Welcome!

Blog Feed Post

Riskskill Predicts That Government Cuts And Rapid Mobile Growth Will Drive Business Risks Throughout 2014

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:

Bill Trueman
Riskskill
+44 20 8133 7575
[email protected]

Or

Leigh Richards
The Right Image
+44 844 561 7586
+44 7758 372527
[email protected]

Source: RealWire

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

Latest Stories
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
"Storage is growing. All of IDC's estimates say that unstructured data is now 80% of the world's data. We provide storage systems that can actually deal with that scale of data - software-defined storage systems," stated Paul Turner, Chief Product and Marketing Officer at Cloudian, in this SYS-CON.tv interview at 17th Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
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.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...