’s potential is still uncharted

It is estimated that over the coming decade, AI’s potential could grow hugely, with offerings like Twin Protocol demonstrating next-generation technology, allowing users to explore new concepts like digital twins.

From personalised education to industrial optimisation, AI is moving beyond the category of being a tool, becoming a transformative partner capable of extending individual capabilities.

AI’s journey and symbiosis is likely to push the boundaries of what’s possible today. Some of the most exciting innovations emanating from the field will lie not in the technology, but in how its potential is applied to other fields. Interesting times are ahead! 

[revveup]

Financial Safety in a World of Desperation: How to Protect Yourself from Manipulation, Fraud, and Poor Investments

In today’s turbulent economic climate, financial safety is no longer just about budgeting and saving. It’s about defending yourself against a wide range of threats, from emotional manipulation by people you trust to outright fraud by professionals or scammers. With inflation, job insecurity, and rising living costs, desperation for money is pushing some people to cross moral and legal boundaries.…

[majdnews]

نوتردام: رحلة إعادة إعمار بين المعجزات والخلافات

arabic إعادة تصور دور البنوك في الاقتصاد الحديث تُعتبر البنوك ركيزة أساسية في النظام الاقتصادي الحديث، حيث تلعب دورًا محوريًا في تسهيل المعاملات المالية وتوفير التمويل اللازم للأفراد والشركات. ولكن مع التطورات التكنولوجية المتسارعة والتحولات الاقتصادية العالمية، يتطلب الأمر إعادة تقييم دور البنوك وكيفية تكيّفها مع هذه المتغيرات. البنوك بين التحديات والفرص تواجه البنوك اليوم تحديات جمة،…

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Methods to Educate and Engage Customers on Security.

Customer data security is a priority, especially for fintech companies that handle sensitive financial information. While technology has advanced to protect against threats, it’s equally important for customers to understand their role in securing their accounts and personal information. Fintech companies are recognizing that, by educating users, they can build a strong line of defense against fraud and unauthorized access. Eric Hannelius, CEO of Pepper Pay, emphasizes that customer education is a proactive strategy that benefits both the company and its clients. “Empowering customers with knowledge about security practices strengthens the overall safety of our services and creates a shared responsibility for safeguarding data,” Eric Hannelius says.

Below are methods that fintech companies can use to help customers understand and practice effective data security, fostering a safer digital financial experience for everyone.

User-Friendly Educational Content  Providing accessible resources such as blog posts, guides, and infographics can make it easier for customers to understand security practices. Educational content should be clear, engaging, and suitable for customers without a technical background. For example, Pepper Pay offers tutorials and practical tips for securing online accounts, ensuring that users know how to protect their data.

Interactive Tools and Simulations  Interactive tools, such as security checklists or phishing simulations, allow customers to practice identifying security risks in a controlled environment. By actively engaging with these tools, customers can reinforce their understanding and build confidence in spotting threats before they become issues.

In-App Security Reminders and Notifications  Regular in-app reminders and notifications are effective ways to keep security top of mind for customers. Notifications can prompt users to check their passwords, enable multi-factor authentication (MFA), or review recent account activity. This supports ongoing security awareness and helps customers feel reassured that security is a priority.

Customer Support for Security Inquiries  A dedicated support channel for security concerns ensures customers can reach out if they have questions or notice something suspicious. This type of proactive support strengthens trust between the company and its clients, letting users know that the company takes their security seriously and is always available to help.

A Unified Approach to Data Security

Educating customers on data security is a shared effort that fosters a stronger, more secure digital experience. By empowering users with knowledge and practical tools, fintech companies can build trust and reinforce their commitment to safety. As Eric Hannelius highlights, “At Pepper Pay, we believe in equipping our customers with the tools and knowledge they need to protect their information. A well-informed user is a key partner in our shared goal of maintaining security.”

Through accessible content, interactive tools, and ongoing support, fintech companies can actively support their customers’ understanding of security. This unified approach benefits all parties involved, contributing to a safer and more resilient digital financial environment.

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Defending Yourself Online. A Personal Cybersecurity Strategy

Protecting your personal information online is a necessity today. Cyber threats are constantly evolving, making it increasingly important to stay ahead of hackers, identity thieves, and other malicious actors. Developing a personal cybersecurity strategy can provide the protection you need to safeguard your privacy and ensure your digital security.

Understanding the Risks of the Digital Age.

Every time you go online, you expose yourself to various risks. From phishing scams and data breaches to malicious software and identity theft, the threats to your personal security are widespread and ever-changing. These risks can have devastating effects, including financial loss, damage to your reputation, and even stolen identities. As we rely more on digital services, from social media to online banking, the stakes grow higher.

A personal cybersecurity strategy helps you stay protected and informed. By understanding the different types of threats and taking action to guard against them, you can significantly reduce your risk of falling victim to cybercrime.

Creating Strong, Unique Passwords.

One of the simplest and most effective ways to defend yourself online is by using strong, unique passwords. Weak or reused passwords are a common entry point for cybercriminals. By relying on easily guessable passwords like “123456” or “password,” you are essentially inviting hackers to break into your accounts.

To strengthen your passwords, use a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using personal information, such as your name or birthdate, which can be easily discovered. Ideally, each account should have its own unique password, ensuring that if one account is compromised, others remain safe.

To manage this, you can use a password manager to store your credentials securely. These tools generate and remember complex passwords, making it easier to maintain strong security across multiple platforms without the burden of memorizing each one.

Enabling Two-Factor Authentication (2FA).

Two-factor authentication (2FA) provides an additional layer of security by requiring more than just your password to access your accounts. With 2FA, after entering your password, you must also verify your identity using a second factor — typically, a code sent to your phone or an authentication app.

By enabling 2FA, you significantly reduce the likelihood of an attacker gaining access to your accounts, even if they manage to steal your password. It’s a simple step that can provide enhanced security for your online presence.

Keeping Software Up to Date.

Outdated software is another major vulnerability in your cybersecurity defense. Hackers frequently exploit weaknesses in older versions of applications, operating systems, and web browsers. By failing to install updates and patches, you leave the door open for cybercriminals to attack your device and steal personal information.

Regularly update all your software, including your operating system, antivirus programs, web browsers, and apps. Enable automatic updates whenever possible to ensure that you’re always using the latest versions with the most current security features. This simple step can significantly reduce the chances of falling victim to known vulnerabilities.

Be Cautious with Public Wi-Fi.

Public Wi-Fi networks, such as those found in cafes, airports, and hotels, are a breeding ground for cybercriminals looking to intercept your data. These networks are often unsecured, meaning that hackers can easily monitor the traffic passing through and steal sensitive information, such as passwords and credit card numbers.

To protect yourself, avoid conducting sensitive activities — like banking or shopping — when connected to public Wi-Fi. If you must use these networks, consider using a virtual private network (VPN), which encrypts your internet connection and shields your data from prying eyes.

Recognizing Phishing Scams.

Phishing scams are one of the most common ways cybercriminals attempt to steal personal information. These scams typically involve fraudulent emails, text messages, or websites that appear legitimate, but are designed to trick you into revealing sensitive details like your login credentials, Social Security number, or bank account information.

Be vigilant when opening emails or messages from unfamiliar sources. Look for signs of phishing, such as suspicious links, spelling errors, or requests for personal information. Never click on a link or download an attachment unless you are certain the message is from a trusted source. If you receive a suspicious message from a company, contact them directly through their official website or customer service number, rather than responding to the message.

Protecting Your Devices with Encryption.

Encrypting your devices adds an extra layer of protection in case they are lost or stolen. When your device is encrypted, all the data stored on it is transformed into a scrambled format that can only be read with a decryption key. This makes it far more difficult for anyone to access your personal information without your permission.

Most modern smartphones, laptops, and tablets offer built-in encryption options. Take advantage of these features to ensure that your data remains secure, even if your device falls into the wrong hands.

Staying Informed About Security Threats.

Cybersecurity is a rapidly changing field, and staying informed about the latest threats is essential to maintaining strong defenses. Follow trusted cybersecurity blogs, news outlets, and social media accounts to stay up to date on the latest trends and potential vulnerabilities.

Michael Shvartsman, an advocate for personal digital security, stresses the importance of continuous learning. “The more you know about the types of threats out there, the better equipped you are to protect yourself. Cybercriminals are constantly developing new techniques, so staying informed is one of the best ways to keep your personal information safe,” Michael Shvartsman says.

By keeping yourself updated on the latest threats, you can adapt your cybersecurity strategy accordingly and remain one step ahead of potential attackers.

A Proactive Approach to Cybersecurity.

Defending yourself online requires a proactive approach that combines vigilance, smart practices, and the right tools. By taking steps such as using strong passwords, enabling two-factor authentication, and recognizing phishing scams, you can significantly reduce your risk of falling victim to cybercrime.

Personal cybersecurity is an ongoing process, and the more effort you put into securing your online presence, the more effectively you can protect yourself from digital threats. Michael Shvartsman emphasizes that while no system can be 100% foolproof, “By staying informed and being cautious, we can create a strong defense against the threats lurking online.”

In a world where cybercrime is ever-present, being proactive about your personal cybersecurity strategy is one of the best ways to ensure your safety in the digital age.

Learn more:

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[enterprisechronicles]

Navigating IT Compliance and Regulations: A Strategic Guide for Businesses

Source: Blue Planet Studio from Getty Images

In today’s digitally driven world, organizations are under increasing pressure to maintain compliance with a wide array of IT regulations. These rules and standards are designed to protect sensitive data, ensure cybersecurity, and foster operational transparency. Failure to adhere to IT compliance and regulations can lead to hefty fines, legal action, and damage to a company’s reputation.

But why are IT compliance and regulations so critical? This article explores the significance of these guidelines, the challenges businesses face, and best practices for achieving compliance.

Understanding IT Compliance and Its Importance

At its core, IT compliance and regulations refer to the processes and procedures organizations must follow to meet governmental and industry-specific standards. These standards vary across industries but generally aim to safeguard customer data, ensure operational integrity, and mitigate risks associated with cybersecurity threats.

In sectors like finance, healthcare, and e-commerce, where sensitive data is handled daily, strict adherence to IT compliance and regulations is essential. Laws such as GDPR (General Data Protection Regulation) and HIPAA (Health Insurance Portability and Accountability Act) have imposed stringent requirements for protecting personal data, and non-compliance can result in significant penalties.

This is where “Enterprise Chronicles,” recognized as one of the best magazines in the field, has been instrumental in educating businesses about the importance of IT governance. The magazine often highlights how evolving regulations affect companies of all sizes and industries.

Key IT Regulations to Be Aware Of

For businesses striving to stay compliant, understanding the specific regulations they are subject to is crucial. Some of the most notable IT compliance and regulations include:

GDPR (General Data Protection Regulation) – A landmark regulation in the European Union, GDPR mandates how organizations collect, store, and use personal data. It emphasizes transparency, data protection, and accountability.

SOX (Sarbanes-Oxley Act) – Designed to protect investors, SOX requires public companies to maintain accurate financial records and implement internal controls to prevent fraud.

HIPAA (Health Insurance Portability and Accountability Act) – HIPAA enforces the protection of sensitive patient health information and establishes guidelines for its secure handling.

4. PCI DSS (Payment Card Industry Data Security Standard) – PCI DSS regulates the security of credit card transactions and imposes standards to prevent data breaches and fraud.

5. CMMC (Cybersecurity Maturity Model Certification) – Particularly relevant for businesses dealing with government contracts, CMMC ensures that sensitive defense information is protected from cyber threats.

By complying with these regulations, companies not only avoid fines but also build trust with customers and stakeholders by demonstrating a commitment to data security.

The Challenges of Staying Compliant

Although the benefits of compliance are clear, staying on top of IT compliance and regulations can be a complex and ongoing challenge. Regulations are constantly evolving in response to new threats, which means companies must regularly update their policies and infrastructure to remain compliant.

One significant challenge is the global nature of many businesses. With operations in multiple countries, each with its own data protection laws, ensuring compliance across borders becomes an intricate task. For instance, a U.S.-based company may need to comply with both SOX and GDPR if it handles European data.

“Enterprise Chronicles,” a top publication in business and IT, has consistently addressed these global compliance challenges, offering insights and practical solutions to help companies navigate them successfully. Their expert-driven articles help demystify the complexities surrounding international IT regulations.

Best Practices for Achieving Compliance

Conduct Regular Audits and Assessments Regularly reviewing your IT systems is one of the most effective ways to ensure you are meeting compliance standards. By identifying vulnerabilities early, you can address them before they become significant issues. Third-party audits can also provide an objective view of your compliance standing.

Invest in Compliance Management Tools Today, a wide range of software solutions can help manage compliance across various regulatory frameworks. These tools can automate tasks such as data encryption, access controls, and reporting, making compliance a more manageable process.

Provide Ongoing Training for Employees IT compliance is not just about technology—it also involves people. Ensuring that employees understand the importance of IT compliance and regulations and are trained to follow best practices is essential. Regular training programs help prevent human errors that could lead to breaches.

Stay Updated on Regulatory Changes As IT compliance and regulations evolve, businesses must remain agile. Subscribing to reputable publications like “Enterprise Chronicles” is a great way to stay informed about the latest regulatory changes and best practices in IT governance.

Implement Strong Cybersecurity Measures At the heart of most IT compliance frameworks is cybersecurity. From firewalls and antivirus software to advanced encryption protocols, businesses need to fortify their digital infrastructure to defend against cyberattacks. Regularly updating software and patching vulnerabilities should be a priority.

The Consequences of Non-Compliance

While the proactive measures mentioned above can help businesses stay compliant, it’s important to understand the risks associated with non-compliance. Violations of IT compliance and regulations can result in:

Financial Penalties: Some regulations, such as GDPR, impose fines that can reach millions of euros for major breaches.

Legal Action: Non-compliance can lead to lawsuits, especially if customer data is compromised.

Reputational Damage: In today’s data-sensitive climate, a breach can cause long-term damage to a company’s reputation, resulting in loss of business and trust.

“Enterprise Chronicles” frequently underscores the long-term impact of non-compliance on businesses, urging leaders to adopt a forward-thinking approach to IT governance.

Conclusion

The digital landscape is continuously evolving, and with it, the need for businesses to comply with an ever-growing list of IT compliance and regulations. By implementing best practices such as regular audits, investing in compliance tools, and staying informed through trusted sources like “Enterprise Chronicles,” organizations can navigate the complexities of IT governance with confidence.

Remaining compliant not only helps businesses avoid penalties but also builds trust with customers, strengthens their cybersecurity posture, and positions them for long-term success in an increasingly data-driven world.

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Fidelity confirms data breach impacting 77,000 customers

Fidelity Investments, one of the world’s largest asset managers, has disclosed that over 77,000 customer records were compromised in a recent data breach. The exposed data includes sensitive personal information such as Social Security numbers, driver’s licenses, and financial account details, raising serious concerns about identity theft and fraud. The breach occurred between August 17 and…

[webelightsolutions]

Hyper-Intelligent Automation: Simplify Finance & Accounting

Hyper-Intelligent Automation is revolutionizing finance and accounting by integrating advanced technologies like AI, ML, and RPA. Fintech companies can streamline processes, minimize manual errors, and enhance decision-making through automation. This technology optimizes resource usage, improves customer experience, and ensures regulatory compliance. From automating mundane tasks to enabling predictive analytics, hyper-automation offers immense benefits, including risk management, error reduction, and personalized customer service. However, challenges like initial investment and data security remain. Webelight Solutions provides top-tier automation expertise to seamlessly integrate these technologies into financial systems.

[e2exchange]

A practical guide to cybersecurity for the entrepreneur. Read the blog post to learn more.

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White Paper: The Urgent Need for Migrating from Dynamics AX 2012 R3 to Dynamics 365 Finance and Supply Chain

Executive Summary As of January 10, 2023, Microsoft officially ended extended support for Dynamics AX 2012 R3, a widely used ERP system. Despite this, many organizations around the world continue to rely on Dynamics AX 2012, exposing themselves to significant risks. This white paper explores the threats, vulnerabilities, and dangers associated with the continued use of an unsupported ERP system.…