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Financial Sector Under Threat: How Leaders can Prepare for Advanced Cyber Threats in 2022

Source: Finance Derivative

Bernard Montel, EMEA Technical Director and Cybersecurity Strategist,Tenable   

Data is essential in today’s world. Because of this, businesses of all types and sizes are facing one of the most serious continuity and reputational threats of our time: cyberattacks. Cybercriminals capitalise on data, and the more private and/or personal, the more interest cyber criminals will show. This makes financial services a prime target for attackers given the type of information utilised. Cyberattacks go beyond data as, if the attack implicates the digital infrastructure the bank relies upon to function, it can cause system outages which has a direct impact to the entire economy.

According to research by Tenable at least 40,417,167,937 records were exposed worldwide in 2021, but that’s just an indication of the true number. According to the researchers, just 13% of breach disclosures analysed included information on the number of records exposed, meaning this figure will be significantly higher. As the world of work continues to transform, and hybrid working becomes crucial for business growth, leaders must begin to think seriously about security.

Bernard

The Threat of Ransomware

Ransomware has had a monumental impact on organisations in 2021, responsible for approximately 38% of all breaches analysed for the Threat Landscape Retrospective report, and up to 45% in EMEA. With the rise of ransomware globally, every organisation has been feeling the pressure; but only a few have felt the pain as much as financial institutions and financial service providers.

The most popular way attackers infect organisations is through spam and phishing emails. Others, however, may contain a link to a webpage controlled by the attackers. The goal is to get the target to open the attachment and trick the victim into enabling macros or clicking the link. This can deliver a malicious downloader, leading to the final payload, which is ransomware. Due to the nature of financial institutions as places where individuals and institutions place their money and trust, the severity and potential consequences of a successful ransomware attack can be widespread and long lasting.

Basic security principles can go a long way in blocking the attack path ransomware takes. In the majority of instances, it is a known vulnerability that allows the malware to infiltrate the infrastructure and encrypt systems. Another attack path is the exploitation of misconfigurations in Active Directory. Threat actors will use these to elevate privileges to dig deeper into the network.

The New Normal

During the pandemic, millions of financial services employees, from traders to bankers, transitioned to working remotely. A recent study conducted by Forrester revealed that 78 percent of businesses have reported that some of their staff are still working from home. Stepping into the New Year, businesses must be aware that the digitalisation of financial services and remote working are here to stay. In fact, financial institutions have the highest chance of maintaining remote and hybrid work models, since three-quarters of their employees’ time can be used productively out of the office.

In their shift to remote working, organisations have been migrating their operations to cloud, often without enough thought given to the security implications of this shift. As businesses continue to implement remote working policies, they are simultaneously adopting cloud infrastructure and bringing in more third-party service providers. Business leaders supporting a remote workforce must be conscious of how these changes influence their security posture.

Successfully Connecting Cybersecurity and Financial Institutions

The World Economic Forum’s Global Risk Report 2022 has ranked cybersecurity as the number one risk in Great Britain and Ireland, meaning cyber risk will remain dominant amongst the areas of emergent threats in the New Year.

Attacks in the financial services industry are not a new concept and, in recent years, banks and institutions have become much more sophisticated and regulated. However, it is essential to secure external vendors and potential points of weakness, particularly through implementing audited industry best practises.

Security teams need to adopt solutions that provide appropriate visibility, security and control across the cloud and converged infrastructure. Identify the critical systems organisations rely on to function, identify any vulnerabilities that affect these systems, then take steps to either patch or remediate the risk. Also address excessive permissions in Active Directory that allow attackers to elevate privileges to further infiltrate the infrastructure.

As businesses start to truly understand their expanded attack surface, ensuring that they hold the same level of control and governance over the cloud as they would do for on-premises security is essential. In the post-COVID world, which is increasingly interconnected and digitalised, failing to do the basics means the business is vulnerable and disruption imminent whoever is attacking.

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Business

Time is running out: NHS and their digital evolution journey

By Nej Gakenyi, CEO and Founder of GRM Digital

Many businesses have embarked on their digital evolution journey, transforming their technology offerings to upgrade their digital services in an effective and user-friendly way. Whilst this might be very successful for smaller and newer businesses, but for large corporations with long-standing legacy infrastructure, what does this mean? Recently the UK government pledged £6bn of new funding for the NHS, and the impact this funding and investment could have if executed properly, could revolutionise the UK public healthcare sector.

The NHS has always been a leader in terms of technology for medical purposes but where it has fallen down is in the streamlining of patient data, information and needs, which can lead to a breakdown in trust and the faith that the healthcare system is not a robust one. Therefore, the primary objective of additional funding must be to implement advanced data and digital technologies, to improve the digital health of the NHS and the overall health of the UK population, as well as revitalise both management efficiency and working practices.

Providing digital care

Digitalisation falls into two categories when it comes to the NHS – digitising traditionally ‘physical’ services like offering remote appointments and keeping electronic paper records, and a greater reliance on more innovative approaches driven by advances in technology. It is common knowledge that electronic services differ in GP practices across the country; and to have a drastically good or bad experience which is solely dependent on a geographical lottery contradicts the very purpose of offering an overarching healthcare provision to society at large.

By streamlining services and investing in proper infrastructure, a level playing field can be created which is vital when it comes to patients accessing both the care they need and their own personal history of appointments, GP interactions, diagnoses and medications. Through this approach, the NHS focus on creating world-leading care, provision of that care and potentially see waiting lists decrease due to the effective diagnosis and management enabled by slick and efficient technology.

This is especially important when looking at personalisedhealth support and developing a system that enables patients to receive care wherever they are and helps them monitor and manage long-term health conditions independently. This, alongside ensuring that technology and data collection supports improvements in both individual and population-level patient care, can only serve to streamline NHS efforts and create positive outcomes for both the patient and workforce.

Revolutionising patient experiences

A robust level of trust is critical to guaranteeing the success of any business or provision. If technology fails, so does the faith the customer or consumer has in the technology being designed to improve outcomes for them. An individual will always have some semblance of responsibility and ownership over their lives, well-being and health. Still, all of these key pillars can only stand strong when there is infrastructure in place to help drive positive results. Whilst there may be risks of excluding some groups of individuals with a digital-first approach, technology solutions can empower people to take control of their healthcare enabling the patient and NHS to work together. Tandem efforts between humans and technology

Technology must work in tandem with a workforce for it to be effective. This means the NHS workforce must be digitally savvy and have patient-centred care at the front and centre of all operations. Alongside any digital transformation the NHS adopts to improve patient outcomes, comes the need to assess current and future capability and capacity challenges, and build a workforce with the right skills to help shape an NHS that is fit for purpose.

This is just the beginning. With more invtesement and funding being allocated for the NHS this is the starting point, but for NHS decision-makers to ensure real benefits for patients, more still needs to be done. Effective digital evolution holds the key. Once the NHS has fully harnessed the poer of new and evolving technologies to change patient experiences throught the UK, with consistent communication and care, this will set the UK apart and will mark the NHS has a diriving example for accessible, digital healthcare.

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Business

Driving Business Transformation Through AI Adoption – A Roadmap for 2024

Author: Edward Funnekotter, Chief Architect and AI Officer at Solace

From the development of new products and services, to the establishment of competitive advantages, Artificial intelligence (AI) can fundamentally reshape business operations across industries. However, each organisation is unique and as such navigating the complexities of AI, while applying the technology in an efficient and effective way, can be a challenge.

To unlock the transformational potential of AI in 2024 and integrate it into business operations in a seamless and productive way, organisations should seek to follow these five essential steps:

  • Prioritise Data Quality and Quantity

Usefulness of AI models is directly correlated to the quantity and quality of the data used to train them, necessitating effective integration solutions and strong data governance practices. Organisations should seek to implement tools that provide a wealth of clean, accessible and high-quality data that can power quality AI.

Equally, AI systems cannot be effective if an organisation has data silos. These impede the ability for AI to digest meaningful data, and then provide the insights that are needed to drive business transformation. Breaking down data silos needs to be a business priority – with investment in effective data management, and an application of effective data integration solutions.

  • Develop your own unique AI platform

The development of AI applications can be a laborious process, impacting the value that businesses are gaining from them in the immediate term. This can be expedited by platform engineering, which modernises enterprise software delivery to facilitate digital transformation, optimising developer experience and accelerating the ability to deliver customer value for product teams. The use of platform engineering offers developers pre-configured tools, pre-built components and automated infrastructure management, freeing them up to tackle their main objective; building innovative AI solutions faster.

While the development of AI applications that can help streamline infrastructure, automate tasks, and provide pre-built components for developers is the end goal, it’s only possible if the ability to design and develop is there in the first place. Gartner’s prediction that Platform Engineering will come of age in 2024 is a particularly promising update.

  • Put business objectives at the heart of AI adoption – can AI deliver?

Any significant business change needs to be managed strategically, and with a clear indication of the aims and benefits they will bring. While a degree of experimentation is always necessary to drive business growth, these shouldn’t be at the expense of operational efficiency.

Before onboarding AI technologies, look internally at the key challenges that your business is facing and question “how can AI help to address this?” You may wish to enhance the customer experience, streamline internal processes or use AI systems to optimise internal decision-making. Be sure the application of AI is going to help, not hinder you on this journey

Also remember that AI remains in its infancy, and cannot be relied upon as a silver bullet for all operational challenges. Aim to build a sufficient base knowledge of AI capabilities today, and ensure these are contextualised within your own business requirements. This ensures that AI investments aren’t made prematurely, providing an unnecessary cost.

  1. Don’t be limited by legacy systems

Owing to the complex mix of legacy and/or siloed systems that organisations employ, they may be restricted in their ability to use real-time and AI-driven operations to drive business value. For example, IDC found that only 12% of organisations connect customer data across departments.

Amidst the ‘AI data rush’ there will be a greater need for event-driven integration, however, only an enterprise architecture pattern will ensure new and legacy systems are able to work in tandem. Without this, organisations will be prevented from offering seamless, real-time digital experiences, linking events across departments, locations, on-premises systems, IoT devices, in a cloud or even multi-cloud environment.

  • Leverage real-time technology

Keeping up with the real-time demands of AI can pose a challenge for legacy data architectures used by many organisations. Event mesh technology – an approach to distributed networks that enable real-time data sharing and processing – is a proven way of reducing these issues. By applying event-driven architecture (EDA), organisations can unlock the potential of real-time AI, with automated actions and informed decision making using relevant insights and automated actions.

By applying AI in this way, businesses can offer stronger, more personalised experiences – including the delivery of specialised offers, real-time recommendations and tailored support based on customer requirements. An example of this is in predictive maintenance, in which AI is able to analyse and anticipate future problems or business-critical failures, ahead of them affecting operations, and dedicate the correct resources to fix the issue, immediately. By implementing EDA as a ‘central nervous system’ for your data, not only is real-time AI possible, but adding new AI agents becomes significantly easier.

Ultimately, AI adoption needs to be strategic, avoiding chasing trends and focusing instead on how and where the technology can deliver true business value. Following the steps above, organisations can ensure they are leveraging the full transformative benefit of AI and driving business efficiency and growth in a data driven era.

AI can be a highly effective tool. However, its success is dependent on how it is being applied by organisations, strategically,  to meet clearly defined and specific business goals.

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Auto

Preparing for the Surge: Meeting the MCS Requirements of Electric Trucks

John Granby, Director of eTruck & Van, EO Charging and Erik Kanerva, Sales Director at Kempower

Auto electrification is moving at a rapid pace, with electric vehicles (EVs) going from a passion project for early technology adopters to the mainstream – especially when you consider the need to electrify consumer and commercial vehicles ahead of the government’s 2035 Zero Emission Vehicle mandate.

Electrification is also starting to play a vital role in public policy and commercial plans, leading to vehicle availability and a variety of improvements and increasing interest among commercial fleets’ prospective customers. As a result, all of the main car and van manufacturers have a respectable EV offering, and the eBus industry is well on its way to proposing a similarly credible offering for citizens.

Heavy-duty vehicle electrification has progressed slowly, but the pace has picked up over the last year, with several of the major truck manufacturers testing completely electric heavy trucks that are now near-ready to enter the general market.

This is a critical shift in the move towards net zero, given that heavy commercial vehicles account for around 25% of CO2 emissions from road transport emissions in the EU and approximately 6% of the region’s overall emissions. It’s a similar situation in the US, where medium and heavy-duty trucks account for around 29% of total road transport emissions or approximately 7% of the country’s total but make up fewer than 5% of all vehicles on the road.

Having clear goals and objectives in place for fleet electrification will be vital to ensuring the transport sector is on track. For example, Scania’s goal is that 50% of all vehicles it sells annually by 2030 will be electric. Despite Scania being the slowest into the market with battery electric vehicles, other vehicle manufacturers are following the same target, with Volvo Trucks setting itself a target for 50% fully electric vehicles by 2030 and the same with Renault, for example.

Meeting this ambitious goal will require the appropriate charging infrastructure in place so customers have the confidence to invest in the large-scale electrification of their fleets. That is one of the reasons why charging system manufacturer Kempower expects the commercial vehicle DC charging market in Europe and North America to have a 37% compound annual growth rate until 2030.

Trucks require substantial battery packs to provide a similar range as traditional engines, and having the right infrastructure in place to keep them regularly charged is certainly a key factor to consider when electrifying truck fleets. According to the European Automobile Manufacturers’ Association (ACEA), trucks will require up to 279,000 charging outlets by 2030, with 84% located in fleet hubs. By 2030, buses will require up to 56,000 charging outlets, with fleet hubs accounting for 92% of the total.

The Charging Interface Initiative (CharIN) is a global organisation that has been working on a standard for the rapid charging of trucks for several years. CharIN developed the Megawatt Charging System (MCS) concept, which serves as the foundation for the ISO and IEC standards which govern the design, installation, and operation of truck fast charging infrastructures.

The MCS is intended to standardise the quick delivery of enormous amounts of charging power to vehicles and provide stronger communication, which minimises downtime caused by unsuccessful charging events.

Customers who drive commercial vehicles follow particular driving habits. By taking advantage of the required break time from the hours-of-service restrictions governing their drivers, customers can travel further each day thanks to the increased charge rate that MCS offers. Better electrification of commercial cars is made possible by legislation that mandates that drivers take rest breaks. As a result, shorter charging durations to accommodate these breaks are beneficial.

The MCS will operate at up to 3,000A and 1,25 KV at its final development stage, delivering up to 3,75 MW of power when charging. With the backing of a significant segment of the industry, MCS is founded on an international consensus on technical standards. An internationally recognised standard is essential to promote harmonised solutions that reduce costs and boost interoperability without sacrificing safety and uptime.

Trucks on the highway are a key focus of the MCS, not only depot pricing. Large truck units operating long-haul routes and some smaller rigid trucks operating cross-border short-haul deliveries—such as logistics organisations operating deliveries between the United Kingdom and continental Europe—pay particular attention to this issue.

Most MCS charging occurs while drivers take breaks from their routes, but some depots may have a single MCS charger on site to do a flash charge if a truck needs to be turned around quickly. In order to balance this unit’s demand against other chargers on site, load management is crucial because it will require a power supply of at least 1 MW+.

Fleet operators should look to consider incorporating MCS into their whole charging ecosystem and solutions, regardless of whether they are thinking about how electrification will affect their fleet of vehicles on the road or how their depots will operate.

Adopting cutting-edge energy management technology solutions will enable effective fleet electrification, particularly at depots. Investing in effective load management technologies will be critical to maximising existing grid infrastructure capacity while decreasing the need for additional investments in generation or distribution capacity.

Investing in and deploying effective energy management technologies is the key to a smoother, more efficient shift for commercial fleet operators. They are critical in lowering energy expenses, both economically and environmentally.

Energy management solutions for charging electric fleets will also help maximise existing grid capacity, reducing the need to invest in new generation or distribution capacity. This will be an essential factor for fleet managers to consider as eTruck fleets expand and other commercial vehicle fleets, such as buses, increase demands on infrastructure.

With unprecedented energy and investment going into electrification, 2024 looks to be a pivotal year for picking up the momentum of progress around MCS in the logistics sector. If done right, it will create a shift of optimism in the market to accelerate the electrification of commercial fleets and promises to positively impact other sectors, such as marine and aviation, contributing significantly to reducing carbon emissions.

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