Business Tech Roundup: Auto Dealership Software Platform Pays $25M Ransom

Here are five things in tech that happened this week and how they affect your business. Did you miss them?

1 – $25M ransom ends cyberattack that crippled car dealers.

CDK Global – a software provider for car dealerships – paid a $25 million ransom to end a cyberattack that began on June 19 and cost customers an estimated $1 billion in losses. Linked to the BlackSuit ransomware group, the attack disrupted operations for 15,000 dealers, totaling 56,200 lost car sales according to reports. CDK paid 387 bitcoin ($25 million) to the hackers, and systems were restored about a week later. The incident highlights vulnerabilities in automated and centralized systems that can lead to catastrophic security breaches. (Source: Newser)

Why this is important for your business:

This is not a happy ending. No one is thrilled to see a company capitulate to criminals and pay such a giant ransom, but obviously CDK Global saw few other options. This story gained much media attention, but think about all the other stories that don’t get the same kind of exposure. It happens a lot. Ransomware attacks are potentially crippling, especially for small businesses. Are you absolutely sure you’re being protected?

2 – Google tests out Gemini AI-created video presentations.

On Monday Google announced its video creation app is now powered by Gemini. This test phase will allow users to try Google Vids by prompting the AI assistant Gemini with instructions on how the video should look and sound – including an option for voiceovers. Once completed, users can alter its features with access to royalty-free stock images. The video creation tool is available to Google Workspace members. (Source: The Verge)

Why this is important for your business:

Given my experience with AI apps from Google, Microsoft and others I can absolutely assure you that this video creation tool will fall far short of usefulness for you, me and any other business looking to create AI-generated videos. So don’t get too excited – yet. That’s because within two years I’m betting these tools will actually become useful…and extremely powerful for us to use. Have fun with them. But don’t expect much right away.

3 – Microsoft’s new AI system ‘SpreadsheetLLM’ unlocks insights from spreadsheets, boosting enterprise productivity.

Microsoft has introduced SpreadsheetLLM, a new AI system designed to extract insights from spreadsheets, enhancing productivity for enterprises. The tool leverages large language models to analyze data, automate tasks, and generate summaries, making it easier for users to gain actionable insights from their data. SpreadsheetLLM aims to improve data interpretation from complex documents such as spreadsheets. Researchers who developed the system emphasized the need as they pointed out, “Existing language models struggle to understand and reason over spreadsheet contents.” (Source: VentureBeat)

Why this is important for your business:

Here is another nascent AI tool that can be toyed with by analysts at larger companies with time on their hands. Given the poor performance of Microsoft’s Copilot I wouldn’t get too excited about the usefulness of this tool right now. But as I mentioned above, it won’t take long before it becomes better and more productive.

4 – Anthropic’s Claude chatbot is now an Android app.

Anthropic’s Claude chatbot is now available as a free Android app. Initially released for iOS in May, the Android app supports both free and paid plans (Pro and Team) and allows for seamless conversations across devices, including the web version. Claude 3 – the latest version – reportedly outperforms OpenAI’s ChatGPT and Google’s Gemini in certain benchmarks. The app’s release is part of Anthropic’s effort to expand access to its AI tools. (Source: Engadget)

Why this is important for your business:

This is an AI app worth downloading. Why? Because Claude has become very competitive with Gemini and ChatGPT and it’s good to have another AI Assistant to use when doing research. I plan to download this app and use it alongside these other AI tools.

5 – The German Navy still uses 8-inch floppy disks, working on emulating a replacement.

The German Navy is still working on getting up to speed with current technology. They rely on 8-inch floppy disks to operate some of their critical systems. To modernize, they’re developing an emulation solution to replace these outdated disks without requiring a complete overhaul of their legacy systems. This transition aims to maintain operational functionality while updating to more reliable and secure technology. (Source: Ars Technica)

Why this is important for your business:

Sometimes old school does get the job done. But I’m not sure I’d want such old-school practices being used in our national defense. I bet the Germans feel the same.