Culture sec calls for end of tech-as-utopia vision
The culture secretary has set out plans to strengthen digital governance and regulation as she set out the government’s vision for a society in which new technologies are no longer viewed as a “utopia.” In a speech setting out the five key principles that will guide government policy making on technology and the digital economy in the coming years, Baroness Morgan of Cotes explained that while technology is no longer a cure-all answer to social and economic challenges, it must also not be made the “the scapegoat for all of the problems in the world”.
Businesses ‘missing out’ on machine learning benefits
Businesses are missing out on key insights because just three per cent are using machine learning (ML) to analyse their unstructured data, according to research. A Censuswide survey of 150 senior IT decision makers at UK financial services firms for Cloud Technology Solutions found that while artificial intelligence (AI) and automated functions such as Machine Learning are being used to process and analyse structured data, the value of unstructured data remains untapped.
Hyundai and Kia pump €100m into EV tech firm
Hyundai and Kia have invested €100 million in UK-based electric vehicle (EV) firm Arrival.The strategic investment will see the South Korean motor giants collaborate with Arrival to develop eco-friendly vans and other products for logistics, on-demand ride-hailing, and shuttle service companies.
FinTech leads record year for UK tech investment
Investment in the UK’s tech sector surged to a record-breaking £10.1 billion in 2019, with FinTech leading the charge on £4.1 billion - more than double the total funding in 2018.
Data from Tech Nation and Dealroom showed that overall investment in UK tech companies increased by £3.1 billion last year- up 44 per cent on 2018- making the UK the strongest market in the world for growth in this sector, and smashing previous records.
Government cyber accelerator announces 20 new scale ups
The government’s cyber security accelerator programme LORCA (London Office for Rapid Cybersecurity Advancement) has announced the 20 scale ups selected for its largest cohort yet. This year’s cohort of cyber firms specialise in technologies ranging from AI and quantum to automated detection methods as well as zero-trust defence, cryptography and supply chain risk.
EBA sets out ethical framework for Big Data
The European Baking Authority has set out the key challenges to emerge from the growth of Big Data and advanced analytics, including machine learning , across the financial services sector. The EU’s banking regulator’s report identifies key trends taking hold as banks embrace financial technology, Open Banking and other Artificial Intelligence (AI) and data-driven processes. It also recommends safeguards to ensure “technological neutrality” in the use of advanced analytics.
Dynatrace joins Google and Microsoft for open source cloud project
Dynatrace, an automated cloud platform and software intelligence company, is collaborating with Google and Microsoft to develop open source framework OpenTelemetry which aims to shape how the IT industry builds observability into cloud services.The Boston-based company said the collaboration would see Google and Microsoft increase the breadth of the data and scope of the cloud ecosystem that organisations can view.
Relx buys ID Analytics for $375m
Relx, the FTSE 100 data and information services giant has signed a $375 million deal to buy US fraud detection company ID Analytics. A statement said Relx’s LexisNexis Risk Solutions divsiion had agreed to acquire the San Diego-based enterprise analytics firm to expand its ability to deliver risk insights through the combination of proprietary data, patented analytics, and near real-time cross-industry consumer and identity behavior.
Travelex 'making progress' after cyberattack
Travelex, a foreign exchange service hit by a ransomware attack, has said it is making good progress on containing the virus and has begun the process of refunding customers while it remains offline.The company took its website down two weeks ago after a hacking group compromised systems and demanded a reported £4.6 million ransom with a threat to release personal customer data including social security numbers, dates of birth and card information.
Gov puts £9.4m into trialling new rail tech
Innovate UK has launched a new competition offering a share of up to £9.4 million to show how new technologies could improve rail services for passengers and operators. According to a statement from the government, the UK rail industry transports 1.7 billion passengers and 110 million tonnes of freight each year, but faces challenges from rapid growth and changing customer expectations.
ICO fines Currys PC World £500k over data breach
The Information Commissioner’s Office (ICO) has imposed a £500,000 fine on DSG Retail, after till systems at Currys PC World and Dixons Travel were hacked, leaving the data of 14 million customers exposed to attack. A hacker installed malware affecting the point of sale computer systems of 5,390 tills stores in an attack lasting from July 2017 to April 2018.
Stan Chart invests in supply chain finance platform
Standard Chartered has made a strategic investment into Chinese supply chain financing platform Linklogis. The purchase of an equity stake for an undisclosed amount is aimed at helping it join the supply chain ecosystem proposition and provide suppliers with access to affordable financing.
IBM adds to quantum research network
IBM has announced an expansion of its quantum computing Q Network, which now includes over 100 organisations across multiple industries, including: airline, automotive, finance, energy, materials and electronics. Anthem, Delta Air Lines, Goldman Sachs, Wells Fargo and Woodside Energy are among the latest to begin to explore practical applications of quantum computing.