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59% of Americans Don’t Believe They Will Have Enough to Retire

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Average Debt by Age Group


Unfortunately, a majority of Americans may not have enough money to live comfortably and enjoy their golden years.

According to a MagnifyMoney poll of more than 2,000 Americans, 59% say they will never be able to save enough for retirement. Additionally, according to a Bankrate survey, 52% of Americans feel they don’t have enough money to fund their retirement. Approximately 16% of respondents are unsure whether they’re on track, but 21% say they’re on track. And, a mere 11% indicated that they were ahead of schedule.

However, rising debt rates and housing costs already weighed on Americans’ retirement savings. As an example, Gallup reported that 46% of non-retirees said that they won’t be financially comfortable in retirement.

Of course, that was before the pandemic.

In the aftermath of COVID-19, many people found themselves unable to contribute to their retirement savings because of job losses, higher health care costs, and unexpected family and caregiving responsibilities. For some, withdrawals from retirement savings were necessary.

The MagnifyMoney survey found that 48% of those with a retirement savings account had stopped saving or decreased their contributions during the financial crisis. Roughly 1 in 6 have not begun to save again since then. In addition, 39% of respondents drew from their accounts or borrowed money to cover necessities.

According to Bankrate, 51% of those with accounts like 401(k) plans or individual retirement accounts (IRAs) had made an early withdrawal, including 20 percent who did so since the pandemic began in early 2020.

No wonder 40% of Americans say it will take a miracle to retire comfortably, according to another survey.

Roadblocks to Retirement: Insufficient Income and Overwhelming Debt

Keeping your finances on track when you aren’t earning enough or are facing massive student or credit card debt can be challenging — to say the least.

In the MagnifyMoney survey, almost 30% of survey participants said they weren’t earning enough money to meet their contribution goals. 15% said debt was holding them back from meeting their contributions. In fact, Americans are awash in debt, with an average of $90,460 in consumer debt. This includes everything from credit cards to mortgages and student loans.

Additionally, 11% of respondents had to use their retirement savings to cover emergency expenses, while 8% offered financial assistance to family members during the pandemic.

42% of those affected by Covid lost their income because of Covid, which led to a quarter of survey respondents having to delay retirement. Interestingly, it was the younger generation of savers who said they’ll have to delay retirement the most.

Approximately a quarter of Gen Zers and a little less than a third of millennials and Gen Xers (41 to 55) said the crisis would disrupt their plans. Among baby boomers (56 to 75), only 11% agreed.

Insufficient Income and Overwhelming Debt

Additional retirement financial risks.

Although Covid was a factor, it wasn’t the only one. Two-thirds, or 64%, of respondents, said their retirement funds weren’t where they wanted them to be prior to a pandemic. Other retirement roadblocks include;

  • Longevity. We are living longer than ever, resulting in retirements lasting 25, 30, or even 40 years. When more years are spent in retirement, the more likely it is that other financial detours will occur.
  • Inflation. Inflation, such as we have experienced over the past two decades, can deflate a retiree’s ability to maintain purchasing power in retirement.
  • Sequence of return. In certain retirement assets, market pullbacks can pose a major challenge for money withdrawals. As withdrawals are used for purchases, that money is no longer sitting in the account awaiting a market recovery.
  • Withdrawal rate. Traditionally, it was suggested that retirees could withdraw 4% of their initial savings annually. With historically low-interest rates and bond yields, a lower withdrawal rate may now be needed to help ensure that a retirement nest egg will remain sustainable.
  • Social Security. It is crucial to know when to file for retirement benefits. In many cases, people begin their retirement benefits before they reach full retirement age.
  • Healthcare. A healthy 65-year-old couple can expect to pay $12,052 per year in out-of-pocket medical expenses.
  • Taxation. IRAs and 401(k)s provide most retirement savings. When withdrawn, these funds are taxed. Nevertheless, the after-tax value of those assets may be uncertain since future tax rates may be higher than they are now.

How to Get Your Retirement Savings Back on Track

Assess your current financial situation.

The very first thing you need to do is assess where you are now financially and how much you’ll need for your retirement goal. At the minimum, you need to know how much you currently have in retirement savings and what you’re contributing each month. If you still owe money on your 401(k), make a note of that as well.

In order to maximize your retirement savings, you should compare what you have now to how much you expect to need in retirement. To get back on track, increase your contributions to your retirement account. This may not seem possible, but anything you can contribute is better than nothing — even if it’s $50 a month.

Consider revising your budget.

You should also review your budget at the same time you’re evaluating your retirement plan. Simply examine your recent bank and credit card statements to see where can trim any spending. Hopefully, this will free up some additional money that can be put to good use.

“Saving for both emergencies and retirement are vitally important to current and future financial security,” says Greg McBride, CFA, Bankrate chief financial analyst. “Even a modest emergency fund acts as a buffer from early retirement account withdrawals when unplanned expenses arise, allowing the power of compounding to continue to work its magic.”

Prioritize debt repayment.

It might seem that debt repayment has nothing to do with retirement, but the two are often intertwined. After all, if you get rid of your debt, you won’t have to make those monthly payments. And, that means you can put that money towards your retirement savings. and you can save that money for retirement.

Which debt should tackle first? 401(k) loans and high-interest debt should be your top priorities. Besides being costly, if you borrowed from your 401(k), then this could result in your retirement being underfunded.

Before you make new contributions to your retirement plan, you may wish to work on paying these back. To help you manage your debt, consider taking out a personal loan or transferring your debt to a credit card. You may also want to consider part-time or freelance work until you’re debt-free.

Kick up your savings rate.

In terms of retirement savings rates, knowing how much is enough can be a challenge.

“We tend to advocate for a 15% deferral rate, and that includes both the employee and the employer contribution,” said Lorie Latham, senior defined contribution strategist at T. Rowe Price, during the firm’s 2022 retirement outlook panel.

According to Vanguard, automatic enrollment rates for those covered by those plans can be as low as 3% or less, if they also have automatic annual increases.

Contributing enough so that your employer will match at least some of your contributions is generally advisable. It’s important to bear in mind that if you’re also investing for your spouse, you will need to save even more.

As you earn raises or promotions, you can increase your retirement savings deferral rates — even if only by a little bit. McBride says this can have a considerable impact over time on your savings total.

“The habit of increasing the amount that you’re putting away can go a long way,” McBride said.

If your employer doesn’t match your retirement contributions, consider moving on. Ideally, when searching for a job, check the retirement account offered, the company match, and whether there is health insurance or other benefits that can reduce your monthly expenses.

Make investing simple.

In the absence of a 401(k), or if your contributions are already maxed out, look for other ways to save for retirement. You have plenty of time to incorporate an element of risk into your portfolio, so don’t overthink it. You might want to consider an index fund or robo-advisor to help automate your decisions.

With the help of artificial intelligence, these platforms can analyze your financial status and provide you with curated portfolios tailored to your age and financial situation. Typically, you can choose among various tax-advantaged retirement accounts with this investment method, simplifying the investing process. Even if it’s only a few dollars per month, you can automate your contributions to help you stay on track with your savings goals.

You could also use a spare-change app like Acorns. The app rounds up every purchase with the linked debit card and deposits the change in your investment or retirement fund when you make a purchase.

Contribute to an IRA.

An individual retirement account (IRA) allows you to save more money through tax advantages. But, there are two main types of IRAs.

You can deduct your contributions to a traditional IRA every year from your taxable income. The withdrawals you make in retirement will be taxed.

Roth IRAs are a great retirement investment if you don’t mind lowering your taxable income. As a result, you’ll pay taxes when you make a contribution, but when you retire and withdraw money, you won’t pay taxes. Moreover, any growth you have made in your portfolio is tax-free. Overall, with a balanced portfolio, you’ll be able to save the same amount for retirement while still maximizing your savings.

Contributions to all traditional IRAs and Roth IRAs cannot exceed the following amounts for 2022, 2021, 2020, and 2019: $6,000 ($7,000 if you’re older than 50), or. You will be taxable if your compensation is less.

You can also open a spousal IRA if one spouse works and contributes to the other spouse’s account if you’re married and only one spouse works.

Open a health savings account (HSA).

Another way to accelerate your retirement savings? Use a health savings account.

The benefits of HSAs may outweigh contributions to other retirement plan types since they are considered to be ‘triple tax advantaged’ accounts.

An individual can set money aside for qualified medical expenses under these accounts. An HSA account allows its participants to invest in mutual funds and stocks tax-free — just as long as the investments remain in the account.

You may also contribute to an HSA on a pre-tax basis, lowering your current taxable income and then use the savings to make higher contributions to another retirement account. Employed individuals who contribute to their HSAs on a pretax basis avoid Social Security and Medicare taxes (also called FICA taxes).

Additionally, HSAs allow an individual to catch up on contributions as he or she approaches retirement. If you are 55 or older, you can invest an extra $1,000 each year. And, withdrawals made to pay qualified medical expenses during retirement can be accessed tax-free, including any growth that may have accrued.

Review your social security strategy.

In your retirement plan, Social Security will certainly play a major role. “Unlike the stock market, that part of your income won’t go down and will be adjusted for inflation yearly,” Diane Davis writes for Kiplinger. “That’s why it’s important to consider when you’ll start collecting benefits.”

At 62, you can start taking Social Security, but your benefits will be reduced by 30% permanently if you decide you need it. The full retirement age for those born between 1943 and 1954 is 66. People born in 1955 through 1960 are gradually eligible for the age of 67 – and then those born after 1960 will also qualify. “If you can afford it, however, think about waiting until age 70 to claim benefits because they will increase 8% per year if you wait to take them,” advises Davis.

Survivor benefits are another thing to consider for married couples. “If the higher-earning spouse dies first, the surviving spouse will be able to take over the deceased spouse’s benefits,” she explains. “So, if the higher-earning spouse delays taking benefits, the surviving spouse will get a larger monthly benefit.”

Delay your retirement.

Retiring later isn’t the best solution for most people. At the same time, there are no doubts about its effectiveness.

Retiring later means you can save for retirement for a longer period of time while reducing your retirement costs. In addition, you have more time to grow your existing savings before you must begin to draw from them.

However, this strategy should not be relied upon solely because employees cannot always work as long as they intend. Occasionally, injury or illness force an employee to leave work unexpectedly. Therefore, even if you plan to continue working for the foreseeable future, you should save as much as possible.

Frequently Asked Questions About Retiring With Enough Money

1. How much will I need to retire?

You will need to determine the lifestyle you plan to have in retirement based on the vision you have for your future. No matter the lifestyle you select, retirement is expensive no matter what you choose.

Among retirees, it’s common to need 70 to 90% of their pre-retirement income to maintain their lifestyle. You may consider that figure high, but according to the latest Consumer Expenditure Survey from the Bureau of Labor Statistics, the average retired household (led by someone 65 or older) spends $$48,872 per year.

2. Where will my retirement income come from?

Social Security Administration data shows that retirees typically receive income from four primary sources:

  • Personal Savings and Investments
  • Earned Income
  • Company Pension Benefits
  • Social Security Income

3. When should I start saving for retirement?

Every penny earned is a penny saved, but a penny saved today could earn more in the future. In other words, if you start investing at a young age this can pay off in the long run.

4. Before I retire, is there a way for me to project my retirement income?

There are a number of reasonably accurate financial strategy computer programs available today. You should seek the advice of a retirement planning professional. These include a Certified Financial Planner, a Certified Public Accountant, or another professional experienced in retirement planning

5. How can I save for retirement?

The most common ways to save for retirement are 401(k) and IRA plans. If a 401(k) is available through work, make sure that you’re taking advantage of the employer match. Once you turn 50 (or are turning 50 by the end of the calendar year in which the plan year ends), the IRS allows you to make annual “catch-up contributions.”

However, there are lesser-known options like health savings accounts that can help address future medical expenses. And, if you’ve maxed out your other retirement contributions, you can buy an annuity to provide a guaranteed retirement income stream.

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Seniors Don’t Want to Retire Anymore. Here’s Why and How to Help

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Free Your Money: Strategies for Keeping Your Money In The Best Place Possible - ReadWrite


Retirement can be a dream for one and a nightmare for another. People treat retirement differently, depending on their requirements and circumstances. While some feel retirement is the time to pack up bags and travel or commit to hobbies they have long paused for, others feel retirement is not the right option.

There may be various reasons behind pushing away retirement: I need the money, I love what I am doing, I can’t imagine myself not doing anything, etc. The recent trend indicates that most seniors are reluctant to retire, and some decide to stay on course past retirement, while others choose alternative careers.

According to a survey by the American Advisors Group (AAG), 46% of seniors (60-70 years) had plans to work part-time jobs during retirement. 18% said they wish to work after passing the age, a rise of 8% from a 2019 survey. 12% of the respondents said they have no plans of stopping full-time work, an increase of 6% from 2019.

Although extending your retirement period or not wanting to retire may have their reasons justified, it may create a tricky situation for the newer generation. As a result of the baby boomers’ late retirement, the next generations may see a shortage of career growth, employment options, etc.

Why are most seniors reluctant to retire?

Some of the reasons why most seniors are reluctant to retire may include a vast number of reasons. People are in much better shape than previous generations and live longer. Some feel they will become bored at home or even doing their activities. Many still want to contribute in some way to society.

Did the pandemic change retirement plans?

Due to the pandemic, many seniors are rethinking their retirement plans. The pandemic has given many people the experience of their retirement days, and many found it boring and meaningless.

Many realized they loved their job and found meaning in what they did. To them, quitting their job to sit at home was not meant for them. Many also realized they might not have enough saved to survive such uncertainty.

Support family and maintain a standard of living.

First, the pandemic and then inflation dipped almost every bank account. Many seniors are draining their savings or depending on their paychecks to stay on track. In addition, about 50% are using up their retirement savings to support their children.

Some seniors are turning their back to retirement to support and maintain their standard of living. They believe they should continue to work to ensure that they have enough financial capacity and the freedom to spend their retirement days as they had hoped.

Debt and broken savings account.

Finances are a significant aspect for almost everybody when considering retirement. The recession has dramatically affected retirees and soon-to-be retirees, reducing their retirement accounts and property value. Most are more concerned about their medical and long-term care costs than their daily expenses.

The most current data shows that Baby Boomers and Gen Xers carry high amounts of non-mortgage debts. The credit card debt alone for Baby Boomers stands at $6,043 and $7,155 for Gen X.

On the contrary, Millennials’ credit card debt balance stands relatively low, at $ 4,322. Not considering the advantages of various financial tools, like debt consolidation, can be why seniors are comparatively behind with a higher debt balance. As a result, they need to continue working to improve their finance.

Increased life span.

Another possible reason for delayed retirement is the increased life span of Americans. A recent survey implies that the average life expectancy of Americans has risen to 78.9 years in 2020 from 39.4 in 1960.

With the rise in life expectancy, an average 60-year-old can expect to live for 15 to 20 years. Back in time, it was easy for retirees to survive with pensions or continue work till they died. However, most view 20 years as a long time to sit around doing nothing and stay using savings. Also, you need to support yourself with healthier health and an increased life span.

How seniors’ late retirement is affecting the next generations?

Although seniors may have their reasons justified with the best interests in mind, late or no retirement can bring various setbacks for the economy, companies, and especially for the next generations. Some of the setbacks are:

Difficulty moving up the career ladder.

While seniors are putting off their retirement plans, the next generation may find it difficult to climb the career ladder. Moving up to the middle and higher position can be difficult if there are no vacant positions. Various surveys show that most employees view career growth opportunities as one of the top factors in employment.

As a result, most younger workers are switching jobs hoping to seek higher positions and increased pay. Ultimately, retaining competent employees is increasingly difficult for companies, which may sometimes harm the business.

With the younger workers switching to seek higher positions and seniors not ready to quit, the next generation is trapped in the middle, without many scopes for promotions or increments.

Unable to make enough money.

The pervasiveness of senior workers in the workforce also affects the economy. With seniors blocking the path for the next generation, their scope of promotions and making more money is limited.

Result: they are not being able to support or contribute to the economy. Also, they are hardly making enough for themselves. Low savings and high debt amounts include their list of concerns. The situation raises concern for the next generation to rethink their retirement plans.

In addition, with the aging workforce, overall productivity also gets tampered since most are hesitant to adopt new technologies.

What can be done to prevent the next generation from facing the same problems?

There are possibilities for the next generation to succumb to these situations and delay or rethink their retirement days too. However, some steps can be helpful to prevent the next generation from facing the same problems.

Make saving for retirement a priority and strategize for it.

It is a common situation that people don’t often plan for retirement until they are halfway nearing their retirement period. There may be various reasons people don’t start saving for retirement earlier in their careers. Examples may include having debts, not having a fat enough paycheck, family responsibilities, etc.

However, it is necessary to understand the importance of saving for retirement before you can see it coming. When you start to save or invest for retirement while you still have a long way to go, you are allowing yourself to build a more considerable fortune for retirement over time.

Build a side cushion to let your retirement account grow.

Another common mistake people make when planning to allocate funds for their retirement is, overlooking the importance of an emergency fund. Increasing your retirement savings accounts is of little use if you have to tap into those accounts in times of dire need.

Building an emergency fund acts as a side cushion for your savings account. Ideally, a side cushion or emergency fund should be able to suffice for all your expenses for a minimum of six months.

It can be helpful to support you in times of uncertainty like the pandemic, loss of job, an accident, etc. You can confidently contribute to your retirement accounts when you have an emergency fund that can support you with expenses for six to twelve months.

You will know that you can let your cushion grow without fear of the need to break into your saving for an unfortunate event before retirement.

Look for ways to pay off debts and handle finances efficiently.

Handling your finances is as essential as having savings for retirement. Financial habits like overspending, paying off your bills late, paying bank fees like overdraft charges, taking out loans, etc., are all examples of poor financial management. When you handle your finances efficiently, you can strengthen your financial grounds with an enormous nest egg.

In addition, it is good to pay off your debts at the earliest possible time instead of paying the minimum amounts and carrying the balance over. Again, taking advantage of the financial tools available to you can be helpful in getting rid of your debts faster.

Financial instruments like balance transfer and debt consolidation are some options you can use to get debt free quickly. Ideally, you should always begin repaying the debt that carries the highest interest rate.

For example, credit card debts usually have high interest, and paying the minimum monthly amount can result in more interest in the long run. Instead, when you decide to consolidate debt, you can obtain a lower interest on the debt, and paying off the balance can become more accessible and faster.

Look for volunteering or part-time jobs to stay engaged.

While more and more seniors wish to continue working for the love of what they do, some seniors have a different reason. They choose to continue working because they want to stay engaged. With an increased life span and good health conditions, people view 20 years as too long for hobbies or to sit around doing nothing. Hence they prefer to stick to their current job for as long as possible.

Instead, it is an excellent time to volunteer for a cause or take up some part-time jobs that can allow free time while also keeping busy for some time with work.

Look for meaningful jobs like mentoring or training.

Reportedly, many seniors want to stay on the field because they love their work. In other words, they love their jobs and wish to continue working for as long as possible. Unarguably, seniors bring to the table years of experience, soft skills, and the capability to work calmly under pressure. They are treasured for the expertise and patience that the newer generations lack.

Hence they can do so meaningfully by imparting their knowledge and experience to the next generation. Creating a working environment with flexible working hours, where seniors can train or mentor their juniors, can benefit all.

Seniors can continue their job while the next generations can learn from them without feeling trapped. The company can get the best from the highly skilled multi-generational set of employees.

Bringing Changes in Working Culture

With many seniors refusing to quit, it may be time to change the work culture. It can be helpful to split C-level jobs into two. This strategy will allow the next generation to perform duties and responsibilities. It gives them a half-promotion, and they will be motivated to stay in the company.

In addition, companies may also consider shifting from the traditional corporate hierarchy to a horizontal hierarchy. This shift in hierarchical structure can motivate employees to work as team members and swap through different positions.

As a result, employees with more skills can select from various career ladders.

Final Thoughts

Seniors wanting to retire and spend the rest of their lives in tranquility is common. Some seniors are waiting to embrace their retirement days, which has been a commonly anticipated scenario for a long time.

However, nowadays, it is not unusual for seniors to delay their retirement until they enter their 70s or 80s. The Baby Boomers and some Gen Xers and Millennials have a similar perspective, and some may believe they should never retire at all.

You may hear various reasons behind this, from needing finances to flow in, loving what they do, or just needing to stay engaged through their life. An additional factor here is life expectancy.

With the advancements in medical treatment and an increased life expectancy, seniors can expect to live longer and healthier than their previous generations.

On the contrary, delayed retirement in one generation can bring unfavorable situations for the next generation. These situations can be averted by bringing in some changes. For example, seniors who wish to work because they want to be occupied or feel retirement is not the ideal place for them can take up volunteering or some part-time job.

On the other hand, seniors who want to continue working in their field because they love what they do can take up training or mentoring the newer generations. Splitting C-level jobs into two and shifting the hierarchical structure from traditional to horizontal are beneficial strategies companies can adopt to retain employees and boost productivity.

Also, it is necessary to begin preparing or saving for retirement much before you near your retirement period. Analyzing and responsibly managing your finances can help you build a stronger financial future. In addition, creating a side cushion to secure your savings and support you in times of need is vital for a promising future.

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How Artificial Intelligence Testing is Top-Notch in Cyber World

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Figures Related to Cybersecurity


In the cybersecurity sector, artificial intelligence testing is crucial. This is because AI has the potential to help cybersecurity overcome some of its major obstacles. And there are many obstacles, including the incapacity of many organizations to stay on top of the numerous new risks and attacks that emerge as the internet and technological usage increase.

AI-powered cybersecurity is expected to change how we respond to cyber attacks. Because of its capacity to study and learn from enormous volumes of data, artificial intelligence will be crucial in identifying sophisticated threats. Moreover, AI testing is an all-in-one answer to safeguard these gadgets from malicious actors, as new technology and gadgets are always available.

This blog will walk you through the difficulties that the cybersecurity sector is now facing, the significance of employing Artificial Intelligence testing to overcome those difficulties and some of the drawbacks of doing so. Finally, we shall examine some actual applications of AI in this area before we conclude.

An Overview of the Cybersecurity Industry

Cybersecurity describes the processes followed by people or organizations to safeguard their online-connected computer hardware and software against cyberattacks.

The proliferation of emerging digital technologies like the Internet of Things (IoT). The rising frequency and intricacy of cyberattacks and rigorous data protection laws for data security. An uptick in attacks that target software supply chains is the key driver of the cybersecurity market.

In addition, the COVID-19 pandemic has increased the incidence of malicious attacks on databases in large enterprises. They are necessitating tighter database protection and fostering the expansion of the cybersecurity industry. In healthcare, banking, insurance, manufacturing, and financial services, growth in adopting organization security solutions is provident.

Some Intriguing Figures Related to Cybersecurity

  • The amount of money spent on internal cybersecurity operations is anticipated to increase by 7.2% annually till 2026.
  • By December 2026, it is familiar that global spending on cybersecurity services and products will increase by 8.4%. The necessity to fix the network, app, and system vulnerabilities as a result of ongoing corporate and individual cyberattacks are elements that are likely to promote growth.

 

  • The cybersecurity industry was estimated to be worth $156.24 billion in 2020 and is anticipated to grow at a CAGR of 14.5 percent from 2021 to 2026, reaching $350.25 billion.
  • Information security products and services generated $144 billion in revenue in 2018, down 12.4% from 2017, according to Gartner Inc.
  • According to Gartner’s predictions, information security revenue will increase from $124 bn in 2019 to $170.4 bn in 2022. Additionally, according to their analysis, end-user expenditure on cloud security increased by 4.1 percent between 2020 and 2021.

Glaring Cybersecurity Challenges

You may be surprised to learn that human mistake accounts for 95% of cybersecurity breaches, according to a Google survey. These mistakes might include everything from downloading a virus-filled email attachment to using a weak password to access an unsafe website. According to studies, phishing attacks are among the most common cyber events, CEO fraud, stolen computers, and ransomware assaults. The effects of these attacks are stunning, even though they may seem easy to handle. In small and medium businesses (SMBs), data breaches cost, on average, $3.9 million. The top four are the top four: large-scale data monitoring, a slower turnaround, a lack of threat understanding, and organizational compliance standards.

Delving Into Common Cybersecurity Attacks

Cybercrime is always changing, with hackers constantly refining their tactics to cause the most harm, complicating the issues outlined in the previous section. Malware that could modify its source to evade detection made up 93.67% of the malware observed in 2019. Additionally, within the same year, 53% of consumer PCs and 50% of commercial computers both relapsed the infection. To eradicate this virus from its source, action and awareness are vital.

We should all be aware of the following examples of the typical cybersecurity threats that clever hackers have cleverly created.

• Phishing

When a hacker uses the social engineering technique of phishing, they send you an email that contains a dangerous link. By clicking the link, you could give them access to your computer so they can infect it with a bug and steal all of your personal data.

• Hardware and Software Attacks

If your system’s hardware and software are not updated to the most recent versions, missing critical security updates can be a risk. It can be introduced to “back doors” or “trojans” and obtain access to the system.

• Network Intrusions

Data going to and from a network endpoint can be hindered by malicious actors and decrypted. If they aren’t caught in time, they might alter it, tamper with it, or use it illegally.

• Cloud Data Breaches

Since more people are using private and public clouds, unencrypted data stored there is an open invitation to malicious hackers. Data saved in the cloud can also be composed due to unreliable interfaces or APIs, insufficient access control, and inadequate security architecture.

• Mobile Malware

Mobile devices’ internal operating systems may become unreliable due to this dangerous malware, which could reduce their functionality. This frequently occurs as a result of URLs being insecure online. In addition, downloaded applications with security flaws also contribute to mobile virus problems.

• Ransomware Attacks

One of the most common types of cyberattacks is ransomware, in which the attackers send a virus into people’s personal laptops and smartphones to access and use the data on those devices. They then want a ransom to give you access to it again.

How Can Artificial Intelligence Testing Enhance Cybersecurity?

A notable benefit of AI testing is that it significantly reduces some labor-intensive jobs known to be time-consuming, such as security monitoring, which is unquestionably a significant time-sink for IT security experts. AI testing can do this repetitious labor instead of humans having to keep an eye on numerous gadgets. To enforce proper cybersecurity, decrease attack surfaces, and detect malicious behavior, AI and machine learning testing need to be in collar.

Lifecycle-Approach-To-Continuous-Cybersecurity-Improvement

Let’s look at some additional crucial areas where AI testing proves to be of the utmost significance:

• Moving a vast amount of information around

Each day, data of over 2.5 quintillion bytes are produced. Artificial intelligence (AI) technologies can assist in automating data processing. It makes sense of vast amounts of data that would be impossible for humans to understand in a usable manner. Security experts cannot evaluate and classify every piece of information because firms face millions of risks. As a result, it is tough for security specialists to foresee dangers before they destroy IT systems. Artificial intelligence testing can identify numerous cyber-security threats and issues without human analysts.

• Behavioral analytics

By analyzing how users typically interact with their devices, ML algorithms are intelligent enough to learn and create a pattern of user behavior.

AI testing flag the user as suspicious and possibly block them if it notices unexpected behaviors that are out of the ordinary. These actions include altering the user’s typing speed or attempting to access the system at odd times.

• Ability to analyze and comprehend data

AI testing analyzes millions of events and detects a wide range of threats. These threats include malware that exploits zero-day vulnerabilities, phishing attempts, and malicious code downloads. As a result, AI and ML have emerged as essential information security technologies. Companies may better understand dangers and respond to them faster thanks to these insights. It also helps them adhere to the best security procedures.

• Detection of spam

Spam detection, as well as other types of social engineering aided by natural language processing(NLP), is a subfield of deep learning.

In general, NLP employs a variety of statistical techniques and extensively learns typical verbal and nonverbal communication patterns to identify and prevent spam content.

• Systems for detecting and preventing intrusions (ID/IP)

These systems can detect harmful network activity, guard against intrusions, and warn users of potential dangers. Systems using ID and IP frequently prove useful in addressing data breaches and improving the security of user information.

Furthermore, it is feasible to guarantee a more effective operation of ID/IP systems by utilizing deep learning, recurrent, and convolutional neural networks. The methods above will make it easier for security teams to distinguish between safe and risky network activity. In addition, it improves traffic analysis accuracy and decreases false alarm frequency.

• Speedy detection of numerous types of threats

When it comes to hacking networks, cybercriminals are becoming more skilled and quick. The use of cutting-edge technology, such as machine learning, makes it easier to detect cyberattacks. However, it is hard for humans to keep track of every connected system for every possible hazard. These data are used to educate AI-powered devices, which can then learn from real and digital world data.

Wrapping Up: AI Testing Potential in Cybersecurity

AI-in-Cybersecurity

Given the rising interest in AI in cybersecurity, it’s realistic to assume that in the future, we’ll see even more sophisticated solutions capable of resolving difficulties in the business that is even more difficult and complex. By automating threat detection, artificial intelligence testing will strive to save cybersecurity and contribute to internet safety.

IT security professionals now utilize AI to reinforce sound cybersecurity procedures. It reduces the attack surface and tracks malicious activity. In addition, it evaluates and deals with massive volumes of data and assesses human behavior.

This is by no means a comprehensive list of its functions. It’s preferable to embrace technology today and keep up with the times if you want to be more prepared for the AI-testing cybersecurity future.

Featured Image Credit: Provided by the Author; Thank you!

Timothy Joseph

Timothy Joseph

Technical Writer At QASource

I am Timothy Joseph, a testing expert with over 10 years of experience in QASource. In a nutshell, a techie who enjoys studying the pinnacles of current technology & creativity!

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Automation in Pharmacy: A Key to Boost Pharmacy Work at 10X Pace

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Automation in Pharmacy: A Key to Boost Pharmacy Work at 10X Pace


Automation is unclosing the new opportunities for the healthcare sector to thrive without hassle. In addition, it eliminates the extreme workload pressure in the healthcare ecosystem, especially in pharmacy stores.

Automation in pharmacy means peace of mind to patients, staff members, and stakeholders.

The real meaning of automation in pharmacy

People think that automation is all about robots taking charge.

But in reality, it’s more than just a robot.

Automation in pharmacy is an advanced system or software solution that automates repetitive tasks to eliminate manual errors, streamline workflows, speed up the process, ensure operational efficiency, and save time, costs, and resources.

Repetitive tasks include

This means the ultimate goal of the pharmacy automation system is to make life easier for pharmacists using robust tech.

A rise of the new era. The lucrative market is the proof itself.

As per the exclusive report from the Globe News Wire, “The Global Pharmacy Automation Market size is valued at USD 5,083 Million in 2021 and is expected to reach USD 10,402 Million by 2030.”

For pharmacies, improving efficiency and accuracy has always been a significant headache.

When we look at the past, the early forms of the automation system were expensive for pharmacies.

But the current scenario is entirely different. Pharmacies can now quickly implement advanced and robust automation software and machines at an affordable expense.

The adoption of automation is rising at a rapid pace in pharmacies or drug stores.

For instance, automated data-entry and dispensing systems, auto-refill, storage, and retrieval systems are standard automation solutions in pharmacies.

Automation has made a positive impact on the productivity, performance, and efficiency of the pharmacy.

The rising demand for lower medication or human errors will drive the entire pharmacy automation market.

How does automation perform in the pharmacy ecosystem? A technical context

The aim is to automate repetitive tasks. So, let’s explore what cooks behind the doors.

1. Tech scenario

RPA (Robotic Process Automation) drives manual workflows in autopilot mode.

It helps in creating and managing software robots.

Software robots are advanced tech solutions that perform tasks just like humans.

For instance, it understands, manages, and completes the data entry process faster and more efficiently.

2. Now, RPA tools are in action

You can’t build or deploy software robots into the pharmacy system without RPA tools.

UiPath (uipath dotcom) is one of the top RPA platforms to build RPA tech to automate repetitive tasks.

After creating a program, you can download it as a .exe file.

But remember, there are two ways – attended and unattended programs.

Attended means a manual start is needed, while unattended, the program automatically starts as per the scheduled time.

3. Now it’s time to install

Install a .exe file into the computer. Now your computer-based repetitive task is in autopilot mode, just like Tesla.

Pharmacy areas that are experiencing the positive outcomes of the automation

One can automate the following computer-based repetitive tasks in the pharmacy.

  1. Auto-refill to reduce the hassle of patients’ calls and text messages
  1. Automated inventory management to avoid the headache of the time-consuming and costly processes
  1. Automatic billing and invoicing to eliminate tedious procedures and manual errors
  1. Email and SMS automation to notify the patients about their refills and other things
  1. Automated pharmacy management to keep everything under the same roof
  1. Automated patient data tracking system
  1. Remote dispensing system

Automation brings happiness in the true sense

Automation opens endless possibilities for patients, pharmacy staff, and stakeholders to eliminate their headaches with ease.

  • Efficient and streamlined workflows
  • It makes the pharmacy ecosystem faster and more flexible
  • Allows pharmacists to focus on other key areas
  • Humans make mistakes. Automation doesn’t
  • It improves the work productivity of the staff.
  • Reduces the patient data management hassle
  • Helps in avoiding the mess of the inventory management
  • Auto-refills prescriptions that save time and resources
  • Improves patient care experience and satisfaction
  • Eliminates the human errors that enhance the patient safety
  • Faster and efficient communication
  • Ensures operational efficiency
  • Improves the accuracy of the workflows

Technologies in the automation systems

1. RPA (Robotic Process Automation):

We both are familiar with how RPA is becoming a helping hand for the pharmacy. It reduces the work burden of the staff and gives them peace of mind in the true sense.

But there are still limitations of the RPA.

It cannot think for itself and performs the task based on the analysis. This means it performs input for the fixed output.

In addition to this, it also requires well-structured data to perform tasks more efficiently.

2. OCR (Optical Character Recognition):

OCR has emerged as the revolutionary tech solution in almost every sector.

The advanced technology automatically extracts the data from the image, PDF, and written text and converts it into a readable and editable format.

Automating the prescription ordering process is one of the drug store’s most common use cases of OCR.

However, it also needs a well-structured data formation to give an accurate output.

3. Artificial Intelligence:

With zero doubt, AI is now an integral part of the entire healthcare ecosystem.

From improving patient care experience to reducing the burnout of the clinical staff, AI in healthcare has shown positive results in almost every corner.

AI enables the pharmacies to make data-driven decisions and automate manual tasks such as personalized messages to patients etc.

What makes it exceptional from the rest is that AI holds the potential to think for itself for the given task or change in the output.

Lastly, an AI-based OCR system also helps get the ideal outcome even from the unstructured data format.

The future of the pharmacy automation

The pharmacy market is experiencing a growing trend of automation adoption.

RPA, AI, OCR, and ML are creating new opportunities in almost every inch of the pharmacy.

But still, pharmacists are performing double-checking systems on the prescription as automation is still in development.

However, the advancement of these technologies in pharmacy app development and software development has the potential to bring 100% accuracy in the next few years.

More importantly, AI harnesses the true power of big data that allows pharmacists to analyze risk patterns.

Here are some of the future needs for automation in pharmacy.

  • Faster and more efficient medication dispensing
  • More effective and outcome-driven patient data management
  • Better management system for the inventory and resources
  • 100% accuracy in the repetitive tasks

To sum it up

Automation is bringing flexibility, scalability, and affordability into the pharmacy sector.

It adds result-driven value to the everyday task of the pharmacy team by allowing them to keep an eye on the other vital aspects of the ecosystem.

As a result, pharmacies can now achieve their business goals without compromising costs, labor, and time.

The aim is to bring magic into the life of the patients, pharmacists, and stakeholders, and automation is doing wonders for the same.

Parth Patel

Parth Patel is a serial entrepreneur and CEO of SyS Creations which is a top healthcare app development . Operating the IT Infrastructure of SMEs and startups keeps him on his toes and his passion for helping others keeps him motivated.

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