|By RealWire News Distribution||
|January 22, 2014 09:16 PM EST||
Business risk consultancy Riskskill (www.riskskill.com) has highlighted what it sees as the main areas of business risk in 2014. Advances in mobile and payment technology predominate globally, along with a retrenchment of government strategy in the UK. Their research suggests that key areas of risk growth in 2014 include:
1. Fraud Risks
In 2014 fraud risks are likely to be the major contender for exposing many businesses to significant risk as the closure of the government's National Fraud Authority (NFA) could, some feel, be seen by fraudsters as a huge victory for the bad guys. The NFA was set up to consolidate and focus upon the handling and approach of combatting fraud and also to direct the strategic elements of the attack on the fraudster. The NFA objectives were previously diluted from eight to three, with the more 'strategic issues' removed. Now its remaining operational functions have been atomized into several government silos.
On the commercial side, payment markets will continue to evolve very quickly this year. New payment systems and software solutions are appearing daily. Many of these do not put in place effective authentication, security, standards or best practice systems. Often, this is because these have yet to be created in a market that is changing so rapidly. New mobile payment and wallet solutions are being developed with the backing of 'big' funding and strong marketing campaigns. Only a few of these will win through though. Many will fail, either commercially or because of serious 'fraud attacks' that exploit the lack of authentication.
2. Identity Validation / Authentication
Who am I dealing with? This will become an increasingly important 'risk related' question in 2014 for businesses and consumers alike and it is very much linked into the whole 'mobile' market evolution. Anti Money Laundering legislation, whether it is in the UK or across the EU, requires that one properly identifies who we are doing business with, know what our customers do, regularly check, watch and look for unusual transactions that might be illegal, and report anything suspect.
There are though several weaknesses in this area. For example, some small operators of 'new' payment solutions think that they are excluded from these requirements. There are also some insurance company policy sellers, who are playing catch up and often who do not check identities. Then there is the public who are increasingly becoming payment providers as they buy and sell more on-line. Whereas one used to know who one was dealing with for financial transactions (as it used to be only one's banks, card companies and utilities that one dealt with) it can now potentially be almost anyone, anywhere in the world.
As a consequence, identity, identity validation and data certainty will all move up the risk hierarchy and as a result so will the level of importance placed on these areas by businesses in 2014. These risks will be amplified greatly or those organisations that do not understand the issues or address them properly.
3. Big-Data Losses
With such problems increasingly arising where our personal data is held and managed by more and more people, often across the web, a new generation of customers are very open about their data and therein are disclosing everything about their finances. They are very keen to become users of the new mobile breed of financial products, which will increasingly present greater opportunities for identity theft and data compromises. With numerous high profile data breaches losing millions of customer data records including payment details in 2013, one can see that more of these types of losses will be incurred over the coming year. Thankfully, the PCI DSS initiatives have helped to protect payments but there are too many people now handling our data. Some observers feel that there is not a comprehensive and pervasive enough solution to protect us. H M Government should be setting the strategy here, but do they have right 'body' with the appropriate level of oversight to understand the threat now that the NFA has been disbanded?
4. Protection For Multiple Channels
The proliferation of new wallets, payment instruments, mobile devices, payment applications and standards being developed means that for businesses to keep up, they need to evolve new protections, controls, and security that are consistent across multiple channels simultaneously - what one might call 'unified protection'. As ever, the security and controls side of things will often lag behind; so businesses must ensure that these developments are carried out fully and that they are free from short-cuts as these will lead to problems later.
One of the major areas of attack expected is a fresh onslaught of new viruses. With such new threats as Cryptolocker, and other such plagues landing on business of all sizes, there is a risk that this kind of attack could reach epidemic levels in 2014. Even the smallest firms must ensure that they update virus and anti-malware software regularly, maintain strong back-up regimes and avoid clicking on any suspicious links. If these dangers move closer to mobile payments, it could threaten the momentum of the mobile sector evolution especially where authentication is often far less effective than it could or should be.
5. Silo Mentality Causing Corporate Ineffectiveness in Combatting Risk
Borne out of the desire to conduct business correctly, increasingly complicated silo structures have grown up in the corporate world, with many differing and sometimes potentially conflicting interests. Often large businesses in particular, introduce several highly ineffective theoretical layers of risk management protection that often keep the business too busy and too slow to do the real work required to tackle the challenges that organisations face.
Instead, businesses should be fighting hard to define clear risk management direction, together with business goals that incorporate risk thinking and risk/loss targets. Collaboration is the key here. It facilitates speed of decision-making, clear and assertive action-taking and an understanding of the business drivers. It also enables the ability to act, invest and change the business as required which are key to controlling risks.
Says Bill Trueman CEO of Riskskill's parent company UKFraud, "The whole area of risk management is an on-going challenge to maintain and manage controls and processes in business. Losses tend only to be managed in a panic when they happen, but are generally predictable and avoidable. Equally, management should be able to move and act quickly and effectively to change the business and to react to attacks. Problems generally occur because the controls, measurements, or IT security technologies have lapsed over time. With the exception of fraud losses, things do not take us by surprise. Even with fraud, most of the losses are completely preventable and something that can be planned for.
"In 2014 it is going to become easier for things to go wrong. As we enter the year with FTSE / S&P highs and increasing employment rates, the evident green shoots of recovery will see system controls and financial prudence starting to relax. This will encourage both internal and external attacks on a business and upon individuals alike. Greedy crooks, will take these more relaxed opportunities and exploit them fully. The opening of new product and sales channels such as mobile payment will inevitably mean that there will be gaps and new risks that are opened up. The risk management challenges in addressing these will probably predominate in 2014."
About Riskskill (www.riskskill.com)
Part of the acclaimed UKFraud operation, Riskskill delivers 'total risk' strategies, direction, risk assessments for major corporations, solving problems and engineering bespoke risk reduction solutions in organisational, management, financial control and IT.
Specialists at Riskskill cause losses to reduce by €-$-£ millions each year, when they carry out assessments, analyse areas where organisations are at risk and put in corrective plans in area that include: fraud, credit risks, counterparty or partner risks, cybercrime exposures, bad debt management, and the oversight and control of other write-offs along with compliance penalties and legal-case losses. Having identified specific areas of risk, Riskskill supports businesses with change plans. Plans are backed by comprehensive executive mentoring and support, coaching, training and staff mentoring programmes, which target the engineering of ground-up (but also top-down) solutions throughout a client's organisation, people, processes, management and systems.
For Further Information please contact:
+44 20 8133 7575
The Right Image
+44 844 561 7586
+44 7758 372527
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jul. 24, 2016 08:30 AM EDT Reads: 2,046
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 24, 2016 08:30 AM EDT Reads: 1,456
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 08:15 AM EDT Reads: 1,806
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 24, 2016 08:15 AM EDT Reads: 1,038
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 24, 2016 08:15 AM EDT Reads: 1,102
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 24, 2016 08:00 AM EDT Reads: 715
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Jul. 24, 2016 08:00 AM EDT Reads: 2,273
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Jul. 24, 2016 08:00 AM EDT Reads: 878
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 24, 2016 07:45 AM EDT Reads: 705
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Jul. 24, 2016 07:30 AM EDT Reads: 755
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 07:15 AM EDT Reads: 1,934
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 24, 2016 07:00 AM EDT Reads: 1,412
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 24, 2016 07:00 AM EDT Reads: 1,602
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Jul. 24, 2016 05:45 AM EDT Reads: 2,088
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 05:45 AM EDT Reads: 1,363