Wednesday 21 November 2018
Data breach :(
Just got notification from Cathay Pacific about the data breach of their frequent flyer programme system. Sigh.
This is my 2nd one after the recent Singhealth case.
I guess it will be more common going forward. Sigh x 2...
For an IT dinosaur, I can only put my trust and faith on big organisations to prioritise and secure the needed ressources to protect our personal data.
I mean everything is now computerised and in the cloud.
Not as if I can opt out...
I don't want to get paranoid in printing out a hard copy of my bank and CPF statements just in case some hackers corrupted or stole my money... Or should I?
During my corporate days, I find it very hilarious that most of my junior colleagues print out a copy of their emails for filing.
I questioned why?
Doesn't it defeat the purpose of going "paperless"?
Oh!
To protect their backsides just in case got "disputes"!?
So there are people more primitive than dinosaurs like me. Wink.
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Now we do soft copy backup.
ReplyDeleteCW,
DeleteYup, I take a picture of my receipts for high valur purchases for the warranty claims - receipts on thermal paper will go blank after a while ;)
Account statements can be downloaded into PDF form - although I don't do it.
Haven't experienced "crash got sound" yet.
It is not only for the purpose of having soft copy backup. Once data is in digital format, it can be analyzed and the process can be automated. For example, the data in your brokerage statements in pdf can be extracted. Performance can be automatically analyzed without tedious human effort. The financial industry is ripe for this kind of process automation because financial data is easily digitised. There is even a term for it. Robotic Process Automation.
DeleteIn fact, I like to write this kind of software as a hobby to improve my personal productivity .
hyom hyom,
DeleteThat's my weakness - I see some IT literate traders are able to write algorithems to automate the trading for them; trend followers are the early adopters.
Some can write codes to datamine or backtest whether a particular strategy will yield results.
But then, no such thing as "bao jiak" as the Long-Term Capital Management episode suggests ;)
No such thing as the Holy Grial when it comes to investing or trading!
SMOL,
DeleteI wouldn't say that's a weakness. Rather, it's not a strength. There are so many different ways to make money from the markets. Key is to choose the method based on one's strengths.
Not only no "bao jiak". Some even got killed by their own perceived strength in software. Knights Capital, the largest market-making trader for US stocks in 2012, blew up within 45 minutes because of a deployment lapse which caused one of its servers to send rogue orders to the exchange. Those who kills by the sword risk being killed by the sword.
For personal hobby, I only develop software for situations where mistakes are affordable and not fatal. It is very useful in enhancing personal productivity.
It is easier for a person to go paperless when the money saved goes to his wallet. I doubt your junior colleagues will use the printer if they are paying for the ink cartrige out of their own pocket.
ReplyDeleteThe attitude of many employees is "Not my money. Why bother?"
hyom hyom,
DeleteYes, and so much waste in not using "print preview" BEFORE printing...
Then there are idiots who print but never collect their printouts from the shared printer...
I'm not a tree hugger, but waste is still waste.
To some people, it really is not my money why bother!?
Old jobs will be lost as a result of digitalization. These jobs are inefficient and don't make sense to protect in the long term. New jobs will be created as a result of digitalization to protect against data breach. These jobs are worth promoting because digitalisation helps business cut process cost and make their processes more efficient. The march is unstoppable now that it has started and the benefits are obvious.
ReplyDeletehyom hyom,
DeleteI recall in the 80s, the traditional typsetters in London's Fleetstreet we fighting against a losing battle against the adoptation of desktop publishing for newspapers.
Youths probably don't know what is cyclostyle. I remember helping my primary school teacher print test papers with blank ink smudges on my hands. Messy but fun!
First photocopiers and now scanners have taken over.
Once upon a time, there were encyclopedia salespersons knocking on doors; now who ever need these bulky books when we have Google?
We are living in exciting times!
Although maybe moving a little too fast for my mom's generation...
During my weekend sales gigs, had to patiently listen to "complaints" by those in their 70s and 80s trying to make sense of the upgrade to digital TV.
temperament,
ReplyDeleteYou are right. Its coming.
Sweden is the world's most cashless society; you know how big daddy is - cannot lose to other people one ;)
Eh? China's mobile payments streets ahead of Singapore, quickly encourage our banks to catch up!
The trouble is we have too many competing platforms today...
May have to wait for the "Amazon" like final winner before mass adoption by the public?
Not easy life for the traditional life and credit card companies.
Now competition is coming from phone/telco companies and all kinds of fintech startups!?
Who knew a private transport hirer like GRAB can be the one who moved your cheese!
LOL!
Hi SMOL,
ReplyDeleteI know I'm lagging behind when parents are asking me if I accept payments by paylah or paynow. I almost immediately signed up. More payment options with no cost to me is always welcomed.
I thought in the past that tuition is a cash based business. Nah, these days, they are going cashless too.
LP,
DeleteAlamak!
I think I need a brown paper bag to put over my head to hide my face!
Your parents a lot more updated than me ;)
I think I'll stick with cash a bit longer...
Don't need electricity; don't need wifi or telecom services.
No wonder big daddy quite "serious" and "concerned" whenever we have a power blackout or outage in internet ;)
Alamak. Cashless no good leh.
DeleteNowadays no more keep the change!
CW,
DeleteLOL!
For your case no good!
I always tip the pizza delivery guy and taxi driver ;)
They service industry; I service industry mah.