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The LIBOR transition timeline is end 2021, affecting over 350 trillion in contracts. But players may not yet be ready for the LIBOR change.
From State-0 to 2018: The Evolution of Cyber Security
It’s October, and for those in the field of cyber security (digital security), we know of this month as a special milestone in the eighteenth year of the twenty-first century. For those of you new to it, October marks fifteen years since the launch of the National Cyber Security Awareness Month (NCSAM). In the wake of digitalization, and an effort to secure our future, let’s look back at what brought us here today.
Complexity of Threats
Cyber Threats have also faced evolutionary progress over the years, moving from basic attacks that could impact no more than one device to complicated attacks against networks. In the age of digitalization and digital security, traditional security methodologies simply aren’t enough.
Trace back to thirty years, and the heads of IT held job roles of enviable proportions in comparison to their younger counterparts from the modern era. Don’t take it the wrong way, their job was by no means a walk in the park, but there was a certain simplicity attached to it, given the small number of devices that needed protection.
With a sharp increase in digital transformation initiatives and the general idea of digitization, organizations are now driven toward becoming more adaptable and agile. This led to a surge in the number of endpoints and potential ways for cyber attackers to gain access to enterprise networks, making the cyber battlefield more evolved and more complex than ever before.
Cyber Security teams today are forced into a position to devise new tactics to fend against advanced cyber threats that target their increasingly interconnected enterprise networks. In the early days, cyber warfare stood as a concern for the IT department, but the widely reported breach at Sony in 2014 placed cybercrime at the top of the business agenda. The incident helped organizations realize that a compromise, attack, or breach in defenses could severely impact business performance, in worse cases – brand perception, and even the financial bottom line.
What this realization meant was that cyber security had become an enterprise-wide issue that required risk management and addressing, a business priority. But even after the Sony attack, digital security still hadn’t established the level of concern that it receives today. The more recent attacks warrant that praise, especially the crippling WannaCry and NotPetya ransomware outbreaks.
For example, in WannaCry’s case, the cyber attack affected giant organizations, namely – Telefonica, NHS, and other multinational corporations, to devastating effect. Additionally, there are changes in regulation and compliance requirements that highlight why digital security must stand at the top of the business agenda – not just for the board, but every other employee and supplier.
With this in mind, there have been a couple of key shifts with respect to the evolution of cyber security.
Beyond the Realm of IT
Cyber/Digital Security is no longer just the concern of the IT department, it impacts an organization in its entirety with an expansive view – local, regional, and global perspectives. It holds the power to break down silos that organizations operate within, encouraging cross-department interactions to identify assets that need protecting. This reduces the impact of a future attack, playing into the broader idea of cyber threat intelligence, even.
Adaptive or agile organizations that are now leveraging digital transformation initiatives assess how they use or implement security as well – linking it back to business objectives to enable disruptive business models.
Cyber Security at the Core of Innovation
Cyber Security no longer hinders the adoption of innovative technologies or new processes and stands instead as the front and center of innovative expeditions in the new digital world. It is accelerating speed of service, enabling a wider, more seamless and secure access to data in the Internet of Things (IoT) and more. We say at the core of innovation because digital security is now a pre-requisite, built into new technologies and devices from the outset.
Cyber Security: Smarter, Faster, Stronger
Agility and speed are not the only assets needed for a stellar cyber security program; in 2018, it also requires being smart and more effective – especially in the face of reduced budgets. Today, managing security involves the gathering, synthesis, and analysis of security data as a standard. It’s no longer about data, but what the data tells us.
In addition, the next generation of digital security services is geared to include providers that can leverage insights and cyber threat intelligent services within a global network. This will even go as far as to separate those with the expertise to deliver intelligent insights, and those who collect data.
What’s the Future?
Innovation and digitization are not set to stop any time soon and is instead slated to continue and grow at an exponential and business critical pace. Bearing this in mind, businesses ought to embrace next generation technologies and define strategies that exceed customer experience on a regular basis, securely.
But several organizations are still missing a core foundation of security tools and processes; this is evidenced further by Verizon’s 2018 cyber threat intelligence report, which reveals that the same tactics are still effective in infiltrating data.
Businesses are no longer reactive, and that’s a positive approach in the face of increasing cybercrime. Organizations aren’t looking to make headlines by becoming victims, and success in the future is going to be a measure of how companies plan the improvement of their cyber security systems.
5 Signs You Aren’t Getting the Most Out of Your Salesforce® Solution
1. Poor user adoption.
Users are continuing to rely on their old ways of getting work done and not using Salesforce®. Those who do, use it less than optimally. This is a classic sign that some fundamentals have been overlooked during salesforce implementation. Salesforce.com, like any other new enterprise software, needs planning to overcome initial user resistance because it invariably brings in change. Hence, it is very important to have executive sponsorship, a roadmap aligned to the overall organizational strategy, and early involvement of the actual end-users during salesforce implementation. Keep in mind that if you are facing low user adoption and are expecting it to get better with time, it never will. You need to identify the root causes and take corrective action.
2. Failure to meet the KPIs for each role.
Not all key user roles are configured in the system. Thus, their KPIs/performance are also not mapped to it. Without this, the system quickly becomes irrelevant to the users and the organization will not be able to improve adoption.
3. Ineffective reports and dashboards.
If the system is not designed well, there are increased chances of inaccuracies. Lack of integration with key applications and/or poor user adoption can also result in the unavailability of key data, which will, in turn, result in inaccurate reports and analytics. This often forces teams to continue their reliance on spreadsheets and peripheral systems for insights and analysis, perpetuating the vicious cycle. Another issue is that of insufficient customization of reports and dashboards for key roles. This makes them less useful for key users. Reports and dashboards can be effective tools for making timely decisions that drive growth, and Saleforce® has a rich set of features that provide these functionalities. If your teams are unable to take full advantage of these features, it is time to act.
4. Stagnant or dipping sales.
Not seeing your business metrics moving in the right direction (e.g., higher lead conversions, reduced sales cycle time, etc.) even after the sales processes have been automated is an indication that the system is not built to improve the users’ productivity. A well-thought through system would have process improvements apart from the obvious benefits of sales automation, enabling sales teams to spend more time in identifying and closing deals. Lack of growth in this area could mean that the teams are using the system only for data capture, which eventually makes the system difficult to use and redundant.
5. Decreased customer satisfaction.
Downward trends in customer satisfaction scores after service process automation can be an indicator that the system is not built right. An intelligently built system would have prompts to ensure that users would engage and keep customers updated at all times. When looking at organizations facing problems in this area, it is not uncommon to find service teams using other systems (including pen and paper!) apart from Salesforce.com. In these situations, the teams may be using Salesforce.com more as a database of customer complaints rather than as an integrated customer engagement platform. To derive the best benefits from the platform, your system needs to be built for effective customer engagement and issue resolution.
At Marlabs, we understand the value behind sharing threat intelligence and strategic choices. After all, the ability to utilize tailored cyber threat intelligence provides actionable tactical and strategic choices that impact security. That’s where threat feeds or Indicators of Compromise step in.
IS FINTECH Leading to Disruption or Collaboration in the Financial Space?
FINTECH has been a buzz word, specially for investors, for the past four years . FinTech refers to the Innovation in Financial Services with the: forming and arrival of numerous Fintech start-ups with a focus on innovative ways, impacting how consumers save, borrow, invest, move, pay and protect money, backed up by sound Technology.
Fintech companies are responding and accelerating the change in the Customer preference around mobile and smartphones, and social media. Fintech companies have made robust business models with sound and dynamic CRM (Customer Relationship Management) software like Salesforce, thereby reducing operating expenses of their business.
DISRUPTION
Banking, has been one of the business sectors that’s historically most resistant to disruption by Technology. For centuries, banks have built robust businesses with high margins, high distribution through branches, unique expertise such as credit underwriting (underpinned by both data and judgment). The Banks have enjoyed the special status of being regulated institutions that supply credit, the lifeblood of economic growth and have got sovereign insurance for their liabilities (deposits). Moreover, the bank customers are slow to change financial-services providers. This has resulted in banks having a very resilient business model.
However, the status-quo is changing rapidly. First, the financial crisis had a negative impact on trust in the banking system. Second, the pervasiveness of mobile devices has begun to undercut the advantages of physical distribution that banks previously enjoyed. In India Mobile phones have an 80% penetration vis-à-vis bank penetration of just 35%.
Moreover, it’s the younger generations who are more techno-mobile friendly. According to the Encyclopaedia of Health Economics, 65% of India’s population is below 35 years. The aforesaid factors have led to a huge change in the customer’s tastes and preferences in favour of the new innovative financial products specifically, and environment in general.
In addition, the business processes are getting streamlined due to flexible, dynamic and low-cost CRM platforms like Salesforce and financial structures that are undergoing tremendous changes from building/branches to software/servers, Fintech companies have the advantage of reduction in both, operational and capital expenses.
Few examples of FINTECH ideas and companies providing innovative business solutions:
Transferwise: Trans-border transfer of money without banks.
Online-only banks: An example is GoBank which has no branches and is available only online. They can offer many of the traditional bank services with higher rates and lower fees.
P2P lending marketplaces: One example is the Lending Club that provides a platform to borrowers and lenders for more cost effective and time efficient lending solutions.
Robo-advisors like Lending Robot and Betterment offer lower fees, lower minimums and good returns to investors.
New payment gateways like Paypal and Citruspay provide ease of access, lesser rates (transfer) and user-friendly apps with guaranteed fraud protection and data protection.
The benefits provided by the abovementioned application of information technologies to our financial system seem large. Banking seems inefficient, costly, riddled with conflicts of interest and prone to disruption by this new Fintech environment.
COLLABORATION
With innovative ideas and cost reduction Technology brought in by Fintech companies, the traditional banking environment and business will be disrupted, but at the same time, a new banking and financial environment is sure to emerge.
Banks will need to re-examine and reinvent themselves in order to stay ahead. It will be a WIN-WIN rather than WIN-LOSE or we can say it will be FINTEGRATION. Banks need to get innovation and technology and Fintech companies need scale and bigger client database. Fintech specialists in the fields of Payments and Transfers, Lending and Finance, Retail Banking, Financial Management and Insurance are going to tie-up with existing banks and lending institutions, reducing the time and cost and giving a better experience to the customers.
There will be strategic investments for this collaboration and investors are bullish big time on Fintech. According to Fintech Venture Capital Report by KPMG and CB Insights, global investments in Fintech companies totalled US$ 19.1 billion as against just US$ 350 million in 2010 – an increase of 5400% in a period of six years.
To conclude, Fintech is here for sure.
Banks must seek important signals amid the present FinTech noise in order to reposition their business models. Financial institutions and banks must consider what sections of their business they would like to retain, and in which areas partnerships would deliver better value to customers.
Fintech, being inherently digital, the banking sector’s wide scale investment in this area requires an increased focus on cyber security. By building their digital assets on the top of a holistic digital risk platform, banks will help to protect their brand, intellectual property, customer data and help to ensure availability and a strong customer experience.
Protect your enterprise with cyber threat intelligence solution (CTI)
Today’s online adversaries possess unprecedented capabilities along with the financial backing, intelligence, and resources to conduct extremely sophisticated attacks. From state-sponsored cyber criminals to organized hackers to other cyber espionage actors, the list of threat actors is large and growing.
Tools and technologies to combat these cyber threats have not been able to keep pace with this rapidly evolving cybersecurity landscape. Identifying any trace of a sophisticated, organized, and persistent attack can be like looking for a needle in a mountainous haystack.
To surmount this challenge, enterprises need to keep a constant pair of eyes on the network and a “third eye” to look beyond network boundaries.
Cyber Threat Intelligence (CTI) from Marlabs provides the answer. With our Cyber threat intelligence solution, information from several sources can be rapidly collected and analyzed to identify and detect emerging threats.
Our information sources traverse the Clear Web, the Deep Web, and the Dark Web:
Clear Web: This is the part of the web that can be indexed by a typical search engine.
Deep Web: This is the section of the web that search engines cannot index as access is blocked by encrypted URLs, password protected pages, local/internal networks, and direct IP addresses.
Dark Web: The Dark Web/Dark Net is a subset of the Deep Web that is intentionally hidden from standard browsers.
Marlabs Cyber threat intelligence consists of two tightly-integrated components:
RAPID360°: A next generation, AI-driven platform that accelerates collection, correlation, and analysis of threat data from multiple sources in real-time, to identify relevant threats.
CTI-Ops : Threat intelligence expertise provided by the Marlabs Threat Analyst Team to answer generic and specific security concerns in a timely, relevant, context-sensitive, and accurate manner.
The result is a Cyber Threat Intelligence Solution that combines Surveillance with Threat Hunting and is:
Proactive: Anticipating risks and acting in advance
Repetitive: Using repeatable processes for collection, analysis, and dissemination of intelligence
Analytics Based: Obtaining intelligence and insight using data visualization and machine learning
Correlative: Correlating attacks, alerts, and logs to gain targeted intelligence
Investigative: Investigating root causes and developing attack timelines through forensics
Deep-diving: Detecting advanced threats that evade traditional security defenses
Marlabs provides cyber threat intelligence services providing evidence-based information about existing or emerging cyber threats to an organization.
Marlabs provides cyber threat intelligence services providing evidence-based information about existing or emerging cyber threats to an organization.
User Experience Design in the Modern Digital World
Business holds a different meaning today, especially given the digital era. It’s fast-paced, and priorities are more dynamic than ever before. On a broad breakdown, it could hover around aspects of increasing customer engagement, bolstering your brand identity, and identifying possibilities for new revenue streams.
A broad breakdown, of course. In the first decade of the twenty-first century, this required years of strategic debate, some leading to market dominance, and others to redundancy. But in the digital era, these goals are being accomplished increasingly through design implemented for easy interaction between the customer and the brand.
After all, when it comes to the effectiveness of your digital product or business, nothing today stands as more important than offering your customers excellent digital user experience.
The Beatles, to this day, moves millions of souls to the tune of their music, and Michelangelo’s masterpiece – The Last Judgment – continues to inspire everyone who ever visits the Sistine Chapel. A well-defined user experience design does just that for your business or product. It’s no longer enough to be just good enough, and anything less than a spectacular digital user experience is what leads to unhappy future customers.
You don’t want that.
An excellent digital user experience implies something intuitive and easy, something that is fun and unique. You want customers to have the best experience imaginable, incentivizing future interactions and enabling a window for valuable feedback, which happens to be critical information important for sustained business success.
Over the years, research unveiled companies with a determined focus on digital user experience perform better financially. What could the reason be? Well, it could be because of lowered price sensitivity, positive word of mouth, and greater retention. In turn, expenses for these businesses are lowered with fewer complaints, reduced acquisition costs, and fewer customer service requirements.
It’s always been one of the best ingredients to a business’ formula for success – User Experience Design. And it’s why you should focus on it from the very start of the planning phase.
We are providing a better UX design which enhances the digital user experience and leads to the digital transformation of the business to empower newer business models.