During a new Security/Privacy analysis audit, 65% of the major US banks have scored the poorest rankings. This audit was performed by non-profit Online Trust Alliance (OTA) Alliance which anonymously audited over one thousand different websites. Followed by a ranking on their security and privacy practices. Of course, none of the sites that were investigated knew that such a test would be performed on their websites and it was also performed anonymously.
The results of the audit prove to be extremely concerned for American bank users since 65% of the websites that belong to the major US bank institutions turned out to be scoring low in regards to their security measures and privacy protection. They also have the anti-award of most failing grades and least “Honor Roll” recipients in the Alliance’s Audit and Honor Roll website. “We look at the end-to-end user experience on the site: How secure is the data being held, what are their privacy policies and what do they do to protect users from fraud,” said Craig Spiezle, OTA founder and chairman. “We use the same tools that are available to anyone, including cyber criminals.”
In a more general aspect of the data, 52% of the thousand websites that were analyzed got qualified for the Honor Roll. To receive such a qualification, the website must score 80% or higher across three categories, which are Cosumer Protection, Security and Privacy. The fact that 52% of the sites got qualified is an improvement from last year, but only of 5%. “The internet economy runs on data,” Spiezle said. “If this data is not secure and users have negative experiences, this ultimately threatens the future growth and revenue potential of the internet.”
Banks in the US are compromised
Now, this is the part that will concern any user of online banking services, as 27% of the 100 largest banks in the country made the grade. Which is a decrease of 28% compared to last year. More concerning is the fact that. While the website security is moderately good (17% of failures), the same can’t be said about the E-Mail Security and Privacy, with 45% and 34% of failures each.
The American Bankers Association however, has questioned the results of this audit. So much so that Doug Johnson, VP of Payments and Cybersecuity policy of the ABA told the NBC that the institution takes Privacy and Security very seriously. “It’s really all about trust. If we don’t have the trust of our customers, then we don’t have anything. We’ve always been looked at as a model for security, held out as a template for other sectors to abide by in terms of security.” Said Johnson, to probably clear out some concerns.
This can oftenly be taken as a sign of alarm to customers who use online banking as a source for their finances, so much so because customers can be hacked and have their funds drained from their accounts, along other concerning facts such as public data leaks and breaches. “Most of the serious intrusions are from dumb mistakes made by companies that are easily remediated by a consistent approach to managing access, security and looking for significant anomalies. Countermeasures are simple and effective such as air gaps, rate limiting, IP reputation, and improving identity management.” Said Phil Lieberman CEO of Lieberman Software in regards of bank security.
Trust and a top notch security system is a must in a digital age, however. Considering many of the issues regarding security and privacy, we’re far from reaching this vision. A lot is needed to be done in these situations.
Engineering
New concrete that doesn’t need cement could cut carbon emissions in the construction industry
Even though concrete is a very common building material, it is not at all the most environmentally friendly choice. Because of this, scientists and engineers have been looking for alternatives that are better for the environment. They may have found one: concrete that doesn’t need cement.
Cement production, which is a crucial ingredient in concrete, ranks as the third most significant contributor to human-caused carbon emissions globally. Nevertheless, in recent years, a multitude of alternative techniques for producing more environmentally friendly concrete have surfaced. One proposed method involves utilizing industrial waste and steel slag as CO2-reducing additives in the concrete mixture. Another suggestion is to utilize spent coffee grounds to enhance the strength of the concrete while reducing the amount of sand required.
However, a certain company has devised a technique to produce cement-free concrete suitable for commercial enterprises.
The concrete has the potential to have a net reduction in carbon dioxide and has the ability to prevent approximately 1 metric ton of carbon emissions for every metric ton used. If this statement is accurate, the cement-free binder will serve as a noteworthy substitute for Portland cement. According to BGR, the new concrete also complies with all the industry standards of traditional cement concrete, ensuring that there is no compromise in terms of strength and durability.
While it is still in the early stages, the situation seems encouraging. C-Crete Technologies, a company specializing in materials science and holding the patents for a novel form of concrete, has utilized approximately 140 tons of this new cast-in-place (pourable) concrete in recent construction endeavors.
In September 2023, the company was granted an initial sum of almost $1 million, promptly succeeded by an additional $2 million, by the US Department of Energy to advance the progress of its technology. In addition, it has garnered numerous accolades that are facilitating its growth in operations.
The widespread adoption of cement-free concrete in future construction projects has the potential to significantly alter the environmental impact of the industry. Although C-Crete seems to be one of the few companies currently exploring these new alternatives on a large scale, it is likely that others will also start embracing them in the near future.
Engineering
To get gold back from electronic waste, the Royal Mint of the UK is using a new method
There are hidden mountains of gold in the junkyards, full of old smartphones, computers that don’t work anymore, and broken laptops. A new project in the UK wants to find and use these hidden riches.
The Royal Mint, which makes British coins for the government, has agreed to work with the Canadian clean tech startup Excir to use a “world-first technology” that can safely get gold and other precious metals out of electronic waste (e-waste) and recycle them.
Electronic devices have circuit boards that have small amounts of gold in their connections because gold is a good conductor. These boards also have useful metals like silver, copper, lead, nickel, and aluminum.
In the past, getting the metals was hard, but Excir’s new technology can quickly and safely recover 99 percent of the gold that is trapped in electronic waste.
They prepare the circuit boards using a “unique process,” and then they use a patented chemical formula to quickly and selectively remove the gold. The liquid that is high in gold is then processed to make pure gold that can be melted down and formed into bars. Palladium, silver, and copper could also be recovered with this method.
“Our entrepreneurial spirit has helped the Royal Mint do well for over 1,100 years, and the Excir technology helps us reach our goal of being a leader in sustainable precious metals.” The chemistry is completely new and can get precious metals back from electronics in seconds. “It has a lot of potential for The Royal Mint and the circular economy, as it helps to reuse our planet’s valuable resources and creates new jobs in the UK,” said Sean Millard, Chief Growth Officer at The Royal Mint.
At the moment, about 22% of electronic waste is collected, stored properly, and recycled. But with this kind of new technology, the problem of old electronics could be lessened.
Every year, the world makes about 62 million metric tons of electronic waste, which is more than 1.5 million 40-tonne trucks’ worth. That number will go up by another 32% by 2030 as more people buy electronics. This will make it the fastest-growing source of solid waste in the world.
The World Health Organization says that e-waste is hazardous waste because it contains harmful materials and can leak harmful chemicals if it is not handled properly. For example, old electronics can release lead and mercury into the environment, which can affect the development of the central nervous system while a person is pregnant, as a baby, as a child, or as a teen. Also, e-waste doesn’t break down naturally and builds up in nature.
Aside from being a huge waste, this is also a big problem for the environment. There could be between $57 billion and $62 billion worth of precious metals in dumps and scrap yards.
Engineering
China’s $47 billion semiconductor fund prioritizes chip sovereignty as a key focus
China has just shut down a third government-supported investment fund in order to strengthen its semiconductor industry and decrease dependence on other countries for the production and use of wafers. This move is aimed at emphasizing what is known as chip sovereignty.
The National Integrated Circuit Industry Investment Fund of China, commonly referred to as ‘the Big Fund,’ has had two previous iterations: Big Fund I (2014–2019) and Big Fund II (2019–2024). The latter was considerably more substantial than the earlier, but Big Fund III surpasses both with a total of 344 billion yuan, equivalent to around $47.5 billion, as disclosed in official filings.
The size of Big Fund III, which surpasses expectations, further demonstrates Huawei’s growing dependence on Chinese suppliers and reflects the country’s determination to attain self-reliance in semiconductor manufacture. It serves as a reminder that the ongoing competition in semiconductor technology between China and Western countries is reciprocal.
Both the United States and Europe share the desire to decrease their reliance on their long-standing technological competitors. China also has concerns regarding its supply, which extend beyond the potential impact on shipments from the U.S. and its allies.
Taiwan is the primary focus when it comes to chip manufacturing. If China were to take control of its production capabilities, it would greatly disadvantage the United States and its allies. Currently, Taiwan Semiconductor Manufacturing Co. (TSMC) produces approximately 90% of the world’s most advanced chips.
However, according to sources, Bloomberg has learned that ASML, a company located in the Netherlands, and TSMC have methods to render chip-making machinery inoperable in the case of a Chinese invasion of Taiwan.
China now manufactures over 60% of legacy chips, which are often used in automobiles and household appliances, according to a statement made by U.S. Commerce Secretary Gina Raimondo.
The competition between legacy and modern chips has expanded, yielding varying outcomes.
The Chinese official stance is that the policies of the United States is having a negative effect, resulting in a decline in exports from prominent American chip manufacturers. This viewpoint is shared by others as well.
According to Hebe Chen, a market analyst at IG, Nvidia is faced with the challenge of balancing its presence in the Chinese market while also managing the tensions between the United States and China. Due to U.S. sanctions, the company developed three customized chips specifically for the Chinese market. However, in order to remain competitive, the company had to cut the price of these chips, compromising its desired pricing strategy.
Nevertheless, it might be contended that the financial challenges faced by Western chip manufacturers may be justified if it hinders China’s rapid development and acquisition of more sophisticated semiconductors compared to its rivals.
Indications suggest that China may face significant consequences if limitations are imposed, such as the potential loss of access to Nvidia’s advanced chips for its AI companies or increased difficulties for its leading company, SMIC, in manufacturing its own chips.
The existence of Big Fund III indicates that China is experiencing significant pressure. As per reports, the cash will be allocated for both large-scale wafer fabrication, similar to past investments, as well as for the production of high-bandwidth memory chips. HBM chips, often referred to as high-bandwidth memory chips, are utilized in many applications such as artificial intelligence (AI), 5G technology, and the Internet of Things (IoT).
However, the most significant indicator is its size.
With the support of six prominent state-owned banks, Big Fund III has surpassed the $39 billion in direct incentives allocated by the U.S. government for chip manufacture under the CHIPS Act. Nevertheless, the total amount of federal assistance is $280 billion.
The EU Chips Act, valued at €43 billion, appears relatively modest compared to South Korea’s $19 billion support package. It is likely that the markets have taken note of this.
The announcement of Big Fund III triggered a surge in the stock prices of Chinese semiconductor businesses that are poised to gain from this fresh infusion of funding. Nevertheless, Bloomberg observed that Beijing’s previous investments have not consistently yielded positive results.
Specifically, China’s highest-ranking officials were dissatisfied with the prolonged inability to create semiconductors capable of replacing American circuitry. Furthermore, the media outlet highlighted that the previous leader of the Big Fund was dismissed and subjected to an investigation due to allegations of corruption.
Even in the absence of corruption, implementing significant modifications to semiconductor manufacturing is a time-consuming endeavor. In both Europe and the United States, the process takes a considerable amount of time. However, there are noteworthy and innovative advancements occurring.
Diamfab, a French deep-tech startup, is currently developing diamond semiconductors that have the potential to facilitate the green transition, specifically in the automobile sector. Although it is still a few years in the future, these Western ideas have the potential to be just as intriguing to monitor as the actions of established Chinese companies.
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