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Grace' is a lifelike robot nurse, built withartificial intelligence to bring emotional care for patients duringthe pandemic and make them feel comfortable and at ease.

Artificial intelligence (AI), the self-didactic technology whichdetects patterns from historical data, is pervading all walks oflife, be it healthcare or the financial services industry.

The High-Level Expert Group on AI, tasked by the EuropeanCommission to draft AI ethics guidelines, defined AI assystems that display intelligent behaviour byanalysing their environment and taking actions with somedegree of autonomy to achieve specificgoals''.

In the finance world, AI has evolved substantially over therecent decades and its utility ranges from the performance datamonitoring, establishing creditworthiness and credit scoring, aswell as in combatting cybercrime and money laundering. However, theexponential use does not come without a fair amount of risksattached, in particular in machine learning applications whererisks of data bias can lead to erroneous results being generated bythe AI due to statistical errors or interference during the machinelearning process.

The paucity in AI regulation and the multiplicity in AIpractices led the European Commission to focus on this technologyin its Digital Finance Package, launched at the end of 2020 toensure that the EU financial sector remains competitive whilecatering for digital financial resilience and consumerprotection.

Towards the end of last year, the European Central Bankpublished its opinion welcoming the Artificial Intelligence Act.While noting the increased importance of AI-enabled innovation inthe banking sector, given the cross-border nature of suchtechnology, the supranational body held that the ArtificialIntelligence Act should be without prejudice to the prudentialregulatory framework to which credit institutions are subject.

The ECB acknowledged that the proposal cross-refers to theobligations under the Capital Requirements Directive (2013/36 orCRD V') including risk management and governanceobligations to ensure consistency. Yet the ECB sought clarificationon internal governance and outsourcing by banks who are users ofhigh-risk AI systems.

Raising its concerns as to its role under the new ArtificialIntelligence Act, the ECB reiterated that its powers derive fromarticle 127(6) of the Treaty on the Functioning of the EuropeanUnion (TFEU) and the Single Supervisory Mechanism regulation (EU)1024/2013 (SSM regulation), which instruments confer on the ECBspecific tasks concerning prudential supervision policies of creditinstitutions and other financial institutions.

Recital 80 of the proposal provides thatauthorities responsible for the supervision andenforcement of the financial services legislation, including whereapplicable the European Central Bank, should be designated ascompetent authorities for the purpose of supervising theimplementation of this regulation, including for marketsurveillance activities, as regards AI systems provided or used byregulated and supervised financial institutions.

The bank held that market surveillance' under theArtificial Intelligence Act would also consist in ensuring thepublic interest of individuals (including health and safety). In anutshell, the ECB informed the Commission that the ECB has nocompetence to regulate solutions like Grace the robot, but it willonly ensure the safety and soundness of credit institutions. Tothis effect, the bank suggested that (i) a relevant authority beappointed for health and safety risks related obligations; and (ii)another AI authority be set up at Union level to ensureharmonisation.

In parallel, the ECB also recommended that the ArtificialIntelligence Act be amended so as to mandate that, that in relationto credit institutions evaluating the creditworthiness of personsand credit scoring, an ex-post assessment be carried out by theprudential supervisor as part of the SREP, in addition to theex-ante internal controls that are already listed in theproposal.

Interestingly, the Bank for International Settlements, in itsnewsletter on artificial intelligence and machine learning, raisedits concerns in view of the cyber, security and confidentialityrisks, data governance challenges, risk management, biases,inaccuracies and potential unethical outcomes of AI systems,the committee believes that the rapid evolution anduse of AI/ML by banks warrant more discussions on the supervisoryimplications.

While the Artificial Intelligence Act has not been agreed uponin its final form and may be substantially changed before itsacceptance, it is safe to say that the financial sector is one inwhich the challenges relating to the use of AI need to be evaluatedwell, before and when deploying such technological solutions, inview of the risks and individual rights that are at stake.

Originally Published by Times of Malta

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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ECB Publishes Its Bug Report On The Proposed EU Artificial Intelligence Act - New Technology - Malta - Mondaq

TURIN, Italy--(BUSINESS WIRE)--Today, cybersecurity represents an essential priority in the implementation of new technologies, especially given the crucial role that they have come to play in our private and professional lives. Smart Homes, Connected Cars, Delivery Robots: this evolution will not stop and so, in tandem, it will be necessary to develop automated and AI-based solutions to combat the growing number of security threats. The risks from these attacks are attributable to several factors, such as increasingly complex and widespread digital networks and a growing sensitivity to data privacy issues. These are the themes that emerge from the new Cybersecurity Automation research conducted by Reply, thanks to the proprietary SONAR platform and the support of PAC (Teknowlogy Group) in measuring the markets and projecting their growth.

In particular, the research estimates the principal market trends in security system automation, based on analysis of studies of the sector combined with evidence from Replys own customers. The data compares two different clusters of countries: the Europe-5 (Italy, Germany, France, the Netherlands, Belgium) and the Big-5 (USA, UK, Brazil, China, India) in order to understand how new AI solutions are implemented in the constantly evolving landscape of cybersecurity.

As cyberattacks like hacking, phishing, ransomware and malware have become more frequent and sophisticated, resulting in trillions of euros in damages for businesses both in terms of profit and brand reputation, the adoption of hyperautomation techniques has demonstrated how artificial intelligence and machine learning represent possible solutions. Furthermore, these technologies will need to be applied at every stage of protection, from software to infrastructure, and from devices to cloud computing.

Of the 300 billion in investments that the global cybersecurity market will make in the next five years, a large part will be directed toward automating security measures in order to improve detection and response times to threats in four different segments: Application security, Endpoint security, Data security and protection, Internet of Things security.

Application Security. Developers who first introduced the concept of security by design, an adaptive approach to technology design security, are now focusing on an even closer collaboration with the operations and security teams, termed DevSecOps. This newer model emphasizes the integration of security measures throughout the entire application development lifecycle. Automating testing at every step is crucial for decreasing the number of vulnerabilities in an application, and many testing and analysis tools are further integrating AI to increase their accuracy or capabilities. Investments in application security automation in the Europe-5 market are expected to see enormous growth, around seven times the current value, reaching 669 million euros by 2026. A similar growth is forecast in the Big-5 market, with investments rising to 3.5 billion euros.

Endpoint security. Endpoints, such as desktops, laptops, smartphones and servers, are sensitive elements and therefore possible sources of entry for cyberattacks if not adequately protected. In recent years, the average number of endpoints within a company has significantly increased, so identifying and adopting efficient and comprehensive protection tools is essential for survival. Endpoint detection and response (EDR) and Extended detection and response (XDR) are both tools created to accelerate the response time to emerging security threats, delegating repetitive and monotonous tasks to software that can manage them more efficiently. Investments in these tools are expected to increase in both the Europe-5 and Big-5 markets over the next few years, reaching 757 million euros and 3.65 billion euros respectively. There are also a multitude of other tools and systems dedicated to incident management that can be integrated at the enterprise level. For example, in Security Orchestration Automation and Response (SOAR) solutions, AI can be introduced in key areas such as threat management or incident response.

Data security and protection. Data security threats, also called data breaches, can cause significant damage to a business, resulting in risky legal complications or devaluating brand reputation. Ensuring that data is well-preserved and well-stored is an increasingly important challenge. It is easy to imagine how many different security threats can come from poor data manipulation, cyberattacks, untrustworthy employees, or even just from inexperienced technology users. Artificial intelligence is a tool for simplifying these data security procedures, from discovery to classification to remediation. Security automation is expected to reduce the cost of a data breach by playing an important role in various phases of a cyberattack, such as in data loss prevention tools (DLP), encryption, and tokenization. In an effort to better protect system security and data privacy, companies in the Europe-5 cluster are expected to invest 915 million euros in data security automation by 2026. The Big-5 market will quadruple its value, reaching 4.4 billion euros in the same timeframe.

Internet of Things security. The interconnected nature of IoT allows for every device in a network to be a potential weak point, meaning even a single vulnerability could be enough to shut down an entire infrastructure. By 2026, it is estimated that there will be 80 billion IoT devices on earth. The impressive range of abilities offered by IoT devices for different industries, though enabling smart factories, smart logistics, or smart speakers, prevents the creation of a standardized solution for IoT cybersecurity. As IoT networks reach fields ranging from healthcare to automotive, the risks only multiply. Therefore, IoT security is one of the most difficult challenges: the boundary between IT and OT (Operational Technology) must be overcome in order for IoT to unleash its full business value. As such, it is estimated that the IoT security automation market will exceed the 1-billion-euro mark in the Europe-5 cluster by 2026. In the Big-5 market, investments will reach a whopping 4.6 billion euros.

Filippo Rizzante, Replys CTO, has stated: The significant growth that we are witnessing in the cybersecurity sector is not driven by trend, but by necessity. Every day, cyberattacks hit public and private services, government and healthcare systems, causing enormous damage and costs; therefore, it is more urgent than ever to reconsider security strategies and reach new levels of maturity through automation, remembering that though artificial intelligence has increased the threat of the hacker, it is through taking advantage of AIs opportunities that cyberattacks can be prevented and countered.

The complete research is downloadable here. This new research is part of the Reply Market Research series, which includes the reports From Cloud to Edge, Industrial IoT: a reality check and Hybrid Work.

ReplyReply [EXM, STAR: REY, ISIN: IT0005282865] is specialized in the design and implementation of solutions based on new communication channels and digital media. Reply is a network of highly focused companies supporting key European industrial groups operating in the telecom and media, industry and services, banking, insurance and public administration sectors in the definition and development of business models enabled for the new paradigms of AI, cloud computing, digital media and the Internet of Things. Reply services include: Consulting, System Integration and Digital Services. http://www.reply.com

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Reply: Automation and Artificial Intelligence Are the Strategic Keys for an Effective Defense Against Growing Threats in the Digital World - Business...

SOPHIA ANTIPOLIS, France--(BUSINESS WIRE)--Regulatory News:

Median Technologies (Paris:ALMDT) announces that the company is expanding its portfolio of services with Imaging Lab, a new entity whose mission is to leverage AI, data mining, and radiomics technologies to exploit imaging data from clinical trials in oncology.

The creation of Imaging Lab materializes the convergence of iCRO's activities for image management in the development of new oncologic drugs and iBiopsy's activities for the development of software as medical device targeting early diagnosis of cancers, especially lung cancer.

"We are seeing a paradigm shift of pharmaceutical companies towards new drug candidates targeting patients with early-stage cancers," said Fredrik Brag, CEO and founder of Median Technologies. "The synergy between our iCRO and iBiopsy businesses is perfect to respond to this change: iBiopsy develops software as medical device, integrating AI technologies, which allow the diagnosis of diseases at a very early stage, when patients are still asymptomatic. At the same time, iCRO has extensive knowledge of image processing and its management in clinical trials. The cross-fertilization of our two businesses will enable us to leverage imaging data in conjunction with other clinical information in an unparalleled way and provide biopharmaceutical companies with tools for Go/No-Go decisions in trials," adds Fredrik Brag.

Imaging Lab will provide new answers in four areas that determine the success of clinical trials: selection of patients included in trials, especially inclusion of patients diagnosed at early stages of disease thanks to AI technologies, prediction of response to therapy, measurement of disease progression, and evaluation of the safety of drug candidates. The goal is to optimize development plans, including facilitating Go/No-Go decisions to increase the success rate of clinical trials. This rate is especially low in oncology, generating an average development cost of $2.8 billion to take a new molecule to market, compared with an average of $1 billion per new molecule brought to market for other therapeutic areas1.

"Our experience of image management in clinical trials has shown that trial data is vastly underutilized. We can extract much more information from images through the widescale use of data mining, AI, and radiomics and use these technologies to better support our customers and biopharmaceutical partners in their clinical developments," says Nicolas Dano, COO iCRO of Median Technologies.

The Imaging Lab team will be present from June 4-6 (exhibition dates) at the ASCO Annual Conference in Chicago , Medians booth #2098, Exhibit Hall A, to meet the pharmaceutical community.

About Median Technologies: Median Technologies provides innovative imaging solutions and services to advance healthcare for everyone. We harness the power of medical images by using the most advanced Artificial Intelligence technologies, to increase the accuracy of diagnosis and treatment of many cancers and other metabolic diseases at their earliest stages and provide insights into novel therapies for patients. Our iCRO solutions for medical image analysis and management in oncology trials and iBiopsy, our AI-powered software as medical device help biopharmaceutical companies and clinicians to bring new treatments and diagnose patients earlier and more accurately. This is how we are helping to create a healthier world.

Founded in 2002, based in Sophia-Antipolis, France, with a subsidiary in the US and another one in Shanghai, Median has received the label Innovative company by the BPI and is listed on Euronext Growth market (Paris). FR0011049824 ticker: ALMDT. Median is eligible for the French SME equity savings plan scheme (PEA-PME), is part of the Enternext PEA-PME 150 index and has been awarded the Euronext European Rising Tech label. For more information: http://www.mediantechnologies.com

1 https://www.biopharmadive.com/news/new-drug-cost-research-development-market-jama-study/573381/

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Median Technologies Launches Imaging Lab, Spearheading the Integration of iBiopsy Artificial Intelligence Technologies Into iCRO Imaging Services for...

The demand for agricultural products is surging in countries such as Brazil, India, the U.S., and China due to the rapid urbanization, surging disposable income, and changing consumption patterns of the booming population. On account of the soaring demand, these countries are leveraging artificial intelligence (AI) to increase their overall agricultural productivity. Owing to this reason, the AI in agriculture market is expected to progress at a robust CAGR of 24.8% during 20202030. According to P&S Intelligence, at this rate, the value of the market will rise from $852.2 million in 2019 to $8,379.5 million by 2030.

In recent years, the usage of smart sensors has increased tremendously in agriculture, as they enable farmers to map their fields accurately and apply crop treatment products to the areas that need them. Moreover, the development of several operation-specific sensors, including airflow sensors, location sensors, weather sensors, and soil moisture sensors, is assisting farmers in monitoring and optimizing their yields. Additionally, technology companies are developing smart sensors that are adaptable to the altering environmental conditions.

Additionally, the agrarian community is deploying drones in large numbers to monitor the growth and health of crops. Farmers use drones to scan the soil health, estimate the yield data, draft irrigation schedules, and apply fertilizers. Besides, the increasing support from the government has led to the widescale adoption of drones for modernizing agricultural practices. For example, in January 2019, the government of Maharashtra, India, partnered with the World Economic Forum (WEF) to enhance the agricultural yield by gathering insights about the farms through drones.

How Are AI-Powered Smart Sensors Improving Agricultural Practices?

Further, AI is being used in the agriculture sector to monitor the livestock in real-time. The utilization of AI solutions, such as facial recognition and image classification integrated with feeding patterns and condition score, enables dairy farms to individually monitor all the behavioral aspects of a herd. Moreover, farmers are using machine vision to recognize facial features and hide patterns, record the behavior and body temperature, and monitor the food and water intake of the livestock.

North America witnesses large-scale deployment of the AI technology in agricultural activities owing to the early adoption of computer vision and machine learning (ML) for soil management, precision farming, greenhouse management, and livestock management. Moreover, the increasing adoption of the internet of things (IoT) technology bolstered with computer vision will promote the application of AI solutions by the farming community. Besides, the existence of numerous technology vendors and sensor manufacturers in the region promotes the usage of the AI technologies in the agricultural space.

Furthermore, the Asia-Pacific (APAC) region is expected to adopt AI-enabled agricultural solutions at the fastest pace in the coming years. The high adoption rate of AI in China, Australia, India, and Japan will contribute significantly to the APAC AI in agriculture market in the future. Moreover, the entry of the Alibaba Group in the agricultural solution business, with its AI technology, will increase the penetration of these solutions in the Chinese agricultural industry. Additionally, India is utilizing such solutions due to the escalating effort by multinational companies (MNCs) and the government to spread awareness regarding data sciences and farm analytics among farmers.

Thus, the growing need to increase the crop yield and improve livestock management will fuel the adoption of AI-enabled solutions in the agricultural space.

Source: P&S Intelligence

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Farmers Increasing Their Crop Yield with Artificial Intelligence - Farmers Review Africa

Name: Tamagotchi kids.

Age: Yet to be born, though it wont be long, says Catriona Campbell.

Is she pregnant? No. Well, I dont know, thats not the point.

What is the point? That some people might decide never to be pregnant, ever again.

That already happens, doesnt it? True, for loads of reasons, including concerns about the environment, overpopulation, the rising cost of bringing up a child, etc.

So who is this Catriona Campbell, then? One of the UKs leading authorities on artificial intelligence. She has a new book out, called AI by Design: A Plan For Living With Artificial Intelligence.

What does she say in it? That within 50 years, technology will have advanced to such an extent that babies which exist in the metaverse are indistinct from those in the real world.

Does that mean that Mark Zuckerberg is going to be everyones dad? Or (shivers) Nick Clegg? No. It means virtual digital children will exist in the metaverse which, as youll know, is the immersive digital future of the internet. Campbell predicts they will be commonplace and embraced by society within half a century. She has called this digital demographic the Tamagotchi generation, after those digital pet toys from Japan, remember?

So, will our new kids be egg-shaped and have three buttons? And will we soon get bored and forget about them? Technology has come on since the 90s. Campbell says virtual children will look like you, and you will be able to play with and cuddle them. They will be capable of simulated emotional responses as well as speech, which will range from googoo gaga to backchat, as they grow older.

I hate it when they become teenagers. Then put it off.

So we would get to decide how quickly they grow up? Or if they grow up.

And if we do get bored with them? Well, if you have them on a monthly subscription basis, which is what Campbell thinks might happen, then I suppose you can just cancel.

If you can get through! Customer services might be better in the future.

It sounds a teeny bit creepy, no? Think of the advantages: minimal cost and environmental impact. And less worry though you might want a bit of that programmed in for a more authentic parental experience.

Any downsides? Well, you might think if you can turn it on and off it is more like a dystopian doll than a human who is your own flesh and blood. But thats just old fashioned.

Do say: Sold. Ill take 2.4 of them please.

Dont say: Any more of your cheek and youre deleted!

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Tamagotchi kids: could the future of parenthood be having virtual children in the metaverse? - The Guardian