Beyond point solutions: Building a cohesive fintech ecosystem through vendor optimization
In the financial services industry, competition has never been steeper. As fintechs and neobanks accelerate the pace of innovation and digital banking demand soars, financial institutions (FIs) can't afford to postpone digital transformation initiatives. However, despite the widespread recognition of its importance, many FIs find themselves stuck in the initial phases of their digital transformation journeys. Research shows that a staggering 70 percent of FIs are unable to move beyond the planning stages of migration.
One of the primary reasons for this sluggish progress is the burden of tech debt and fragmented processes. Over the years, FIs have accumulated a complex web of systems and applications that hinder seamless operations and impede transformation efforts. The proliferation of disparate systems and applications across departments has left most organizations with a hybrid operating environment full of systems that don’t integrate well -- if at all. On average, a typical FI manages more than 200 applications, resulting in a fragmented infrastructure that consumes a significant portion of the IT budget -- 90 percent dedicated to maintenance alone.
Apps, analytics and AI: 4 common mistakes
The app economy is big business. Apple’s App Store ecosystem alone generated a staggering $1.1 trillion in total billings and sales for developers in 2022. But as users demand more relevant and immediate experiences, often driven by AI, developers increasingly need competitive advantages to stand out.
Real-time analytics, supercharged by generative AI, can provide a critical edge by allowing developers to extract key insights and quickly adapt their apps to reflect changing user expectations. But only 17 percent of enterprises today have the ability to perform real-time analysis on large volumes of data, and adoption remains slow. Meanwhile, even when companies are able to perform real-time analytics, there are several common mistakes that can prevent them from reaping its full benefits:
How to thrive in the era of minimal data deletion
According to the latest global estimates, up to 400 million terabytes of data are created every single day. However, unlike the past, where users were happy to delete data once they felt it was no longer required, today’s data rarely gets deleted anymore, which is creating a growing number of issues.
It has become a cliché to say, “data is the new oil”, but its value has never been higher. Companies across all industries now collect as much as they can from every customer and process, so it can be mined for valuable insights and/or sold to generate new revenue streams. But to extract greater value from data, you need to keep it. To keep it, you need space, security, and money. Consequently, organizations are increasingly looking for the best ways to store their data without breaking the bank (or damaging the environment, if they can help it). The question is, what’s the best way to go about doing this?
Will AI change the makeup of software development teams?
With the increased popularity of artificial intelligence technology, many human workers have expressed concern that AI models will replace them or make their positions obsolete. This is particularly the case with occupations like coding and software design, where artificial intelligence has the opportunity to automate several essential processes. Although AI is a powerful tool that has the potential to revolutionize the coding process, the role of human workers is still invaluable, as this technology is still in its infancy.
Software development teams are among the ranks of workers most profoundly affected by the AI revolution. Some of the ways in which software development teams have begun to use artificial intelligence include:
IT decision-makers under pressure to demonstrate public cloud adoption cost savings
Unless you’re an Olympic athlete, you probably don’t want a stopwatch tracking your performance -- pushing you to work harder and move faster. But, according to Six Degrees’ newly published independent research, one in five IT decision-makers at SMEs feel that the clock is on them when implementing public cloud migration projects.
Six Degrees’ UK SME Cloud Intelligence Report 2024 found that the extent to which IT decision-makers feel rushed varies considerably between sectors. Finance and insurance (57 percent), blue light (55 percent) and education (42 percent) are impacted the most compared to those working in government (33 percent), healthcare (32 percent) and manufacturing (29 percent).
Cyber resilience vs. cybersecurity: Which is more critical?
Today, it’s not ‘if’ but ‘when’ any organization will be compromised. So, while it’s essential to strengthen cybersecurity across the entire organization, it’s also imperative to plan for a significant cyber-attack and the worst-case scenario. No business can be 100 percent secure but they can be resilient. Resilience is about continuing to thrive amidst adversity. This is why cyber resilience can be more important than cybersecurity. Every organization can take positive actions to improve their cyber resilience today, ensuring they can continue to win even if they are affected by an incident. They can start by having the right mindset and instilling a culture of cyber security and cyber resilience.
Strong cyber resilience will enable an organization to continue to operate key business processes, even when they are under attack. This means keeping people safe, guaranteeing data security, and protecting their reputation with their customers, partners, suppliers, industry and government regulators and other key stakeholders. Having a strong cyber resilience will save stress, time and money -- it will give you a return on your investment -- and you’ll be better prepared for uncertainty in the future.
Maximizing Microsoft Copilot's potential: The critical role of tenant consolidation
Microsoft recently reported that tens of thousands of working professionals are using Microsoft Copilot in their everyday operations. Experts expect this number to grow significantly as the tool integrates more seamlessly into workplace environments, driving productivity and efficiency. However, many companies may not realize that to get the most benefit from Copilot, they should consolidate tenants.
Let’s take a closer look at the benefits of tenant consolidation and how working professionals can leverage Microsoft Copilot to the fullest. With tenant consolidation, companies can transform operations and future-proof their organization amid remote workforces, economic pressures and security concerns, among other developing industry factors.
Third-party risk and resilience in DORA
In February 2016, it was reported that threat actors exploited vulnerabilities in the SWIFT banking network to steal more than $80 million from the central bank of Bangladesh. SWIFT, the global financial system’s main electronic payment system, which processes billions of dollars of transactions every day, was unprepared for the threat of a major cyber attack. The incident served as a pivotal wake-up call for the entire financial services industry, highlighting the previously underestimated systemic risks posed by unsecured systems. It reinforced the need for stronger security controls, safeguards and a more proactive approach to cybersecurity across the sector.
Today, organizations understand that it’s a matter of when -- not if -- their organization or supply chain is targeted with a cyber attack. Threats continue to increase in sophistication and frequency, particularly when it comes to ransomware.
How strong is Nvidia as an alternative investment?
Alternatives are an increasingly attractive investment opportunity. Why? An alternative investment offers an investor the opportunity to diversify their portfolio and mitigate risk.
A growing trend is investment in the technology sector, this is a good move and an opportunity I have spotted for myself. Technology is a global economic focus, countries, governments and organizations are racing to get up to speed and get ahead of technological innovation. Economic investment is a byproduct of the competition, so it is unwise not to see the investment opportunities here.
The increasing priority of security in data management
Data security has become a top concern for businesses across all industries. As organizations accumulate and leverage vast amounts of data to drive decision-making, the need to safeguard that information from both internal and external threats is more important than ever.
For companies managing sensitive customer information, intellectual property, or proprietary business insights, data security is no longer a negotiable priority -- it’s a critical component in strengthening your overall security strategy.
Implementing post-quantum cryptography (PQC) in modern systems
Most experts predict a quantum computer capable of breaking RSA and ECC encryption will be developed within the next decade. Virtually all of today’s security systems utilize RSA and ECC algorithms, which means the window to defend against quantum-powered attacks is rapidly closing.
The National Institute of Science and Technology (NIST) has developed new post-quantum cryptography algorithms that are secure against quantum computing attacks. These standards were released in August 2024. With new standards finalized, companies must act now to begin migrating to PQC.
Tackling information overload in the age of AI
Agile decision-making is often hampered by the volume and complexity of unstructured data. That’s where AI can help.
In 2022, the U.S. Congress passed the Inflation Reduction Act (IRA), which allocated billions in investment to clean energy. This set off a race among private equity and credit firms to identify potential beneficiaries -- the companies throughout the clean energy supply chain that may need additional capital to take advantage of the new opportunities the IRA would create. It turned out to be quite a data challenge.
The problem with third-party breaches: A data protection dilemma
Time and time again, organizations face an escalating threat to their data: Third-party breaches. As businesses increasingly rely on external vendors and partners for various services, the security of sensitive information becomes more vulnerable. This poses the question: Are traditional security measures still effective or obsolete in protecting vital information?
There has been a notable increase in third-party breaches, with headlines featuring Snowflake, Santander and Ticketmaster as recent victims. These incidents highlight that vulnerabilities are inherent in our systems, making no organization immune to such attacks.
Improving SysAdmin communications with business leadership
Systems Administrators make up the backbone of any organization’s technical infrastructure. Considering their range of responsibilities for maintaining the stability and performance of servers, networks, databases, software platforms, security tools, cloud services, and endpoints, when they talk leaders should listen.
SysAdmins need the organizational and financial support of their business leaders to do their jobs but can often find they aren't always on the same page. For example, in a recent survey on trends in IT, members of the C-suite and IT professionals responded very differently to questions regarding their organization’s network. C-suite respondents were nearly four times more likely to report their organization makes daily network configuration changes compared to technicians, and were nearly twice as confident as IT technicians in the effectiveness of their network tools for supporting a remote or hybrid workforce.
Offering employees choices to combat SaaS sprawl
The ease with which employees can sign up for unsanctioned cloud services continues to haunt security operations teams. Call it cloud sprawl, SaaS sprawl, or identity sprawl -- all variations on the same theme: Workers or departments signing up for unmanaged cloud services that businesses might not even know about, resulting in redundant services, unmanaged subscriptions, and security debt. In 2023, companies used an average of 112 different software-as-a-service (SaaS) applications, down slightly from the 2022 peak of 130, and those are conservative estimates.
SaaS sprawl is both an IT management and security problem -- it complements Shadow IT. Increasingly, CISOs recognize the issue but often take steps that turn their employees into adversaries, not allies.
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