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[...]
Fearless: How Technology Helps Conquer our Fear of the Unknown
RightMesh | John Lyotier | May 27, 2019
Imagine this scene from many millennia ago: a lone hunter walks through the savannah just after the sun has gone down. His spear is at the ready. His hair stands on end, his pupils dilate, and his nostrils flare open. All his senses are heightened, ready to trigger a fight or flight response if threatened. Each step is taken with care. He proceeds carefully, one step at a time, back to his shelter, and to the security and recent invention of fire. This was the every day reality of our prehistoric selves.
Skipping forward to more recent history, several years ago, in the aftermath of 9/11, I was working in a startup that had developed cutting-edge facial recognition technology. One of our partners discovered that when a sub-audible sound mimicking the noise of a breaking branch was played from a speaker hooked up to a surveillance camera, our still-trapped-on-the-savannah-selves could not help but look in the direction of the sound and the camera. Unsuspecting subjects would hear the sound, automatically turn to look for the source, then go back to their activities, intuitively re-assured of their safety. The initial fear response is so deeply ingrained in our subconscious that when subjects were asked, after the experiment, they would argue vehemently that they had NOT looked in the direction of the camera. But they had, and this reaction boosted our ability to detect and identify faces.
See: Technology, Legitimacy & Social Justice: Fighting “the propaganda of inevitability”
Given our collective prehistoric upbringing, which was rooted in life-or-death fear, it is no wonder that we, as a species, struggle at embracing things that are new, challenging the status quo, or welcoming change into our everyday lives. Fear of the unknown is programmed into our DNA.
I have been thinking about ‘Fear’ and being ‘Fearless’ a lot since speaking at FFCON2019 last month and being a part of the official Toronto screening of the blockchain-inspired documentary, ‘Trust Machine’. Of course, ‘Fearless’ was the theme of this event, but I have nary had a conversation since that did not involve the concept of fear. From every day people I meet on the street, to Uber drivers, politicians, executives, regulators – it seems that, today, everyone is afraid.
Why? What is threatening us today? As in eras past, I believe the root is fear of the unknown.
It is unknown what happens to banks and financial institutions when they are no longer the arbiters of trust, and people can conduct transactions directly with each other. And what happens to politicians when, rather than elected officials, we have autonomous AI bots that communicate and represent our needs on all issues? What happens to our legal systems, insurance industries, news sources, and so much more, once governance and trust are automated through blockchain? What happens when millions upon millions of truck drivers are displaced by self-driving, autonomous vehicles? What happens to society when we trust and identify more with RadGamer72 and other online avatars more so than our IRL [in real life] neighbours down the street?
See: Finally. Canadian Securities Administrators Announce Intent to Harmonize & Improve Crowdfunding Exemption
Every demographic, it seems, regardless of its specific insecurity, is facing a heightened generalized fear of the unknown.
Fear of the unknown is not new, of course. In fact, many modern and historical religions have their genesis in this fear, giving hope to those who seek clarity to that which is unknown. However, it does seem this specific fear is magnified in our current age due to technology. Technology is advancing at an exponential rate. In fact, in 2017 there was more data [more knowledge] created in a single year than in 5,000 years of humanity. As mere mortals, we can’t keep up. Where knowledge is exponential, people are linear. With every passing second, we fall further behind, creating more unknown, and, by extension, more fear of the unknown.
Much of this fear is based on trust. In the past, we needed to trust that the sound of the breaking branch was merely the wind in the trees and not an animal crouching in preparation to attack us. In modern times, our trust is in institutions and people. Consumers need to trust business owners; regulators need to trust consumers; business owners need to trust regulators; and so on. Which brings us to the topic of blockchain technologies and the concept of decentralized trust.
It seems somewhat poetic to me that the very problem we are facing today (exponential growth of technology creating more unknowns and thus more fear of the unknown) can be solved with technology itself. Details of the technology aside, what blockchain has done, and is doing, is enabling a system that allows people and machines to trust each other implicitly.
See: To Support Disruptive Technologies, Take Bigness Seriously
Let’s look at the examples I mentioned before: business owners, regulators, and consumers. As a business owner, blockchain means you do not have to trust regulators or government authorities, but you can trust the blockchain that enforces the rules of the game. As a regulator, you do not have to trust a consumer to know that the rule of law is being followed, but you can trust that the encoded legislation ensures fair dealings from all those involved. And as a consumer, you do not have to trust the business owner to look after your data, to give you ethically-sourced products, or to give you the answers to the questions you seek. You can be in control while simultaneously relinquishing control. What blockchain provides is the layer of trust that removes uncertainty and fear.
At RightMesh, we have incorporated this trust layer of blockchain in our mobile mesh network which enables smartphones to connect directly, peer-to-peer. We use the Ethereum blockchain as a unique identity layer for the ‘nodes’, or smartphones, in the network, and we use our own token, RMESH, to incentivize sharing and the ‘right behaviour’ in the network. In our solution, blockchain was brought in not because it was trendy or the newest tech craze, but because we needed a way for two parties to trust each other without necessarily relying on centralized trust systems. Without trust, the whole system would fall over because of fear.
Think back to the beginning of this article and your pre-historic self surviving on the savannah. Your new ‘fire’ invention helped you let your guard down (just a little) as you began to trust in its ability to keep predators at bay. Of course, it took time for your fear to subside, but in time, after each passing night, you started to trust in the fire’s protective powers, and with that trust, all the unknown noises became a little less scary.
See: FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency
Photography by Alan Bailward Photography - http://bailwardphotography.com
This, in my opinion, parallels where blockchain is today. As a community, we have created something new. It is a bit scary at first as it has the power to transform all aspects of society, but we are learning to trust, and in doing so, we all get to be a little more fearless.
John Lyotier is the CEO of RightMesh AG, a global mesh networking company with operations in Canada, Bangladesh, Switzerland, and Singapore. John believes if we can improve connectivity, we can improve healthcare, education, transportation, tolerance, economic output, and lift hundreds of millions out of poverty. Under his leadership, RightMesh has been named as one of Canada's Top 100 Workplaces (tied for 7th), and has been named to Deloitte's Technology Fast 50 and 500. An accomplished speaker, John has presented at global events including SXSW, Namescon, Global Inclusion Blockchain Conference, and the Founder's Network Global Conference.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
AI | Oct 2, 2023 Federal Minister François-Philippe Champagne launches voluntary code of conduct for advanced generative AI systems but some are wondering if this a step forward will hinder innovation? On September 27, Minister Champagne announced Canada's Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems, effective immediately. The new code of conduct revolves around several key principles around transparency, bias, oversight and detectability. AI systems must be clear about where and how the information they collect is used. There should be methods in place to tackle potential biases within the system. Human monitoring of AI systems is essential. Developers creating generative AI for public use must ensure that any content produced by their system can be identified. Minister Champagne emphasized the urgency of implementing measures to foster trust in AI products. I think that if you ask people in the street, they want us to take action now to make sure that we have specific measures that companies can take now to build trust in their AI products. Mixed Reactions While there's been significant support from major players in the business sector, concerns have also been raised. Some fear that the code, ...
Funding | Sep 29, 2023 ZayZoon, a prominent Earned Wage Access scale-up for small and mid-sized businesses, and founded in Calgary, recently announced that they raised $34.5 million in debt and equity during its Series B financing round. Investors include Framework Venture Partners who led this round, with notable co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders. ZayZoon is a financial empowerment platform specifically designed for small and mid-sized businesses. The company's primary mission is to provide employees with the ability to access their earned wages before the traditional payday, a service known as Earned Wage Access (EWA). This innovative approach aims to alleviate financial stress and break the paycheck-to-paycheck cycle that many individuals face. Catering to the varied needs of its users, ZayZoon offers multiple payout options, including bank deposits, debit cards, and fee-free alternatives like Instant Gift Cards and Gas Cards See: Redefining Payday: Earned Wage Access (EWA) Insights from Harvard Study ZayZoon emphasizes seamless integration with existing payroll and HR infrastructures. In 2023, the company was notably recognized as an ADP and PrismHR Marketplace Partner of the Year. Their trajectory is nothing short of remarkable, boasting a 400% increase in payouts ...
Capital | Sep 29, 2023 This week hails the launch of Capital Compass BC, a dynamic and collaborative platform by Innovate BC, InBC Investment Corp., PacifiCan, and New Ventures BC, designed to bolster and connect BC's thriving entrepreneurial ecosystem. British Columbia (B.C.) is a hub of innovation, with entrepreneurs and companies propelling it as a leading innovation center in North America. Capital Compass BC is not just a boon for businesses but also for investors, innovators, and ecosystem enablers. It's publicly accessible, free-to-use, and allows individuals to submit relevant information, making it searchable within the platform. Key Features of Capital Compass BC: Comprehensive Database: The platform provides detailed insights into startups, scaleups, investors, entrepreneurial resources, and the flow of investment capital within BC. There are currently 538 fintech startups and scale-ups based in BC listed on the platform. Advanced Filtering: Users can explore the vast database using filters like sector, company stage, funding round, and other pivotal characteristics. This facilitates the identification of trends, opportunities, and gaps in the regional innovation ecosystem. Support for Companies: Beyond just being a data repository, Capital Compass BC aids companies in navigating funding sources and amplifying their visibility in the market. Investor's Paradise: Investors ...
Sep 29, 2023 Funding Transfers Via PayID From Australia Gambling for real money is not complete without a reliable payment system. This is a guarantee that fraudsters won’t get your cash. And it will not magically disappear. Therefore, the transfer method choice is on par with the search for a casino. Security comes first, so let's take a look at how the system creators provide it. First of all, we'd like to point out that only your bank can see the personal data required to receive the code. The online casino does not see them. In addition, PayID uses SSL protection. Advantages And Disadvantages We highlight such pros: Speed. Online casino transfers are instant, so you can start betting right away. Withdrawals depend on the gambling platform due to additional checks. Security. Everything is as safe as transferring directly to a bank account, just more anonymous. You only need a code. Simplicity. Remembering a combination or just a login is easier than looking for a piece of paper with your account number every time. You can connect to the system in just a few clicks. Communication. PayID transfers allow short descriptions of up to 280 characters. You can specify the ...
BoC | Sep 28, 2023 The Bank of Canada has extended an invitation to members of the Retail Payment Advisory Committee (RPAC) and the broader payment service provider (PSP) community to share feedback on its supervisory approach to transaction reporting. The Bank is keen on understanding the current practices of payment service providers (PSPs) and aims to develop an effective strategy for transaction reporting. This initiative is not limited to RPAC members alone; the Bank is actively seeking diverse opinions from the entire PSP industry. See: Citi’s Top 10 Insights on Cross-Border Payments 2023 By sharing your feedback, you will help the Bank gain insights into the current practices of PSPs and also contribute to the development of a robust transaction reporting approach. Survey The Bank has launched a survey to better understand the information needs of PSPs. This will aid PSPs in understanding the Bank's expectations and preparing for upcoming retail payment supervision. The results of this survey will shape the Bank's communication strategy, ensuring PSPs are well-informed and ready to comply with forthcoming legislation. The survey is entirely voluntary, and the Bank guarantees that no personally identifiable information will be collected or shared. You can complete the survey ...
Crypto Regulation | Sep 28, 2023 EU's MiCA framework sets a new standard in crypto regulation, as the UK and US navigate their unique challenges and the global community calls for coordinated oversight. The European Union, with its groundbreaking MiCA framework has set a precedent. Meanwhile, the UK and the US are carving their unique paths. Drawing insights from a recent EU report, this article provides an update of the regulatory landscape across these jurisdictions, highlighting the challenges, opportunities, and global implications of their respective approaches to crypto-assets and stablecoins. EU's Regulatory Approach to Crypto-Assets In 2023, the European Union introduced the innovative Markets in Crypto-assets (MiCA) framework, a comprehensive regulatory measure designed to oversee the burgeoning crypto-asset markets. The primary focus of MiCA is on stablecoins, ensuring that their value remains consistent with official currencies. This framework combines stringent transparency and governance measures with prudential rules similar to those applied to traditional financial institutions. The overarching aim of MiCA is to ensure better protection for citizens, maintain financial stability, and foster both innovation and financial inclusion in the crypto space. UK and US The United Kingdom has charted its own path in the crypto realm. With comprehensive crypto legislation ...
Sep 28, 2023 Fintech is an ever-evolving world where every click counts and every lead may be game-changing; therefore mastering SEO has become essential. Welcome to Fintech SEO where competing for top search engine results pages (SERPs) rankings doesn't simply translate to visibility but rather leads to sales conversion. In this article, we'll uncover its immense power, discuss why high SERP rankings lead to conversions and traverse organic traffic that fuels fintech success. SERP Rankings in Fintech Imagine this: you need financial advice or are searching for investment options, where would you go? Chances are you would consult your search engine; the websites appearing at the top of those search results have built trust among both their users and search engines alike. ➡️ High Rankings Are an Indication of Trustworthiness Achieving high rankings on SERPs for your fintech website is like earning a gold star of trustworthiness from users; they know Google or Bing have already approved and reviewed your services - often leading to them opting for them over those offered by your competitors. When you enlist the expertise of a fintech SEO agency such as Sure Oak, you're essentially enlisting professionals who specialize in elevating your trustworthiness on ...
Cyber Security | Sep 27, 2023 The cyber landscape in 2023 has witnessed a significant surge in ransomware attacks, with small businesses becoming the primary targets. According to a report from Infosecurity Magazine, ransomware attackers are increasingly targeting smaller, less defended organizations. There was a 47% increase in new victims in the latter half of 2022, with many of these being small businesses with less mature cyber postures. Specifically, 57% of the victims of the LockBit gang, known for high-profile attacks on the Royal Mail and Taiwan Semiconductor Manufacturing Company (TSMC), were small businesses. Many of these groups are moving away from traditional encryption-based attacks. Instead, they threaten to expose and publicize sensitive information, shifting from ransomware to pure extortion tactics. See: Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months Ransomware by the Numbers In the first half of 2023, there was a 45.27% global increase in ransomware victim organizations, totaling 2,001. During the same period, the sectors most targeted by ransomware were banking, retail, and transportation. LockBit, a dominant ransomware since 2022, primarily targeted IT, finance, and professional services. Nearly 50% of all ransomware victims were US-based organizations, a significant increase ...
Release | Sep 27, 2023 Elevate's Acquisition of CIX is A Testament to Canada's Flourishing Startup Ecosystem Canada's startup landscape has always been a vibrant tapestry of innovation, ambition, and collaboration. At the heart of this ecosystem, organizations like the Canadian Innovation Exchange (CIX) have played pivotal roles in spotlighting the nation's most promising startups and bridging the gap between innovators and investors. As a long-time community partner and admirer of CIX, the National Crowdfunding & Fintech Association of Canada (NCFA) is thrilled about this acquisition announcement. NCFA & CIX: A Journey Together Over the years, NCFA has had the privilege of walking alongside CIX, celebrating its successes, and learning from its vast experiences. Our partnership has been rooted in mutual respect and a shared passion for fostering innovation in Canada. We've watched CIX grow, evolve, and transform into Canada's largest startup awards program and investment conference. Their annual curation program has consistently showcased the crème de la crème of Canadian startups, attracting attention from North American VCs, corporates, and private equity investors. See: Clay Financial Closes $1.7 Million Pre-Seed to Offer Home Equity Sharing AltFi Product in Canada Both Elevate and CIX have been champions of innovation, tirelessly working ...
AI | Sep 27, 2023 Amazon agrees to invest up to $4 billion in Anthropic to compete against other tech giants like Microsoft, Meta, Google, and Nvidia who are heavily invested in the space. The initial investment will see Amazon infuse $1.25 billion for a minority stake in Anthropic. Furthermore, Amazon retains the option to increase its investment to a total of $4 billion. Anthropic, backed by notable investors including Google, Spark Capital, Salesforce, Sound Ventures, Menlo Ventures, and Zoom, has amassed a total funding of $2.7 billion so far, and has ambitious plans. In May of this year, the startup achieved a valuation of approximately $5 billion following a $450 million funding round. The valuation set by Amazon in their recent investment in Anthropic has not been disclosed. For context, OpenAI has already secured more than $11 billion in funding, with a significant portion coming from Microsoft. See: OSFI’s Evolving Focus on Integrity & Security Anthropic aims to raise as much as $5 billion over the next two years and has recently launched its consumer-facing premium subscription plan of chatbot Claude 2 and has plans to develop a "frontier model" named "Claude-Next." This model is projected to be ten ...
AI | Oct 2, 2023 Federal Minister François-Philippe Champagne launches voluntary code of conduct for advanced generative AI systems but some are wondering if this a step forward will hinder innovation? On September 27, Minister Champagne announced Canada's Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems, effective immediately. The new code of conduct revolves around several key principles around transparency, bias, oversight and detectability. AI systems must be clear about where and how the information they collect is used. There should be methods in place to tackle potential biases within the system. Human monitoring of AI systems is essential. Developers creating generative AI for public use must ensure that any content produced by their system can be identified. Minister Champagne emphasized the urgency of implementing measures to foster trust in AI products. I think that if you ask people in the street, they want us to take action now to make sure that we have specific measures that companies can take now to build trust in their AI products. Mixed Reactions While there's been significant support from major players in the business sector, concerns have also been raised. Some fear that the code, ...
Funding | Sep 29, 2023 ZayZoon, a prominent Earned Wage Access scale-up for small and mid-sized businesses, and founded in Calgary, recently announced that they raised $34.5 million in debt and equity during its Series B financing round. Investors include Framework Venture Partners who led this round, with notable co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders. ZayZoon is a financial empowerment platform specifically designed for small and mid-sized businesses. The company's primary mission is to provide employees with the ability to access their earned wages before the traditional payday, a service known as Earned Wage Access (EWA). This innovative approach aims to alleviate financial stress and break the paycheck-to-paycheck cycle that many individuals face. Catering to the varied needs of its users, ZayZoon offers multiple payout options, including bank deposits, debit cards, and fee-free alternatives like Instant Gift Cards and Gas Cards See: Redefining Payday: Earned Wage Access (EWA) Insights from Harvard Study ZayZoon emphasizes seamless integration with existing payroll and HR infrastructures. In 2023, the company was notably recognized as an ADP and PrismHR Marketplace Partner of the Year. Their trajectory is nothing short of remarkable, boasting a 400% increase in payouts ...
Capital | Sep 29, 2023 This week hails the launch of Capital Compass BC, a dynamic and collaborative platform by Innovate BC, InBC Investment Corp., PacifiCan, and New Ventures BC, designed to bolster and connect BC's thriving entrepreneurial ecosystem. British Columbia (B.C.) is a hub of innovation, with entrepreneurs and companies propelling it as a leading innovation center in North America. Capital Compass BC is not just a boon for businesses but also for investors, innovators, and ecosystem enablers. It's publicly accessible, free-to-use, and allows individuals to submit relevant information, making it searchable within the platform. Key Features of Capital Compass BC: Comprehensive Database: The platform provides detailed insights into startups, scaleups, investors, entrepreneurial resources, and the flow of investment capital within BC. There are currently 538 fintech startups and scale-ups based in BC listed on the platform. Advanced Filtering: Users can explore the vast database using filters like sector, company stage, funding round, and other pivotal characteristics. This facilitates the identification of trends, opportunities, and gaps in the regional innovation ecosystem. Support for Companies: Beyond just being a data repository, Capital Compass BC aids companies in navigating funding sources and amplifying their visibility in the market. Investor's Paradise: Investors ...
Sep 29, 2023 Funding Transfers Via PayID From Australia Gambling for real money is not complete without a reliable payment system. This is a guarantee that fraudsters won’t get your cash. And it will not magically disappear. Therefore, the transfer method choice is on par with the search for a casino. Security comes first, so let's take a look at how the system creators provide it. First of all, we'd like to point out that only your bank can see the personal data required to receive the code. The online casino does not see them. In addition, PayID uses SSL protection. Advantages And Disadvantages We highlight such pros: Speed. Online casino transfers are instant, so you can start betting right away. Withdrawals depend on the gambling platform due to additional checks. Security. Everything is as safe as transferring directly to a bank account, just more anonymous. You only need a code. Simplicity. Remembering a combination or just a login is easier than looking for a piece of paper with your account number every time. You can connect to the system in just a few clicks. Communication. PayID transfers allow short descriptions of up to 280 characters. You can specify the ...
BoC | Sep 28, 2023 The Bank of Canada has extended an invitation to members of the Retail Payment Advisory Committee (RPAC) and the broader payment service provider (PSP) community to share feedback on its supervisory approach to transaction reporting. The Bank is keen on understanding the current practices of payment service providers (PSPs) and aims to develop an effective strategy for transaction reporting. This initiative is not limited to RPAC members alone; the Bank is actively seeking diverse opinions from the entire PSP industry. See: Citi’s Top 10 Insights on Cross-Border Payments 2023 By sharing your feedback, you will help the Bank gain insights into the current practices of PSPs and also contribute to the development of a robust transaction reporting approach. Survey The Bank has launched a survey to better understand the information needs of PSPs. This will aid PSPs in understanding the Bank's expectations and preparing for upcoming retail payment supervision. The results of this survey will shape the Bank's communication strategy, ensuring PSPs are well-informed and ready to comply with forthcoming legislation. The survey is entirely voluntary, and the Bank guarantees that no personally identifiable information will be collected or shared. You can complete the survey ...
Crypto Regulation | Sep 28, 2023 EU's MiCA framework sets a new standard in crypto regulation, as the UK and US navigate their unique challenges and the global community calls for coordinated oversight. The European Union, with its groundbreaking MiCA framework has set a precedent. Meanwhile, the UK and the US are carving their unique paths. Drawing insights from a recent EU report, this article provides an update of the regulatory landscape across these jurisdictions, highlighting the challenges, opportunities, and global implications of their respective approaches to crypto-assets and stablecoins. EU's Regulatory Approach to Crypto-Assets In 2023, the European Union introduced the innovative Markets in Crypto-assets (MiCA) framework, a comprehensive regulatory measure designed to oversee the burgeoning crypto-asset markets. The primary focus of MiCA is on stablecoins, ensuring that their value remains consistent with official currencies. This framework combines stringent transparency and governance measures with prudential rules similar to those applied to traditional financial institutions. The overarching aim of MiCA is to ensure better protection for citizens, maintain financial stability, and foster both innovation and financial inclusion in the crypto space. UK and US The United Kingdom has charted its own path in the crypto realm. With comprehensive crypto legislation ...
Sep 28, 2023 Fintech is an ever-evolving world where every click counts and every lead may be game-changing; therefore mastering SEO has become essential. Welcome to Fintech SEO where competing for top search engine results pages (SERPs) rankings doesn't simply translate to visibility but rather leads to sales conversion. In this article, we'll uncover its immense power, discuss why high SERP rankings lead to conversions and traverse organic traffic that fuels fintech success. SERP Rankings in Fintech Imagine this: you need financial advice or are searching for investment options, where would you go? Chances are you would consult your search engine; the websites appearing at the top of those search results have built trust among both their users and search engines alike. ➡️ High Rankings Are an Indication of Trustworthiness Achieving high rankings on SERPs for your fintech website is like earning a gold star of trustworthiness from users; they know Google or Bing have already approved and reviewed your services - often leading to them opting for them over those offered by your competitors. When you enlist the expertise of a fintech SEO agency such as Sure Oak, you're essentially enlisting professionals who specialize in elevating your trustworthiness on ...
Cyber Security | Sep 27, 2023 The cyber landscape in 2023 has witnessed a significant surge in ransomware attacks, with small businesses becoming the primary targets. According to a report from Infosecurity Magazine, ransomware attackers are increasingly targeting smaller, less defended organizations. There was a 47% increase in new victims in the latter half of 2022, with many of these being small businesses with less mature cyber postures. Specifically, 57% of the victims of the LockBit gang, known for high-profile attacks on the Royal Mail and Taiwan Semiconductor Manufacturing Company (TSMC), were small businesses. Many of these groups are moving away from traditional encryption-based attacks. Instead, they threaten to expose and publicize sensitive information, shifting from ransomware to pure extortion tactics. See: Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months Ransomware by the Numbers In the first half of 2023, there was a 45.27% global increase in ransomware victim organizations, totaling 2,001. During the same period, the sectors most targeted by ransomware were banking, retail, and transportation. LockBit, a dominant ransomware since 2022, primarily targeted IT, finance, and professional services. Nearly 50% of all ransomware victims were US-based organizations, a significant increase ...
Release | Sep 27, 2023 Elevate's Acquisition of CIX is A Testament to Canada's Flourishing Startup Ecosystem Canada's startup landscape has always been a vibrant tapestry of innovation, ambition, and collaboration. At the heart of this ecosystem, organizations like the Canadian Innovation Exchange (CIX) have played pivotal roles in spotlighting the nation's most promising startups and bridging the gap between innovators and investors. As a long-time community partner and admirer of CIX, the National Crowdfunding & Fintech Association of Canada (NCFA) is thrilled about this acquisition announcement. NCFA & CIX: A Journey Together Over the years, NCFA has had the privilege of walking alongside CIX, celebrating its successes, and learning from its vast experiences. Our partnership has been rooted in mutual respect and a shared passion for fostering innovation in Canada. We've watched CIX grow, evolve, and transform into Canada's largest startup awards program and investment conference. Their annual curation program has consistently showcased the crème de la crème of Canadian startups, attracting attention from North American VCs, corporates, and private equity investors. See: Clay Financial Closes $1.7 Million Pre-Seed to Offer Home Equity Sharing AltFi Product in Canada Both Elevate and CIX have been champions of innovation, tirelessly working ...
AI | Sep 27, 2023 Amazon agrees to invest up to $4 billion in Anthropic to compete against other tech giants like Microsoft, Meta, Google, and Nvidia who are heavily invested in the space. The initial investment will see Amazon infuse $1.25 billion for a minority stake in Anthropic. Furthermore, Amazon retains the option to increase its investment to a total of $4 billion. Anthropic, backed by notable investors including Google, Spark Capital, Salesforce, Sound Ventures, Menlo Ventures, and Zoom, has amassed a total funding of $2.7 billion so far, and has ambitious plans. In May of this year, the startup achieved a valuation of approximately $5 billion following a $450 million funding round. The valuation set by Amazon in their recent investment in Anthropic has not been disclosed. For context, OpenAI has already secured more than $11 billion in funding, with a significant portion coming from Microsoft. See: OSFI’s Evolving Focus on Integrity & Security Anthropic aims to raise as much as $5 billion over the next two years and has recently launched its consumer-facing premium subscription plan of chatbot Claude 2 and has plans to develop a "frontier model" named "Claude-Next." This model is projected to be ten ...
Related Posts
How to Get Hired by a Large Company While in College- KYC and KYP led banks to push in-house products more, exec says
- Why Blockchain analytics are catching Washington’s attention
- Kickstarter Superstars Launch a Crowdfunding Site for Games
- If you care about privacy, Browser settings to change ASAP: Chrome, Firefox and more
- Is this the new face of Generation Z banking?
Leave a Reply