News
Top Game Changers for IT Organisations, Users From 2014
Gartner its top predictions, recently, for IT organisations and IT users for 2014 and beyond combined several disruptive topics including Digital Industrial Revolution, Digital Business, Smart Machines and the Internet of Things, the analyst strongly believes these are to serve as more game changers beyond just the IT function.
Gartner Symposium/ITxpo is the world’s most important gathering of CIOs and senior IT executives. This event delivers independent and objective content with the authority and weight of the world’s leading IT research and advisory organization, and provides access to the latest solutions from key technology providers.
“Gartner’s 2013 CEO survey suggests CEOs feel that business uncertainties are declining and yet, CIOs awake each day into a world of technology uncertainty and change,” says Daryl Plummer, managing vice president and analyst, Gartner.
“The savvy CIO will get his or her CEO to recognise the change being brought about by disruptive shifts is coming at an accelerated pace and at a global level of impact.”
Presenting their findings during Gartner Symposium/ITxpo, Gartner’s top 10 predictions are broken out into four categories as follows:
Digital Industrial Revolution
IT is no longer just about the IT function. Instead, IT has become the catalyst for the next phase of innovation in personal and competitive business ecosystems.
One place where this is evident is in the beginnings of a Digital Industrial Revolution that threatens to reshape how physical goods are created using 3D printing.
By 2018, 3D printing will result in the loss of at least $100 billion per year in intellectual property globally.
At least one major western manufacturer will claim to have had intellectual property (IP) stolen for a mainstream product by thieves using 3D printers who will likely reside in those same western markets rather than in Asia by 2015.
The plummeting costs of 3D printers, scanners and 3D modeling technology, combined with improving capabilities, makes the technology for IP theft more accessible to would-be criminals. Importantly, 3D printers do not have to produce a finished good in order to enable IP theft.
The ability to make a wax mold from a scanned object, for instance, can enable the thief to produce large quantities of items that exactly replicate the original.
By 2016, 3D printing of tissues and organs (bioprinting) will cause a global debate about regulating the technology or banning it for both human and nonhuman use.
The U.S. Food and Drug Administration or comparable agency in a developed nation that is charged with evaluating all medical proposals will introduce guidelines that prohibit the bioprinting of life-saving 3D printed organs and tissues without its prior approval by end of 2015.
Bioprinting is the medical application of 3D printers to produce living tissue and organs. The day when 3D bioprinted human organs are readily available is drawing closer.
The emergence of 3D bioprinting facilities with the ability to print human organs can leave people wondering what the effect of it will be on society.
Beyond these questions, however, there is the reality of what 3D bioprinting means in helping people who need organs that are otherwise not readily available.
Digital Business
Digital business refers to business created using digital assets and/or capabilities, involving digital products, services and/or customer experiences, and/or conducted through digital channels and communities.
Gartner’s digital business predictions focus on the effect digital business will have on labor reductions, on consumer goods revenue, and on use of personal data.
While these do not cover the sum total of digital business, they do highlight critical areas of medium to long-term impact.
By 2017, more than half of consumer goods manufacturers will receive 75 percent of their consumer innovation and R&D capabilities from crowdsourced solutions.
Consumer goods companies that employ crowdsourced solutions in marketing campaigns or new product development will enjoy a 1 percent revenue boost over noncrowdsourced competitors by 2015.
Engineers, scientists, IT professionals and marketers at consumer goods companies are engaging crowds much more aggressively and with increasing frequency using digital channels to reach a larger and more anonymous pool of intellect and opinion.
Gartner sees a massive shift toward applications of crowdsourcing, enabled by technology, such as: advertising, online communities, scientific problem solving, internal new product ideas, and consumer-created products.
By 2020, the labor reduction effect of digitization will cause social unrest and a quest for new economic models in several mature economies.
A larger scale version of an “Occupy Wall Street”-type movement will begin by the end of 2014, indicating that social unrest will start to foster political debate.
Digitization is reducing labor content of services and products in an unprecedented way, thus fundamentally changing the way remuneration is allocated across labor and capital.
Long term, this makes it impossible for increasingly large groups to participate in the traditional economic system — even at lower prices — leading them to look for alternatives such as a bartering-based (sub)society, urging a return to protectionism or resurrecting initiatives like Occupy Wall Street, but on a much larger scale.
Mature economies will suffer most as they don’t have the population growth to increase autonomous demand nor powerful enough labor unions or political parties to (re-)allocate gains in what continues to be a global economy.
By 2017, 80 percent of consumers will collect, track and barter their personal data for cost savings, convenience and customization.
The number of Kickstarter-based auctions of personal data will increase by triple-digit percentages by the end of 2014.
The escalation of consumer awareness of data collection practices has set the stage for offering consumers more control over the disposition of personal data — collected both online and offline. As increasing demand and scarcity drives up the value of such data, incentives grow to entice consumers to share it voluntarily.
Meanwhile, consumer interest in self-tracking also suggests that consumers are investing more time and energy in collecting data about themselves.
They increasingly view such data as a key asset for life improvement, which is potentially consistent with the idea of trading it for value under the right circumstances.
By 2020, enterprises and governments will fail to protect 75 percent of sensitive data, and declassify and grant broad/public access to it.
By 2015, at least one more Snowden or WikiLeaks moment will occur, indicating an upward trend in corporations and governments’ acceptance that they cannot protect all sensitive information.
The amount of data stored and used by enterprises and governments is growing exponentially, such that any attempt to protect it all is unrealistic. Instead of facing an unfathomable task of protecting all data, enterprises and governments will focus on protecting only a small part of it, but protecting it well. Wider society will also gain from this approach, enabling it to establish better control over government and business, preventing abuses of power and engendering greater trust.
Smart Machines
The emergence of smart machines adds opportunity and fear as “cognizant and cognitive systems” and can enhance processes and decision making, but could also remove the need for humans in the process and decision effort.
CIOs will see this as a means of delivering greater efficiency, but will have to balance between the active human workforce and the cold efficiency of machines that can learn.
By 2024, at least 10 percent of activities potentially injurious to human life will require mandatory use of a nonoverideable “smart system.”
Economically priced cars with “automated assist” technology added as standard equipment will increase by through 2014 as an indicator of adoption.
The increasing deployment of “smart systems” capable of automatically responding to external events is increasing all the time, but there remains a deep-seated resistance to eliminating the option for human intervention.
The capability, reliability and availability of appropriate technology are not the issue. The willingness of the general population to accept initial widespread deployment and increasing removal of manual override options is the issue.
By 2020, a majority of knowledge worker career paths will be disrupted by smart machines in both positive and negative ways.
Virtual personal assistant usage in business grows more quickly in 2017 and 2018 than iPad usage did in 2010 and 2011/
Gartner forecasts that smart machines will upend a majority of knowledge workers’ career paths by 2020.
Smart machines exploit machine learning and deep-learning algorithms. They behave autonomously, adapting to their environment.
They learn from results, create their own rules and seek or request additional data to test hypotheses.
They are able to detect novel situations, often far more quickly and accurately than people. IT professionals need to recognize that smart machines can create substantial competitive advantages, as well as entirely new businesses.
By 2017, 10 percent of computers will be learning rather than processing.
In 2014, the number of speech recognition applications running on deep neural network algorithms will double.
Deep learning methods, based on deep neural networks, are currently being applied in speech recognition systems as well as some object recognition applications.
Quality of life improves when society is able to derive useful information from the copious amounts of unstructured data collecting in the Internet.
The most important implication of a learning computer is that it expands much less energy to recognize more complex patterns.
Internet of Things
The Internet of Things cements the connection between machines, people and business interactions in the modern era.
With the advent of massively connected devices, businesses, governments and people now have access to more information about themselves and their surroundings than they can actually act on.
Gartner’s prediction focuses on the opportunity to build applications and services that can use that information to create new engagement models for customers, employees and partners, and to foster a new set of business and marketing models that make the word “engagement” a truly valuable asset.
By 2020, consumer data collected from wearable devices will drive 5 percent of sales from the Global 1000.
The number of smartphone apps requesting to share consumer data will increase twofold by 2015, indicating a rise in the number of marketers or proprietors who seek access to customer profile data.
Wearable computing, or wearables, is quickly moving into mainstream society, led by the growing, multibillion dollar health and fitness markets.
Within five years, consumer wearables will become more sophisticated, capturing what the user sees, hears or even feels through biorhythmic responses.
The technical hurdles that have stalled the adoption of wearables (battery life, augmented reality, chip evolution and bandwidth) are quickly eroding; opening doors to creative minds determined to exploit this technology for commercial gain as evidenced by sizable investments in wearable technology from Samsung, Google, Apple and Microsoft.
“While some of these disruptive topics might seem as if they do not have a direct impact on the IT function, we must embrace the notion that IT is now a part of everything,” said Mr. Plummer. “As the structure of businesses and industries change, the IT systems that support them will change and so will the skills, processes and controls needed to keep them functioning. The day when 3D-printed computer architecture exists is upon us, and the days when the digital business, smart machines or the Internet of Things change what computers are may not be far off.”
Culled from: www.gartner.com
News
How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police
Justice Yellim Bogoro of the Federal High Court in Lagos has heard how Daniel Ikeoha and Sylvester Ebeta, two alleged hackers, manipulated Interswitch Nigeria Limited’s Payment Gateway switch and siphoned N622 million within minutes.
Police intelligence operatives from Special Fraud Unit, Ikoyi, Lagos State, who later uncovered the two alleged, arraigned before Justice Bogoro for causing multiple fraudulent transfers and withdrawals of N622 million from various bank accounts of other customers to their own accounts.
Justice Bogoro, the presiding judge, ordered both Daniel and Sylvester remanded in the Ikoyi facility of the Nigerian Correctional Services (NCoS), after they pleaded not guilty to the charges of alleged conspiracy, hacking into the Interswitch’s server and unlawful conversion/taking possession of proceeds of an unlawful acts.
The offences which contravened Sections 27(1)(b) and 14(1)of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024, read along with Section 14(1) of the same Act.
The offence also contravened Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Justine Enang, the prosecutor and a chief superintendent of police at the Legal Department of PSFU, Ikoyi, Lagos, alleged that the defendants and others at large have between January 2022 and October 12, 2023, conspired among themselves to commit illegal acts.
Enang told the Court that the two defendants and others at large, unlawfully suppressed the Interswitch Payment Gateway Merchants to interchange the system switch and caused multiple fraudulent transfers and withdrawals of N622 million, from various bank accounts of other customers to their own accounts.
The prosecutor told the court that the defendants wired the N622 million to their under-listed banks and accounts: Kuda Microfinance Bank, account no. 2012900334; UBA Plc, account no. 2259918436; Zenith Bank Plc, account no, 225135546; Eco Bank Nigeria Limited, account no. 4360057510 and 4360057503; GTB Plc account nos. 0025473624, 0560512839; FCMB, account nos. 7358218027, 7358218010; Moniepoint Microfinance Bank, account no. 5397559320; GTB Plc, account no. 0167915358; Stalonvee Concept, Stalonvee Concept, account no. 6397559320, 5397602542 and Zenith Bank Plc, account no. 240753383.
- S. Hart, their lawyer, informed the court that she had two applications before the Court for the Court to determine.
She told the court that the first application is challenging the court’s jurisdiction in entertaining the charges against her client, because her clients have been charged before a magistrate court. Hence, the charges against them before the Court was an abuse of court process.
She also told the Court that the second application is the bail application of her clients.
In response, the prosecutor told the Court that the charge before the Magistrate Court has been withdrawn.
On the application for bail, the prosecutor told the court that he has responded to same, by filing a counter-affidavit.
Based on the submissions of the parties, Justice Bogoro ordered parties to move the bail application. And upon taking arguments on the bail application, Justice Bogoro adjourned ruling till 14th November, 2024, while ordering that the two defendants be remanded in the custody of the Nigerian Correctional Services (NCoS) pending when the bail application will be determined.
News
Standard Chartered, BII Renew $350 million Commitment to Support Trade Finance in Emerging Markets
Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.
Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility.
The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network. It will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few.
The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).
The UK’s Development Minister Anneliese Dodds said: “I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services.
“Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”
Nick O’Donohoe, CEO, BII, said: “We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare.
This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”
Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are thrilled to renew our commitment to work with BII in support of trade. As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade.
This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows.
News
Substandard CNG Cylinder is Recipe for Disaster- SON
Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.
The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.
In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.
“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.
In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.
“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”
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