Stress levels are rising, investment is too low, IT leaders feel they don’t get the executive support they need.
86% of leaders reveal ransomware causes workplace stress, while 53% would rather pay a ransom than invest in defending against it
London, UK – Osirium’s 2021 Ransomware Index survey has revealed that 53% of its 1001 UK IT manager respondents don’t believe they invest enough to prevent ransomware attacks, whilst a similar number (52%) don’t feel supported to do so by their company’s board. With less than 10% believing that they can prevent a future ransomware attack, it is little wonder that stress levels are so high for these IT leaders.
The survey findings raise concerns about UK IT teams’ ability to properly manage potential ransomware attacks, of which their likelihood of becoming a victim is increasing rapidly. Of those surveyed, only 21% claimed they had never been attacked. Perhaps more surprisingly, 53% of respondents agreed with the statement: “It would be cheaper to pay the ransom demand than continuously invest in preventing ransomware”.
More than half of the survey respondents also claimed that they do not have sufficient budget/resources to cope with the constantly evolving threat landscape, which makes the research finding, that many feel the only way to deal with the problem is to pay, even more impactful.
The stress to UK IT managers, caused by the spectre of Ransomware, is an increasingly significant downside to an already difficult job. 86% of the IT managers surveyed said they feel stressed about the prospects of a ransomware attack, with 22% saying it more than doubled their stress levels.
David Guyatt, Founder and CEO of Osirium said: “This situation is unsustainable, and it is likely only a matter of time until many of these ill-prepared businesses fall victim to a ransomware attack. The cost of paying a ransom is merely the tip of the iceberg. Add in the real and virtual costs, such as reputational damage, regulatory fines and lost business through downtime, and it is hard to justify not having robust malware and ransomware protection in place.”
Guyatt’s comments are further substantiated by the Osirium report finding: 19% considered reputational damage to be a major concern, with 24% concerned about downtime and 28% citing data protection worries.
“Right now, many businesses are deep into the planning process as they prepare for 2022 and beyond,” added Guyatt. “This will be a pivotal moment for UK business leaders, and those who neglect to prioritise their ransomware defence and remediation systems may just as well paint a target on their back. Failure to prepare, and the associated stress on the IT department, could easily also result in individuals experiencing major burnout, the impacts of which will only lead to further security challenges.”
Access the Executive Summary here: https://www.osirium.com/documents/osirium-ransomware-index-stress
The Osirium Ransomware Index Methodology
The survey was carried out on behalf of Osirium by Atomik Research, an independent creative market research agency that employs MRS-certified researchers and abides to MRS code, and surveyed 1001 IT managers across the UK between 30 July and 5 August 2021.
About Osirium Technologies
Osirium Technologies plc(AIM: OSI) is a leading UK-based cybersecurity software vendor delivering Privileged Access Management (PAM), Privileged Endpoint Management (PEM) and Osirium Automation solutions that are uniquely simple to deploy and maintain.
With privileged credentials involved in over 80% of security breaches, customers rely on Osirium PAM’s innovative technology to secure their critical infrastructure by controlling 3rd party access, protecting against insider threats, and demonstrating rigorous compliance. Osirium Automation delivers time and cost savings by automating complex, multi-system processes securely, allowing them to be delegated to Help Desk engineers or end-users and to free up specialist IT resources. The Osirium PEM solution balances security and productivity by removing risky local administrator rights from users, while at the same time allowing escalated privileges for specific applications.
Founded in 2008 and with its headquarters in Reading, UK, the Group was admitted to AIM in April 2016.
By: Barry O’Donnell is the Chief Operating Officerat TSG, offering managed IT services in London
As the importance of cybersecurity has increased, so has our awareness of it. Poor cybersecurity has been identified as the most pressing threat to businesses today. Issues with cybersecurity often stem from a lack of cybersecurity awareness. In fact, according to the 2020 Cyberthreat Defense Report, a lack of cybersecurity awareness was identified as the biggest detriment to an organisation’s cyber-defences.
The reasons for this lack of awareness include no training on cybersecurity and persistent misinformation. Despite more media attention than ever, there are still some common misconceptions about cybersecurity that put businesses at risk.
Here, we bust the top myths around cybersecurity and how you can address them.
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Cybersecurity isn’t my responsibility
IT security is still viewed as the IT team’s problem when that’s not the case at all.All employees have a responsibility to ensure the security of their business. Your people are the frontline of your defence and represent its biggest attack surface. They are the people hackers are targeting with phishing campaigns because they’re banking on a lack of security knowledge.
This myth can have serious consequences if your people don’t practise basic cybersecurity hygiene. If they don’t take care when clicking links in emails or downloading software, they could compromise your business’ security. Education is critical because your employees need to understand why cybersecurity is so important and that they have a role to play. Training will also equip them with the skills to spot threats and change their behaviour for the better.
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Hackers don’t target small businesses
If media coverage is anything to go by, only large organisations like Yahoo, Uber and Marriott get attacked, right?
Wrong.
This myth is particularly persistent because of mainstream news and the fact that hackers can potentially extort higher sums of money from these businesses. But the Federation of Small Businesses (FSB) reports that UK small businesses are targeted with over 10,000 cyber-attacks a day. The same report highlights widespread weak security procedures in small businesses, including a lack of formal password policies, not installing updates and not using security software.
While the financial gain from targeting enterprises is more lucrative, the stakes are higher for small businesses. Cybercriminals know this. A cyber-attack could destroy a small business and force it to close, and that’s why one small business is successfully hacked every 19 seconds in the UK. Small businesses which have a limited cybersecurity budget should tap into the knowledge of an IT support service, who can advise on the most suitable defences.
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My passwords will keep me safe
There are still two long-held misconceptions around passwords. The first is that adding capital letters, numbers or special characters to your one-word password will make it uncrackable. This myth is perpetuated by a lot of business accounts which have these requirements. However, the real measure of password security is length.Software can crack short passwords, no matter how “complex”, in a matter of days. But the longer a password is, the more time it takes to crack. The recommendation is using a memorable phrase—from a book or song, for example—that doesn’t include special characters.
But determining a strong, (almost certainly) uncrackable password is only the first step. If the service you’re using is hacked and criminals gain access to your password, you’re still vulnerable. That’s where two-factor authentication (2FA) and multi-factor authentication (MFA) come in. These methods require you to set up an extra verification step. When you log in, you’ll be prompted to enter a security code which will be sent to your phone or even accessed via a dedicated verification app. That means if a hacker ever gets their hands on your password, they’ll still be thwarted.
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A basic anti-virus will be enough to protect my business
Gone are the days where your McAfee or Avast anti-virus solution will be enough to protect your business. Now, there are dedicated tools to fight against specific threats like ransomware. A synchronised approach to security, whereby your solutions all interact with one another, is generally accepted as the most robust. Your security solutions should cover your endpoint, firewall, network connections, email and more. In addition, backup and disaster recovery solutions are recommended to mitigate any potential incidents.
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We only need to protect against hackers
While hackers pose an enormous threat to your business, you can’t ignore the possibility of malicious insiders or even staff accidents. One of the most highly-publicised accidental breacheswas a Heathrow Airport staff member losing a USB stick with sensitive data on it. Luckily, the person who found it handed it in rather than using it maliciously. The company was still fined £120,000 for its “serious” failings in data protection. It’s also all-too-easy for an employee to accidentally email a spreadsheet with sensitive data outside of the company.
Equally, a disgruntled employee who has access to sensitive employee or customer information could willingly steal or share it. Locking down access to your core systems and ensuring fewer employees have access to them can help you protect against this. For accidental breaches, implement policies thatstate removable devices must be encrypted. You can also configure your email settings to block certain attachments from being shared outside of your organisation.
Are you or your staff members guilty of believing any of these myths?
Author Bio:
Barry O’Donnell is the Chief Operating Officerat TSG, offering managed IT services in London, with expertise across a range of areas including Office 365, Dynamics 365, document management and business intelligence.
Sources
https://www.csoonline.com/article/3440069/uk-cybersecurity-statistics-you-need-to-know.html
https://www.infosecurity-magazine.com/news/longer-password-harder-to-crack
https://www.ncsc.gov.uk/guidance/mitigating-malware-and-ransomware-attacks
As we prepare for a post-pandemic world where reducing pathogens and viral spread is essential, global visual technology company Christie® announced the mass production of its Christie® CounterAct™ line of commercial UV disinfection products with patented Care222® far-UVC light technology. CounterAct fixtures are designed for use in occupied indoor spaces, from cinemas, theme parks, museums, and sports complexes, to retail, restaurants, as well as transit hubs at airports, train and subway stations.
Developed by Christie, and using parent company Ushio Inc.’s Care222nm UV lamp technology that’s licensed through Columbia University, the CounterAct line of mounted fixtures is designed for high-ceiling applications, which are as easy to install as commercial lighting fixtures.
The first UV disinfection technology developed for use around people, Christie CounterAct uses proprietary filtered far-UVC light to eliminate 99% of pathogens on surfaces in indoor spaces, including the SARS-CoV-2 coronavirus that causes COVID-19, influenza, bacteria, and other antibiotic-resistant superbugs by damaging the DNA or RNA of the pathogen, which leaves them unable to reproduce and infect humans.
Watch “Not all UV is created equal” video
“With our CounterAct fixtures, as an added layer of defense, bringing customers back to the places they love to share and create memorable experiences, has never been safer,” said Brian Claypool, executive vice president, Cinema, Christie. “Many businesses and industries all over the world rely on being able to have their customers together in person, and they will need every tool available to help them do so safely.”
To date, Christie CounterAct models have demonstrated compliance with UL, CE and UKCA by third-party testing facilities for electrical safety, electromagnetic compatibility (EMC), compliance with the radio equipment directive, and most importantly photobiological safety.
Photobiological compliance is a safety evaluation to confirm that the level of UV exposure for occupants is in line with accepted industry guidelines – a critical component of the third-party testing.
Advancements in technology have made UV disinfection safer and more effective
UV light has long been proven to effectively neutralize pathogens, but the 254nm wavelength used in other disinfection products on the market is a human health hazard because it can penetrate and damage human eyes and skin, making it unsafe for human exposure.
Award-winning CounterAct fixtures contain Ushio’s patented Care222 lamps that emit far-UVC 222nm light – which was shown in a 2020 study by Kobe University to be safely used with people present, making it a sweet spot on the UV spectrum that’s effective against pathogens in occupied spaces. Additionally, Care222 is the world’s first far-UVC technology with a proprietary optical filter that blocks potentially harmful longer (>230nm) UVC wavelengths from being emitted.
“The fact that the unique far-UVC light from our Christie CounterAct UVC disinfection fixtures can be used automatically and continually in the presence of people is the key advantage. The technology reduces pathogens from the environments where people gather.” said Claypool. “By harnessing these benefits as part of a user-friendly product that can be quickly deployed, we hope to provide a much-needed boost to our partners across many industries.
For more information visit Christie’s CounterAct website.
Amir Hashmi, CEO and Founder of leading IT and Cloud services provider zsah, discusses why business owners should outsource their IT management if they are to avoid IT system failure
Efficiency is at the heart of a successful business strategy; this is a universal truth and one that certainly extends to IT management. System downtime is the antithesis to efficiency because when your system is offline, everything else stops, too, and this does not come cheap.
These facts are more valid now than ever before. Due to the host of pandemic technologies businesses have had to use, digital tools are intrinsic to every successful business function right now. Therefore, your business deserves constant attention, not just when a problem occurs; IT should have a critical eye passed over it constantly to ensure it is up to scratch.
Top performance does not come from just fixing faults – it comes from a team of pros dedicated to improvement. This leads us to managed IT support services: your team of IT experts that not only fix issues when they occur but also constantly improve the software and hardware, so there is less chance they ever take place.
The real cost of downtime
When the systems are down, you are not only wasting any money you’ve invested in your IT; you’re also probably making no profit, potentially reducing productivity to zero, and risking your company’s reputation to stakeholders, clients, and customers.
In 2017, ITIC sent out an independent survey to measure downtime costs. It found that 98% of organisations say that a single hour of downtime costs over USD 100,000, with 81% putting the figure at over $300,000. For 33% of businesses, 60 minutes of downtime would cost their firms between $1 million and $5 million.
Figures from Statista.com reveal 24% of organisations worldwide reporting average hourly downtime costs amounting to between USD 301,000 and USD 400,000, with 14% reporting greater than USD 5 million in costs.
Elsewhere, IHS Markit surveyed 400 companies and found downtime cost them a collective USD 700 billion per year – 78% of which was from lost employee productivity during outages.
Managed IT solutions are the key
Though the exact cost is impossible to calculate, downtime is a significant issue – for individuals, companies small and large, and even national economies. Don’t wait until downtime strikes; employ dedicated IT professionals – and not just to fix issues, but also to constantly improve your setup, so you run at maximum efficiency.
When you work with a managed technology services provider, your network and infrastructure are supervised 24 hours a day, all year round. As with any IT service, issues will be fixed – however, the real advantage is more long-term. As technology service providers perform regular proactive upkeep, there will be a reduced chance of suffering from issues in the first instance. When (or if) they do occur, it will be far simpler to recover data thanks to full cloud integration.
Company’s virtual offerings, cloud services match with on-premises deployments to solve real-world security challenges for SMBs, enterprises, governments and MSSPs
MILPITAS, Calif. — OCTOBER 13, 2021 — SonicWall, a global leader in physical, virtual and cloud-focused cybersecurity solutions, is emphasizing the return of customer choice for securing and scaling a mix of cloud, hybrid and traditional environments.
“Too many times organizations have been forced to change the way they operate in order to secure access to their networks, data, devices and people,” said SonicWall President and CEO Bill Conner. “We’ve been busy innovating cloud and virtual solutions that help organizations secure complex blends of networks, including virtual, hybrid, cloud and on-premises deployments.”
SonicWall’s growing virtual, cloud and hybrid offerings leverage the best of the company’s Boundless Cybersecurity approach to return deployment choices to the customer while solving real-world use cases faced by SMBs, enterprises, governments and MSSPs. SonicWall’s core cloud solution offerings:
– Solve security and connectivity challenges for cloud-native and hybrid environments.
– Secure access to cloud and on-premises applications and virtualized workloads through modern zero-trust capabilities.
– Protect increasingly distributed and remote workforces through powerful virtualized security layers and zero-touch capabilities.
– Simplify threat detection and response by unifying security events and analytics in a single cloud-based dashboard, allowing easy visualization and management of high-risk alerts.
“The modern IT environment is rife with complexity that drives security and connectivity challenges, which can be further complicated when organizations require hybrid environments comprised of physical, virtual and SaaS offerings, and private and public cloud solutions,” said IDC Research Director Chris Rodriguez. “Cybersecurity vendors that support these deployment options add tremendous financial and operational flexibility for their customers, and are also well suited for organizations that are in different stages of their cloud journey.”
SonicWall Solves Today’s Complex Security, Connectivity Challenges
SonicWall’s cloud innovation is driven by the need to solve complex security and connectivity challenges by delivering power, flexibility and choice to customers and partners. SonicWall has collaborated with organizations worldwide to build some of the most secure and robust hybrid networks.
“The University of Pisa connects and secures a wide and distributed network of systems, users, applications and services to ensure our institution can provide the highest levels of on-campus and remote learning,” said University of Pisa CIO Antonio Cisternino. “It’s imperative that we’re able to use the same trusted security controls, regardless of how we deploy them. Through their growing range of virtual, cloud and hybrid offerings, SonicWall gives us that choice and flexibility without sacrificing the security standards we require to protect and enable students, faculty and staff.”
SonicWall ensures organizations are able to set their own deployment paths and cloud migration timelines — not forcing them into a rigid vendor-first approach. By providing cloud-based (e.g., virtual firewall and VPN), as-a-service (e.g., ZTNA, FWaaS) and on-premises (e.g., firewalls, VPN) options, SonicWall empowers customers to deploy what works for their architecture — and adopt cloud transformation at their pace.
These real-world hybrid environments are secured using a cohesive mix of virtual, cloud and on-premises offerings, including SonicWall NSv virtual firewalls, Cloud Edge Secure Access zero-trust security, appliance-free SMA virtual private networks (VPN), and Cloud App Security to protect SaaS applications.
Organizations are able to further scale and extend distributed environments by simultaneously deploying security across multiple locations — with minimal IT support — using Zero-Touch Deployment capabilities.
Implement Zero-Trust Security in as Few ‘15 Minutes’
With the influx of work-from-home access, companies require a simple and secure way of connecting their workforce to resources they need — wherever they’re located.
SonicWall embraces zero-trust security as a tenet of cybersecurity in a perimeter-less, cloud-first reality. SonicWall helps organizations easily and quickly connect remote users to on-premises resources, cloud-hosted applications, branch offices and public clouds. In as few as 15 minutes, SonicWall Cloud Edge Secure Access — the company’s zero-trust network access (ZTNA) offering — quickly scales security beyond the perimeter through modern zero-trust principles. This results in logical trust zones that authenticate every user, device and location for secure access to only the specific services and resources they require.
Simplify Threat Detection, Visibility & Response
New in SonicWall Capture Security Center 3.0, Unified Insights brings analytics from across SonicWall products, including physical and virtual firewalls, wireless access points, switches and endpoint security products into a single, customizable dashboard. This provides a central, easy-to-use location for monitoring environments and troubleshooting incidents, eliminating the need to multi-task across different consoles. Paired with SonicWall Analytics, Capture Security Center 3.0 can transform large volumes of data (spanning tens of thousands of firewall nodes) into actionable insights and defensive actions against hidden risks across networks, applications and users — all with the visibility, precision, speed and scale of the cloud.
Integrate Cloud-delivered Threat Protection Across Hybrid Environments
Regardless of deployment strategy, SonicWall ensures organizations can identify and block both known and unknown cyberattacks across traditional networks, public and private cloud infrastructure, and virtual environments by seamlessly integrating SonicWall physical and virtual firewalls when and where it makes sense for your business. The foundation of this ecosystem integrates with SonicWall’s cloud-based Advanced Threat Protection (ATP) multi-engine sandbox service to stop advanced cyberattacks, including never-before-seen malware and ransomware.
To learn more about SonicWall’s various cloud solutions, please visit www.sonicwall.com/cloud.
By Nick Carey and Tina Bellon
LONDON (Reuters) -European and U.S. cities planning to phase out combustion engines over the next 15 years first need to plug a charging gap for millions of residents who park their cars on the street.
For while electric vehicle (EVs) sales are soaring in Europe and the United States, a lag in installing charging infrastructure is causing a roadblock.
Often cash-strapped local authorities have other priorities than a kerbside network of charging points which would allow owners to ensure their EVs are always topped up.
And while that leaves a potential gap for the private sector, it is one that few EV charging startups, who have been early adopters in other locations, are focused on.
“It’s really difficult to tackle on-street residential charging, so there’s really not many companies that have,” Hugh Mackenzie, chief operating officer at Trojan Energy, said.
Trojan has developed a charger, which is being tested on residential streets in two London boroughs, where EV owners insert a short pole into sockets sunk into the pavement and then plug in their car.
Tim Win, an Uber driver who charges his Nissan Leaf every day, is using the system in Brent, north London.
“After I’ve been driving all day I just want to come home and plug in,” said Win, 39, who previously used a nearby EV fast charger to charge up in 20 minutes but sometimes had to wait in line for nearly an hour.
A “cabbie” using one of London’s new electric black taxis told Reuters he often has to drive between charging points, losing valuable custom as he does, only to find they are either already in use or malfunctioning.
COST CURB
Like the roll out of fibre optic cable for ultra-fast broadband, urban on-street charging using solutions which include lamp post chargers or even wireless, will cost billions.
Solutions like Trojan’s are expensive because they require grid connections. And because there are not yet enough EV owners to ensure a quick return, they are 75% subsidized by Britain’s government.
Trojan’s chargers cost around 7,000 pounds ($9,520) to make and install, but Mackenzie says that if that can be cut to 4,500 pounds it will work for private investors.
But it still requires local authority buy-in.
“The biggest factor in whether kerbside charging is successful is whether you have an interested and engaged municipality,” said Travis Allan, vice president for public affairs at Quebec City-based FLO, which has installed at least 7,000 kerbside chargers in Canadian and U.S. cities.
Yet even engaged local authorities like Brent, which is trying lamp post chargers and other solutions, simply lack cash.
Tim Martin, Brent council’s transportation planning manager, says lamp post chargers cost around 2,000 pounds and rapid chargers around 15,000 pounds, so subsidies are the only option.
“The prospect of being able to fund them ourselves out of our own budgets is practically zero,” Martin said.
Based on car registrations and parking permits, charging startup char.gy estimates there are between 5 million and 10 million cars in London, of which around 76% park on the street.
Government figures show the total is around 40% for Britain’s 33 million cars, while around 40% of Americans do not live in single-family homes with garages.
And while the rise of car sharing services may reduce the need for on-street charging, it is unclear by how much.
Char.gy Chief Executive Richard Stobart estimates Britain will need half a million on-street chargers by 2030, when around half of the country’s cars should be electric. Char.gy runs a network of around 1,000 on-street lamp post chargers in Britain that cost around 1,800 pounds to make and install.
While government subsidies exist, Stobart said, local authorities often lack the resources.
“So they just dither and it takes forever,” he added.
Ubitricity, a Royal Dutch Shell business, is the British market leader, with just 4,000 chargers using lamp posts, which if they are close enough to the kerb and use LED lamps, have enough power to mostly charge an EV overnight.
Lex Hartman, ubitricity’s CEO, estimates that in densely-populated areas, around 60% of Europe’s car owners will need public charging.
“You will need chargers at home, at work, at the supermarket, you will need fast charging, but mainly you need charging everywhere,” Hartman said.
“If the infrastructure isn’t there then people will hesitate to buy an electric car unless they are forced to,” he added.
Europe has more than 90 million lamp posts, millions of which can be used for charging, said Hartman, whose ubitricity also runs a lamp post charger network in Berlin.
The European Commission knows urban chargers “will be essential to convincing more and more consumers to go electric,” and has formed an expert group to advise cities on how to deploy them, a spokesperson said.
‘PAINFUL EXPERIENCE’
Some cities face a huge challenge.
New York state has set a goal for all new passenger cars and light-duty trucks to be zero-emission by 2035.
But New York City currently has just 1,580 charging plugs for around one million cars that rely on street parking.
“Owning an EV in a large city like New York is a really painful experience,” said Paul Suhey, co-founder of electric moped sharing startup Revel, which has launched the city’s first fast-charging hub.
An April study commissioned by New York estimated electrifying its transportation would cost some $500 billion.
In Los Angeles, which has the most chargers of any U.S. city, Blink Charging last year bought city-run EV car sharing network BlueLA, which has 100 vehicles and 200 charging stations.
Blink CEO Michael Farkas said local authorities want charging infrastructure in as many places as possible to encourage people to buy EVs, but companies cannot afford to shoulder the investments until ownership rises.
“You can’t just have a field of dreams, you’ll go broke unless the government wants to pay for it,” Farkas said.
Even in Norway, where state support put it at the forefront of the electric shift, rolling out on-street charging is tough.
Oslo subsidizes larger public chargers and rapid chargers, investments that pay off within three to six years, Sture Portvik, who heads up its charging infrastructure efforts, said.
But making charging accessible for the 30% of car owners who lack designated parking in a city where bans on fossil-fuel cars will start in the next few years is a major challenge.
“It’s extremely important that everybody, regardless of their economic background, gets to be a part of the green shift,” Portvik said. “And they will have to because in a few years they will have to sell their diesel car.”
($1 = 0.7354 pounds)
(Additional reporting by Kate Abnett in Brussels; Editing by Alexander Smith)
The fastest growing, most efficient and resilient businesses usually have one thing in common – they have all implemented cloud-based technologies. From start-ups to large-scale corporations, the benefits of cloud-based communications are undeniable and offer organisations a competitive edge against others. Here, Matt Parker, CEO of Babble, explains how businesses can utilise cloud solutions for both futureproofing their ways of working and to grow more quickly.
A new normal – adopting a hybrid model
The past 18 months have made it abundantly clear that we’re on the cusp of a whole new way of working. The future of office life for many organisations will be a hybrid model, balancing working from home with office-based activities that can be completed more effectively through face-to-face interaction, for example for meetings and brainstorming. For those adopting a hybrid model, effective use of cloud technologies will be an essential tool in the armoury – facilitating agile working and collaboration amongst employees, as well as opening up endless opportunities for a company’s workforce. The ability to get online to access files and emails at any time or place has never been more important, and those that don’t adapt will pay the price when it comes to productivity and business growth.
Cloud reduces costs
Cloud-based solutions reduce operating costs for businesses. Replacing the need to purchase expensive hardware with simple and transparent pay-as-you-go subscription services means that companies can reinvest their profits more strategically. The return on investment alone should make business leaders seriously consider switching to a cloud-based solution. If a business is hoping to rapidly grow and evolve over the coming years, then they’ll need to keep abreast of technological trends and advancements in order to thrive.
Prioritising customer service
Keeping customers happy in 2021 has never been more important, and those that maintain high standards of customer service will be ahead of the game. Transforming from a legacy contact centre to having all inbound and outbound customer communications handled in one central cloud-based solution allows businesses to talk to more customers and have better, more meaningful, and ultimately profitable conversations. This is something we’ve seen first-hand with Yopa, a full-service estate agent, that we helped transform. The automated contact centre solution that we implemented syncs all call data, ensuring agents are connected with specific leads that are most likely to generate sales, before moving on to dial the next lead with the best conversion potential. As a direct result, the company has seen a 75% increase in monthly talk time, improving from 400 to 700 hours of productive talk time over the course of the year.
Secure, flexible solutions that help your business thrive
This year, businesses must minimise operational challenges through implementing solutions that offer complete flexibility. It doesn’t matter whether you’re a start-up or large enterprise, cloud solutions can be scaled up or down depending on the ever-changing demands of a business. Not only does this give business leaders a competitive edge, but it also minimises the risks related to operational maintenance issues while saving on the costs of changing and purchasing physical infrastructure.
Playing it safe
Arguably, what’s really put the spotlight on cloud-based solutions this year is its disaster recovery capabilities. Storing data in the cloud means that it is always available, regardless of what happens to your team’s equipment. No matter what the emergency, the fast and efficient data recovery provided by cloud-solutions will ensure it’s business as usual for both staff and customers and there’s no downtime experienced.
If this year has taught us anything, it’s that businesses need to be ready for the unexpected, and cloud-based solutions have shown that they’re the most effective way of achieving this. It doesn’t matter how big your company is – security breaches can effect anyone. Authentication access control or data encryption are just some examples of how data can be protected in the cloud, but any businesses leader looking to cement a competitive edge mustn’t let cybercrime set them back on their path to success.
The need for businesses to be more resilient is more apparent now than ever before. Whilst the future’s unknown, leaders need to ensure that they don’t have their heads in the sand when it comes to reviewing their business operations and technology. In order to achieve long-term strategic goals, offer protection and increase efficiency, businesses must make the switch to cloud-based solutions before they’re left behind.
Check Point Research reports that Trickbot is the most prevalent malware while remote access trojan, njRAT, has entered the index for the first time.
October 8, 2021 — Check Point Research (CPR), the Threat Intelligence arm of Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, has published its latest Global Threat Index for September 2021. Researchers report that Trickbot has returned to the top of the list having fallen into second place in August following a three-month long reign.
The remote access trojan, njRAT, has entered the top ten for the first time, taking the place of Phorpiex which is no longer active. Trickbot is a banking trojan that can steal financial details, account credentials, and personally identifiable information, as well as spread within a network and drop ransomware. Since the Emotet takedown in January, the Trickbot trojan has gained popularity. It is constantly being updated with new capabilities, features and distribution vectors which enables it to be a flexible and customizable malware that can be distributed as part of multi-purpose campaigns.
“In the same month that Trickbot once again became the most prevalent malware, it was reported that one of Trickbot’s gang members was actually arrested as a result of a US investigation,” said Maya Horowitz, VP Research at Check Point Software. “In addition to other charges that have been filed this year in the fight against the trojan, we are hopeful that the gang’s dominance will soon be undermined. But, as always, there is still a long way to go. This week our researchers reported there are 40% more attacks weekly on organizations in 2021 compared to 2020 globally yet most of these, if not all, could have been prevented. Organizations mustn’t delay in adopting a prevention-first approach to cybersecurity.”
CPR also revealed this month that “Web Server Exposed Git Repository Information Disclosure” is the most commonly exploited vulnerability, impacting 44% of organizations globally, followed by “Command Injection Over HTTP” which affects 43% of organizations worldwide. “HTTP Headers Remote Code Execution” takes third place in the top exploited vulnerabilities list, with a global impact of 43% as well.
Top malware families
*The arrows relate to the change in rank compared to the previous month.
This month, Trickbot is the most popular malware impacting 4% of organizations globally, followed by Formbook and XMRig, each impacting 3% of organizations worldwide.
- ↑ Trickbot – Trickbot is a modular Botnet and Banking Trojan constantly being updated with new capabilities, features and distribution vectors. This enables Trickbot to be a flexible and customizable malware that can be distributed as part of multi-purpose campaigns.
- ↓ Formbook – Formbook is an infostealer that harvests credentials from various web browsers, collects screenshots, monitors and logs keystrokes, and can download and execute files according to its C&C orders.
- ↑ XMRig – XMRig is an open-source CPU mining software used for the mining process of the Monero cryptocurrency, and was first seen in-the-wild in May 2017.
Top exploited vulnerabilities
This month “Web Server Exposed Git Repository Information Disclosure” is the most commonly exploited vulnerability, impacting 44% of organizations globally, followed by “Command Injection Over HTTP” which affects 43% of organizations worldwide. “HTTP Headers Remote Code Execution” takes third place in the top exploited vulnerabilities list, with a global impact of 43% as well.
- ↔Web Server Exposed Git Repository Information Disclosure – An information disclosure vulnerability has been reported in Git Repository. Successful exploitation of this vulnerability could allow an unintentional disclosure of account information.
- ↑Command Injection Over HTTP – A command injection over HTTP vulnerability has been reported. A remote attacker can exploit this issue by sending a specially crafted request to the victim. Successful exploitation would allow an attacker to execute arbitrary code on the target machine.
- ↓ HTTP Headers Remote Code Execution (CVE-2020-10826,CVE-2020-10827,CVE-2020-10828,CVE-2020-13756) – HTTP headers let the client and the server pass additional information with an HTTP request. A remote attacker may use a vulnerable HTTP Header to run arbitrary code on the victim machine.
Top Mobile Malwares
This month xHelper remains in first place in the most prevalent Mobile malwares, followed by AlienBot and FluBot.
- xHelper – Amalicious application seen in the wild since March 2019, used for downloading other malicious apps and display advertisements. The application is capable of hiding itself from the user and can even reinstall itself in the event that it was uninstalled.
- AlienBot– AlienBot malware family is a Malware-as-a-Service (MaaS) for Android devices that allows a remote attacker, as a first step, to inject malicious code into legitimate financial applications. The attacker obtains access to victims’ accounts, and eventually completely controls their device.
- FluBot – FluBot is an Android botnet malware distributed via phishing SMS messages, most often impersonating logistics delivery brands. Once the user clicks the link inside the message, FluBot is installed and gets access to all sensitive information on the phone.
Check Point’s Global Threat Impact Index and its ThreatCloud Map is powered by Check Point’s ThreatCloud intelligence. ThreatCloud provides real-time threat intelligence derived from hundreds of millions of sensors worldwide, over networks, endpoints and mobiles. The intelligence is enriched with AI-based engines and exclusive research data from Check Point Research, The Intelligence & Research Arm of Check Point Software Technologies.
The complete list of the top 10 malware families in September can be found on the Check Point blog.
By Dr. Boris Rankov, Head of Digital Advisory at InvestCloud.
The words ‘artificial intelligence’ can sometimes invoke a sceptical feeling in the financial services industry. Many still fear a sci-fi world in which too many systems becoming automated, and human roles becoming redundant. In reality, this is not the case.
AI needs a rebrand. Rather than “artificial intelligence” think of it as Augmented Intelligence. AI has the ability to facilitate an adviser’s daily interactions with clients and to transform a client’s experience of digital financial services. It may seem like a big claim, but the potential all lies in the ability of state-of-the-art AI technology to exploit the vast amount of data that is generated and stored within a financial institution to accelerate adviser productivity and to personalise a client’s digital experience with his or her financial services provider.
AI is a superior technology to automate a multitude of swivel-chair and repetitive processes, but the human aspect of AI technology shows how financial services providers can have a symbiotic relationship with AI. As the technology learns from past and real-time data fed to it by humans and systems, monotonous tasks are alleviated for employees—leaving client advisers to instead focus on building personal relationships with their clients and creating additional value for the business.
And for the sceptics that may remain, a study by Accenture looked at High Net Worth (HNW) investors in any generation familiar with digital technology – termed by them as “Generation D”. Of the data sample, 75% believe digital could improve their investor-adviser relationship, and 80% anticipate digital will increase access to their adviser.
Client retention is just as, if not more important, than bringing on new business. To do this, wealth advisers must build and maintain trusted client relationships through timely, relevant, and personal advice. Using digital tools – like machine learning and AI – will help advisers understand what the clients want, and when, i.e. being able to share the right insight with the right client at the right time through digital channels.
The addition of AI into both a client’s and adviser’s workflow shouldn’t be seen as a replacement for human interaction. Instead, it’s what can augment that human interaction making it more personalised, efficient and valuable.
How to retain clients using AI
The demand for tailored services and personalised content is skyrocketing in all service areas, including private banks and wealth management firms, whose clients expect to receive personalised investment advice.
Clients are receiving digital personalised services in other parts of their life, and so, they now understandably question why it can’t be this seamless when it comes to their financial lives too. For example, look at Spotify – the music streaming service that has daily recommendation play lists, suggesting what you could listen to next. Spotify’s algorithms don’t just suggest albums, artists, or personalised playlists based on a user’s history with the service. It expands this to creates an artificial relationship whereby the user believes that Spotify knows them on a personal level – so much so, that they trust an algorithm to make their music selection for them.
Now imagine that kind of personalisation, but with the added benefit of a client adviser who they can physically see, speak to, and seek advice from.
Personalisation is at the core of delivering the best service to your client. According to Capgemini, technology-driven hyper-personalisation will be critical for loyalty and growth in the wealth management landscape throughout 2021. The company reported last year that less than half of younger as well as older high net worth individuals say their wealth management firm understands their unique needs in its “World Wealth Report”.
AI and machine learning optimises client engagement at scale. When harnessed alongside the knowledge a client adviser has of their client, AI can be used to precisely define the Next Best Action to take on their portfolio. It does this via recommendations that match the recommendations from the Chief Investment Office (the “House View”) to the right clients—based on analysis of current products and stocks within a client’s portfolio, past transactions and click behaviour within the financial institutions content portal. This approach helps to drive further efficiency while creating greater value in client interactions and investment decision-making.
Looking good to your client is part of delivering value and creating trust, and one way of thinking about incorporating AI in this way is that it makes the client adviser look even better. There is a level in scale and personalisation that goes beyond what a human can do.
A 360 degree view
Taking into account an individual’s financial as well as personal goals creates an entire view of the client and a deep understanding of the client’s core values. It’s important to understand how the client feels about their finances, what their confidence levels are like when making tough financial decisions, and how those decisions can feed into and shape life goals.
Understanding clients at this kind of granular level means that advisers create a lasting relationship that extends throughout the client’s entire life – and across generations.
Crucially, this doesn’t have to be a burden on the client adviser from a time or energy perspective. Utilising data and building AI algorithms that can help, not hinder, a client’s experience will lead to a more streamlined, effective, and most importantly, personal processes.
While digital tools are not a replacement for human interaction, they will automate the heavy lifting and amplify advisers abilities with the ammunition needed to create a service that is exactly what the clients need and want – at scale. The opportunities for unlocking new sources of value for clients and, in turn, improving the business of your wealth management operation are already there—it’s time to take the plunge.
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