In the ever-evolving landscape of design and engineering, technological advancements continue to redefine how we approach complex projects. One such innovation that’s gaining traction is the concept of “Digital Twins.”
Initially introduced as a way to monitor and maintain physical assets in real-time, the concept of Digital Twins has expanded to play a pivotal role in design and engineering processes. Let’s delve into some of the current and revolutionary use cases of Digital Twins today.
What are Digital Twins?
A Digital Twin is a virtual replica of a physical object, process, or system. It encompasses both the physical aspects and the digital representation, offering real-time insights and simulations to understand, predict, and optimize the behavior of the real-world counterpart.
They are revolutionizing the way products are designed and prototyped. Engineers and designers can create virtual prototypes that closely mirror the physical product, allowing for rapid iterations and testing. This not only speeds up the design process but also reduces the cost and waste associated with traditional trial-and-error methods. From automobiles to consumer electronics, Digital Twins enable engineers to simulate various scenarios and make informed decisions before a physical prototype is even built.
Salient Use Cases
Predictive Maintenance: In the realm of engineering, the concept of predictive maintenance has gained prominence. By integrating Digital Twins into machinery and equipment, engineers can monitor the real-time performance of these assets and predict maintenance needs. This proactive approach minimizes downtime, prevents costly breakdowns, and extends the lifespan of equipment.
Simulation and Analysis: Digital Twins offer a platform for comprehensive simulations and analysis. Engineers can simulate the behavior of a system under different conditions, helping them identify potential challenges and opportunities for improvement. Whether it’s testing the aerodynamics of an aircraft or evaluating the structural integrity of a bridge, Digital Twins provide a safe and controlled environment to conduct experiments virtually.
Smart Cities and Infrastructure: As urbanization accelerates, the need for smart infrastructure becomes crucial. Digital Twins play a pivotal role in designing, developing, and managing smart cities. From optimizing traffic flow to monitoring energy consumption, these virtual replicas offer insights that facilitate more sustainable and efficient urban planning.
Collaboration and Communication: Digital Twins serve as a common platform for interdisciplinary collaboration. Engineers, designers, architects, and stakeholders can all interact with the virtual model, fostering better communication and understanding. This collaborative environment leads to more innovative solutions and reduces the risk of misunderstandings.
Lifecycle Management: The benefits of Digital Twins extend beyond the design and construction phases. They can be used to track the entire lifecycle of a product or system, from conception to decommissioning. This holistic approach helps organizations make data-driven decisions to improve efficiency and sustainability.
Takeaway
In conclusion, the concept of Digital Twins has transformed from a mere monitoring tool to a game-changing paradigm in design and engineering. With its ability to enhance design, predict maintenance needs, facilitate simulations, and foster collaboration, Digital Twins are reshaping how we approach complex projects. As technology continues to advance, we can expect even more innovative use cases to emerge, further solidifying Digital Twins as a cornerstone of modern engineering and design practices.
Must-Have Software Tools for Small Businesses to Outpace the Competition in 2023
In today’s fast-paced business landscape, staying ahead of the competition is crucial for small businesses. Fortunately, a plethora of powerful software tools can empower you to streamline operations, boost productivity, and unlock growth opportunities. So, let’s dive into the nine software tools that your small business should consider incorporating into its arsenal in 2023.
1. Communication & Collaboration
Google Workspace offers a suite of collaboration tools including Gmail, Google Drive, Docs, Sheets, and more. It enables seamless communication, file sharing, and real-time collaboration, allowing your team to work efficiently and stay connected regardless of their location. Efficient collaboration and communication are vital for remote and hybrid work environments. In addition, platforms like Slack, Skype, or Microsoft Teams can further facilitate seamless teamwork and enhance productivity. It is always a good thing to have at least two depending on what your customers or stakeholders use as well.
2. Accounting/Banking
Efficient financial management is essential for your small business. This helps you monitor every expenditure and keep good records for easy tax filings. Utilize accounting and banking software like QuickBooks or Xero to streamline invoicing, expense tracking, and financial reporting. These tools simplify bookkeeping tasks, helping you make informed decisions and ensure financial stability. Bigger companies can use Microsoft Dynamics 365’s financial packages to manage their larger turnovers.
3. Cybersecurity
Don’t think just because you are a small business, you do not need adequate online security. One security breach can do a lot of (financial and reputational) damage and stop you from growing. Remember, bigger companies can afford to repair damaged brands/images. Protecting your business from online threats is, therefore, paramount. Acunetix by Invicti, a web protection software, offers robust security features, including vulnerability scanning and web application testing. Safeguard your business’s digital assets and customer data to gain trust among your clients.
4. Artificial Intelligence(AI)
Enhance customer support and streamline communication with ChatGPT. This well-spoken-about AI-powered platform provides multiple language-based automated solutions like a chatbot that provides instant responses to common queries. This frees up your team’s time and delivers quick solutions to your customers’ questions. They even offer personalized assistance 24/7, ensuring customer satisfaction. Setting Chatbots up properly with the right prompts can help you automate almost anything else that requires not much ‘human interaction’.
5. Project/Task Management
They say failure to plan is planning to fail. To keep projects on track and teams aligned, project management software like Asana, Notion, or Trello is therefore indispensable. These tools help you organize tasks, assign responsibilities, track progress, and collaborate effectively, ensuring timely project completion. Depending on the level of technicality of the team you can even use more agile tools. Tools such as ClickUp, Miro,or Jira, are more suited for software development teams.
6. Customer-Oriented
Without them, your business ceases to exist so you need the best tools to engage with your customers, suppliers, and partners at all times. Customer Relationship Management (CRM) software, such as Pipedrive, Zoho, Freshworks or HubSpot, enable you to nurture leads, track customer interactions, and manage sales pipelines. With CRM tools, you can enhance customer engagement, improve conversion rates, and foster long-term customer relationships.
7. Social Media Management
Most of your existing and potential customers spend a significant amount of hours online – sometimes just browsing aimlessly through TikTok or watching cat videos on Youtube. Twitter has recently even started ‘rationalizing’ the amount of engagement people can have on its platform in a bid to allow its servers to ‘cool off’ and prevent AI bots from running amok. A strong online presence is, therefore, crucial in today’s digital landscape. Utilize social media management tools like Hootsuite or Buffer to schedule posts, monitor mentions, and analyze engagement. These tools simplify social media marketing, enabling you to reach a wider audience and drive your brand awareness.
8. Email Marketing
Despite the power of the above-mentioned social media ‘movement’, Email marketing still remains a powerful tool for nurturing your leads and driving conversions. Tools like Mailchimp or Brevo (formerly Sendinblue) provide user-friendly interfaces, automated campaigns, and in-depth analytics, helping you create targeted email campaigns and measure their effectiveness. Naturally you have to do a little work to find the right prospect, or else all these will end up in a spam folder never to be seen.
9. Data Analytics
Thanks to two of the world’s software giants, you can now easily harness the power of data with analytics tools like Google Analytics or Microsoft Power BI. These tools will help you to gain insights into customer behavior, and website performance, and create better-targeted marketing campaigns. Data-driven decision-making will enable you to optimize strategies, identify growth opportunities, and therefore gain a competitive edge. You can even further feed the data into AI tools (like ChatGPT) to further analyze and decipher the data in simpler ways to quickly understand. Naturally, you should only input ‘non-private’ or generic data for the “open-source” program to crunch.
As a small business owner, leveraging the right software tools can be a game-changer in for you 2023. From streamlining operations to enhancing customer experiences, these top software tools will most certainly empower you to stay ahead of the competition. Embrace the digital revolution and equip your business with the tools necessary to drive efficiency, productivity, and growth.
For more about some of the tools mentioned – get in touch for a free consultation!
Artificial Intelligence (AI) has transformed from a buzzword to a practical reality, revolutionizing numerous industries across the globe. With its ability to process vast amounts of data, learn from patterns, and make intelligent decisions, AI has become an invaluable tool for businesses seeking innovation, efficiency, and competitive advantage.
In this brief, we will explore real-life use cases of AI, differentiate it from machine learning, AGI, and NLP, discuss potential job transformations, and shed light on the limitations and dangers that come with its implementation.
Defining AI, Machine Learning, AGI, and NLP:
Before diving into the applications, it’s crucial to clarify the distinctions between AI, machine learning (ML), artificial general intelligence (AGI), and NLP. AI refers to the broader concept of machines imitating human intelligence, enabling them to perform tasks that typically require human intelligence, such as problem-solving, decision-making, and natural language understanding.
On the other hand, ML is a subset of AI that focuses on algorithms and statistical models that allow systems to learn from data without being explicitly programmed.
AGI, often considered the next step beyond AI, represents machines with the ability to understand, learn, and apply knowledge across multiple domains, akin to human-like intelligence.
There is, also a less-mentioned subfield of artificial intelligence that focuses on the interaction between computers and human language. This ‘system’ encompasses the ability of machines to understand, interpret, and generate natural language in a way that is meaningful and useful.
Known as Natural Language Processing (NLP), it combines techniques from linguistics, computer science, and machine learning to enable computers to process, analyze, and respond to human language.
Some applications of NLP:
Virtual Assistants: Virtual assistants like Apple’s Siri, Amazon’s Alexa, and Google Assistant utilize NLP to understand voice commands and respond appropriately. They can perform tasks like setting reminders, playing music, providing weather updates, and answering questions.
Sentiment Analysis: NLP techniques are used to analyze and determine the sentiment expressed in text, such as social media posts, customer reviews, or survey responses. This information is valuable for businesses to understand public opinion, customer satisfaction, track trends, and brand perception.
Language Translation: NLP is widely used in machine translation systems like Google Translate. These systems employ sophisticated algorithms to process input text in one language and generate the corresponding translation in another language.
Chatbots: NLP is essential in creating intelligent chatbots that can understand and respond to user queries. Chatbots are employed in various applications, including customer support, information retrieval, and virtual assistance.
Information Extraction: NLP techniques enable the extraction of structured information from unstructured text. This is particularly useful in fields such as data mining, knowledge management, and content analysis.
Spam Filtering: NLP plays a vital role in email spam filters by analyzing the content and language patterns to identify and block unwanted or malicious emails.
Voice Recognition: NLP powers voice recognition technology, allowing systems to convert spoken words into written text. This technology is used in applications like transcription services, voice assistants, and voice-controlled devices.
Medical Text Analysis: NLP is utilized in healthcare to analyze medical literature, patient records, and clinical notes. It helps in extracting valuable insights, automating administrative tasks, and supporting medical decision-making.
News Summarization: NLP algorithms can summarize large volumes of news articles or documents, providing users with concise and informative summaries.
These are just a few examples of how NLP is applied in various domains. Its versatility and potential continue to grow as researchers and developers explore new ways to leverage human language for improved communication and understanding between humans and machines.
Some Real-World AI Applications in Industry
Healthcare: AI is revolutionizing healthcare by enhancing diagnostics, personalized medicine, and patient care. Companies like Zebra Medical Vision utilize AI algorithms to analyze medical images, improving the early detection of diseases like cancer. AI-powered virtual assistants also assist doctors in accessing patient information quickly, reducing administrative burdens.
Manufacturing: Smart factories are embracing AI to optimize production processes, quality control, and predictive maintenance. Companies like Siemens leverage AI algorithms to predict machine failures and prevent downtime, ensuring efficient and uninterrupted operations. AI-driven robots and cobots are streamlining repetitive tasks, improving productivity and employee safety.
Finance: AI is transforming the finance sector by automating manual tasks, detecting fraud, and improving investment decisions. For instance, PayPal utilizes AI to detect suspicious transactions and prevent fraud in real-time. Robo-advisors powered by AI algorithms analyze vast amounts of financial data to offer personalized investment recommendations to individuals.
Transportation: The transportation industry is harnessing AI to enhance safety, efficiency, and sustainability. Self-driving vehicles leverage AI to perceive their surroundings and make real-time decisions, reducing accidents and traffic congestion. Ride-sharing platforms like Uber employ AI algorithms to optimize route planning, reduce waiting times, and enhance the overall customer experience.
Design/Entertainment: Overall, AI has significantly impacted the design and entertainment industries by providing new tools, enhancing creativity, improving user experiences, and streamlining various processes. The experiences can thus be enhanced and simplified in Generative Design, UX Design, Data Visualization,Game Development & Virtual Reality (VR), and Augmented Reality (AR) – the Metaverse particularly comes to mind here. Apple’s new ‘Vision Pro’ augmented reality headset is ‘the most advanced’ device to date.
Job Transformations
While AI promises immense benefits, there are concerns about job displacement. Routine, repetitive tasks are likely to be automated, leading to changes in the job market. However, AI also creates new opportunities by augmenting human capabilities. Instead of replacing jobs, AI has the potential to transform them, enabling us to focus on complex problem-solving, creativity, and empathy-driven tasks.
Limitations and Dangers
As with any technology, AI has its limitations and potential risks. AI systems heavily rely on data quality, and biased or incomplete datasets can lead to inaccurate outcomes or reinforce societal biases. Ensuring ethical AI practices and addressing algorithmic bias is crucial. Moreover, AI lacks human-like common sense and reasoning abilities, making it prone to errors in unfamiliar situations. The ethical implications of AI, such as privacy concerns and potential misuse of personal data, also require careful consideration.
Afterthoughts
The practical and realistic use of AI has already begun reshaping various industries, unlocking new possibilities, and transforming how businesses operate. By embracing AI, organizations can streamline processes, improve decision-making, and unlock insights from massive amounts of data. However, it is essential to navigate the limitations, address ethical concerns, and ensure a human-centric approach to AI implementation.
Global security breaches are on the rise and no one or country is safe. The acceleration of certain technologies has been rapid since the pandemic engulfed the world last year. But unfortunately, we’ve also become slack in the process.
Once again, it has become apparent just how ‘at-risk’ our data is.
Data hacks have been frantic and are now getting major press attention. It’s hard to know who each unwanted visitor is in each case but fingers are being pointed in perhaps familiar directions.
Russian invaders back at it again
In fact, throughout June, Russians have been blamed for a slew of hacks around the world.
Microsoft in late May said a wave of Russian cyber-attacks had targeted government agencies and human rights groups in 24 countries, mostly in the US.
It claimed that around 3000 email accounts of more than 150 different organizations, some of them international, were attacked in just one week.
Allegedly, the group responsible was the same one that carried out 2020’s SolarWinds attacks, which the Russian Foreign Intelligence Service (SVR) was accused of orchestrating.
But the Kremlin denied having any knowledge or anything to do with any cyber-attacks. It challenged Microsoft to how these attacks were linked to the European attacks.
Nevertheless, authorities are now aggressively investigating cybercrime. In the first week of June, the US Justice Department recovered around $2.3m in cryptocurrency ransom money.
This was part of the funds paid by the Colonial Pipeline Company to Russian hackers in the most disruptive cyberattack on record in the country.
The US deputy attorney general Lisa Monaco said investigators had seized 63.7 Bitcoins which was paid by the company after its systems were hacked, leading to massive shortages of petrol along the US’s East Coast. The department said it founded and recaptured the majority of the ransom.
The hackers are believed to be a group called DarkSide, whose menace caused a multi-day shutdown in certain petrol stations and a spike in gas prices.
The attack made international news and prompted the US’s White House to encourage business executives to improve security measures to avoid future cyberattacks whatever their nature, ransomware or otherwise.
The FBI said DarkSide had also disrupted operations at a meatpacking company. As no one tends to be spared in the spillover effects, it is always a good idea to protect your company’s digital assets as a preventative measure.
Not so sophisticated
The attackers rather proved to be quite ‘amatuerish’ because they sent the Bitcoins to an online platform to convert it to fiat money – and that is how they got nabbed. Server-hosted (Online) crypto exchanges are obliged to keep customer data for compliance and anti-money laundering practices. So while your Crypto digital wallet does not reveal your identity, pairing it with an exchange will link it to all the other particulars you needed to provide to use the exchange.
As long as you need cash to pay for things you will always need to switch your crypto in some way or another – unless your recipient agreed to take payment in Crypto as well. Keeping your digital assets on a hard-wallet or on your hard-drive keeps them “off-the-grid”. But also means you can’t actually spend them.
Although the initial cyberattack was a smart manuever, the attackers proved to be rookies at the robbing game in the end.
On a positive note: the ability to retrieve Bitcoins actually reinforces the need for a Blockchain-based financial system. This made it easier for the authorities to track movements of the ‘ransom-paid’ Bitcoins.
Cuban for a bruising
But politicians aren’t the only people who are urging businesses, civil society organizations, and other groups to improve security systems and be cognisant of an often-dark future.
US Dollar billionaire Mark Cuban has also called for stricter cryptocurrency regulations.
The owner of the Dallas Mavericks who has been investing in trading Bitcoin and other cryptocurrencies such as Ethereum said the world was in dire need of regulation for the burgeoning decentralized finance (DeFi) space.
Cuban said in an interview with Bloomberg that there “should be regulation to define what a Stablecoin is” in order for DeFi to be reliable and to prevent total collapses in investments.
This comes after he saw his investments in a particular Stablecoin ‘went to zero’. Cuban claimed he had been scammed.
Stablecoins are a type of cryptocurrency that is pegged to an underlying asset, or currency – usually the US dollar. They are the earliest forms of DeFi and the largest Stablecoin, Tether, is currently worth more than $62bn.
DeFi has helped the price of Ethereum, the blockchain on which most DeFi projects are built, to also soar. But they can be highly risky investments.
Investors try to create arbitrage opportunities and liquidity between coins but such a scheme collapsed for Cuban.
“There should be regulation to define what a stable coin is and what collateralization is acceptable,” he said.
Strong words of caution
Cuban hasn’t revealed how much money he lost but told a fellow DeFi investor via Twitter that regulation must be implemented- and quickly.
It had been suggested that Cuban was “rugged” which refers to when a project’s liquidity dries up and investors cannot withdraw their cash.
Mark Cuban is alleged to have 60% of his crypto holdings in Bitcoin, 30% in Ethereum, and 10% held in other coins. He likes to experiment with new financial tech investments.
He added further in a recent blog post that banks should be scared of unregulated DeFi technology.
All crypto-based investments remain highly risky as the technology around them develops. But there certainly needs to be global laws to prevent people from losing hefty amounts of their wealth/investment. Cryptocurrency is without a doubt a very lucrative investment vehicle that could make you an overnight millionaire. But that also makes it a perfect vehicle for scammers to clone projects to make away with your hard-earned cash.
You must, therefore, be extra vigilant and scrutinize offers for instant riches. But more so, you would be quite negligent these days to navigate the Internet without any form of cyber-protection.
Why do people hack systems? Hacking is a technique used to compromise any digital device. Hackers want to get into your device to use your data for varied reasons – naturally, most of these motives are financially driven.
A data breach is usually what leads to a hack. There is a difference even though both terms are used interchangeably.
A data breach happens when data that is left vulnerable in an unsecured environment gets viewed by someone who shouldn’t have access to it.
While hacks are the result of malicious behavior, breaches happen as a result of negligence, human error, or other non-malicious behavior that creates a security vulnerability.
Hackers may access your device just to say they could or for financial gain, to protest, or to gather sensitive information.
So what makes a hacker?
In the past, a hacker may have been a whiz kid or specialized programmer but in the modern-day, hacking has become easier and more people are becoming hackers. As more people shop online and use computers for everyday tasks, they become the prey of hackers worldwide.
Actual hacking is technical in nature – the hacker does not communicate with the person whose PC they are hacking into.
But they can also use psychology to trick the user into clicking on a malicious attachment or providing personal data. These tactics are referred to as social engineering.
Your cellphone too can be hacked
While most associate hacking with Windows computers, the Android operating system also offers an inviting target for hackers. That means millions of people who use Samsung phones can be hacked.
Some fifty years ago, there was a name for hackers who obsessively explored low-tech methods for getting around the secure telecommunication networks and expensive long-distance calls. they were called phreaks.
This was a portmanteau of the words phone and freaks. They were a defined subculture in the 1970s, and their activity was called phreaking.
Phreakers have now evolved out of the ‘analog technology era’ to become hackers in the digital world. They are beyond a sub-culture and have become a genuine threat to the safety of our information and data.
Mobile phone hackers currently use a variety of methods to access your mobile phone and can intercept phone calls, voicemails, text messages, and even the phone’s microphone and camera, all without your permission or even knowledge.
iPhones are not safe either
In 2020, many journalists working for Al Jazeera were victims of a sophisticated zero-click spyware attack.
The Toronto-based internet watchdog group Citizen Lab was asked to look into the attacks, which took place in July and August, and they released their findings at the end of December.
The report found that 36 journalists, producers, anchors, and executives had their iPhones compromised by Pegasus spyware. The spyware, developed and sold by an Israeli-based firm called NSO Group, targets security vulnerabilities in the iMessage app.
The so-called “zero-click” exploit deploys without any user interaction. Once installed, it can record ambient sound and phone conversations, take pictures, and access user credentials. It sounds like science fiction but it’s very much real!
Types of hacks
Malware
People can use hardware to sneak malware into your PC. In offices, hackers will infiltrate networks by giving staff members infected USB sticks, dodgy USB cables, and mouse chords.
It is crucial to always think before plugging anything into your work or personal device with access to confidential data.
Educate your staff about being careful before plugging anything into their PCs.
Malware infections generally occur when users interact with dangerous code by clicking on a URL or downloading malicious software disguised as an authentic program. But zero-click spyware penetrates devices without any user interaction.
Citizen recommends making sure that your mobile OS is updated to the latest version. Identified vulnerabilities in previous versions of iOS were patched in the iOS 14 update.
Practicing good digital hygiene is always important for the security of your mobile devices.
Use sites like haveibeenpwned.com and breachalarm.com to see if your email credentials have been compromised. Use strong passwords on any apps that contain sensitive data and delete any apps that you do not regularly use.
Missing security patches
Always remember to update your security tools. Too many people ignore update notifications or security patches, leaving themselves vulnerable. It’s not just antivirus software that needs patching.
Tell your staff to ensure that all their antivirus and applications are routinely updated as security patches become available. This task is usually the job of your IT department if you have one in the first place.
Getting your password information
Hackers can obtain your credentials through several means, but commonly they do so through a practice called keystroke logging or keylogging.
Through a social engineering attack, you could accidentally download software that records your keystrokes, saving your usernames and passwords as you enter them.
This and other forms of spyware are malware that tracks your activity until a hacker has what they need to break into your system.
Attackers can deploy malware on a user’s machine if they are in your environment and capture your credentials via keylogging too.
Hackers also use password cracking programs that can run letter and character combinations, guessing passwords in a matter of minutes, or even seconds.
To get around this,use a password management tool that securely houses your company’s credentials. These tools can often auto-generate lengthy, diverse character passwords that are difficult for hackers to guess. They can also autofill for your employees for easy access to their tools.
This technique involves taking down a website so that a user cannot access it or deliver their service. DoS attacks take place when hackers inundate a target’s server with large influxes of traffic. The amount is so frequent and high that it overloads the server by giving it more requests than it can handle. This crashes your server and your company’s website.
Larger businesses can get hit by a Distributed Denial of Service (DDoS) attack, which is a synchronized attack on more than one server or website, potentially taking down numerous online assets.
A good method to fight DDoS attacks is to use cloud protection services to spot them – like Acunetix or Netsparker.
Social Engineering & Phishing
This is where hackers try to get your personal information, often by impersonating a legitimate and maybe trusted source.
Many types of social engineering bait come in the form of phishing emails.
A hacker sends you a message that looks like it’s from someone you know, asking you to do something, like wire them money, or to click or download an infected attachment to see more.
“The top malicious email attachment types are .doc and .dot which make up 37%. The next highest is .exe at 19.5%,” according to a report by Symantec. Always be cautious of opening these types of attachments.
Warn your employees to never give out private business information over email, to think before opening any attachments, and educate them on mail scams.
Use email software that scans for phishing. Microsoft 365 and Google’s Business packages come equipped with such. Google’s tech uses AI to scan the content and find things such as spelling errors and dodgy URLs. This enables the system to block them before they even hit your inbox.
Most people or companies that get hacked or suffer from a data breach do so mainly due to negligence. Many do not prioritize beefing up their security systems before it is too late. Hacks are, however, completely avoidable so don’t fall victim to them.
Other ways to protect yourself
Download a reliable anti-malware product that can both detect and neutralize malware and block connections to malicious phishing websites.
Of course, whether you are on Windows, Android, a Mac, an iPhone, or in a business network, you must always use layered protection wherever you can.
Only download phone apps from the legitimate marketplaces that police themselves for malware-carrying apps, such as Google Play and the Apple/Amazon Appstore.
Check the ratings and reviews first. If it has a low rating and barely any downloads, it might be best to avoid that app.
Use long and complex passwords. Don’t use numbers in sequence. You can also use mixes of letters that can be remembered through rhymes.
In a few years from now, cash may no longer exist. Instead, we might be using microchips in our hands which will communicate with a digital currency system. As humans, we want things (and processes) to become more uncomplicated. That is how we measure progress.
Right now, technology facilitates economic activity but may soon supersede the need for faulty monetary policies (by creating more efficient economies) in the long run. Robert Solow was right all along. Despite this, we still use archaic paper currencies. This form of legal tender, however, in a decade or sooner, might be replaced by another official means of exchange of many nations – or at least be in heavy use.
Society needs a safer, easy-to-use means of exchange and incidentally, as you read this, digital currencies are being designed and studied at Universities and information technology ‘thinktank’ companies the world over.
It would require a monumental shift in thinking for people to stop using cash at all. At a human level, it seems simple. Paper money is (literally and figuratively speaking), dirty and it takes up space. It’s also possible for cash to cause stress as when you have it – you have a target on your back.
So, what could replace cash?
Central Bank Digital Currencies (CBDCs) are currently in hypothetical planning stages with some countries conducting proof of concept programmes. CBDCs are a means of monetary exchange (by a Central Bank) that exist in a digital state on a server in a cloud.
The idea of using a CBDC was prompted by the emergence and prevalence of Bitcoin and other cryptocurrencies. Believers in the mass use of CBDCs want the world to use less cash. They believe people are safer if they do not have money at hand, which can be stolen, and that commerce can be more efficient in a cashless society.
We could say that the history of money is a story of its gradual dematerialization from tangible objects to intangible computer code. Programming code is written for and used to facilitate many facets of our lives, so why not with money?
An ETA is sooner than you think
Over time, what has been used as money has changed, starting from trading large objects which were seen as a basic store of value. Gradually people started shrinking those objects into paper and then turning paper (IOUs) into a special paper. Later, they formalized the process by setting up a financial system to support it – Lo and Behold – the adoption and use of cash was borne.
Some progressive nations have shown genuine and committed interest in testing the viability of CBDCs. Seven Central Banks in October issued a statement in which they said they were studying common principles and salient features needed for a viable CBDC.
The Central Banks in Canada, Britain, the European Union, Japan, Switzerland, Sweden, and the United States now believe there is a threat that private digital currencies pose to the control of monetary policy.
More specifically, they are also competing with China, who they purposefully excluded from their group. They plan to have a viable digital currency system to prevent a case in which China gets the first-mover advantage.
Advantages of CBDCs
We want to create a more efficient payment system. Managing cash can cost money mostly because of securing the safe use of it. We can include more people in a financial system as there is no need for consumers to have a bank account to hold a CBDC.
Safety is, therefore, a huge “positive” to having a cashless society. This is especially in emerging countries where many people still use cash as opposed to cards and electronic transfers (ETFs). Cash is trusted while banks aren’t necessarily trusted at all. Consumers also might not want to pay fees to keep their bank accounts open.
One salient case for a contactless (digital) payment system would is due to the advent of the Covid-19 virus. This has awakened us to the potential emergence and spreading of potential viruses in the future.
CBDC might also make micropayments cheaper which would allow for new services and business models. So, one can enable the efficient sale parts of products and services, such as individual news articles or television series episodes for a few cents rather than relying on subscription models.
A CBDC may also reduce friction between payment systems and increase the speed of transactions while ensuring their finality. This can be achieved by achieving delivery versus payment in securities transactions.
Interest-bearing retail CBDC might boost monetary policy efficiency. CBDC can provide a Central Bank with an additional financial instrument – the rate of interest it carries. CBDCs would provide competition to stable coin exchanges such as Bitcoin and Facebook’s Libra.
Issues with digital currencies & CBDCs
Cryptocurrencies currently exhibit huge swings in value (volatility) as people use them as a speculative asset. This could change if they were somehow monitored and administered by Central Banks.
The disintermediation of commercial banks would occur if consumers move money from bank accounts into CBDC. This could start a vicious cycle as banks raise deposit rates to attract more money and less bank credit will be extended at these higher interest rates.
A Central Bank could need to provide additional liquidity to banks and hence take on credit risk. There could be an increased reputational risk for Central Banks. Digital systems need to be protected and the system’s staff monitored.
Many questions remain unanswered
Cross border transactions will also create new paradigms for central banks. There are risks of a type of dollarisation for economies with volatile exchange ranges and high inflation.
‘Dollarization‘ is when a country replaces its currency with the US dollar because the dollar is so stable and widely used. In the foreseeable future countries may then opt to replace paper money with the best (continental) CBDC available – like a digital Euro for the EU.
The future depends on the goals of the CBDC. It would grant the public access to the state’s balance sheet when, right now, cash is the only way for private individuals to hold central bank money. All other types of money holdings are based on centralized/private money creation systems. These are still prone to manipulation and abuse by central banks themselves or their subsidiaries.
Aside from essential services personnel, millions of people are now working from home. The Covid-19 pandemic has prompted the growth of products to help the home office worker of today and tomorrow.
Debunqed breaks down which cloud solutions to pay attention to and which to avoid while you adjust to a changing world of commerce.
During the pandemic, one video conferencing service has exploded in popularity after years of trying on the wayside. This is the service operated by the NASDAQ-listed American group, Zoom.
Zoom has become a service of choice especially for companies and staff which may have not used online conferencing before. This popularity has made the service a target and there are concerns around security and privacy issues.
Before Zoom’s burst in interest, the most popular applications include Google’s Gsuite which offers online conferencing solution Meet, Microsoft 365 which includes competing conferencing solution Teams, and Slack.
Slack which was formed in 2013 also offers chat services that multiple people can use at once in private groups and persistent chat rooms or channels, which are organized by topic as well as direct messaging.
Zoom being hacked during quarantine might have made news headlines but it’s not the first time that technology services like these have been infiltrated by the wrong people.
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Slack was hacked back in 2015. The data included email addresses, usernames, hashed passwords, and in some cases, phone numbers, and Skype IDs users had associated with their accounts. As a result, Slack added two-factor authentication to protect data in the future.
Gsuite is the ‘OG’ of cloud-based business
How does Gsuite work? G Suite which was founded in 2006 and was formerly known as Google Apps for Work is a suite of web applications created by Google for businesses. It’s still a decent offering 14 years later. A basic G Suite account gives you access to Gmail and 30GB of Google Drive storage per user.
The suite’s Meet service is a video conferencing app. It is the business-oriented version of Google’s Hangouts platform and is suitable for businesses of all sizes. The solution enables users to make video calls with up to 30 users per high-definition video meeting.
Compared to other software, and due to familiarity and affiliation to Android Smartphones, G Suite is quick and easy to set up and use from the time you subscribe to it. It literally takes up to 15mins to start receiving emails and make video-calls!
Still in the game
Microsoft offers 365 which includes Teams. Teams is quickly becoming Zoom’s big competition. Several companies are using Teams for internal meetings and Zoom for external meetings. Microsoft gains its competitive edge from is strong data protection, GDPR, and comprehensive security measures. But others are slowly and sometimes painfully also having to jack theirs up.
The crucial factor to Teams is that it is part of the Office 365 ecosystem. In this way, it can collaborate with different services offered by Office 365. Users gain access to several functions separated into four categories:
Firstly, they have access to the main Teams application which lets them find and create channels to hold “on-the-spot meetings, have conversations and share files”. Secondly, they have access to a function called Meetings. You can plan, schedule, and track meetings. This calendar syncs with Outlook, as an example of the deep Office 365 integration.
Thirdly users have access to calls which includes VoIP calling as well as fourth, they have access to the Activity application. This application lets one access @mentions, unread messages, and replies.
Other secure apps
Then we have Signal, a very new addition to the saturated video calling and voice messaging application world. The non-profit organization, the Signal Foundation launched a stable version of Signal last month.
Signal is a cross-platform encrypted messaging service. It’s an impressive entrant and it’s opensource too.
It uses the Internet to send one-to-one and group messages. These may include text and audio files, voice notes, images and videos.
It is also available through a mobile application that can also make one-to-one voice and video calls. We expect the Android version to become well-loved soon. It can operate as a replacement for the SMS app.
Signal’s emphasis on messages being protected and voice and video calls being stable because of the push by hackers to infiltrate the plethora of online messaging and video applications coming online over the past few months since Covid-19 broke out.
This will become more and more important in 2020 and beyond as working from home becomes more common.
The German government has encouraged people to work from home offices beyond the Covid-19 pandemic. This call is gaining impetus after the country saw a rise in Covid-19 infections after it started to ease it is locked in marked ways.
With so much choice around cloud-based solutions, it’s best to try a few for yourself and see what works for you. But don’t waste too much time. Many of them are free and you’d really want to just get on with whatever your business is.
A key is to use strong passwords which you change regularly as well as other measures to protect yourself from hackers.
If you are reading this, you are probably couped up in your home, apartment, or wherever you have been forced to settle for a couple of months.
Local stores ran out of toilet paper, rice, and other ‘essential’ supplies but what also flew off shelves were laptops, printers, webcams, and modems. Let’s not mention the millions of software and apps that are downloading every second.
Retailers are also running out of printer paper because some of us are still hooked on paper despite the invention of emails and digital signing.
State of play
The term ‘home office‘ is no more a privilege for those people in senior management or for entrepreneurs – we all have to do it now.
The coronavirus has shifted the way we integrate digitally – more people are learning how to use video-conferencing and collaboration tools.
But how long can businesses afford to pay people to babysit their kids, watch funny cat videos, binge on Netflix, and have meaningless conferences on Zoom?
One can only imagine the frustration you are going through to set up your home offices. Installing/using software and the correct drivers for devices can get a little techy.
Let’s be frank, nowadays, no ‘IT guy or gal’ in their right mind would risk, or be willing to pay house calls to help with these installations. You will, therefore, need to familiarise yourself with finding the right remote tech support or by watching Youtube videos to guide you along. Most cloud providers like Google have an online help site. Microsoft also has a great support site to help with basic office set up.
There are many of you, on the other hand, who have some working knowledge of computers but just need the right tools to facilitate your home working experience.
Broadband needs
So first things first – you need the Internet!
Without this, you might as well go outside and risk infection. Or better, get hauled to prison for breaking national isolation laws for a few months. You might even get better forms of entertainment in your local hospital or prison.
Back to the serious stuff…
Research has shown that a ‘standard’ broadband Internet connection has a minimum download speed of 25 Mbps and a minimum upload speed of 3 Mbps. This serves as a baseline for determining fast and slow internet speeds.
Speeds much faster than that (100 Mbps and above) are therefore considered “fast” Internet.
Here’s how long it would take in hours, minutes and seconds to download a 4 GB file at various speeds.
1 Mbps
10 Mbps
25 Mbps
50 Mbps
100 Mbps
200 Mbps
400 Mbps
1,000 Mbps
9:32:39
0:57:15
0:22:54
0:11:27
0:05:43
0:02:51
0:01:25
0:00:34
Upload speeds (generally offered at much slower speeds ) come into play with things like video-conferencing or uploading large files to a server/cloud. It is good to pay attention to those as well. As a guide, 5 Mbps and above are good upload speeds.
So based on the above, and what activities you perform online, you can now have an idea of which packages to go for if you need to upgrade or change your Internet Service Provider (ISP) altogether. If you are not sure what your current speed is, take a free speed test here.
For those living in Germany, there is a local speed test which is monitored by the government to ensure the ISPs adhere to speeds promised to clients.
Kitting up
Once that is sorted you can shop for a good PC, laptop, or other accessories – bearing in mind that performance depends on the specs of the machine you choose.
This can include the quality of the network card built into your device that enables you to maximize the broadband package’s top speeds. For more advice on choosing the right device that you need for optimum performance, give us a shout.
Take a look at our resources page for a list of available software tools to help with communication and collaboration. Naturally, we all have our favourites so we will not advocate for one specifically.
Debunqed, however, does supply some of the best brands (with enhanced security features) so check out our online store.
Lastly, as tedious as it sounds, please ensure that you have adequate anti-virus, anti-hacking, malware, and anti-phishing (for emails) software. We cannot stress how many online scammers have become super active in this period. Some of them are even offering “help” fighting against the Coronavirus.
Some cyber-criminals offer desperate people who have lost their jobs ‘a chance to work from home’. It’s all the same, a word to the wise is enough. Be safe when it comes to self-isolation and hygiene – but also online!
Speak to us for a more detailed free consultation on how to best setup at home. At the global rate of the spread of the Coronavirus, this home office phase might be a thing for the rest of 2020.
Like a biological virus mutates – as technology advances so do the complexity of phishing and identity theft schemes. With major services adopting cloud technologies and storing private data online, anyone is vulnerable to hacking.
To make matters worse, hackers continue to come up with some pretty creative ways to profit from stolen information.
Without wasting time, these are the things you should already be doing to avoid being exposed to hackers in the first place:
In order to keep these cyber-criminals out of your lives and computers, let’s take a look at some of the actual schemes to watch out for in 2019.
Hacking
We all know what hacking is by now – the term has almost become synonymous with internet security. So a question is: do you love watching movies on Netflix or jamming out to your summer playlist on Spotify? If the answer is yes, then you’re at a pretty high risk of getting hacked.
DynaRisk, a UK cybersecurity firm, recently found that cybercriminals most commonly target these brands, along with adult-oriented sites (you know what we mean) and then, online gaming services.
Identity Theft
A few weeks ago, authorities caught a New York-based gang who had used identity theft to steal over $19 million worth of iPhones. Quartz reported that this operation ran for seven years.
So-called “Top Dogs,” the ring leaders, would organize lower level members of their organization to steal identities and create clone credit and identity cards. Then, affiliates fanned across the nation, signing up for mobile phone plans to acquire iPhones, which were later sold for a profit by the Top Dogs.
Because phone payment plans take the shape of nominal fees over the course of several years, victims often wouldn’t notice the fraud until it was too late. Learn how another scheme dubbed sim port attackworks in the diagram below:
Ransomware
Hacking can happen to anyone – including our favorite bands. In early June, a hacker managed to steal the minidisk archive of Thom Yorke, the lead singer of Radiohead. This included previously unreleased demos and audio material from around the time of “OK Computer,” the band’s 1997 worldwide hit album. The hacker then demanded $150,000 on the threat of releasing it.
Holding files for ransom is so common nowadays that it even has its own name: “Ransomware.” Either pay over the ransom or lose your files—or, even worse, have them released onto the unforgiving Internet.
In response, Radiohead released all 18 hours of material on Bandcamp themselves, winning against these ransom hackers.
Most security experts recommend the same route as Radiohead—never pay the ransom, because there’s no guarantee you’ll recover files or prevent their release.
Sextortion
If you think ransomware is bad, there’s an entire subgroup of it aimed to profit off sexual shame. Cheekily named “Sextortion,” some hackers creatively upgraded the classic email phishing scam to scare victims into handing over Bitcoin.
According to Fortune, hackers have already racked up over $900,000 with sextortion. In these phishing emails, the sender claims to have spied on you while you watched porn—and has webcam footage of the salacious deeds. The message then demands a Bitcoin ransom, or else face the social and professional consequences of this lewd video getting sent to all your contacts.
To make the threat even more believable, the sender references a previous password tied to the user’s email account. According to Krebson Security, a sextortion phishing message might look a little like what’s written in the sidebox.
In rare cases, the threats are real—and hackers get their hands on some sexually explicit photos. Recently, American actress Bella Thorne fell victim to sextortion. Last Saturday, she took a similar, albeit more risqué, route as Radiohead, opting to release her nude photographs on Twitter in order to take the power away from her hacker.
Last thoughts
So, what’s the best way to avoid your personal, or, business from costing thousands in virtual currency? Since most of these emails are fake, you can just avoid them with a spam filter. And you should probably buy a webcam cover…just to be safe. When it comes to general browsing- we suggest using a VPN.
There are now more secure anti-hacking tools that use the Blockchain and offer great protection, especially against identity theft. Have a look at our feature on Tokenisation.
Most online services now like mobile banks, offer App-based 2-factor authentication. This should now be regarded as the minimum security for ANY online account or App.
To avoid hacking or phishing scams in general, optimizing your cybersecurity and using online common sense will save you loads of time, trouble and money.
Running your business requires choosing the right tools for you and your employees. In order to streamline work-related productivity, many organizations are migrating to cloud-based office suites. Specifically, Microsoft’s Office 365 and Google’s GSuite (now known as Google Workspace).
Both products boast a variety of helpful productivity tools and the latest remote collaboration technologies. While it’s impossible to say which one is “better”. This head-to-head comparison can help you decide which office suite is a better fit for your business.
What is Workspace & Office 365?
Office 365 and Workspace (previously GSuite) are packages, of powerful business tools that facilitate your day-to-day tasks using the cloud. They even provide business emails along with apps for creating documents, spreadsheets, presentations, video conference calls, shared calendars, and notes.
In addition, storing information on Google or Microsoft servers, rather than your own via these suites, can also save your business a lot of money.
Plans and Pricing
First, let’s look at plans and prices. It’s important to note that Microsoft requires an annual commitment, while Google offers you the option to make monthly payments if you prefer.
While both Office 365 and Workspace offer web and mobile apps (Outlook and Gmail, respectively) for email. There are, however, some subtle differences.
One advantage to Office 365 is the desktop version of Outlook, which is incredibly feature-rich and lets you sort and group emails with ease. Gmail, on the other hand, is widely used throughout the world. For this reason, a variety of third-party app options (e.g. WordPress) can be linked to it to enhance its capabilities.
Cloud Data Storage
For the entry-level plans, Office 365 Business Essentials wins out with 1 TB (terabyte) of storage per user, while the Workspace ‘Basic’ plan only offers 30 GB. GSuite includes emails in this storage limit, whereas Office 365 provides extra storage for email files with added archiving.
However, Workspace’s upgraded plans beat out most of Microsoft’s storage offerings. So long as your business has more than five employees, Workspace Business and Enterprise provides unlimited cloud storage. Although, businesses with less than 5 employees on the “Business” plan are capped at 1 TB. Only Microsoft’s E3 plan and higher offer the same unlimited cloud storage.
Applications
Applications are the cornerstones of a suite’s functionality. Workspace and Office 365 offer you a variety of comparable apps for word processing, creating spreadsheets and presentations, all on the cloud!
This means every user gets a free desktop version of the Office suite (i.e. Microsoft Word, Excel) to download.
These feature-rich apps expand far beyond the capabilities of the mobile and online versions, and are available on every plan except the ‘Business Essentials’.
While both services offer mobile and online apps, one major benefit of Office 365 are its desktop applications.
Collaboration
These online applications make both suites ideal for remote collaboration. Microsoft Teams lets facilitate this with tools like real-time co-authoring, mentioning users by name and chat capabilities while working on OneDrive. Microsoft now lets you collaborate using its desktop apps, too, although the updates to shared files are a bit sluggish compared to its online apps.
Similarly, GSuite offers Hangouts for chats and Google Drive for real-time collaboration. Google’s online and mobile apps were created with cloud collaboration in mind, so some might find them a bit more user-friendly.
For remote meetings, GSuite and Office 365 both offer group video conference calls. If you plan on large-scale video conferences, then Office 365 offers far more for your money: most plans have a 250-participant limit, while the E3 plan increases to an astounding 10,000-person limit.
Meanwhile, GSuite’s Google Meet allows up to 25 participants on the “Basic” plan, 50 on the “Business” plan, and 100 on the “Enterprise” plan.
Security
Cloud services are running into a variety of security issues, and these suites are no exception.
A 2019 Barracuda Networks’ report found that a large percent of ATO (account takeover) attacks were targeted at Microsoft Office 365 accounts after businesses migrated emails to the service.
These attacks prompted the Cybersecurity and Infrastructure Security Agency (CISA) to issue a set of best practices. The aim was to help organizations migrate their email services while avoiding risks and vulnerabilities.
Meanwhile, Google recently announced that a cloud storage feature for encrypted passwords on its “Enterprise” plans was faulty. As a result, some user passwords were stored in plaintext on Google’s servers!
While cloud computing has its risks, the two suites do have impressive security features. GSuite is comparable to Google’s own level of security and offers AI detection of suspicious activity, Two-Factor authentication, and data leak protection—in which admins can block outgoing communication determined by set keywords.
On the other hand, Office 365 has the option of Multiple Factor Authentication (MFA), along with the detection of malware, viruses, and suspicious activities. Microsoft also provides data loss protection, and admins can restrict access to company-issued devices only.
Ease of Use
So, which is easier to use? Well, it depends on who you are, and your ability to grasp software quickly.
If you’re accustomed to working with MS Word or Excel documents, and edit them for work on a regular basis, then Office 365 and its desktop-to-online formatting compatibility will probably be your best bet. This is especially true if your company solely computes with Windows PCs.
However, new users might find GSuite apps easier to learn, as the tools are a bit simpler and straightforward.
So, which is best for you?
Firstly, Office 365 offers feature-rich apps, and most of its plans come with a desktop version of MS Office applications. This is a definite advantage over its competitors.
Its entry-level plan is far more generous in terms of data storage than GSuite’s “Basic” plan. In addition, businesses that already exclusively use Windows technology are likely to find Office 365 better-suited for their needs.
With that said, GSuite was originally designed as a cloud collaborative productivity tool. Therefore, its features might be easier for collaboration and can be used among a wider variety of Windows and Mac devices. In addition, GSuite’s Business’ plans and above outdoes Microsoft when it comes to unlimited cloud file storage. <- This has changed since the article was first published.
Unfortunately, I can’t tell you which of the two is “best.” But, with this knowledge in mind, you can make an informed decision to choose the best cloud suite for you.
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