Monday 1 November 2021

VB Daily | November 1 - Utilizing quantum tools for the future of fintech 💰💻

Daily Roundup
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The Lead
[1] Utilizing Excel and quantum tools for the future of fintech
[2] Security AI may be key to fighting back against advanced cyber and ransomware attacks 
The Follow
[1] Despite great efforts to unseat it, Microsoft Excel remains the go-to analytics interface in most industries — even in the relatively tech-advanced area of finance. Could this familiar spreadsheet be the portal to futuristic quantum computing in finance? The answer is "yes," according to the principals at Multiverse Computing.
The San Sebastián, Spain-based quantum software startup is dedicated to forging forward with finance applications of the quantum kind, and its leadership sees the Excel spreadsheet as a logical means to begin to make this happen.
"In finance, everybody uses Excel; even Bloomberg has connections for Excel tools," said Enrique Lizaso Olmos, CEO of Multiverse Computing, which recently gained $11.5 million in a funding round headed by JME Ventures.
Excel is a key entry point for emerging quantum methods, Lizaso Olmos said, as he described how users can drag and drop data sets from Excel columns and rows into Multiverse's Singularity SDK, which then launches quantum computing jobs on available hardware.
Many largely view quantum computing as generally slow in developing, but the finance sector shows specific early promise, just as it has in the past with a host of emerging technologies. >> Read more.
[2] In the world of cybersecurity, speed kills. In less than 20 minutes, a skilled adversary can break into an organization's network and start exfiltrating critical data assets, and as the volume of data modern companies produce increases, it's becoming ever more difficult for human analysts to spot malicious activity until it's too late. This is where cybersecurity AI can come to the rescue.
This hostile threat landscape has led organizations such as Microsoft to use AI as part of their internal and external cybersecurity strategy. "We're seeing this incredible increase in the volume of attacks, from human-operated ransomware through all different kinds of zero-day attacks," said Ann Johnson, corporate vice president of security, compliance, and identity at Microsoft.
Perhaps the most compelling use case for AI in cybersecurity is incident response. AI enables organizations to automatically detect anomalous behavior within their environments and conduct automated responses to contain intrusions as quickly as possible.
One of the most high-profile uses of AI this year occurred at the Olympic Games in Tokyo, when Darktrace AI identified a malicious Raspberry Pi IoT device that an intruder had planted into the office of a national sporting body directly involved in the Olympics. The solution detected the device port scanning nearby devices, blocked the connections, and supplied human analysts with insights into the scanning activity, so they could investigate further.
When considering the amount of data the national body was processing in the run-up to the Olympics, it would have been impossible for a human analyst to spot such an attack at the same speed as the AI, Darktrace's chief information security officer (CISO) Mike Beck said. >> Read more.
[3] Dell has partnered with the i2b2 tranSMART foundation to create privacy-preserving digital twins to treat the long-haul symptoms of COVID-19 patients. The project hopes to improve treatment for the 5% of COVID-19 patients who develop chronic health issues. The new tools integrate de-identified data — which refers to data from which all personally identifiable information has been removed — AI, and sophisticated models that allow researchers to perform millions of treatment simulations based on genetic background and medical history.
This initiative is part of Dell's long-term goal to bring digital transformation across the healthcare industry. Jeremy Ford, Dell vice-president of strategic giving and social innovation, told VentureBeat, "AI-driven research and digital twins will support hospitals and research centers globally and contribute to Dell's goal to use technology and scale to advance health, education and economic opportunity for 1 billion people by 2030."
Multiple sources and types of data go into constructing the medical twins, including a patient's Electronic Health Record (EHR), consultation information directly from the patient, and waveform data from cardiac monitors, ventilators, and personal fitness tracking devices.
"They could be used in the future to help researchers perform millions of individualized treatment simulations to identify the best possible therapy option for each patient, based on genetic background, medical history, and a greater overall knowledge of the long-term treatment effects," Murphy said. >> Read more.
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The Buzz
Michael Conlin
Beware when an AI vendor talks about fraud detection. AI doesn't detect fraud; it detects anomalies. Judges and juries detect fraud. Don't fall for the hype. #ethicalAI
ICYMI
Did you miss learning how mental health awareness can improve your brand loyalty?
 
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