AI News, Data Protection Legal Frontiers: CCPA, New Information Assurance ... artificial intelligence

Biometric data and data protection regulations (GDPR and CCPA)

It's interesting to note that Japan has put in place a set of rules (adequacy decision) to bridge the differences between its data protection system and the GDPR in January 2019.

​In the United States, there is no single, comprehensive federal law regulating the collection and use of personal data in general, or biometric data in particular.

patchwork system of federal and state laws and regulations that can sometimes overlap or contradict one another.

Government agencies and industry groups have developed self-regulatory guidelines, drawn from best practices and which are now taken into account by regulators.

This unusual blog post​ illustrates how powerful technologies involving artificial intelligence — such as facial recognition — have set off a controversial battle among tech executives.

There's already facial recognition software that shops can use to signal pre-identified shoplifters or to identify customers that return goods too often.

Many parties to address the issue The question of consent and how to manage biometric data is sensitive, and it seems as if virtually every agency in Washington is addressing at least part of the issue:

debated a bill in 2015-2016 that would have expanded data security requirements for businesses that maintain personal information of California residents to include protection for geolocation and biometric data. 

Biometric information was defined in the bill as data generated by automatic measurements of an individual's fingerprint, voiceprint, eye retinas or irises, identifying DNA information, or unique facial characteristics, which are used by the owner or licensee to uniquely authenticate an individual's identity. 

“an individual’s physiological, biological or behavioral characteristics, including an individual’s DNA, that can be used, singly or in combination with each other or with other identifying data, to establish individual identity.” The rights provided to California consumers to protect their personal information and biometric data include:

Federal legislative hearings and activity are aiming at combating the challenge, created by a “patchwork” of separate, individual state privacy laws.

 ​ On 24 August 2017, India made it very clear as the Supreme Court ruled privacy a ‘fundamental right’ in a landmark case.

An expert in strong identification with more than 200 civil ID, population registration and law enforcement projects that incorporate biometrics, Gemalto is able to act as an independent authority in proposing and recommending the most suitable solution for each application.

Although Gemalto keeps an open mind with regard to biometric techniques, it remains no less convinced that, whatever the choice of biometric, this technology offers major benefits for guaranteeing identity.

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In a perfect world, blockchain and the world of accounting would be close bedfellows, working side by side to create the perfect system of asset recording, storage and administration.

Blockchain records and stores assets, liabilities and transactions, and provides methods of recording cash flow and reconciling accounts.

Here’s a system that doesn’t need separate records based on transaction receipts, a system where transactions are written directly into a single register, which then creates an interlocking system of records –

Blockchain proponents say accountancy remains a legacy-driven business, relying on paper trails and even legacy software to perform many of its functions.

It needs paper trails to ensure that regulatory requirements are met, and it still requires the independent auditor, charged with forensic skills, to check back on a company’s financial information.

The proving and verification of a set of accounts keeps a small army busy for long periods of time.

All entries will be distributed and cryptographically sealed, so the chances of destroying or manipulating them to conceal activity are practically impossible.

Auditors will be able to speedily verify key data underpinning financial statements, thus reducing cost and time.

Blockchain is a proven instantaneous record keeper and storage system for information, but beyond that, it remains mostly in the realm of proof-of-concept, an excellent aide for inventory and supply chain management.

The best-known examples are Walmart, which has put all its fresh food suppliers on a blockchain-enabled system, and shipping line Maersk, which has developed a system called TradeLens, which uses a blockchain system to digitalise its entire supply chain.

The bureau has just completed a successful proof-of-concept using blockchain to track, manage and transfer mobile devices and, in a second case, aims to do much the same for software packages, ensuring that there are no unused, missing or out-of-date software licences.

“It has meant sending five or six people out to locate the phones of about 3500 people around six different geographical locations across the US.”

“A person using a licence may leave for another job and sometimes we don’t recycle that licence to a new user.

new system of exchange would then come into being and from that, Fischer explains, a new set of standards would be created for the buying, exchanging and/or repurposing of software licences.

“With financial management and accounting, the people who occupy these roles will still be needed, but if you look at their roles within robotics and blockchain, they will have new skills to learn.”

they are there to detect fraud, to find problems and anomalies, but there’s just so much information and data out there, it’s impossible for any one person or group of people to review it,”

“The new technology will be even more secure to work on, and it means the costs will go down and accountants can spend their time on the highest leveraged activities.”

She is also aware of the criticism levelled at blockchain, not the least by McKinsey in its now highly reported statement that blockchain is in its infancy and is “relatively unstable, expensive and complex”.

The McKinsey report asks why we have to resort to blockchain when there are traditional relational databases that can be tweaked to allow records to be encrypted, rendered unalterable and distributed across multiple locations.

IBM has been testing a Blockchain World Wire payment network, Nasdaq and Citibank use it to automate payment processing from Citibank to Nasdaq’s blockchain, JPMorgan has submitted a patent for applying distributed ledger technology for settling transactions between banks, and Fidelity is using it for custodial services.

It’s a common mantra in the financial services industry that professionals will still be needed when blockchain arrives in force, and they will just be using more powerful tools.

Speakers

With a portfolio of over 1,000 products, IBM has emerged as a leader in data and AI, spanning databases, data integration and governance, business intelligence, planning, data science and AI tools, and AI applications.

joined IBM’s software business, focused on data and analytics, holding a variety of roles, leading IBM’s transition from core databases to delivering broader analytical capabilities and eventually artificial intelligence.

The Financial Times called the book, “interesting as a case study of the philosophical assumptions that underpin the growing obsession with data.” His second book, The End of Tech Companies was published in 2016, educating business leaders on how to navigate digital disruption in every industry.

California Consumer Privacy Act: What FinServ Providers Need to Know | MEDICI

If you are a financial services provider located outside of California and think that this legislation won’t affect you, keep reading –

As growing rates of data breaches and identity theft continue to take more than $16 billion from financial institutions (not to mention the damage that is done to their reputations), consumers are more concerned than ever about the privacy and security of their personally identifiable information (PII).As a result, a full83%of Americans want the government to impose stricter regulations to protect their data privacy, which brings us to the highly anticipated California Consumer Privacy Act (CCPA).

if your business meets one of the following criteria, you must comply with the regulation come January 1, 2020 (note that this is still a tentative date as the forthcoming regulation continues to be debated): Financial services providers that meet one of the criteria above and fail to comply with the CCPA are subject to civil penalties of up to $2,500 per violation and $7,500 per intentional violation.

With DTMF masking, a consumer calling a customer service representative (CSR) to pay a bill, for example, can simply enter their payment card numbers into their telephone keypad rather than reading them aloud to the CSR on the line.

create fast, easy and secure ways for consumers to make purchases or pay bills via these digital channels, all while keeping the transactions and the associated sensitive data out of the scope of compliance.

Even though this new regulation may require some heavy lifting, it is here to protect not only your customers but also your business from running the risk of experiencing a costly and potentially reputation-damaging data breach.

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