“Smart Homes were in the past viewed as a luxury, with their primary purpose being to serve as a show piece for the owners. This reality has changed substantially, both because of the development of newer technologies like Internet of Things (IoT) and Artificial Intelligence (AI), and also because of simultaneously occurring social changes that are occurring in our everyday lives.”
“‘I think almost all large banks are being asked now by regulators to go back and identify any ML/AI solution that’s brought into the bank because the implication of that is, if the wrong algorithm is being used, you are going to decline credit or you’re going to have impact to the customers.’
‘A lot of the companies have survived either by acquiring them or by re-emerging differently. I think banks have to do that. I think it’s a matter of time,’ Telang said.”
“In 2017, a unique cyberattack was reported by a renowned cybersecurity firm Darktrace. In this, machine learning was used to observe and learn normal user behavior patterns within a network. The malicious software started to copy normal behavior combining it into the background which became difficult for security tools to identify it.
Failure by governments to take proactive measures to ensure the security of AI systems “is going to come back to bite us,” Omar Al Olama, minister of state for artificial intelligence for the United Arab Emirates, warned.”
“Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave. Modern customers are much more likely to grow frustrated by lengthy processes and switch to other banks, after all.
As such, FIs must seek more innovative authentication procedures that take less time and draw less ire than weak password and PIN systems.”