In English | Cyberattacks to banks and to cryptocurrencies, Digital Markets Act, Artificial Intelligence and war: the future is here

Changes in the technological scene are happening at such a high rate that it makes us reflect upon what Elon Mask said: “People don’t realize  what is coming”.

I will try to clarify about what is happening:

Cyberattacks to banks and to cryptocurrency

The increase in cyberattacks to banks is directly proportional to the digital transformation effected at the financial entities.

The most frequently used virus is the Ransomware which is intended to stop access to the systems and to access privileged information with an extorsion objective. 

This concern has reached the IMF (International Monetary Fund) because of the development of the utilized technology and the interconnections in the financial system, where the effect could spread very quickly thus affecting the system’s stability.

Another important factor of the problem is that the attacks are frequently not informed so as not to reduce credibility in the system.

A main subject is the attacks on critical infrastructure, which can be seen in the recent Russian invasion of Ukraine and with their corresponding cyberdefenses.

This geopolitical conflict has produced a new look towards Cybersecurity. If the attacks attempt to cancel out information they could affect peoples’ identity and their personal rights.

All digital infrastructures and those operated digitally are susceptible to cybernetic attacks which can make them unusable. Therefore both prevention work is proceeding as well as work on reactive action to any incident. 

Analyzing a different aspect, the Crypto world has suffered an attack to its security on March 23, 2022, when hackers robbed 615 million US dollars crypto coins according to “Ronin Network” in the games field. The damaged parties where the users of the videogame “Axie Infinity”. The safety access window was discovered by the “Sky Mavis” team and it was then seen that most of the hacked funds were still in the hackers wallet at the time.

We shall see how this Crypto war continues.

The Digital Market Act

On April 24th, 2022 the European Union Parliament, the European Commission and the Council of Europe agreed to consider approval of the Digital Markets Act (DMA), which will still needs the final approval of the Parliament and of the Council of Europe and publication in the EUR-Lex – DOUE (Official EU publication) to finally become law, then becoming into effect 20 days later which in any case is expected to apply in the year 2023, as a waiting period of 6 months is being specified after approval.

The Gate Keeper concept is being created to identify the digital platforms which need to allow other platforms to interoperate with them so as to avoid monopolization of the services.

It would apply to digital platforms which have 45 million monthly individual users and 10,000 corporate users within the European Union, with yearly income of 7,500 million Euros or more, or a capitalization value on the stock market of 75,000 million Euro or more, which can fluctuate. The new rules are clearly addressed to the Big Tech companies.

Fines being planned reference a maximum of 10% of yearly income in the previous fiscal year and up to 20% for repetitive non-compliance.

However security questions still need resolving.

Tim Cook, Apple’s CEO has already expressed that the rules of the Digital Markets Act “would not be in the best interest of users” and also that it “would destroy the security of the iPhone” and also its privacy. (Reuters). 

We are obviously close to a great change of the digital ecosystem affecting interactions beyond the use of devices.

Some people have indicated that with the Digital Services Act (DSA) and Digital Market Act (DMA) the EU wants to police the future activity.

Artificial Intelligence and War

The Russian invasion into Ukraine has put the IA subject on the table, a subject already under consideration since several years ago.

Vladimir Putin has said that “the nation which will be the leader in AI will govern the world”

Let’s explain its meaning:

The use of AI in war is a fact, both for defense and for attack. In effect IA developments have produced weapons and both land and air autonomous vehicles not driven by persons with situational recognition.

Tanks which have the ATLAS, Advanced Targeting and Lethality Automated System, can identify and attack objectives three times quicker than a manual operated system. Here the US Army has explained that ATLAS uses an algorithm capable of detecting and identifying objectives but where a human being pulls the trigger, as the objective is to reduce to the maximum civilian and friendly fire casualties.

Autonomous military level drones (LAWS), helmets with IVUS (Integrated Visual Augmentation System) technology improve the soldiers’ ability to detect, make decisions and confront the enemy, numerous interconnected missiles and robots are some examples.

Autonomous weapons already exist. The extension of nuclear power armament includes a deterrent effect; however the most advanced future armament technology will be state secrets.

Henry  Kissinger  had already expressed himself about AI when he said that AI by mastering certain competencies more rapidly and definitely than humans, could over time diminish  human competence and the human condition itself as it turns into data. He warned “Philosophically, intellectually – in every way –  human society is unprepared for the rise of artificial intelligence” – (How the Enlightenment Ends, opinion article by Henry Kissinger in “The Atlantic”).

A very clear example of AI used defensively is Israel’s “Iron Dome”.

This is an aerial antimissile defensive system. It consists of a powerful and efficient shield which cancels out the predatory capacity of most ballistic missiles, on board ship missiles, mortars and others.

It uses radar and command systems to intercept them in the air and to avoid them falling to the ground in civilian areas causing civilian casualties.

As Henry Kissinger said:  AI is “as consequential” but “less predictable than nuclear weapons” (Conference at MIT, USA, 2019).