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Malta Business Review

Malta Business Review DEEP LEARNING DIGITIZATION INSIGHTS Welcome back to POLITICO Pro Digitization Insights. It’s Janosch Delcker, POLITICO’s AI Correspondent in Berlin and your host of this weekly newsletter in which we focus on how big data, AI and automation are changing the world as we know it. Let’s start with some of the news that caught our attention during the last few days: The technological revolution we are experiencing will hit smaller cities much harder than big metropolises, a new study looking at U.S. cities suggests. It will also radically change farming — and the EU’s antitrust boss Margrethe Vestager warned that, in light of the upcoming takeover of Monsanto by German multinational Bayer, her agency had to “to ensure that the deal will not limit competition in digital farming and research.” One thing everyone can agree on is that Europe must boost innovation, otherwise it will fall behind in the global technology race. Any tech entrepreneur will tell you that to be innovative, you need money. And when it comes to get this funding, the U.K. remains the undefeated top dog in Europe, an analysis by Dutch venture capital database Dealroom suggests — with British investment now accounting for 37 percent of all investment in Europe. MBR Digital bugs exploit design flaws in Intel processors and other chips, potentially letting hackers access normally protected data | Sascha Steinbach/EPA SPOTLIGHT: WAR Buried deep in Germany’s next government’s coalition agreement, on page 149, two overlooked sentences point to an imminent technological revolution that is about to change war as radically as nuclear weapons once did. “We reject autonomous weapon systems that lack human direction,” the document released last week states. “We want to ban them globally.” AI is not just revolutionizing the way we work, travel and live — it’s also about to change the way wars are fought around the globe, most prominently through the development and potential use of so-called lethal autonomous weapons or LAWs. Dubbed “killer robots” by their opponents, LAWs are systems that are technically able to hunt and attack targets on their own — and they’re far from just a sci-fi scenario. Later this week, leaders from around the world will flock to this year’s Munich Security Conference to discuss the most pressing security issues of our time — and it’s no coincidence that the first panel on Thursday afternoon, kicking off the conference’s influential side-events, is dedicated to the role AI will play in modern conflicts. (If you’ll be there, drop me a line.) The panelists include Estonia’s President Kersti Kaljulaid and former NATO former General Secretary Anders Fogh Rasmussen. It’s called “The Force Awakens.” That’s admittedly a clumsy metaphor — but you get the message. Stay tuned, we’ll have an in-depth article on the issue for you soon. MBR COUNTDOWN: 101 DAYS TO GO. On May 25, Europe’s new privacy rules, the General Data Protection Regulation (GDPR), will take effect. One way or another, the rules will affect you. Here’s our financial services colleague Cat Contiguglia with the latest on a conundrum her sector faces: When it rains, it pours: As financial firms struggle to comply with the GDPR, they also have to reconcile it with the list of other new regulations coming online in 2018 that revolve around data collection — and that’s going to be far from easy, officials say. Firms face a hefty list of new regulations, including the revised Markets in Financial Instruments Directive, the revised Payment Services Directive, and the fourth Anti-Money Laundering Directive. All revolve around getting and holding more information. For example, Julian Parkin, a data protection expert leading GDPR implementation at a U.K. bank, told Cat that “there is an inherent conflict between the right to be forgotten and rules around anti-money laundering or fraud, as under those rules, you need to hold information for longer.” To deal with the conflict, the Financial Conduct Authority hosted an industry roundtable, and said it “will continue to collaborate in the coming months to address concerns firms raise.” To read more about this regulatory conflict, keep an eye out for an in-depth article coming soon to your inbox. Speaking of the U.K. and data privacy, “Open Banking” rules went online in January that require banks to make available client data to authorized third parties via a standard Application Program Interface or API. The point is to improve competition in banking, by, for example, allowing a customer to authorize an app to access their account details to find them the best offer on an account. But the U.K.’s Financial Conduct Authority sees a contradiction in asking clients to share more data ahead of new EU rules banning a dangerous form of data sharing go online. “Screen scraping” will be banned in the revised Payment Services Directive, but the part of the rules with the ban is not going to be in force for a while. In testimony to lawmakers last week, FCA chief executive Andrew Bailey lamented the delay, saying the FCA is “working with various industry bodies” and asking them, “can you put in place sensible standards in the meantime that balance openness against security objectives?” While Open Banking intends for apps to plug directly into banks just to get the data they are authorized, in “screen scraping,” an app logs into the client’s secure account with their login details. Allowing an app to directly access the whole of a client’s account with their actual details opens creates a much greater risk of fraud than going through an API. MBR ARTIFICIAL INTELLIGENCE, A GLOSSARY Talk about artificial intelligence is everywhere. What do all the terms thrown around actually mean? One buzzword at a time, we’ll get you up to date. Today: deep learning. To us humans, learning comes naturally. (Well, to some more than others, but that’s not the point here.) The point is: To computers, it doesn’t. And that’s where deep learning comes in. It’s a technique that allows computers to mimic our thought patterns — and go far beyond that. In some instances, this can already help computers become better at recognizing objects, text or sound than humans ever could be. This unseen level of accuracy is the secret behind the success of deep learning; the technique has created quite a fuss during the last couple of years. Let’s say that if all AI technologies were a family, then “deep learning” would be the handsome midtwentysomething whom everyone loves, who scored numerous global No. 1 hits during the last couple of years, and who already made billions for the family. Deep learning is, for example, the key 30

DEEP LEARNING Malta Business Review By Janosch Delcker with thanks to Cat Contiguglia and Myfanwy Craigie technology behind driverless cars, the voice control in our smartphones or the software inside medical microscopes to identify cancer cells. When it comes to how most deep learning technology works, it’s crucial to understand the role of so-called neural networks — which we’ll cover in the weeks to come. Want to understand more about deep learning? A good start is Katrina Onstad’s impeccable profile of Geoffrey Hinton, the Canadian scientist who spent 30 years hammering away at deep learning while most other scientists dismissed his ideas as nonsense, in Toronto Life. (If you only have time for one longread this week, make it this one.) MBR BY THE NUMBERS: In an increasingly digitized world economy, access to fast internet is key. Here’s how the situation has changed across the EU: In the U.K., a former air force officer is meanwhile on a mission to bring ultra-fast internet speeds to people hundreds of kilometers away from London. GDPR MBR BOOKMARK THESE • Facial recognition: It’s one of the key AI technologies. But a test of software from IBM and Microsoft raises concerns about the systems being significantly less accurate when it comes to identifying black women, compared with white men: “The companies’ algorithms proved near perfect at identifying the gender of men with lighter skin, but frequently erred when analyzing images of women with dark skin.” • AI and ethics: It’s a broad field — so Philosopher Paula Boddington narrowed her reading list down to the five books she believes people should read to understand the myriad ethical questions posed by artificial intelligence. • Financial crime: AI is also changing the way to how to rob a bank. Mark Gazit of cybersecurity company ThetaRay spoke with TechRepublic’s Dan Patterson about how AI is unleashing a new type of cybercrime. • A new society, invented by blockchain? Meanwhile, dozens of wealthy tech entrepreneurs are heading to Puerto Rico to build a crypto utopia — a new city where the money is virtual and the contracts are all public — to show the rest of the world what a crypto future could look like, the New York Times’ Nellie Bowles reports. • Privacy vs. security: It’s a question as old as democracy. National Geographic asks it again. “Technology and our increasing demand for security have put us all under surveillance,” journalist Robert Draper writes. “Is privacy becoming just a memory?” • Not pretty, that digital future: Technologies distorting what’s real by manipulating our perception and falsifying reality are evolving faster than our ability to mitigate them, technologist Aviv Ovadya warns. “We are so screwed it’s beyond what most of us can imagine,” he told BuzzFeed’s Charlie Warzel. “We were utterly screwed a year and a half ago and we’re even more screwed now. And depending how far you look into the future it just gets worse.” Tough outlook. Decide for yourself. MBR Creditline: POLITICO Pro Snapshot www.maltabusinessreview.net 31

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