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Fintech companies are on the rise, with more and more people using them to manage their finances. The international fintech market is projected to grow rapidly, reaching a value of about $324 billion by 2026. It will develop with compound annual growth of approximately 25.18 percent between 2022 and 2027.

This skyrocketing growth prediction shows the relevance of fintech companies in the current world. These companies are also under constant pressure to develop new tech and services. And while creating these services, they need to safeguard customers' data.

This article will help you comprehend the reasons behind the increasing need to prioritize privacy in the fintech industry.

What is data privacy?

Data privacy is the degree to which individuals should be allowed to access, possess, use, and share information. For example, you wouldn't mind sharing your name with a stranger while making an introduction, but you would not want to do so until you've gotten to know one another better.

Furthermore, when sensitive data enters the wrong hands, things can go wrong. A data breach at a government office, for example, might result in sensitive information being released publicly. A data security incident at a school might jeopardize students' personal information, which could be used to commit identity theft.

Therefore, the risk of losing data is everywhere, and each sector must take action to eliminate this. If privacy is breached, the company will suffer financially and reputationally. But the good thing is that consumers are more aware of their data privacy rights than ever before and are vocal about when their privacy is violated.

Why do fintech companies need to prioritize privacy?

This is the digital age, and one cannot forget that the number of hacking cases is increasing every year. The attacks on big companies like Equifax have made it clear that no company is safe from cybercrime.

Besides the risk of cybercrime, fintech companies also need to prioritize privacy to protect their users from other dangers. For example, if a customer's data falls into the wrong hands, it can be used for blackmailing or identity theft.

Users themselves show incredible interest in security and privacy-focused options online. They might drop certain services if their operation or track records seem invasive.

For one, more privacy-conscious people choose to download VPN apps to minimize their digital footprints. A Virtual Private Network protects data exchanges online by encrypting internet traffic. Thus, users connect to VPNs when making financial transactions online. It gives users peace of mind and more confidence to conduct business online.

To comply with regulations

One of the main reasons fintech needs to prioritize privacy is to comply with regulations. Financial institutions have always been subject to stringent regulation, and fintech companies are no exception. They need to ensure that all customer data is protected and secure. It is particularly crucial considering recent data breaches suffered by Capital One.

To protect customer data

Another reason why fintech needs to prioritize privacy is to protect customer data. As mentioned above, financial institutions are subject to stringent regulations to protect customer data. Fintech companies need to ensure that all customer data is protected from unauthorized access, use, and disclosure.

To protect the company from liability

If a fintech company doesn't take the necessary precautions to protect user data, it could be held liable for the damages or losses suffered as a result. It could include financial losses, loss of business, and damage to reputation.

To build trust with customers

One of the main reasons fintech companies exist is to build trust with their customers. If customers don't trust a company to protect their data, they are unlikely to do business with it. Trust is essential for any company that wants to succeed in the fintech industry.

To compete with other fintech companies

Competition is fierce in the fintech industry, and companies need to do whatever they can to stand out from the crowd. Offering superior levels of privacy and security is one way to do this. Moreover, this can be the unique point of their success story.

To attract new customers

To grow, fintech companies need to attract new customers. One way to do this is by offering superior levels of privacy and security. This will make customers feel more comfortable doing business with them, and they may be more likely to recommend them to others.

To retain current customers

Fintech companies also need to prioritize privacy to retain their current customers. If customer data is mishandled or security breaches, customers can decide to take their business elsewhere.

To prepare for the future

The fintech industry is constantly evolving, and companies need to prepare for the future. In the same way, cybercriminals are also preparing for the future and speeding up the process to stay ahead of time.

So, one way to deal with this is by ensuring that all customer data is protected and secure. This helps build customer confidence and ensures that the company is well-equipped to deal with future challenges.

Conclusion

The fintech industry is rapidly evolving. Companies are putting efforts to do whatever they can to stay ahead of the curve and protect their customers' data. Privacy is essential for companies in the fintech industry, and the reasons for the same are explained briefly above.

Ilia Sotnikov, VP of Product Management at Netwrix, looks at the state of cybersecurity in financial services and the external factors that drive it forward in 2021.

The past year has required financial teams and organisations to review many of their technical processes, especially as employees were forced to work remotely almost overnight. Research shows that 30% of financial organisations feel they are now at greater cybersecurity risk now than they were pre-pandemic. The majority (64%) are concerned about both more frequent cyberattacks and the security gaps caused by remote work – but despite this increased concern about malicious activity, the most reported incidents for financial firms involved human errors.

As a result, 2021 will certainly see financial organisations reassessing their data security policies to be fit for purpose in a post-pandemic digital world. However, given the wide range of financial services emerging, financial organisations today are on very different security maturity levels. Some have consistent ongoing risk management, established processes and dedicated IT security teams. Others just expect IT operations to handle security as part-time assignment. Many financial organisations from the less technically mature side of the spectrum or still heavily rely on legacy systems simply don’t have internal motivation to adopt better security practices.

External pressures for financial services

The good news is that moving into 2021, these organisations will be driven to increase security maturity by external factors: cyber insurance and privacy regulations. With 2021 bringing both new privacy laws and stricter enforcement of existing regulations to minimise the risk of incurring steep fines for compliance failures, businesses will turn to cyber insurance.

The bad news is those policies will come with their own security standards and requirements, such as regular risk assessment and effective detection and response capabilities.

Many financial organisations from the less technically mature side of the spectrum or still heavily rely on legacy systems simply don’t have internal motivation to adopt better security practices.

In 2020, many privacy-related bills were pushed down in priority due to more urgent tasks related to global pandemic. However, this isn’t an issue that will go away. Any British or European businesses that deal with local or international markets have to comply with GDPR – and with Twitter’s recent fine of approximately €500,000 for failing to promptly declare and properly document a data breach marking the first cross-border GDPR ruling, there will be a renewed vigour in the finance industry to ensure compliance. Furthermore, payments-related legislation such as PCI-DSS and PSD2 will face further strains given that a huge consequence of the pandemic has catalysing the move of payments becoming cashless.

A balancing act to compliance and security

This renewed focus on privacy laws require financial organisations to pay more attention to what data they have on hands, how they handle this data, and who is accessing it and why. Failing to document this or to follow documented policies can result in significant fines in case of consumer complaints or a data breach. This may force finance firms to adopt security and data governance practices they did not have in place this year.

The other driving factor for financial firms to revamp their data security measures is cyber insurance. The cyber insurance market is growing rapidly at an impressive 26% CAGR. This growth is fueled by the surge in cyberattacks and businesses seeking to offset their risks, and executives and board members recognising potential breaches or ransomware threats as business risks.

Finance companies are more likely to turn to insurance as an option to deal with the potential cost of these new risks. However, cyber insurance is not a “pay-and-forget” thing. To lower the risks that their customers will be breached, cyber insurance carriers are requiring them to comply with their own security standards, such as regular risk assessment and effective detection and response capabilities. This way, cyber insurance carriers contribute to the growth of security solutions that provide such functionalities. Finally, they force companies to cover security fundamentals and regularly reevaluate their IT risk programs and carrier’s policy changes to ensure adequate coverage, as insurance is not a panacea for a weak or inconsistent security programme.

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The long view

It's safe to say that in the coming year, insurance and legislation will drive mass adoption on fundamental security practices for finance firms and teams. However, given the particular data pressures they face, financial services will be faced with a balancing act of meeting insurance criteria as well as complying with the regulatory standards themselves. While this may throw up some data management challenges, in the long run, it will certainly prove beneficial in helping financial services improve their cyber security posture.

A suitable title loan is one that is according to your needs and requirements. Borrowing against your car title is a non-traditional loan. When you start searching for the best place to get a car loan online, then you get thousands of results in a matter of seconds. Not every lender keeps your best interest in mind, and not every loan provider has the best terms. You should know how to find a suitable title loan by following some tips.

Always Check the Track Record

Some offers seem too good to be true when you start browsing the web about the best car title loans. You need to act like a careful buyer. Make sure you check reviews and ratings of a car title loan provider. Get an idea about the company by exploring its website, especially the “about us” page. Next, read online reviews about the company's services and offers. The more you read, the better you will know a company whether a loan company is legit or not. Try to make a deal with a company that has been rendering services for quite some time. For example, when a car title loan provider has served its customers for seven or more years, you can generally rely on its services. Also, check for the physical location and offices of a loan provider.

Know How Simple the Process Is

Every lender will share their contact details on their official website. All you need to do is to dial the customer care number and ask about the car title loan and its requirements. It would be best if you probed into this deal before you sign it. Try to know what kind of paperwork is involved in the process, how long it takes to get a car title loan, and what the terms and conditions are. If a company requires you to go through a hefty process that will continue for some weeks, you should look elsewhere. A car title loan is a secured loan where most lenders only take one or two days to process it. 

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Try to Meet Only Your Needs and Requirements

Don’t take a loan amount that you can’t afford to pay back. You are keeping your car as collateral; failure to repay the loan means losing it. Some lenders are ready to give you more money than you need, but no matter how mouth-watering the scheme is, you shouldn’t fall for it. If you are getting a low-interest deal when you pay in lump-sum, then don’t sign up for it unless you are sure that you can pay it back in a month or as per requirement. You should know that your vehicle will be seized by the lender if you cannot pay. According to a study, almost 20% of the borrowers who opt for a lump-sum type of car title loan end up having their cars repossessed. It is better to go for an instalment loan with your favourable terms so that you can pay the loan back conveniently.

Always Prioritise Your Safety and Privacy

The best place to get a car title loan is where you can enjoy the perks of information safety and privacy. Most of the time, you apply online for a title loan. You add your personal and financial information. Before you provide all such information to a company, make sure you can rely on its system.

Grainne McKeever, Marketing and Communications Consultant at Imperva, shares an outline of the regulations with which financial services must comply in 2020.

The Sarbanes-Oxley Act (SOX) was introduced following a number of financial scandals involving huge conglomerates and obliges companies to establish internal controls to prevent fraud and abuse, holding senior managers accountable for the accuracy of financial reporting.

The financial crisis in 2008 meant even tighter rules for financial services with the Dodd-Frank Wall Street Reform and Consumer Protection Act in the US bringing a great deal of new regulations for the sector. In Europe, in a joint move between the UK, France and Germany, banks were forced to contribute to the region’s economic recovery by paying an annual tax levy.

The UK experienced a complete overhaul of its financial regulatory structure when the existing tripartite system was abolished and replaced by a new framework consisting of the Financial Policy Committee (FPC), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA). Since then, new regional directives have materialised, including the New York State Department of Financial Services’ (NYDFS) regulation, and the Monetary Authority of Singapore’s (MAS-TRM) guidelines.

Driven largely by digital transformation, the emergence of much more rigorous privacy and security regulations around the globe such as the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) in the United States, has created additional regulatory layers for organisations to comply with. While GDPR is not specific to financial services, it has had an enormous impact on this industry.

A common requirement of many regulations is to appoint a Chief Information Security Officer (CISO), Chief Technical Officer (CTO) or, in the case of GDPR, a Data Protection Officer (DPO). Each of these appointments come with specific obligations these roles must manage to ensure their organisations stay compliant.

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Data Protection 

Many regulations are designed to protect personal customer data. The GDPR, for example, places the emphasis on commitment to individuals’ data privacy by implementing a Data Protection by Design approach, implying organisations need to build privacy and protection into their products, services, and applications.

Data privacy is also one of the key requirements of the NYDFS regulation which mandates that firms should implement and maintain policies and procedures for the protection of their information systems and the non-public information stored in them. For MAS-TRM, the protection of customer data, transactions and systems is included in its risk management principles and best practice standards.

Data Discovery

To protect your assets, first you need to know where your databases are located and what information they contain. Only when you have full visibility of what regulatory content your databases hold can you conduct an assessment to prioritise and assign a risk profile to datasets.

To protect your assets, first you need to know where your databases are located and what information they contain.

Data Monitoring

A recurring requirement of data regulation is that organisations should have visibility of user access to be able to answer WHO is accessing WHAT data, WHEN, and HOW that data is being used. This is certainly true of the GDPR which requires organisations to maintain a secure environment for data processing. For MAS-TRM, establishing appropriate security monitoring systems and processes is outlined as a requirement in the guidelines, “to facilitate prompt detection of unauthorised or malicious activities by internal and external parties.”

Incident Reporting

Reporting incidents in time is critical for avoiding regulatory penalties, which can be severe and costly for an organisation, both financially and in terms of reputational damage. However, security teams are often overwhelmed with large volumes of incident alerts risking a genuine threat slipping through the net.

Using advanced machine learning and peer group analysis to distil the number of alerts that bubble to the surface will make it easier to recognise a real breach in time to stop it from accessing internal networks.

With a plethora of privacy and security regulations grounding themselves in organisations across the world, there is no choice but to adhere to them to ensure the security of others, as well as making sure that accountability is at the forefront of all businesses in the financial sector. By financial services adhering to data protection, data discovery, data monitoring and incident reporting they will be able to continue to flourish whilst having security at heart.

Cyber-attacks are the new normal, so CEOs are looking for ways to protect their businesses from emerging risks. From large corporations to small businesses, everyone is a potential target for hackers.

In 2020, the trend does not seem to be submerging. Hence, many are looking into a form of cyber insurance that would cover them if worse comes to worst.

The question presents itself: what is this insurance coverage, and what does it leave out? And, more importantly, what are its main pros and cons?

Cyber Insurance: What Does It Cover?

In no particular order of importance, cyber insurance covers the following:

1.     Media Liability

Advertising your services can result in intellectual property infringement. Cover insurance covers its consequences (patent infringement not included). Do note that it covers both online and offline forms of advertising.

2.     Network Security

With information and privacy risks abound, you need to keep your bases covered against network security failure. It includes malware infection, business email compromise, cyber extortion demand, and ransomware.

If you have cyber insurance, you can recover first-party costs related to:

Cyber insurance covers against malware infection, business email compromise, cyber extortion demand, and ransomware.

3.     Errors and Omissions

If a cyber-attack hits you, you could find yourself no longer able to fulfill your contractual obligations. That leaves your customers hanging.

You won’t afford to focus on consulting, upkeep, and other services. Once there is a cyber incident, all your time and energy go toward addressing its repercussions and minimizing the damage.

Since your customers may not be as understanding as you’d like them to be, it makes sense to protect yourself by investing in cyber insurance.

4.     Network Business Interruption

Modern businesses tend to rely on advanced technology to remain operational. In the event of an incident, some form of interruption is imminent.

For instance, if your provider’s network goes down, you can’t recover expenses sustained as a result and lose profits as well. Think of system failures, unstable system patches, security failures, human error, and more.

5.     Privacy Liability

When a breach happens, it can expose the sensitive data of your customers that lies on your servers. As a result, your business could be held liable.

So if it comes to a class-action lawsuit, there will be legal fees to cover. Regulatory fines resulting from the likes of GDPR are another threat. It could bring your company to its knees. Without insurance, you could find yourself closing down the doors for good.

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What is Left Out?

As comprehensive as it may be, do bear in mind that cyber insurance does not cover everything. For instance, losing value due to theft is not part of it. Nor does it cover the loss of potential profits in the future. It also doesn’t allow you to improve your existing internal technology systems or amass the funds to make security upgrades.

The Advantages of Cyber Insurance

To sum it up, these are pros of cyber insurance:

The Disadvantages of Cyber Insurance

As with all things insurance-related, there are also some downsides to it:

If a business operates with a more modest budget, they may not have the funds necessary for insurance.

What are The Additional Measures to Take?

As you can see, there is no one-size-fits-all solution. You need to protect your business on multiple fronts.

Conclusion

Cyber insurance remains an important consideration for every executive. The more your company depends on technology, the greater is its role. Once again, assessing the risks lies on your shoulders. Depending on the nature of your business, you stand to gain more than there is to lose.

If you run a small business you may currently function as a sole trader – this can be a great way to work and can be very effective for many people. However, there is another: operating as a limited company.

“Most entrepreneurs who go into business this way work as sole traders for the sake of simplicity,” says Darren Fell. “After a while many freelancers decide to form a limited company for their business though, either out of personal preference or on the advice of their accountant.”

But this is not necessarily the ideal choice for everyone; starting a limited company can be complex and create a number of issues that you will need to deal with. Of course, it also comes with benefits such as a more favourable tax situation and a more professional appearance. Working as a limited company is becoming increasingly popular – there are now 4.2 million limited companies in the UK, up from 2.6 million in 2010.

In this article we will take a look at the pros and cons of setting up a limited company rather than being a sole trader. This will allow us to look at whether you would benefit from doing so and if this is the right choice for you.

The Advantages

Becoming a limited company can be hugely beneficial for a number of reasons. Some of the major positives include:

if the business incurs debts, your personal finances and assets are protected.

The Disadvantages

Just as there are pros and cons with being a sole trader, there are negatives that come with being a limited company too. Some of the major disadvantages include:

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Final thoughts

There is no ‘right’ answer here – it all depends on your circumstances. It’s a great idea to take independent advice from specialists in order to establish whether running a limited company is going to be the best solution for you.

Most sectors are having to comply with said rules and conform to industry trends, thus evolving based on the limitations regulations have imposed on them. According to Aravind Srimoolanathan, Senior Research Analyst - Aerospace, Defence & Security at Frost & Sullivan, this is particularly applicable in the biometrics sector, as it progresses in line with regulation presenting increasing opportunities for biometrics to excel in a security driven data world.

The Swedish data protection authorities (DPA) recently levied the first fine of approximately $20,000 to a high school which ran trials of facial recognition technology among a group of students to monitor their attendance. The school authorities argue that the program had the consent of the students, though that did not soften the stance of the regulator. The European data protection board citing the ‘imbalance’ between the data subject and the controller of data. Canvassing the multiple opinions floating on the web1, Frost & Sullivan notes multiple cases of violations reported in Bulgaria and Austria post the incident in Sweden. The regulatory breaches have led to similar fines levied by the respective local data protection agencies tasked to enforce GDPR. Have the flood gates opened? Will this drown the Biometric market? Probably not, but it does raise significant concerns which need to be assessed and responded, to continue bringing the associated benefits of Biometric technologies to business and security operations.

General Data Protection Regulation (GDPR) is designed for the protection of personal data. GDPR emphasises on a person’s right to protect their personal data, irrespective of whether the data are processed within or outside the EU. Any data that could be linked to a person is subsumed into the definition of “personal data”. The regulation comprises of several articles and clauses which require compliance by all forms of agency - public, private or individual, that processes personal and sensitive data of clients, companies or other individuals. The regulations not only addresses data protection and privacy of individual citizens of European Union (EU) and European Economic Area (EEA) but also data transfer outside EU and EEA.

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In summary- data is expected to be stored, managed, and shared in an individual-centric approach rather than a collateral approach.

The challenges in managing identity in the modern world through conventional methods such as ID cards and PINs/ passwords are failing to address efficiency, accuracy and security requirements. The exponential demand for biometric-based ID management and access control systems drives the need to overcome such challenges. Biometric technologies (yes, facial recognition is one of them) curtail unauthorised physical and cyber access preventing identity fraud, enhance public safety, and drive seamless and efficient processes ensuring higher safety, convenience, and profits.

The Sweden High School case indicates the extent of GDPR is not just limited to giant corporations such as British Airways but also smaller public and private entities ‘mishandling’ data and hence violating the dictates of the GDPR regulations.

Frost & Sullivan’s collation of perspectives and insights from across the industry indicates that biometric technologies will replace conventional methods of Identity and Access Management in the years to come, not a case of if but when. Continued enforcement of data regulations would drive proper use case definition and regulatory compliance, but for this the suppliers and operators of these technologies need to create compliant secure by design solutions and processes. The first step is ensuring secure operations of the systems, and second is to design robust and verifiable processes for the associated data generated. Thirdly, defining the application of harvested data within the ethos of GDPR and related governance.

In the short-term though, with a surge in biometric technologies adoption, Frost & Sullivan anticipates we will witness an uptick in number of GDPR violation cases, due to partial and/or improper understanding of data privacy regulations. Though there is a risk that the hefty fines may slow down the pace of widespread adoption of biometric technologies, Frost & Sullivan proposed three-step strategy will drive healthy demand. Organisations that are digitally transforming their businesses for enhanced process efficiencies as part of their digital strategy would need to realign strategies to comply with general data protection regulations.

Biometric technologies are gaining infamous popularity with the data breaches, privacy concerns and unethical commercialisation of the associated data. GDPR, the Achilles heel as it may prove to be for the Biometric market, does not necessarily need to be – instead, the principles of GDPR can itself become the value proposition of the future biometric technologies.

1 http://www.enforcementtracker.com/

2 https://www.infosecurity-magazine.com/news/gdpr-spurs-700-increase-data/

Each year, technology introduces new trends and benefits into the healthcare industry. So, what can we expect to see throughout the coming year? Here, we’ll look at some of the key health care technology predictions for 2019.

  1. More focus will be given to digitalisation

This is perhaps the most unsurprising trend the healthcare sector is expected to focus on in 2019. More providers will be looking into adopting Electric Patient Records, helping to better monitor and manage patient treatment. Allowing practitioners to receive updates and records in real-time, this digitalisation is gradually revolutionising the industry.

It’s also likely more services will become digitalised, such as booking appointments, and managing repeat prescriptions.

  1. Security and privacy will dominate

Due to changes in data privacy, it’s likely the healthcare sector will see policy changes adopted in 2019. As the sector becomes more comfortable managing its data, it’s also expected there will be a move from big cloud data storage to smaller, more specialised cloud storage.

Security wise, cyber attacks are expected to become more prevalent over the next year, forcing healthcare providers to tighten their security.

  1. Patients will be able to monitor their own health

There has already been an increase in the number of at-home monitoring devices introduced onto the market. However, as pressure is placed onto the sector due to cost cuts, it’s likely we’ll see an increase in patient-controlled health monitoring.

Currently, patients can purchase testing kits for a range of illnesses and conditions, as well as test things such as their cholesterol and blood pressure. As technology continues to advance, we’ll likely start seeing more testing and monitoring devices introduced onto the market.

  1. Collaboration with innovators

Innovation is a big factor all businesses should be concerned about. In 2019, it’s thought the healthcare sector is going to focus a lot of its efforts into innovation. Pharmaceutical companies in particular, will be seeking out innovators to boost their portfolio. From digital health companies to biotech upstarts and AI start-ups – there will be a lot of collaboration taking place within the healthcare sector this year.

  1. More tech for mental health

It’s no secret that the mental health sector is under extreme pressure due to lack of funding and staff shortages. So, in order to try and bridge the gap, in 2019 focus is being placed upon introducing more tech into the sector. This will allow patients to monitor and manage their mental health much more effectively. There will also likely be more tech introduced to help treat and support mental health patients.

The above are just some of the health care technology predictions of 2019. There are certainly a lot of changes occurring within the sector at the moment. Digitalisation in particular, is going to be a huge focus and one of the biggest benefits to the industry.

Nowadays, it’s incredibly easy to buy bitcoin and the advantages and disadvantages of bitcoin are starting to be less blurry every day.

Despite all of that, we are still a long way from bitcoin mass adoption. Sure, there are a lot of businesses starting to accept bitcoin as payment, but there is still a huge chunk of the world that is unaware of how cryptocurrencies work. Some people are even unaware that crypto exists. Those are the people that need to be included in a global peer-to-peer currency.

Why people should start using cryptocurrencies

Whether we like or not, cryptocurrencies are now part of the global economy. If more people could see why people buy, sell and trade these cryptocurrencies, then maybe we could move one step closer to mass adoption. Here are some of the main reasons why people should start using cryptocurrencies.

Fees

If you have a bank account, then you should know by now that these accounts usually have fees associated with them. Credit/debit card fees, ATM fees, merchant fees, checking account fees, etc.

Compare to cryptocurrencies, payment gateways such as Bitpay and Coinpayments charge between 0.5 and 1% per transaction. Compared to those fees of the bank, this is nothing. Digital wallets come free of charge (unless you decide to start investing in hardware wallets).

Privacy

When you make a purchase using your credit or debit card, the bank, as well as the retailers and service providers, obtain and retain a lot of your personal and financial information. This information includes names, addresses, employers, social security numbers, etc.

Cryptocurrency transactions provide an alternative by limiting the data to a string of letters and numbers (a.k.a. A wallet address). Transaction IDs are also used to confirm that a wallet-to-wallet transaction took place.

Globalization

3 words = cryptocurrencies are borderless. Transactions are not only instant and cost-effective, but you can also make these transactions across the world. There is no waiting, no international fees, and no limitations. All you need is a smart device that can connect to the internet. Because of this, the unbanked population has an alternative solution when it comes to paying bills and earning a living.

How people can start using cryptocurrencies

There are many exchanges out there that will help you get started on your crypto journey. Remember to do extensive research on all your potential bitcoin exchanges so that you can decide which one suits your trading style the most. If you are unsure about which bitcoin exchange to use, try making small investments on your top platforms and see which system works for you. Once you’ve settled on a platform, you can start making larger investments.

People can also start using crypto if other people give them the opportunity to use it. Adoption is the key here. The more businesses offer crypto as a payment option, more and more people will be more likely to follow. If more trading platforms showcase how crypto can help unbanked people around the world, more people will start to use it. It all starts with the community. For more article related to cryptocurrency you can check etherum mining software & Updates.

Riding the wave

Bitcoin and other cryptocurrencies are in a more stable place now and people are starting to hop on the ride. All that stands in the way of mass adoption is people being educated on how cryptocurrencies work and what good they can bring to the world.

The crypto community owes it to itself. The more positive crypto news there is, the more other people will be attracted to the technology.

Digital transactions do not end at simple purchases. Cryptocurrency, online betting, and sending cash via the internet have all become popular recently. With the amount of money changing hands online, it is no surprise that hackers see this as an opportunity for identity theft.

Privacy was once the only concern for web browsers, but financial data security has taken a place on the list of essential things to consider when roaming the internet. Digital shopping and online transactions are not going away, so it behooves everyone to learn ways to protect private information.

Seemingly becoming more challenging by the day, internet security is possible. Hackers regularly find new ways to attack their victims but practicing internet safety and putting safeguards in place will help keep your information out of the hands of a cyber-criminal.

1.       Protect Your Privacy Using a VPN

The first thing any mobile device user should do is download a VPN app. While a VPN can be used on other devices like laptops or tablets, it is important to protect mobile devices, too.

People frequently connect to Wi-Fi in public places to conserve data costs, leaving themselves vulnerable. Hackers roam unsecured networks hoping to find an easy target. A VPN can create a more secure environment by encrypting data to and from your device.

2.       Practice Internet Safety

Social media has created an environment ripe for malicious cyber-attacks. Facebook and Twitter alone often provide hackers with all the information they need to infiltrate the privacy of an individual.

Being safe online is more than avoiding “sketchy” web areas. Avoid putting too much personal information on social media sites and keep your profile restricted to those you know. Decline unknown friend requests and think twice about liking every post you come across.

Hackers prefer easy targets, and many users make themselves very vulnerable by providing so much information online. These details can give hackers tips to decoding your passwords or usernames, which opens you up to a world of digital trouble.

3.       Pay Attention When Purchasing

Online transactions are here to stay, and it would be ridiculous to recommend someone avoid digital purchases. However, when buying online, you should pay attention to where you are shopping.

Small online businesses are popping up everywhere, and while they may offer unique and trendy items, it is important to validate their security. Never enter financial information on a site missing the “HTTPS” at the beginning of its URL. The “s” means secure and any site without it should be considered unworthy of your personal information.

Internet security is possible by practicing a little diligence and understanding that your information is valuable. Hackers prefer the easiest targets and creating a few blockades may prevent you from becoming a victim. Practicing safe internet behaviors can help you enjoy your online shopping experience safely.

Ralf Gladis, CEO of Computop, answers questions surrounding regulation and global consensus, with some interesting pointers on privacy and trade therein.

Cryptocurrencies are expected to reach a major turning point in 2019, but they still attract a great deal of controversy. There is no doubt that the digital currency market is growing, and fast, but support from the institutions that matter is far from consistent.

In November, Christine Lagarde, head of the IMF called for governments to consider offering their own cryptocurrencies to prevent fraud and money laundering. Governments, by contrast tend to err on the side of caution, with the vast majority sceptical of what they see as the ‘Wild West of crypto-assets‘ in which investors put themselves at unnecessary and heightened risk. In part this is because a core role of government is to prevent turmoil in central systems, however many have acknowledged that cryptocurrency has a momentum that cannot be ignored and that regulation could help to bring about a more sustainable and less volatile crypto environment.

The scenario is changing all the time, and it is worth considering what would actually happen if all governments agreed that digital currencies were good:

  1. Currency formats: If all governments loved crypto currencies they would probably not love the same currency, so if one country introduced Bitcoin and another Ethereum, we would then be faced with the difficulties of handling the exchange.
  2. Economic Policy: The value of money is a playground for politicians of all sides. Expanding the availability of money, for instance, leads to devaluation of a currency which is supposed to help export-orientated economies when selling goods and services abroad. Such policies can only work if a government has the sole power to expand or decrease the amount of money within its own economy. No central bank would be willing to give that power away. That’s why we would end up with many crypto currencies in different countries.
  3. Regulation: It‘s vital for a government to avoid money laundering, fraud and tax evasion. This is simply necessary to protect the country from financial crime and to comply with international rules. Therefore, a crypto currency would be regulated by each country’s central bank according to current local requirements for Anti Money Laundering (AML) and Know-Your-Customer (KYC).
  4. Cash: Despite the availability of crypto alternatives we wouldn’t get rid of cash quickly. With no experience of what a non-cash society means, there are huge risks simply because of a fascination with a new technology. What about people who are travelling abroad, or those who are unbanked?
  5. Privacy: A crypto currency can ensure privacy. However, it can also be designed to be open and very transparent. If crypto currency was THE new currency it would need to be transparent to regulators and criminal investigators. If the design were open to government access this could cause a privacy nightmare. Currently, payment data is distributed over many issuing and acquiring banks. Accessing this legally is not easy and requires a judge. A large transparent crypto currency database which is open to governments sounds like an invitation for misuse by government agencies that might mean well but would do ill anyway.
  6. Trade: B2C transactions require payment schemes that act as a mediator between merchants and consumers. Schemes like Visa and MasterCard have established a worldwide rule-set that balances the interests of merchants and consumers. What if a fraudster used a fake identity and the actual consumer required the merchant to pay back his money? What if a consumer sent back a few products and required a partial refund? And if the merchant failed to react? Many such exceptional but nonetheless possible scenarios are the reason why issuing and acquiring banks have to enforce the rules set by Visa and MasterCard. That also applies to other payment systems like American Express, Discover and PayPal who set and enforce their rules themselves directly with both consumers and merchants. B2C payment needs schemes. In that respect it doesn’t matter whether the currency is digital, physical or crypto.
  7. Ecology: Several central banks have already tested crypto currencies. The result was devastating. For large scale use crypto currency is much too slow and requires too much energy and storage consumption to be feasible.

It looks like there is still a lot of work to be done before crypto currency gets anywhere near to being acceptable to governments.

Just last month Facebook was found to have been providing user data to Cambridge Analytica, which would then allegedly use this data to influence users.

More recently it has been reported that music, and such apps as Spotify, could be providing the Bank of England with data on consumer moods. How far can behavioural data analysis get? Book lists, TV choices and even computer games could also be used to gauge consumer confidence. What are your thoughts on this?

This week Finance Monthly spoke to a couple of experts on this news, who gave their two cents on the matter.

Steve Wilcockson, Industry Manager, MathWorks:

Andy Haldane, Chief Economist at the Bank of England has revealed that researchers are using data from individuals’ Spotify playlist choices and data from games including World of Warcraft to gain insight into public sentiment – information that can be fed into financial models used to reveal important economic indicators such as consumer spending patterns.

Haldane has highlighted the potential of use of alternative data in helping institutions make sense of new sources of information and use it to gain useful insight, in this case into consumer sentiment that feeds economic modelling.

Approaching the anniversary of the global financial crisis reminds us of the critical importance that data and model governance must be impeccable. Alternative data, whether Taylor Swift download metrics, news sentiment derived from text analytics or geolocation-inspired datasets should therefore be used in conjunction with, rather than a replacement for, traditional economic indicators. As the Bank of England has rightly noted, it is also vital to ensure the proper anonymisation and safeguarding of public data, especially in the wake of the Facebook/Cambridge Analytic scandal.

Jacob Gascoine-Becker, Associate Director, Pragma:

Using Spotify data as a guide for consumer sentiment relies on semantic search techniques predicting user intent and meaning. Retailers frequently use these consumer insight tools to analyse social and digital conversations about their brand.  However, the method has increasingly developed a reputation for inaccuracy due to the complexities of language, context and the British love of sarcasm.

At a basic level, it taps into sentiment - words understood as positive or negative and flag a post accordingly. For example, a post that says: “Thanks a lot for delivering my package four days after you promised” is tagged as positive, despite its clearly sarcastic tone. In Pragma’s view, the degree of separation between a sentiment expressed online and one inferred through a song choice will only add to this inaccuracy.

Despite current challenges in automating analysis, retailers wanting to stay on top of perceptions of their brand - and get ahead of operational problems - already pay close attention to online narrative. As the reliability of sentiment analysis improves, it’s easy to see this becoming a widespread leading-indicator of performance, incorporated into management KPIs in the future.”

Behavioural analysis is already used for targeting online. In its most rudimentary and obvious form, shoppers browsing a product on one website will be trailed by relevant banner ads for days afterwards. There are much more subtle ways that e-commerce operators are exploiting behavioural data. Increasingly retailers optimise what consumers see on their websites based on past digital behaviour, even making assumptions about items based on your location, web browser, ISP and so on. Amazon is a perfect example.

In-game behaviour as a confidence barometer is viable, particularly as many role playing games incorporate their own virtual economies. However, the greatest value for economists will surely lie in capturing data from more ubiquitous services, such as social media platforms, offering a more broadly representative consumer cross-section.

We would also love to hear more of Your Thoughts on this, so feel free to comment below and tell us what you think!

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