“Attempts to roll back globalisation would be the wrong response to these challenges. Globalisation, like technological innovation, has been an integral part of economic development.”
as the tech boom is showing signs of age, SoftBank has unveiled a $100bn technology investment fund. That takes chutzpah. The Japanese group is pledging $25bn over five years, with a potential $45bn from Saudi Arabia and $30bn or so from others.
Fuente: SoftBank: spiking the punch
Payments networks — whether Swift or the latest peer-to-peer money transfer app — are only as trustworthy as their weakest link. Even if data are encrypted in transit, each bank or individual on a network must be able to reliably prove who they are — and authentication in payments still has a way to go.
German challenger bank N26 has been granted a full German banking licence, in a sign of the maturity of Berlin’s fast-growing fintech industry and a vote of confidence in one of its rising stars.
Experiencia personal respecto a la fuga de datos del Qatar National Bank, el banco más grande en la Península Arábica.
Hace casi una década que el ex director del SII y presidente de Banco Estado, junto a Sonda, Consorcio y otros socios, quería entrar a competirles a los bancos. Multicaja se sumará a la red de medios de pago en Chile. En una primera etapa aceptará tarjetas de crédito y prepago (en comercio físico y online) emitidas tanto local como internacionalmente y, en el futuro, también las tarjetas de débito.
Banks are considering striking back at hackers – but what are the implications? Photograph: Alamy
If we’re losing the war against cybercrime, then should we take off the gloves and strike back electronically against hackers?
As banks reel from another major hacking revelation, a former US director of intelligence has joined some of them in advocating for online counterstrikes against cybercriminals.
In February, security firm Kaspersky detailed a direct hack against 100 banks, in a co-ordinated heist worth up to $1bn. This follows growing sentiment among banks, expressed privately, that they should be allowed to hack back against the cybercriminals penetrating their networks.
At February’s Davos forum, senior banking officials reportedly lobbied for permission to track down hackers’ computers and disable them. They are frustrated by sustained hacking campaigns from attackers in other countries, intent on disrupting their web sites and stealing their data.
Dennis Blair, former director of national intelligence in the Obama administration, has now spoken out in favour of electronic countermeasures, known in cybersecurity circles as hacking back, or strikeback.
Blair co-authored a 2013 report from the US Commission on the Theft of American Intellectual Property. It considered explicitly authorising strikeback operations but stopped short of endorsing this measure at the time.
Instead, the report suggested exploring non-destructive alternatives, such as electronically tagging stolen data for later detection. It also called for a rethinking of the laws that forbid hacking, even in self-defence.
Western law enforcers don’t have jurisdiction in the countries where cybercriminals operate. Ideally, they would pass information about hackers onto their counterparts there, said Blair, but in many cases local police are un-cooperative. It’s time to up the ante, he suggested.
“I am more leaning towards some controlled experiments in officially conducting aggressive cyber-tracking of where attacks come from, discovering their origin, and then taking electronic action against them,” he told the Guardian.
IN THIS SECTION
The Connected Business looks at IT and financial services. The future of banking has never seemed more dependent on the development of technologies. From how the sector deals with legacy systems to the rising tide of start-ups poaching customers, IT is now all-important for institutions
Un conocido inversor de Silicon Valley y un prestigioso bloguero de las finanzas se han enzarzado en una particular apuesta que recorre blogs y foros de los apasionados del bitcoin, moneda electrónica que no ha hecho otra cosa que generar debate desde su nacimiento en 2009. Ben Horowitz, que invirtió en plataformas como Facebook y Twitter cuando estas estaban naciendo, y Felix Salmon, conocido bloguero financiero de Reuters, se han jugado un par de calcetines de alpaca en torno al futuro de esta moneda cifrada y no regulada que se genera en Internet y que permite realizar pagos instantáneos en cualquier parte del mundo. Si dentro de cinco años un 10% de los norteamericanos han comprado algo con bitcoins, Horowitz habrá ganado. De lo contrario, lo habrá hecho Salmon.
Lo de los calcetines de alpaca obedece a que una firma que los vende en Estados Unidos fue la primera en aceptar esta criptomoneda (moneda codificada) como medio de pago en su web.
Move over Dogecoin: the Herncoin is here. But what can making your own currency teach you about the world of bitcoin?
Bitcoin may have become a thing of fascination for the media very recently, but the digital currency actually celebrated its fifth birthday this month as its value hovered at around $1,000 per coin.
Bitcoin was never intended to be the one cryptocurrency to rule them all, because anyone can make their own version of it. The code which underpins the currency is released under what’s known as an open-source licence. Anyone can use it themselves, and alter any aspect they want, in order to create a whole new currency.
A whole class of alternative crypto-currencies, based on the fundamental aspects of bitcoin, have been created over the past couple of years. The first and biggest of the “altcoins”, called Litecoin, was created in 2011 to address some perceived flaws in the Bitcoin protocol.
Litecoin is much harder to build specialised “mining” machines for, which, according to its founders, prevents it from being dominated by a few rich miners. Additionally, it clears payments faster and has a much higher cap of 84m coins.
Since November 2011, Litecoin has tracked the value of Bitcoin fairly closely, but in December last year it spiked in value. Overnight, a Litecoin was worth 10 times what it had been before, and its total market cap now stands at $623m, around 16% of that of its parent.
In April, the Canadian research ship Coriolis II will set out from Halifax to survey parts of the continental shelf stretching 1,000 miles off the east coast of Nova Scotia.
The ship has been hired by Hibernia Atlantic, a Summit, New Jersey-based company that operates undersea telecom cables, to map out a new $300 million trans-Atlantic fiber-optic line called Project Express. The cable will stretch 3,000 miles beneath the North Atlantic, connecting financial markets in London and New York at record transmission speeds. A small group of U.S. and European high-speed trading firms will pay steep fees to use the cable.
When it opens in 2013, Project Express will be the fastest cable across the Atlantic, reducing the time it takes data to travel round-trip between New York and London to 59.6 milliseconds from the current top speed of 64.8 milliseconds, according to Hibernia Atlantic, Bloomberg Businessweek reports in its April 2 edition.
Those five milliseconds might not seem like a big deal, but to the handful of electronic trading firms that will have exclusive access to the cable, it will be a huge advantage.
“That extra five milliseconds could be worth millions every time they hit the button,” says Joseph Hilt, senior vice president of financial services at Hibernia Atlantic.