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Insights from the Bank of England’s and Financial Conduct Authority’s joint report on machine learning
Machine learning is a sub-category of artificial intelligence whereby computer programmes develop predictive models or recognise patterns from data, with limited or no human intervention. In October 2019 the Bank of England and Financial Conduct Authority produced a report which outlines the findings from a joint survey they conducted earlier this year, the aim of which was to better understand the current use of ML in UK financial services.
A roundup of recent cyber related developments including: non-material damages under the GDPR; data protection laws in Asia-Pacific; cyber attacks in the education sector; regulation of cryptoassets; blockchain in the pharmaceutical industry; challenges presented by autonomous vehicles; and algorithms as a new emerging risk.
IBM recently announced its latest blockchain initiative in partnership with KPMG, Merck and Walmart. The consortium’s goal is to develop a pharmaceutical blockchain platform that can track drugs as they move through the global supply chain, from manufacturer to end user.
We have told the Information Commissioner’s Office (ICO) that the draft code of practice on how organisations can lawfully share personal data is too generic and needs to reflect the real world.
Earlier this week, the Australian Competition and Consumer Commission (“ACCC”) released its final report for the Digital Platforms Inquiry. The report looks at the impact of digital platforms on consumers, businesses and the media in Australia and recommends reforms to competition and consumer laws, media regulation and privacy law.
A roundup of recent cyber related developments, including the black box effect in ship risk profiling, GDPR fines from the ICO, silent cyber risks, cyber threats to the life sciences sector, insuring the emerging offshore digital assets industry and claims transformation in Latin America.
What a week it has been. England have won the Cricket World Cup, and both Marriott and British Airways have been hit for six by the ICO. It’s fair to say that both the England team and the ICO have upped their game.
In ancient times, we bowed to oracles that interpreted the rustling of oak-leaves, the flights of birds or the murmuring of the waters from a sacred spring. Nowadays, corporations resort to the latest state-of-the-art techniques of ‘data science’.
Over the past five years Latin America has seen a rise in the prevalence of cyber risk. Cyber attacks have become increasingly common, with financial institutions the main target, particularly via social engineering; the manipulation of employees into breaking security procedures to gain access to systems or networks.