Improved data privacy equals improved revenues
According to a new survey, 94 percent of chief data officers (CDOs) from healthcare organizations and financial services firms say that deploying data privacy technology that enforces existing privacy regulations would result in increased revenues for their organizations.
The study from privacy technology specialist TripleBlind finds 37 percent of respondents estimate improved collaboration would increase revenues as much as 20 percent. In addition, 46 percent say increased data collaboration would give their organization a competitive advantage over others.
New, free tool to help enterprises assess financial risk of cyberattacks
A successful cyberattack can have significant costs for a business, in terms of both reputation and finances. But what's the actual cost of an attack? And if you're looking at insurance how much should you be covered for?
To help answer those questions Safe Security is announcing two industry-first assessment tools to empower organizations to make financial decisions based on their actual cyber risk.
Musk about to snap up Twitter for $43 billion [Updated]
We reported two weeks ago that Tesla and SpaceX tycoon Elon Musk had put in a bid to buy Twitter, though it seemed at the time that the company’s board wasn’t too keen on the idea.
Fast forward to today and it seems that Musk's $43 billion offer is likely to be accepted. Financial site Bloomberg reports that a deal is close with negotiations in their final stages.
Cybercriminals are increasingly targeting the financial industry
Cybercrime tends to follow the money when it comes to selecting targets, so it’s perhaps not too surprising to learn that 63 percent of financial institutions admit experiencing an increase in destructive attacks.
The latest Modern Bank Heists report from VMWare surveyed the financial industry's top CISOs and security leaders on the changing behavior of cybercriminal cartels and the defensive shift in the sector.
4 steps to improve FinOps and cloud cost optimization
What’s the optimal way to manage cloud finances, one of the core disciplines of a FinOps practice?
The answer largely relies on automating efforts, but many FinOps practitioners haven’t taken full advantage of opportunities available to them or of the savings available to their organizations. According to a report from the FinOps Foundation, a Linux Foundation non-profit trade association focused on codifying and promoting cloud financial management best practices and standards, nearly half (49 percent) of the more than 800 respondents (with a collective $30+ billion in annual cloud spend) had little or no automation of cloud spend management.
90 percent of clients in professional services industries prefer digital interaction
A new study by one-stop hub platform Moxo (formerly Moxtra), looking at the finance, real estate and legal sectors, finds 90 percent of people's preferred method of communication when asking questions about their account and business transactions is digital (via a designated client portal), rather than scheduling an in-person appointment or phone call.
Moxo surveyed 1,500 clients and 1,500 internal- and external-facing employees and finds that 73 percent of employees believe digital solutions will be extremely important to improve business efficiency and 60 percent believe they will be extremely important in enhancing client service delivery and account management.
Ransomware is top threat to financial services
The financial, operational, and reputational risks of ransomware make it the top threat facing financial services organizations, a new report from F-Secure says.
The three most common routes used to spread ransomware are phishing, exposed remote desktop protocol (RDP) ports, and the exploitation of vulnerable software.
New AI platform helps financial enterprises handle unstructured data
Unstructured data might include everything from documents to social media posts, all enterprises have it but being able to make use of it is a challenge.
AI startup nRoad is launching its new Convus platform, aimed at financial services businesses enabling them to extract critical business information buried in unstructured documents.
Investors get excited about 5G technology
We all know that 5G is set to shake up the technology world by offering faster, more reliable mobile data connections. But what aspects of the 5G world are proving attractive to investors?
New research commissioned by World Wide Technology (WWT) looks at the categories of 5G tech that are attracting venture capitalists and investors across the US and UK. Cloud computing comes out ahead, identified as the top category for investment by 72 percent of respondents.
UK government launches tech help scheme for small businesses
The UK government is today launching a new scheme providing small businesses with discounts of up to £5,000 on approved software as well as free advice and support through a new online platform.
Help to Grow: Digital is designed to support smaller businesses and help them to grow. It offers discounts on digital accounting and CRM software from leading suppliers.
How AI can offer businesses greater control over their payments [Q&A]
We none of us particularly like handing over money, and that applies equally to businesses and individuals.
Payments are essential to the commercial world, up to now though they've always been a quite labor intensive to process. But what if it could be automated? Would you feel comfortable handing over control of payments to AI?
The big three threat actors behind financial services attacks
The financial services industry is a prime target for cybercriminals due to the vast sums of money managed but also the quantity and quality of sensitive information that is collected by these institutions.
A new industry report by Blueliv uses threat intelligence gathered by the company’s Threat Compass to assess the evolving threat landscape surrounding the financial services sector.
Evolution revolution: How tech is leveling the playing field for alternative investment firms
For alternative investment organizations -- foundations, endowments and family offices -- it’s not easy keeping pace with larger competitors with deeper pockets and a lot more personnel. Perhaps the most critical problem facing these small to mid-sized investment offices is an ever-present lack of confidence in the quality of diverse portfolio investment streams, coupled with an inability to view and manage data across multiple views.
This is the result of a hurdle that has long stood at the intersection of investing and accounting. Every day, these professionals try to assemble data that’ll enable their firms to effectively manage a range of different portfolios and seize opportunities with better, faster decision making. Yet, like Bill Murray in Groundhog Day, each day is a repeat of the one prior; sources can’t be audited and verified promptly enough, leading to serious data discrepancies.
Finance tasks top the list of processes companies want to automate
Pretty much any business workflow can be automated, but which ones do enterprise executives say are the most important and deliver the greatest value?
A new report from automation specialist Kofax shows that tasks relating to financial transactions top most lists, with accounts payable automation top on 85 percent.
Financial intelligence network aims to secure the cashless economy
Over the last year there has been a significant move away from using cash. In the US alone ATM withdrawals are down 58 percent, 41 percent of consumers have switched from cash to online and phone payments, while 55 percent don't plan to switch back to using cash.
But while this is convenient for the consumer it opens up more opportunities for fraud and cybercrime. Financial risk management firm Feedzai is aiming to boost digital trust, by adding pre-transaction behavioral intelligence to prevent financial crime in real-time before it happens.
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