RSM Technology Monthly Alert - June 2023

The ethics of communication between AI and humans

Although AI has revolutionized the world, there are still concerns regarding the ethics of AI and human communication. Users must be aware of the system's restrictions and consider any potential consequences, while developers must ensure their systems are safe for people to use. Developers must communicate the capabilities, limitations, and functionalities in a clear and precise manner to build trust between AI and humans. Since AI can spread false information, polarize viewpoints, and manipulate public opinion, developers must verify accurate information, monitor false information, prevent AI systems from acting as echo chambers, and control malicious activities. It is crucial to practice caution when communicating with AI systems online and to withhold any personal information that might be misused.

Coinbase and Binance lawsuits put crypto on ice

The US Securities and Exchange Commission (SEC) has filed two lawsuits within 24 hours against Coinbase and Binance. The regulator has charged these two cryptocurrency exchanges with accusations such as manipulative trading practices, mishandling of customer assets, failure of corporate control, and operation of an unregistered securities exchange. This has led to controversy regarding whether cryptocurrency exchanges are compatible with the current securities laws in the US. The SEC is asserting that cryptocurrency should be under their purview as most of them are considered securities. Conversely, Coinbase and Binance claim that the unique attributes of cryptocurrency are not compatible with the current registration progress of securities. It is estimated that the lawsuits between Coinbase and Binance may take years to pass through court without legislative intervention from Congress. In the meantime, the US Crypto industry may be in a tough situation.

Transforming category management to help businesses stay competitive and resilient

SAP Sapphire has introduced SAP Category Management, a solution that would help organizations digitalize and streamline the development, execution, and monitoring of category strategies. In particular, the solution would allow for consistent category management frameworks across regions, opportunity analysis and recommendations, providing in-depth insights to help customers form a cohesive category strategy, and integration with SAP Ariba solutions among other functionalities. This solution allows procurement teams to move away from the traditional manual tracking and presentation tools that, as viewed by C-level executives, inhibit strategic thinking and execution. With SAP Category Management, organizations are provided with the support they need to shed the constraints of today’s manual process.

ERP automation benefits and trends

An ERP system automates and unifies siloed business processes and centralizes its data, providing an array of benefits including reduced manual labor, improved productivity, lower costs, and increased accuracy in reporting. Recognizing its value, more and different types of businesses have been adopting these steadily-improving ERP systems in recent years. Since running ERP systems on-premises can be cost-prohibitive, many businesses are opting for a cloud-based software-as-a-service model when implementing ERP. NetSuite ERP is one such cloud-based solution, scalable to meet the demands of the business regardless of size, and able to provide leaders with the tools and data they need to remain competitive and make better decisions.

BA, Boots and BBC staff details targeted in Russia-linked cyber-attack

A Russia-linked criminal gang is accused of committing a cyber-attack that affected the employees of British Airways, Boots, and BBC by stealing their personal information through Zellis, their payroll provider. MOVEit, the software used by Zellis, was the target of the attack. Information such as names, addresses, national insurance numbers, and banking details of eight employees was leaked. According to Microsoft’s threat intelligence team, a cybercriminal group called Lace Tempest is responsible for this attack, they are notorious for using ransomware called Clop to commit cyber-attacks. Victims who infected Clop will be asked for money for the return of the stolen data.

New stealthy Bandit Stealer targeting web browsers and cryptocurrency wallets

Bandit Stealer is a newly discovered stealthy information stealing malware. Cybersecurity researchers have discovered its ability to retrieve information from web browsers and cryptocurrency wallets. Although Bandit Stealer is currently focusing on targeting Windows devices, it has the potential to perform on different platforms as it is using the Go programming language. It uses a command-line tool called runas.exe which allows users to increase their administrative access level and bypass security measures. Bandit Stealer can prevent itself from being blacklisted as it runs in a sandbox or virtual environment. It seems to be spread by phishing emails which include a dropper file that opens a fake Microsoft Word document as a camouflage while Bandit Stealer is triggered to infect the device in the background.