Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Cybersecurity, Blockchain And The Industrial Internet Of Things
Forbes | | Nov 6, 2018
On September 28, California’s SB 327 was signed by the governor, making it the first such law in the U.S. mandating internet of things (IoT) device manufacturing security provisions (a similar, though more extensive, federal bill known as the Internet of Things (IoT) Cybersecurity Improvement Act of 2017 still sits with the Committee on Homeland Security and Governmental Affairs, and I have not seen any recent activity on its development).
The new California law states that connected devices must be manufactured with “reasonable” security features. This means IoT device makers may need to start providing unique preprogrammed device passwords (instead of default passwords) or embedding functions that force users to authenticate before access is granted to the device for the first time.
Existing California law already compels businesses to implement and maintain reasonable cybersecurity procedures appropriate to the nature of the collected data, but the new legislation applies specifically to “things.” I've seen critics of the new law point out that the requirements are vague, neglect encryption and don’t address underlying bad practices that are fueling the problem.
But pretty much everyone agrees there is a problem.
See: The growing cost of cybersecurity
Poorly secured IoT devices fueled the Mirai botnet used in the destructive Dyn cyberattack of 2016 and countless other cybersecurity nightmares. In just the past few weeks, it’s been reported that a new Hakai IoT botnet “is now growing into a looming and impending threat” that has even spawned “two different Hakai-based variants” of malware that are spreading online. And these bots are largely being powered by hijacked IoT devices.
Whether or not the California law, which goes into effect in 2020, will have any impact whatsoever in curbing the problem remains to be seen, but it signals that people outside the information-security sector are now also concerned about the security of “things” and the implications of living in our “smart” and connected world.
While botnets like Mirai are largely powered by expropriated consumer IoT devices and used for things like denial-of-service (DoS) cyberattacks, the motivations behind industrial internet of things (IIoT) cyberthreats may be much more threatening to a business's bottom line. I see particular weaknesses in the IIoT-enabled manufacturing industry, for example, where Industry 4.0 has encouraged a massive integration of information technology systems, devices and cloud resources in the supply chain — and now both operational ability and intellectual property are at stake.
The recent 2018 Spotlight Report on Manufacturing from Vectra suggested that the manufacturing industry suffers an inordinate volume of malicious internal network activity, lateral movement and reconnaissance activity (although they are a cybersecurity firm); Deloitte also touched on these vulnerabilities in a recent article. This would indicate that attackers have already infiltrated these networks and are snooping for critical assets or attempting to destroy infrastructure. Attackers could easily gain entry to these networks through imprudent deployment of unsecured IIoT devices and weak (or nonexistent) internal network controls.
Laws that widely enforce better device security best practices may present one solution to this problem, but assistance might also come from more innovative quarters.
See: The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
Blockchain technology, which works as a distributed database that cryptographically and immutably records every “block” of data moving through a system, may point to a more secure future for our connected devices. Blockchain is difficult to spoof. Its peer-to-peer, decentralized structure and reliance on consensus theoretically make it harder to hack. There is, by my observation, essentially no central control to break into or authenticator to fool.
For example, an attacker might digitally force entry into one poorly secured IIoT router at a company. But attempts to use that entry point to manipulate or interact with other nodes in the network could be thwarted in a blockchain model. In that case, the attacked router’s hashed record of activity would no longer match the others in the network and could not achieve consensus verification.
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Crypto | Dec 5, 2023 Binance's new CEO, Richard Teng, shares his outlook for the world's largest crypto exchange by volume In a recent blog post titled "My First Blog as Binance’s CEO," the new CEO of Binance acknowledges the past challenges faced by the company, particularly in areas of compliance and regulation, and asserts that these have been pivotal learning experiences, making the company stronger and more resilient. See: New York Takes Legal Action Against Major Crypto Firms The CEO's message is one of transformation and responsible growth, focusing on user-centric values, regulatory collaboration, and a broader application of blockchain technology. He stresses the need for deeper engagement with policymakers to foster a globally harmonized regulatory framework, ensuring consumer protection and industry innovation. The commitment to maintaining a robust financial structure, prioritizing user asset protection, and driving the adoption of Web3 technologies underscores a strategic shift in Binance's approach. Meet Richard Teng, Binance's new CEO Richard Teng, appointed as Binance's new CEO in November 2023, brings a wealth of experience from his over three decades in the financial services and regulatory sectors. His journey with Binance began in August 2021 when he took the helm as CEO of Binance ...
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Fintech Innovation | Dec 5, 2023 Super Apps Are Redefining Convenience in the Digital Age A super app is essentially a multi-utility mobile application offering a wide array of services, from financial transactions and e-commerce to social networking and entertainment. Such apps have transformed user experience by integrating various functionalities into a single, user-friendly platform, enabling easy and seamless access to a multitude of services. Visa Consulting & Analytics (VCA) published a recent report titled "Succeeding with Super Apps," highlighting its rapid global growth and key drivers. See: Will Elon’s X Become A Fintech Super App in 2024? The super app market, valued at over US$60 billion in 2022, is anticipated to grow at a staggering 27% annually, potentially reaching US$426 billion by 2030. This growth is propelled by super apps' ability to cater to diverse consumer needs efficiently within a single platform. Growth Drivers Key factors driving this phenomenal growth include: Younger generations, familiar and comfortable with digital technologies, show a preference for integrated digital platforms. A digital transition from traditional brick-and-mortar services to digital platforms has been observed globally, enhancing the appeal of super apps. The convenience of a single app handling multiple services is a welcome change ...
Dec 5, 2023 Introduction Australia, a land of stunning beaches, bustling cities, and vast outback, is an ideal destination for those looking to blend work with adventure. The concept of a working holiday visa in Australia offers young travelers an extraordinary opportunity to experience this diverse country while earning a living. This blog post will explore how to navigate the unique balance of work and play on an Australian working holiday. Understanding the Working Holiday Visa Australia Before diving into the Australian way of life, it's crucial to understand the essentials of the working holiday visa Australia. This visa is designed for young adults, typically aged between 18 and 30 (35 in some cases), allowing them to travel and work in Australia for up to a year. It's a chance not just to travel but to immerse oneself in the Australian culture and gain international work experience. Key Requirements Age limit: 18-30 (35 for some nationalities) Financial requirement: Proof of sufficient funds for a return ticket and initial expenses Health and character: Meet specific health and character requirements Planning Your Aussie Adventure Planning is crucial for a successful working holiday. This involves not just securing the visa but also researching ...
Dec 4, 2023 EY's 2024 Strategic Guidance for Financial Firms Focusing on Compliance, Digital Transformation, and Operational Resilience EY has published it's annual 2024 Global financial services regulatory outlook report highlighting the challenges and unprecedented opportunities for firms ready to adapt and excel in this dynamic environment. As we approach 2024, markets are increasingly shaped by complex regulations, digital innovation, and a heightened focus on sustainability and consumer protection. Report Overview Stay abreast of prudential developments, resolution, and recovery processes. Given the dynamic market conditions, it's crucial to be well-prepared for regulatory changes and heightened supervisory focus. Take a holistic approach to address a range of critical areas including consumer impact, environmental, social, and governance (ESG) factors, digital assets, the digitalization of finance, artificial intelligence (AI) integration, financial crime, and operational resilience. This comprehensive approach is key to staying competitive and compliant. See: OSC/EY Report: AI in Fintech Use Cases Proactively develop a strategy for ongoing engagement with regulatory bodies, especially regarding new prudential developments. Understanding and anticipating regulatory shifts can position your firm for more effective compliance and strategic planning. Strengthen your firm’s capabilities in crisis management, ensuring that capital and liquidity standards are met. This will not only ...
Insurtech | Dec 4, 2023 The InsurTech Coalition launches with leading insurtech companies including Boost, Branch, Clearcover, Lemonade, and Root Insurance. The InsurTech Coalition, announced through an open letter to the insurance industry, positions itself as a pivotal voice in the industry and emphasizes the need for agility and the ability to adapt to the ever-changing needs of modern consumers through advanced technology. Coalition's Objectives The formation of an innovative InsurTech Coalition represents a significant collaborative effort among leading insurtech companies to drive the industry forward. Since the announcement, additional insurtechs have joined including Indigo, Vouch, and Amplify. A core tenet of the Coalition is the responsible use of technology in insurance, ensuring that advancements benefit consumers and the industry ethically. See: Costanoa: Insurtech Investment Themes and Opportunities The Coalition aims to empower consumers with modern tools and transparent practices, enhancing their experience and protection. Collaborate with regulators to build frameworks that support new technologies while prioritizing consumer protection is a primary goal. A commitment to make insurance products more accessible and affordable, addressing the needs of diverse communities. Founding members: "This is not a time for complacency. We invite all like-minded insurtech advocates to join the InsurTech Coalition to ...
Remote Work | Dec 4, 2023 Stanford University economist Nick Bloom declares that the "return to the office is dead," marking a significant shift in the U.S. labor market. A recent CNBC article highlights the persistence of remote work as a permanent fixture in the post-pandemic world. During the early days of the COVID-19 pandemic, 61.5% of paid workdays were from home. This number decreased through 2022 but stabilized around 28% in 2023, still significantly higher than the pre-pandemic level of 7%. See: Game-changer for Remote Work? Introducing the AR Laptop by Spacetop Key Insights The percentage of work-from-home days has plateaued in 2023, indicating a new normal in the labor market. Remote work offers advantages like no commute, flexible schedules, and cost savings, equating to an 8% pay raise for employees and reduced expenses for employers. So benefits for everyone or a classic win-win? About 47% of employees capable of remote work were engaged in a hybrid model as of October 2023, blending in-office and remote work suggesting that hybrid arrangements will likely prevail. The strong job market since early 2021 has given employees leverage to seek better work arrangements, reinforcing the remote work trend. Long-term trends suggest an ...
Intellectual Property | Dec 4, 2023 AccelerateIP launches with $12.5 million funding to help over 600 startups understand and secure their intellectual property The launch of AccelerateIP, as reported by Techcouver, is expected to help over 600 startups across British Columbia, Yukon, Nunavut, and the Northwest Territories with the $12.5 million funding received. The program's collaboration with the Province of British Columbia on their Intellectual Property Strategy initiatives further amplifies its impact. Led by New Ventures BC and supported by Innovate BC, along with a network of accelerator partners. ElevateIP Program Background ElevateIP, a program initiated by the Government of Canada a year ago, is designed to help Business Accelerators and Incubators (BAIs) provide Canadian startups with the necessary tools to understand, strategically manage, and leverage their IP. This initiative is part of the broader National Intellectual Property Strategy launched in 2018. The program was announced in the 2021 Budget, with an allocation of $90 million over four years starting from 2022-2023. Key activities include: Facilitating IP support by BAIs to startups across Canada; Increasing IP capacity in the BAI ecosystem through IP education for BAIs and their client startups; and Enabling BAIs to provide targeted supports customized to the ...
AI | Dec 4, 2023 AI is a game-changer, reshaping how startups innovate and deliver services. AI Is changing the startup landscape forever. For instance, AI-driven platforms like Wealthsimple in Canada have revolutionized personal finance management, offering automated, algorithm-driven financial planning services. In the US, companies like Affirm and Robinhood are leveraging AI to personalize investing and credit services, making them more accessible to a broader audience. Across Europe, startups like Revolut and Klarna are using AI to enhance user experience and security, offering real-time fraud detection and tailored financial products. These examples underscore a significant shift towards AI-driven personalization and efficiency in financial services. See: AI Metamorphosis in Venture Capital For investors, this shift means looking beyond traditional metrics and considering the innovative potential of AI in transforming financial services. The ability of AI to process vast amounts of data for insights, risk assessment, and customer personalization presents a new frontier for investment opportunities. Founders, on the other hand, must focus on leveraging AI to address specific financial challenges, ensuring compliance with evolving regulatory standards, and maintaining ethical standards in data usage. Evaluating AI Startups NFX has recently published the 5-Level AI Spectrum offering a high level framework for ...
Crypto Tax | Nov 29, 2023 The Canadian Revenue Agency (CRA) Has Clarified That Crypto Deposits on Trading Platforms May Trigger Taxes As deftly summarized in this November 2023 client update article from Goodman's LLP, the CRA suggests that: A client holding cryptocurrency through a centralized Crypto Trading Platform (CTP) may not actually own the cryptocurrency for Canadian income tax purposes. Depositing cryptocurrency with a trading and lending platform could be considered a disposition for Canadian tax purposes, making it a taxable event for the client. Notes The CRA's response was based on two specific questions. The first question involved a Canadian taxpayer who lost bitcoin due to fraud on a platform. The CRA's response highlighted the need to determine the nature of ownership and the platform's liability in such cases. The loss's tax treatment depends on whether the cryptocurrency was held as a business or as a capital investment and the contractual relationship between the taxpayer and the CTP. See: Proposed Changes to Crypto Mining GST/HST Rules: What’s Capture and What’s Not? The second question addressed the tax implications when a taxpayer transfers bitcoin to a platform offering a return, payable in bitcoin. The CRA concluded that such a ...
Canadian Payments Regulation | Nov 30, 2023 New Retail Payments Regulatory Framework On November 28, 2023, Ron Morrow, the Executive Director – Supervision at the Bank of Canada delivered a speech about the new Retail Payments Activities Act in Canada at the Central 1 Momentum Summit in Vancouver, BC. See: Canada’s New Retail Payment Regulations: Registration and Compliance Passed in the summer of 2021, the new Retail Payment Activities Act in Canada is a major shift in the supervision of retail payments, expanding the oversight of the Bank of Canada to include a broader range of Payment Service Providers (PSPs), many of which were previously not subject to supervision beyond anti-money laundering regulations. The Bank of Canada is focused on managing risks associated with payment activities. The robustness of national payment systems and rigorous supervisory roles of central banks have increased, especially after events like the Herstatt Bank failure in 1974 and the 2008-09 financial crisis. Registration and Compliance Under the new regime, PSPs are required to register with the Bank of Canada and comply with minimum standards for managing operational risks and safeguarding end-user funds. This includes separating end-user funds from operating funds and ensuring their protection through trust, ...
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