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Panikkos Vakkou: The Critical Role Of Financial Literacy

by THEFUTURE.TEAM

October 19, 2025

The financial industry is being fundamentally reshaped by innovations such as artificial intelligence, open finance, and big data analytics. Panikkos Vakkou, Vice Chairman of the Cyprus Securities and Exchange Commission, cautions that citizens must cultivate robust digital financial literacy to navigate the benefits and inherent risks of these new technologies.

Balancing Opportunities And Risks

While AI and related technologies offer powerful capabilities by analyzing vast datasets, making informed investment decisions, and reducing costs through the minimization of intermediaries, they also introduce significant risks. Vakkou warns of the dangers that come with opaque algorithms, lack of accountability, and the potential for data inaccuracies, all of which can lead to poor financial decisions that impact quality of life.

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The Imperative For Digital Financial Literacy

Digital financial literacy has emerged as a pivotal factor in managing today’s complex financial ecosystems. Individuals who are knowledgeable about modern digital tools not only safeguard themselves from deceitful schemes and scams but also enjoy a reduced financial burden and enhanced decision-making capabilities. This demand extends beyond basic financial education to encompass a wide range of digital competencies critical for maintaining financial health.

National Strategies And Educational Initiatives

Cyprus serves as a leading example in this digital transition, having implemented a National Strategy for Financial Literacy that prepares its citizens for an increasingly digital financial environment. In collaboration with the Education Ministry, initiatives such as dedicated courses in secondary schools are designed to provide younger generations with practical and relevant financial knowledge. These efforts are closely aligned with European and international policy priorities focusing on financial inclusion and literacy.

Addressing The Digital Divide

Vakkou also highlights the challenges posed by the digital divide. Younger individuals, despite their tech-savvy nature, can be vulnerable to impulsive decisions influenced by social media and deceptive get-rich-quick schemes. Meanwhile, older individuals may struggle with the complexities of digital platforms and advanced financial tools, such as robo-advisors and algorithm-based trading applications. Bridging this gap necessitates a dual focus on technological innovation and comprehensive education.

Investing In A Resilient Future

Ultimately, ensuring that technology serves society rather than undermining it hinges on our collective ability to educate and empower citizens. A well-informed public is not only better equipped to harness the advantages of modern financial innovations but is also more adept at mitigating associated risks, paving the way for a sustainable, equitable financial future.

The Future Forbes Realty Global Properties

by News Editor

August 24, 2026

Courts Are Still Applying Old Copyright Rules To AI

AI companies train models on enormous amounts of published material, including books, articles and academic research. Whether using that content without authors’ permission violates copyright law remains unresolved.

Much of the debate centres on fair use, which allows copyrighted material to be used without permission in certain circumstances. Courts consider factors such as the purpose of the use, how much material was involved and its impact on the original market.

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Anthropic Case Sets An Important Precedent

A major case involving Anthropic and a group of authors provided one of the clearest rulings so far. Judge William Alsup found that using copyrighted books to train AI models was lawful, comparing the process to people reading and studying literature before creating something new.

Anthropic was nevertheless ordered to pay $1.5 billion in a settlement. The penalty concerned books the company had obtained from illegal online libraries rather than the AI training itself.

For AI companies, that distinction could prove significant because it separates studying copyrighted material from directly copying it.

Competition Could Be The Key Issue

A case involving Thomson Reuters and Ross Intelligence offers a different perspective. A court ruled that Ross could not claim fair use after using Reuters’ copyrighted material to develop a competing AI-powered legal research platform.

The decision suggests courts may be less willing to consider AI training fair use when copyrighted content is used to build a product that directly competes with the original.

For authors, an unresolved question is whether AI-generated content should be considered competition for the works used to train these models.

The Law Has Yet To Catch Up

US copyright law predates generative AI by decades, leaving courts to apply old principles to new technology. Questions also remain over copyright protection for AI-generated works. In Thaler v. Perlmutter, a court ruled that material created entirely by AI cannot receive copyright protection.

Major AI companies remain involved in copyright litigation, and different courts could reach different conclusions. For now, there is no universal rule: the legality of AI training will depend on the circumstances of each case and how courts ultimately interpret copyright and fair use.