The rapid digitalisation of the world’s economy brings with it the potential for economic crime to cripple businesses in highly disruptive and devastating ways.
A recent 2018 PwC Global Economic Crime and Fraud Survey found that a quarter of South African businesses believe that cybercrime will be the most disruptive economic crime to affect their organisations in the next two years. This statistic becomes even more startling when one considers that according to the findings of the PwC report, South Africa has the dubious honour of having the highest level of reported economic crime in the world, with a staggering 77% of companies being affected.
Junaid Amra, Partner in PwC’s Forensic Services Division, says that when it comes to combating fraud and economic crime, technology can become a double-edged sword. “In the never-ending efforts to modernise both the business and the fraud-detecting capabilities of the business, technology can become a business protector, but also a threat if the risks associated with technology deployment are not properly assessed,” he says.
He points out a key finding in the global survey which says technology has become so pervasive across every business process that how a company chooses to leverage this technology to combat crime is central to the customer experience. Amra further stated, “Over a fifth of all customers said business technology to predict fraud was producing too many false positives and these false alarms become invasive for the customer.”
The survey found that companies are finding it increasingly expensive to invest in technology. “This being said, South Africa, and Africa in general, are investing in advanced technologies such as artificial intelligence at a faster rate than the rest of the world. This may be to play catch-up with the rest of the world in efforts to combat economic crime, but it also signals the seriousness with which cybercrime is being approached.”
In addition to the customer experience being directly affected by the use of technology, criminals can and do use the company’s own technology to commit their crimes.
With new digital products, criminals are given new attack vectors, making the job of stopping these attacks so much harder. “In the past, companies may well have used good old-fashioned business-to-business processes to bring a product to market – resellers, distributors and retailers. However, technology has meant that there are innovative business-to-consumer platforms providing a wider attack surface for cyber criminals,” explains Amra.
In 2017, a single ransomware attack crippled the United Kingdom’s National Health Service, not only threatening lives, but also crippling hundreds of thousands of computers around the world. This is just one example from many that can be cited. The potential for harm is frightening as the technical sophistication of external fraudsters and attack surfaces within businesses continue to grow side by side.
It is for this reason, says Amra, that more than a quarter of respondents to the survey felt that cyber criminals would attack them in the next two years.
Amra concludes that the survey found that the responsibility of dealing with economic crime rests with the C-suite. Based on incidents we’ve assisted clients with organisations are falling into two categories, those who have executive-led initiatives and those who are crisis driven i.e. moving from one crisis to the next without a clear cybersecurity strategy supported by the C-suite. It goes without saying that organisations with executive-led initiatives are faring much better when faced with cyber attacks. From a steering, strategic and reputational point of view, business leaders such as the CEO are finding that the buck stops with them in the fight against cyber criminals.
CES: So long, and thanks for all the beer!
Last week, the Las Vegas expo showed off its fun side with state-of-the-art technologies for enjoying beer, writes BRYAN TURNER
From craft beer-making machines to robots that pour beer, CES had more beer than usual in Las Vegas last week. And even free beer if you found the right stand. Stampede’s saloon-style booth offered beer to visitors who tried out its latest drones, virtual reality, and other gaming products. No beer tech, though.
Here are some of the beer technologies that stood out:
LG HomeBrew – Craft beer made at home
LG’s HomeBrew craft beer-making machine, debuted at CES 2019, brings the brewing process home thanks to single-use capsules, a self-cleaning feature, and an algorithm optimised for fermentation.
Like a Nespresso coffee machine, the beer maker uses capsules, which contain malt, yeast, hop oil and flavouring. At the press of a button, LG HomeBrew automates the whole procedure from fermentation and carbonation to ageing. A companion app lets users check HomeBrew’s status at any time during the process, from their handsets.
The beer machine not only offers a simple way to make craft
Designed with discerning beer lovers in mind, HomeBrew allows for in-home production of batches of more than 4 litres of beer in a variety of styles. The following five distinctive, flavoured beers are available now:
- Hoppy American IPA
- Golden American Pale Ale
- Full-bodied English Stout
- Zesty Belgian-style Witbier
- Dry Czech Pilsner
The only catch? It takes about two weeks to make, depending on the beer type.
“LG HomeBrew is the culmination of years of home appliance and water purification technologies that we’ve developed over the decades,” said Dan Song, president of LG Electronics Home Appliance & Air Solutions Company. “Homebrewing has grown at an explosive pace, but there are still many beer lovers who haven’t taken the jump because of the barriers to entry, like complexity, and these are the consumers we think will be attracted to LG HomeBrew.”
Click here to read about the party speaker that holds beer and robots that pour beer.
CES: Alienware gets Legend-ary
At CES in Las Vegas last week, Dell’s Alienware released a family of high-end, thin, light, and affordable machines for both amateur and professional gamers – and a new identity.
Alienware marked CES 2019 as a brand milestone with the debut of a new design identity, Alienware Legend. It aims to set a new bar of excellence for what gamers want most – performance and function. Alienware says it evaluated multiple concepts and chose one that was the biggest and boldest departure from its current look.
Alienware Legend, says the company, stays true to the brand’s core design tenets, taking cues from its deep roots in sci-fi culture and its early industrial designs, to distinguish the brand from the rest of the industry. The new Legend design is optimised with cutting-edge thermal cooling technology to achieve and sustain overclocking power, improved AlienFX lighting, and ultra-thin screen borders. It also unveiled a new “three-knuckle hinge” design that reduces the overall dimension while creating a stronger assembly, all combining to yield a better gaming experience.
“We’re excited to come to this year’s CES with some truly groundbreaking products, next-gen software and strategic partnerships that will bring more people to experience PC gaming and advance the industry,” said Frank Azor, vice president and general manager of Alienware. “The legend design answers the call for more and better from our gaming community, and the new G Series laptops will make PC gaming even more accessible to those looking for high-performance gaming at a cost they can appreciate.”
Click here to read about Alienware Legend in action with the Area-51m and m-series laptops