Clara O’Hara, Wealth Management Reporter Globe and Mail was the moderator for this panel in a Saturday afternoon session. The panel subject was “Innovation and Disruption: The next 10 Years in 45 minutes”. The panel included Robert Hudyma, Professor Ryerson University, Elliot Johnson, Chief Officer and Chief Operation Officer of Evolve ETFs, Raj Lala, President and CEO, Evolve ETFs and Stuart Sherman, CEO IMC.
Clara: This is about innovation over the next 10 years in 45 minutes which coverage innovation, cyber security, E-Gaming, E-Sports, Future Cars, Gender Diversity, and Industrial Revolution.
Rob: 100 years ago, a robber would rob a bank with a machine gun. Today, they use a computer. There has been a huge growth in Bad Guys with cybercrime.
Stuart: Breaches can lead to extinction. A credit union got hacked and it crushed the company. Hacks can combine insiders and outsiders. They can do big damage.
Raj: Equifax had loss of records and they loss consumer trust. This is the number one concern of CEOs and a big priority with banks.
Stuart: Breaching and hacking is a service. Countries rent out ransom ware and take a cut of the profits.
Raj: There are 3M jobs in cyber security. There is 3M to 5M attempts to hack banks each day. We have high growth in Cyber Security.
Stuart: Quantum computers will hack a password in seconds. Countries are trying to destabilized other countries.
Rob: Bad guys need only find one way in. You have to protect all ways in. You need to protect your phone. There is a problem with big data. Amazon and Facebook are really data companies. For Facebook, the product is you. They are monetizing big data.
Raj: You provide lots of data. But in some cases, it can help, like in health care where you can get better treatment. Because of data aggregation, police can see when and where crime takes pace and lower crime rates.
Stuart: What is privacy? We believe in personal sovereignty. We have data concerns and we do not want to provide data, but we want our health to be better from big data. Data is personalization. That is why Facebook likes data and it can benefit us. If you like it, it is good. If you do not, it is bad. With AI and big data, we can look for patterns and that can help us in cyber security. Looking for patterns AI can make suggestions to radiologists.
Rob: Israel is the leader is cyber security. China, Russia, North Korea are the bad guys.
Raj: With 5G or fifth generation, the internet can explode. 45% of the world is not yet connected to the internet. This will have an effect when they do. 5G is good for car operations. Huawei is ahead in 5G.
Stuart: Current cell towers can handle 1,000 cell phones. With 5G they can handle 100,000. The cost of connecting goes down. 5G will be great for connectivity.
Raj: We want more connectivity. Note only for our phones and computers, but for our thermostats etc.
Rob: The fear about Huawei is that there is spyware on it. There is a genuine fear of China spying.
Stuart: There is no product that is sold in the US that does not have a backdoor. Now China will have this. The fight is going to be between US tech and China tech. Both are guilty of the same thing. When the US attached Iraq, they went in and turned off the governments systems.
Raj: In 12 to 18 months we will have 5G in Canada.
Rob: 5G will be in the cities first before in the country side. Rural areas will get satellites. In 10 to 12 years we will get 6G.
Raj: We need level 5. We are at 3 or 3.5 level for driverless cars. We need the Federal, Provincial and Municipal governments signing on.
Rob: There can be a mixed environment with autonomous cars and others. They will have special lanes for autonomous cars. Competing technologies will be like the Beta and VHS competition or like iPhone and Samsung in same markets. We will have 3D printing of human genomes and other innovations.
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