Daily Archives: July 11, 2019

The Ideology of Self-interest Caused the Financial Crash. We Need a New Economic Paradigm

By Mark van Vugt and Michael E. Price – We are still feeling the effects of the global financial crisis, which started in the US in 2008, and that has now spread to every corner of the world.

The financial crisis should teach us some important lessons about the way economies work and the way we design our organizations. In essence, we have simply made the wrong assumptions about human nature. The leading model in economic theory is that of Homo economicus, a person who makes decisions based on their rational self-interest. Led by an invisible hand, that of the market, the pursuit of self-interest automatically produces the best outcomes for everyone. Looking at the financial crisis today this idea is no longer tenable. When individual greed dominates, everyone suffers. We could have known this all along had we looked more closely at human evolution.

Economic scientists often portray competition between firms as a Darwinian struggle where firms compete and only the fittest ones survive. The British financial historian Niall Ferguson wrote “Left to itself, natural selection should work fast to eliminate the weakest institutions in the market, which typically are gobbled up by the successful.”

This may be true but it is not the outcome of individual greed and competition.

Competition between firms presupposes that individuals cooperate well with each other, and the most cooperative organizations survive, and the least cooperative organizations go extinct. This is group selection, selection operating at the level of groups, where the best groups survive.

This is a far more accurate model of how economies and business operate, and it offers a totally new way of thinking about the design of organizations and ways to avert global financial crises.

A team of evolutionary minded psychologists, biologists and economists led by biologist David Sloan Wilson have come together over the past few years to come up with a more accurate model for how businesses and economies operate. It is based on Homo sapiens rather than Homo economicus. Their efforts are put together in an Evolution Institute report on socially responsible businesses “Doing Well By Doing Good.” more>

I’m a hacker, and here’s how your social media posts help me break into your company

By Stephanie Carruthers – Think twice before you snap and share that office selfie, #firstday badge pic, or group photo at work.

Hackers are trolling social media for photos, videos, and other clues that can help them better target your company in an attack. I know this because I’m one of them.

Fortunately, in my case, the “victim” of these attacks is paying me to hack them. My name is Snow, and I’m part of an elite team of hackers within IBM known as X-Force Red. Companies hire us to find gaps in their security–before the real bad guys do. For me, that means scouring the internet for information, tricking employees into revealing things over the phone, and even using disguises to break my way into your office.

Social media posts are a goldmine for details that aid in our “attacks.” What you find in the background of photos is particularly revealing–from security badges to laptop screens, or even Post-its with passwords.

No one wants to be the source of an unintended social media security fail. So let me explain how seemingly innocuous posts can help me–or a malicious hacker–target your company.

The first thing you may be surprised to know is that 75% of the time, the information I’m finding is coming from interns or new hires. Younger generations entering the workforce today have grown up on social media, and internships or new jobs are exciting updates to share. Add in the fact that companies often delay security training for new hires until weeks or months after they’ve started, and you’ve got a recipe for disaster.

Knowing this weak point, along with some handy hashtags, allows me to find tons of information I need within just a few hours. Take a look for yourself on your favorite social apps for posts tagged with #firstday, #newjob, or #intern + [#companyname].

So, what exactly am I looking for in these posts?

There are four specific kinds of risky social media posts that a hacker can use to their advantage. more>

Updates from Siemens

Well control equipment: Metal hat, Fireproof coveralls… CFD
nullBy Gaetan Bouzard – In the Oil & Gas industry, the integration of possible risk linked with well control — such as subsea plume, atmospheric dispersion, fire and explosion — is critical for minimizing impact on the entire system or on operations efficiency, and for ensuring worker health and safety. Risk to system integrity must be prevented at the design phase, but also addressed in case hazards happen along equipment lifetime or system in operation.

Last September 25th, Mr. Alistair E. Gill, from company Wild Well Control demonstrates the value of advanced structural and fluid dynamics mechanics simulation for well controls, emergency response and planning, as part of a Live Webinar organized by Siemens and Society of Petroleum Engineers. In this article I will try to summarize his presentation. To have more insights feel free to watch our On-Demand Webinar.

To be honest when talking about well control for Oil & Gas industry, people usual conception is that some disaster happened and guys wearing protections are trying to light off a big fire. Actually companies such as Wild Well Control are using modern and innovative techniques as Computational Fluid Dynamics (CFD) simulation to support practical team on a well control incident trying to keep asset integrity at the same time.

Mr. Gill provides several examples to demonstrate simulation techniques that were used from

  • Subsea plume and gas dispersion modeling to understand where hydrocarbons go in the event of a blow out
  • Radiant heat modeling in case of a fire
  • Erosion modeling
  • Thermal as well as Structural analysis

There is basically three major categories of simulation used, starting with everything related to the flow within the well bore, looking at kick tolerance, dynamic kill or bull heading; next anything to do with 3D flow using CFD simulation which is the main focus of this article; finally structural analysis using Finite Element modeling. more>

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Scholarly publishing is broken. Here’s how to fix it

By Jon Tennant – The world of scholarly communication is broken. Giant, corporate publishers with racketeering business practices and profit margins that exceed Apple’s treat life-saving research as a private commodity to be sold at exorbitant profits. Only around 25 per cent of the global corpus of research knowledge is ‘open access’, or accessible to the public for free and without subscription, which is a real impediment to resolving major problems, such as the United Nations’ Sustainable Development Goals.

Recently, Springer Nature, one of the largest academic publishers in the world, had to withdraw its European stock market floatation due to a lack of interest. This announcement came just days after Couperin, a French consortium, canceled its subscriptions to Springer Nature journals, after Swedish and German universities canceled their Elsevier subscriptions to no ill effect, besides replenished library budgets. At the same time, Elsevier has sued Sci-Hub, a website that provides free, easy access to 67 million research articles. All evidence of a broken system.

The European Commission is currently letting publishers bid for the development of an EU-wide open-access scholarly publishing platform. But is the idea for this platform too short-sighted?

What the Commission is doing is essentially finding new ways of channeling public funds into private hands.

At the same time, due to the scale of the operation, it prevents more innovative services from getting a foothold into the publishing world. This is happening at the same time as these mega-publishers are moving into controlling the entire research workflow – from ideation to evaluation. Researchers will become the provider, the product, and the consumer. more>