Connect with us

Business

STAY SECURE FROM ANY LOCATION WITH COVALENCE FOR REMOTE WORK

By Andrew Milne, Chief Revenue Officer at Field Effect 

 

As cities across the globe begin to ease their COVID-19 restrictions, this year’s transition back to the office could take place in stages — or not at all.

Prior to the pandemic, data had already shown a steady increase of remote work employees — growing by 173% over the last 15 years, with nearly 5 million telecommuters in the U.S. alone.

Research now shows nearly 40% of global companies expect work-from-home policies to be permanent.  Supporting this data, a study last month shows 65% of UK workers believe remote working could become more common after COVID-19. In Canada, 66% of Canadians who shifted to remote work earlier this year, reported a high success rate.

While businesses and organizations consider their next steps, what impact will this have on your cyber security strategies?

 

Working safely, securely, and remotely

Whether you are transitioning back to the office or working remotely long-term, cyber security best practices remain as important as ever — and it is equally critical that employees stay vigilant about new COVID-19 scams, and web and email threats.

You can also bet that cyber criminals are tracking these next steps. One look at this year’s cyber crime numbers, provides a good reminder.

Consider these recent risks, in just the first quarter of the year:

  • Over25,000malicious COVID-19 websites were created on March 19 — a record for the first quarter.
  • In March, phishing and counterfeit websites increased to8,342— from just 3,142 in January.
  • More than 80% of remote work employees surveyed recently claimed awareness of COVID-19 phishing scams, yet24%clicked on a link from an unknown sender before determining their legitimacy and only 12% reported the email.
  • An estimated36%of these employees are using one or more personal devices to access company files and 29% also share that device with other members of their household.

The reality is, as lockdown restrictions change, you should not change the attention placed on cyber security and remote work risks.

 

Secure your teams working from any location 

As companies consider their transition options, ensuring employees can work from any location, productively and securely — without compromising the security of networks, devices, and users — remains a critical challenge.

That’s why our team at Field Effect recently introduced Covalence for Remote Work.

Based on the technologies and capabilities of our flagship Covalence threat detection and monitoring platform, Covalence for Remote Work provides a complete solution in one platform for monitoring and detecting cyber threats to email and cloud services, devices that support remote work, vulnerabilities in cloud networks, and more.

Here is a quick look:

  • Personalized cloud security monitoring:Gain the insights to detect malicious or suspicious activity to your endpoint devices, email, and cloud services. Covalence uses data, logs, and APIs from your cloud service providers to monitor and identify threats to your services, administrative components, user accounts, and more.
  • Advanced monitoring and analytics:Benefit from machine learning and cloud analytic capabilities that provide continuous analysis of user and service data to identify threats. The result is real-time visibility to detect, monitor, measure, manage, and reduce attackable points.
  • Simple, affordable, powerful:Priced affordably, Covalence integrates easily with all existing systems. Set it up in just a few clicks and it does the heavy lifting to protect you as quickly as possible.

Visibility to the threats and risks facing your remote, distributed workforce will help businesses and organizations build safe IT environments for any stage of the pandemic, as well as into the future.

Get the visibility, protection, and confidence to secure your work from home employees.

 

Business

THE EFFECTS AUTONOMOUS DRIVING WILL HAVE ON THE TRANSPORTATION AND LOGISTICS INDUSTRY

Stefan Spendrup, Vice President of Sales Northern and Western Europe at SOTI 

 

‘Big thinking’ articles on how to disrupt industries from retail to healthcare have been so prolific in recent years that you would be remiss in assuming we have moved forward from the digital transformation era. Rather, it is important to think of these transformations as the natural extension of a technologically driven world, in which companies are constantly adapting to meet ever-evolving market demands and customer needs. As the pace of development in technological capabilities has increased, so too has companies’ access to technology. With this comes an expectation that companies remain current with the latest advancements.

 

Following the mobile-first era, the next stage in the evolution of digital disruption is the move toward robotics through the Internet of Things (IoT) and Artificial Intelligence (AI.) Once companies have integrated a comprehensive mobility strategy within their operations, we find them increasingly turning to “what’s next”; solutions that will give them an even greater advantage against competitors and help them stay ahead of the field. Machine learning is poised to meet that market demand.

 

The transportation and logistics (T&L) industry is at the forefront of this trend. An industry that may seem at first to be traditional and unchanged by technology over the past half century, has been among the earliest adopters of disruptive technology.

 

Autonomous trucking is the next frontier for the transportation industry. As larger enterprises move away from traditional practices, smaller organisations can follow and benefit from the mainstream acceptance of autonomous technology. This can be seen in areas such as:

  • Monitoring, information sharing and exchange across remote devices
  • Management of mobile devices, remotely, which can eventually be applied to powering and controlling autonomous devices
  • Remote support
  • Performance data and analysis

 

The numbers make the case. In the UK, 1.44 billion tonnes of goods were shipped via heavy goods vehicles (HGVs) in 2019, which is an increase of 2% when compared to the year before. Global e-commerce sales are set to reach $5 trillion (£3.8 trillion) by 2021, driven largely by lowered consumer costs for online shopping and the ease of ordering online for everything from fruit to furniture. This trend is not likely to decline, especially as many are looking to limit in-store interactions in the wake of the COVID-19 pandemic. It will be difficult for transportation and logistics companies to ignore the financial benefits of automation alone.

 

Evidential benefits of automation within the supply chain and operational practices already exist. This can be explicitly seen in Amazon’s famous robot warehouses. These IoT-enabled robotic devices can sift through packages faster than humans can. They can work anywhere and under pretty much any condition, which is why they have been employed within the supply chain to speed up delivery and enhance the end-customer experience. The Amazon example indicates that as technology advances, adoption is likely to surge.

 

When turning our focus onto delivery services, we are seeing incredible interest in autonomous trucking, which has the potential to deliver faster, more predictable and more reliable service. These benefits do not negate the valuable role humans will need to play in overseeing quality control, providing support and conducting data analytics functions to aid in further innovation.

 

Prior to implementing full-scale autonomous trucking, shippers will need to ensure that the management and assessment of a connected fleet meets jurisdictional and federal legislation in addition to minimising cybersecurity risks. High levels of connectivity often translate into greater security risks, and companies will need to prioritise security to ensure systems are built with cyber resilience capabilities and can respond quickly in the event of a cyber breach.

 

Continue Reading

Business

ACCOUNTANTS HAVE BECOME CRITICAL TO THE SURVIVAL OF BUSINESSES AND THEIR REPUTATIONS DURING COVID-19

Stuart Cobbe, Director of Growth, Europe, MindBridge

 

The opportunity for fraudulent activity to flourish as finance departments operate remotely with less oversight in these extraordinary Covid-19 times is inevitable. Government loans and financial support have been given out with little or no accountability to businesses that are struggling with the change in their trading environment and as a consequence businesses find themselves in financial need.

There is already evidence of corporations handing back furlough grants as HMRC offers a 90-day amnesty, but without rapid data-driven insight and risk stratification, businesses may not know the extent of their exposure. Indeed many businesses face the daunting prospect of repaying loans at the same time as paying deferred VAT early next year in a far from certain trading environment. Stuart Cobbe, Director of Growth, Europe, MindBridge explains that the role of the accountant has now become critical to businesses and their reputations.

 

Unlocking transparency

The Covid-19 landscape is fluid and ever-changing, and businesses require accurate visibility of all aspects of their business in order to plan effectively for the future and to understand their financial position. As the economy continues to recover to a new ‘normal’, companies need to focus on the next 6 months. How many ‘zombie’ businesses are only operating due to deferred VAT payments? How many companies will fail when they cannot repay loans? The role of the accountant is vital in unlocking this transparency to provide data-driven, actionable insights.

After all, there are many questions around how government financing has been used, from grants to loans, furlough payments to VAT deferments. As of the 20th September, the total cost of furlough claims has reached a staggering almost £40 billion, despite 30,000 applications being rejected, with many likely to have been attempts to defraud the taxpayer. Research by economists from Cambridge, Oxford and Zurich universities found that as many as two thirds of furloughed workers continued to work.

For businesses that do not understand the extent of their exposure, they risk facing a HMRC-imposed tax charge equivalent of up to 100% of the grant to which any recipient was not entitled and was not repaid. It is, therefore, interesting to see the number of large organisations now publicly revealing plans to repay all furlough payments. For many, this is an opportunity to boost corporate reputation and demonstrate a commitment to rediscovering business as usual. However, given the huge pressures businesses have been under in recent months, many CFOs and FDs may not have the full visibility they require to effectively manage this without the power of audit.

 

Financial Risks

This is about far more than reputational damage, the potential misuse of furlough is far from the only financial risk. The extraordinary shift in every business’ modus operandi over the past few months has opened the door for opportunistic fraud. New sources of income; staff working from home with limited oversight; the financial pressures – both business and personal – created by the recession. The misappropriation of assets should be a very real concern for businesses of every size.

For organisations that have relied upon grants and loans to survive, an employee exploiting the lack of oversight to syphon funds for personal use could tip the company into failure. Companies must determine how – or whether – deferred VAT payments and loan repayments can be made. Is the company truly solvent or no more than a ‘zombie’ business operating with a balance sheet propped up by short term government finance?

 

Actionable data

Business resilience and reputation is a priority in this era, and CFOs or FDs may be struggling to establish trust across businesses now operating under a whole new range of pressures, from slimmer margins to a disjointed, remote workforce. There is an obvious need for complete visualisation of financial risks, and accountants play a crucial role in unlocking this data.

The rapid identification of mistakes in government support applications, potential fraud and the analysis of which deferred payments and loan repayments can be made and when – whilst ensuring other risk factors do not jeopardise business stability – is essential to futureproof the business, and accountants can assess data to provide this information in a complete and actionable format to lead smarter company decisions. This is the data insight CFOs and FDs need today.

Traditional financial risk assessment models will not be adequate. At best, problems will be revealed months after the fact. Companies need rapid identification of areas of unexpected activity today. This is where accountants and finance departments using sophisticated machine learning and artificial intelligence techniques can deliver real business value by rapidly assessing financial data and surfacing unexpected activity. Armed with this information, finance teams will know where to focus activities, the questions to ask and the remedial action to take. This information will drive departments and remedial action to ensure business success and growth as the nation gets back to its feet.

In short, accountants and finance professionals can provide the answers businesses need today, whilst helping managers to plan for the future effectively, despite the changes in policies and protocols as the pandemic continues to throw curveballs. An audit can quickly identify problems including but not limited to, cash flow, fraud, misuse of grants, loan repayment issues – all whilst offering the guidance and steps to safeguard the business to promote resilience and protect the solvency and reputation.

 

Continue Reading

Magazine

Trending

Business1 day ago

THE EFFECTS AUTONOMOUS DRIVING WILL HAVE ON THE TRANSPORTATION AND LOGISTICS INDUSTRY

Stefan Spendrup, Vice President of Sales Northern and Western Europe at SOTI    ‘Big thinking’ articles on how to disrupt industries...

Technology1 day ago

USING ARTIFICIAL INTELLIGENCE TO ACHIEVE CIRCULAR ECONOMY

By Professor Terence Tse, ESCP Business School   It is really only a matter of time before the two main...

FINANCIAL SERVICES FINANCIAL SERVICES
Banking1 day ago

WIRELESS CONNECTIVITY POWERING BANKS OUT OF THE STORM

Graham Brooks, Strategic Account Director, Cradlepoint EMEA   It’s now clear the pandemic is going to have a long-term effect...

Finance1 day ago

FROM COVID TO CURRENCY CRISIS?

One hallmark of the United States’ superpower status is the primacy of the dollar. All regimes rise and fall. There...

Top 103 days ago

IS BITCOIN SET TO HAVE A 2017-STYLE MINI BOOM THIS YEAR?

Bitcoin’s price is set to “surge before the end of 2020” with investors keen not to “sleepwalk” through a 2017-style mini-boom,...

Business3 days ago

ACCOUNTANTS HAVE BECOME CRITICAL TO THE SURVIVAL OF BUSINESSES AND THEIR REPUTATIONS DURING COVID-19

Stuart Cobbe, Director of Growth, Europe, MindBridge   The opportunity for fraudulent activity to flourish as finance departments operate remotely...

Business4 days ago

STAY SECURE FROM ANY LOCATION WITH COVALENCE FOR REMOTE WORK

By Andrew Milne, Chief Revenue Officer at Field Effect    As cities across the globe begin to ease their COVID-19 restrictions, this...

Finance4 days ago

ARE FINANCIAL SERVICES COMPANIES RISKING THE CONSEQUENCES OF A DATA BREACH?

By Andrew Fitzgerald sales director for Western Europe and Sub-Saharan Africa – Cohesity   Financial services companies need to be doing data...

Business4 days ago

COVID-19 HAS MADE PERSONALISATION IN CUSTOMER COMMUNICATION MORE IMPORTANT THAN EVER

By James Hall, Commercial Director, Striata UK   When COVID-19 struck and countries around the world went into lockdown, the...

News4 days ago

CORE BANKING PROVIDER OHPEN APPOINTS DOUWE-KLAAS BIJL AS CFO AND BOARD MEMBER

Ohpen, the first fintech platform to bring a bank to the cloud, today announces the appointment of Douwe-Klaas Bijl as its new CFO. Joining...

Business4 days ago

HOW BUSINESSES CAN USE THE CHANGING LANDSCAPE TO AUTOMATE.

By Paul McFadyen, Managing Director of metals4U    The Coronavirus pandemic has dominated our global markets for the first half of...

News4 days ago

ABBYY DIGITAL INTELLIGENCE SELECTED BY PARAGON CUSTOMER COMMUNICATIONS TO DRIVE DIGITAL TRANSFORMATION

ABBYY, a digital intelligence company, has announced a collaboration with Paragon Customer Communications – the leading provider of insightful customer...

Wealth Management5 days ago

HOW THE DEMOCRATISATION OF TRADING AND INVESTING CAN HELP INVESTORS

By Oleg Giberstein, Coinrule   Not long ago, I attended an event in the City of London. Suave bankers had...

Business6 days ago

USING ANALYTICS TO CHEAT TO SECURE THE ONE RESOURCE THAT MONEY CAN’T BUY

By Avtar Dhillon, Director, Business Value Consulting, ThoughtSpot   “It’s not that we have little time, but more that we...

Technology6 days ago

THE IMPORTANCE OF CONTEXT IN PRACTICAL AI APPLICATIONS

By looking at a typical AI application, Dr John Yardley, CEO, Threads Software, discusses how AI processes must take account...

Top 106 days ago

FIVE THINGS EVERY PROCUREMENT PROFESSIONAL SHOULD KNOW BEFORE CHOOSING AN EPROCUREMENT SOLUTION

By Daniel Ball, Business Development Director at Wax Digital   Effective procurement is becoming increasingly important to most businesses. Ever...

Business6 days ago

HOW AUTOMATION HELPS CFOS DRIVE PROFITABILITY

By Vijay Kurkal, CEO at Resolve   The economic backlash of the pandemic has challenged organisations across sectors to bolster...

News6 days ago

FINANCE AND INSURANCE ORGANISATIONS’ COMPLIANCE AND PROTECTION FAIL TO KEEP PACE WITH CLOUD TRANSFORMATION, VERITAS RESEARCH SHOWS

12% increase in businesses prioritising cloud since COVID-19 Two-thirds of organisations unlikely to move all data to the public cloud...

News6 days ago

EMVCO LAUNCHES EVALUATION PROGRAMME TO SUPPORT CONTACTLESS PAYMENT ACCEPTANCE ON CONSUMER MOBILE DEVICES

EMVCo Responds to Industry Need with New Early Adopter Programme for Vendors to Submit COTS Devices for Functional Evaluation Against...

Banking6 days ago

WILL COVID-19 ACCELERATE THE TRANSITION TO BANKING ALTERNATIVES

Gael Itier – CEO & Founder at Akt   What will the world look like once the pandemic is over?...

Trending