Category: Data Security

Implementing Machine Learning Strategies for Business Success

October 10, 2018

With each passing day, machine learning’s business implications are becoming clearer. Machine learning is a branch of artificial learning in which systems identify patterns from data, learn from insights, and make autonomous decisions with very little human intervention. As the number of smart devices connected to internet increase, so will the data generated by them. This deluge of data is also known as Big Data, and machine learning applies complex algorithms to understand patterns in Big Data to make decisions. Machine learning can provide real-time insights based on data, giving businesses a competitive edge over their peers. In this article, let us take a look at how machine learning is going to influence businesses across the spectrum. Where is machine learning used? Currently, machine learning is being used across industry verticals for business success. Here are some examples: In the media, machine learning is used to personalize content and to make recommendations, predict paywall price, and to optimize layouts. In marketing, data insights can be used to make upsell forecasts and churn predictions, while it can also help in lead scoring. Machine learning also assists in making KPI predictions such as CLV (customer lifetime value). The eCommerce industry has begun to use machine learning to promote products in a targeted manner. The retail industry, on the other hand, uses machine learning to make predictions related to inventory and store layout. Financial services use machine learning to predict churn rate and to reduce it. It is also used to predict loan outcomes and identify risky customer behavior patterns. Three scenarios in which you can implement machine learning immediately Make better sales forecasts, improve marketing campaigns, and enhance customer satisfaction You can start using machine learning to consume and analyze data from unlimited sources. You can also rapidly process analyses and make predictions related to sales and marketing campaigns. In addition, you can use machine learning tools to evaluate past behaviors of customers. According to Forbes, 84% of marketing organizations currently use some form of machine learning or AI to enhance their services. Use cases Example 1: Azure Machine Learning can be used to analyze customer churn and minimize it as well. This is more cost-effective than other traditional and time-consuming methods to minimize customer churn. Interactive Pricing Analytics Pre-Configured Solution (PCS) is a Microsoft Azure machine learning solution that helps to determine the pricing elasticity of every product that you may sell. In other words, this tool can be used to offer contextually relevant pricing. Example 2: Salesforce Einstein is a great example of what machine learning and AI can do to enhance existing CRM solutions. Salesforce Einstein can be used to implement predictive lead scoring, and the tool looks at various demographic and behavioral data sets. It can also help recommend products to your customers based on their interests, and to cross-sell and up-sell products more effectively. Offer predictive maintenance and avoid downtime Most businesses rely on corrective maintenance to fix machines and applications. Corrective maintenance requires one to wait until an issue arises, but the costs in downtime, unscheduled maintenance requirements, and labor can increase the overall expenditure exponentially. Some businesses have begun to use preventive maintenance, which urges customers (and their own staff) to replace spare parts regularly or to ensure certain security and upgrading protocols for software tools. Even scheduled downtime and under-utilization of spares before their full lifetime can result in unnecessary losses. Machine learning helps businesses to undertake predictive maintenance at the right time, whether onsite or for customers. It is the smartest way to ensure that equipment and systems are used to their full lifetime and that problems are identified before they cause issues. You can implement predictive maintenance to reduce over-corrective maintenance, scheduled downtime, and labor costs by analyzing user data and identifying when interventions need to be taken. Specific benefits include: Detecting anomalies in system performance or in equipment Predict when an asset may fail Estimate how long an asset may remain useful Recognize the reasons for an asset’s failure Recognize what steps need to be taken to offer maintenance support to Azure Machine Learning and Microsoft Azure AI platform can help in the predictive maintenance of both onsite infrastructures and provide support for customers. Detect fraud and enhance security An important function of machine learning in businesses is to detect fraud and enhance security. Machine learning technology can be used to manage portfolios, engage in algorithmic trading, underwrite loans, and detect financial fraud. Here are a few ways you can implement machine learning to enhance security: eCommerce websites can make use of machine learning to prevent credit card fraud. Create real-time behavioral profiles that interpret the actions of customers, merchants, individuals, and other entities. Supervised machine learning that uses algorithms to detect fraud after having “learned” from innumerable examples of fraudulent and legitimate transactions. Supervised machine learning can only detect fraudulent activity that has taken place previously, and thus, unsupervised machine learning is the next step. This self-learning algorithm predicts fraud and by detecting outlier behavior and transactions. Adaptive analytics helps machine learning models to continuously learn from feedback. These models can be used to detect spam and thwart IT security threats as well. For example, PayPal uses an open-source based homegrown AI and ML engine to detect fraud. After implementing this model, PayPal reduced fraud by 50%. Implementing machine learning in your business Before you implement a machine learning model, follow these steps for a customized solution: Recognize the problems which machine learning will solve Identify the data sets that will help the machine learning model to solve a problem Determine which machine learning platform you will use to build your custom model Consult a data engineer or determine yourself how you will stream data into the machine learning platform Build or choose the right machine learning model to address your issues Continuously test and adjust the model Machine learning does something for every business With proper planning, you can implement machine learning to enhance sales and marketing campaigns, make

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Five Ways to Transform Your Business through Right Digital Infrastructure

September 4, 2018

While most businesses have adopted digital infrastructure to some extent, many still do not have a holistic plan to transform their business using the right digital infrastructure. Studies show that most businesses tend to retain legacy tools while implementing the digital strategy, and what really happens is, there is a complete mismatch between digital and non-digital, leading to subpar organizational performance. In result, companies see results that are satisfying in some areas, while creating new risks and liabilities in others. Businesses need to have a 5-pronged approach towards digital infrastructure. This will help look at their entire business infrastructure as a single entity and build a strategy around it. In fact, the right strategy will help your business to transform itself into a lean and uber-efficient machine that can give your competitors a run for their money. Most importantly, having a digital strategy will help you to focus better on your business and enter new avenues. In this article, we describe our 5-pronged approach to make use of digital infrastructure in the right way and optimize your business to achieve new heights. Evaluate existing hardware and go for a major upgrade One of the first things you need to do in order to assess your hardware situation is to examine how your network infrastructure is. Network infrastructure includes both software and hardware components and is an integral part of IT infrastructure. For your software components to work efficiently, your enterprise network needs to be top notch. Evaluate existing routers, operating systems, network security applications, network operations, IP addressing, wireless protocols, etc. At the same time, evaluate data centers as well, as most businesses use subpar services which are often exorbitant. Consider seeking an external vendor’s help in choosing the right data center for your business requirements. To transform your business using the right data center, begin with creating a strategy. Implementing agile IT organization is crucial to this process, as is virtualization and cloud. Intel’s whitepaper recommends evaluating aging infrastructure by computing various metrics and KPIs. Please bear in mind that agile infrastructure can either be virtualized or nonvirtualized, and this solely depends on your organizational requirements. Nevertheless, virtualization is key to having a successful cloud strategy, which we shall discuss next. Move to the cloud whenever possible Today, you can practically move every legacy technology to the cloud and reap the benefits of reduced costs, increased efficiency, and access to technology which you previously didn’t have. Software as a Service (SaaS) helps you to access and use software programs which were probably out of reach for you if you are a small business. If you are a large business, SaaS is equally important to reduce dependency on physical infrastructure and keep your business agile and scalable. SaaS models offer pay-as-you-go schemes, which allow businesses of all sizes to scale or downscale depending on their situation. In addition, the cloud can also help you to access infrastructure via the cloud. Storage, data centers, and even networks can be used on an infrastructure as a Service (IaaS) model. Cloud computing helps businesses to eliminate organizational flab and grow lean and agile. If you are a service provider yourself, consider using PaaS (platform as a Service), which helps you to develop new applications and tools on cloud-based platforms, instead of having to invest in expensive platforms. In short, cloud computing provides the technological impetus required to make your business grow quickly. Integrate what you can With more businesses using tools to automate processes, ERP, CRM, and HRMS tools are almost an integral part of every successful business. However, they create unique problems of duplicate entries, repetitive manual exchange of information, and a continued lack of coordination between departments. Integrating these tools using available APIs is a popular method to reduce duplicate entries and increase automation. Most importantly, data can be shared between integrated tools, leading to richer insight and more accurate predictions. If you have an eCommerce business, for instance, you can integrate your ERP with your CRM, so that purchases made by customers online is immediately reflected the inventory department, which can replenish stocks automatically. The possibilities are endless, and such a heightened level of coordination is only possible when you integrate software tools. Before you decide to integrate, make sure that you have an integration strategy, and that you have spoken to vendors who will be able to do it for you efficiently. Integration strategy also involves training your staff so that they use the new interface effectively. In addition, you will also have to account in for security-related ramifications. Implement Internet of Things, Blockchain, and Artificial Intelligence These may seem like disparate terms often used by IT honchos, but they are very important for businesses of all sizes. IoT, or Internet of Things, uses sensors embedded in devices to intelligently communicate with servers and perform functions that ordinary devices cannot. These can further be connected to smartphones so that device-users have more control over how they interact with it. In a business perspective, sales and marketing teams can use IoT-enabled devices during promotional events, while logistics and product-handlers can use IoT enabled product tracking. Blockchain is another digital technology which can help businesses immensely. You can use smart contracts to ensure security, and distributed ledgers allow you to process transactions in a safe and secure manner. Blockchain has a number of applications for businesses, right from identity verification to automated approvals. Artificial intelligence is another emerging technology that has now become mainstream for business use. Regardless of the size of your company, you can use AI-enabled chatbots for customer service, social media management, and certain marketing tasks. These technologies are accessible, affordable, and easy to implement. Businesses only need to decide to embrace them before their competitor does. Focus on digital governance and security To ensure business success, it is not enough to have the best infrastructure in place. Digital infrastructure’s success depends on how secure it is against various kinds of threats, and how wisely you are

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Cloud Technology’s Interoperability and Portability

August 21, 2018

Globally, as more businesses begin to use cloud services, interoperability and portability are terms you will hear quite often. What may seem like very technical concepts are quite business-centric, and understanding how portable or interoperable a particular cloud solution is, and that is very critical to business success. If your business is trying to move from legacy tools to cloud-based solutions, you will need to familiarize yourself with both these concepts and ensure that you make the right decisions before choosing your cloud vendor. The most important advantage of understanding cloud interoperability and portability is that you will be able to avoid vendor lock-ins and pick and choose the services you want. In this article, let us take a look at both cloud interoperability and cloud portability, and how it affects your cloud performance, and what you need to do in order to choose the best services. What is cloud interoperability? Cloud interoperability is the capacity of two or more systems to swap information and use the information that has just been swapped. This means, both public and private cloud applications and services should be able to exchange and understand APIs, data formats, and configuration. Jason Sparapani also lists authorization and forms of configuration as part of the information that can be exchanged. When APIs are exchanged and interoperability is built into cloud systems, customers can switch from one service to another without feeling locked-in or obliged to be with a single vendor. What this really means to you as a business owner is, if your cloud service rates high on interoperability, you will be able to change your vendor if you are not happy with their services, at a minimal cost. Your data and information cannot be locked-in by your vendor for any period of time. This freedom not only allows you to change when you are not happy with the services but will also drive cloud vendors to remain competitive and offer the best in class services. What is cloud portability? Portability offers cloud users a different kind of freedom. Cloud portability refers to your ability to transfer data and apps between legacy and cloud systems, and also between different services provided by different vendors. Cloud data portability helps you transfer data between legacy and cloud systems. APIs help you do that, by allowing you to migrate data from a legacy tool to a cloud tool (or the other way round, if you so choose to do). Cloud application portability helps you to move an actual application from your legacy system to the cloud, or from one cloud service to another. Cloud application portability helps you to use the app you want, in the place where you want to do so. Cloud data and app portability are not the same as interoperability, and this refers to your own freedom to move applications and data around. Interoperability, on the other hand, refers to the application or service’s ability to exchange data and information and also to use it. If the API could solve it all, why don’t we just have one? The main reason interoperability is a challenge at the moment is, there are far too many companies offering cloud services, and they all have different APIs. This means, two applications with different APIs will not be able to read each other, and this is also how many companies indirectly lock you into their cloud-based plans. APIs are not standardized, and businesses often have to seek developers who will build mapping layers to communicate between different APIs. There are also cloud service brokers who will do the mapping for you. Both Platform as a Service (PaaS) and Software as a Service (SaaS) face the challenge of too many APIs being around. As a business client, you are most likely to use a system delivered via SaaS. Before you sign an agreement with your vendor, make sure that you ask the following questions: Is the data portable? Is the application portable? What are the interoperability challenges that your solution poses? Do we have access to the API if we choose to move the data at a later date? Are we free to unsubscribe from your service and take our data (and application) with us to wherever we want (another cloud vendor)? What you actually need to do You must also bear in mind that not all applications can be readily ported to the cloud. If they depend on legacy technology, and if they actually need on-site machinery in place, porting data to the cloud can prove to be difficult. However, there are hybrid methods that combine both cloud and on-site systems to create portability during future use. To make sure that you are safe nevertheless, you need to make sure of the following factors: Look for scalability Before you choose a cloud service, you need to make sure that it is scalable. If your business grows, you should be able to add or remove features and capacity according to your demand. Do not hesitate to make this is a decisive criteria while choosing your cloud service. Make sure the service is agile Agile cloud applications and services ensure that your business runs smoothly and efficiently. Agile development ensures that cloud-based projects are completed in time and that there are no delays in either porting or moving data to whichever service or application you want. Try to opt for a pay-as-you-go model Do not sign a contract upfront that requires you to pay large amounts of money in the beginning. Make sure that you pay as you go, without getting locked into services or subscription plans. Having an honest conversation with your vendor usually solves this problem. What about security? While everything about interoperability looks good on paper, and in conversations, there are also certain risks. One of the main risks is security. When too many companies, platforms, and applications are involved, the chances of your data being compromised is higher. You should always ensure that your vendor offers top-notch security

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Blockchain as the Newest RegTech Application – An Opportunity to Reduce Financial Institutions’ Burden of KYC

August 17, 2018

Regulatory challenges have often caused unnecessary inconvenience and delays within the financial services industry across the world. Compliances issues affect every financial service today, and many businesses have often paid enormous amounts in terms of fines, legal fees, and loss of business. The need for compliance and stringent regulations are necessary, especially in a world that is increasingly becoming prone to fraud, security threats, and cyber threats. Governments and regulatory bodies are right on their part to expect compliance from financial institutions, one of which is the ubiquitous KYC document (Know your Customer document). While financial service providers have meticulously collected KYC documents and ensured that they comply, the process has often been long drawn out, complex, and often mired with bugs and technical issues. Most KYC compliance happens digitally, and companies often repeatedly seek KYC from customers, often leading to opt-outs. Technology can help fix this issue for financial service companies, and one way is using RegTech. RegTech is short for regulatory technology and makes use of cloud computing technology delivered via a Software as a Service (SaaS) model so that businesses can easily process KYC documentation quickly and efficiently, at a lower cost. What is going to change RegTech even further is the use of Blockchain. In this article, let us take a look at how Blockchain is changing RegTech, and helping financial institutions to process KYC documentation quickly and efficiently. What exactly do the RegTech companies do? So far, companies that offer RegTech solutions have been working with regulatory bodies alongside their clients, financial institutions. By combining the goodness of cloud computing and big data, RegTech companies have made available sensitive information often required to validate KYC documents. Many RegTech companies have also used predictive analytics and big data to comb through previous regulatory failures and predict future risks that financial institutions should consider. Most RegTech companies have focused on creating analytical tools that sift through big data to pick sensitive information that could help financial institutions to comply better with regulatory authorities. RegTech companies offer solutions ranging from KYC validation to alerting money laundering activities and preventing cyber hacks and data breaches. Simply put, RegTech companies monitor digital transactions in real time and identify irregularities to prevent fraud and other risky events from taking place. Financial institutions alone cannot identify, predict, or avert these risks, nor will they be able to comply with all the regulations, including KYC processing. Using Blockchain for KYC processing Blockchain, which is a distributed database stored on a particular network, and accessible on all computers authorized to do so, is a technology that is picture-perfect for regulatory compliance. In Blockchain technology, every file is split into parts called blocks, and each block needs to be validated individually by the entire network. Smart contracts are based on this technology, and for a contract to be processed, all parties involved need to provide their digital signatures. As all data is encrypted, security is always ensured. In addition, as data is stored across a network and not just on a single computer, hacking or tampering with data is impossible. Most importantly, Blockchain data is immutable, and all changes made to the original database can be tracked. In the financial services arena, this quality is very important because customers simply cannot make changes to their financial history if something had gone awry previously. KYC documents can be processed in an error-free, encrypted, and automated environment, which simply is not possible in other technologies. RegTech applications using Blockchain can integrate both KYC and anti-money laundering steps for commercial usage, and this can be made available to companies both publicly and privately, depending on regulatory requirements. How Blockchain helps companies to reduce KYC burden Blockchain applications can be delivered as cloud-based RegTech apps via a SaaS model to financial institutions so that they can conduct their KYC operations to meet regulatory compliance. Let us take a look at how Blockchain can help financial institutions to reduce the burden of KYC: Identify and verify client information KYC requires financial institutions to identify their customers’ personal details such as name, address, nationality, birthdate, etc. Such basic data can be verified with the help of an identification card that is approved by regulatory bodies. Blockchain digitalizes information and validates such information by cross-verifying digital identities from various sources already available to the Blockchain. In other words, Blockchain not only helps customers to manage their digital identities, it also helps financial institutions to conduct basic KYC seamlessly. While KYC for individual clients using Blockchain is quite straightforward, it gets a little complex for professional entities. Professional entities require the KYC processing of directors’ identities, and other key persons (or corporations themselves) involved. Avoid risk by screening high-risk individuals Most financial institutions gain access to only the basic information of a customer. This basic KYC is not enough to avert risky situations such as money laundering, payment defaults, frauds, financial bankruptcy, etc. Banks can easily screen high-risk individuals if they subscribe to a Blockchain database that stores and validates information related to previous risky financial behavior. In addition, Blockchain-based RegTech apps can also predict future risky behavior by combining predictive analytics and big data with Blockchain. If a customer has had a questionable financial history, for instance, a Blockchain would confirm this to the bank or insurance company, which can decide not to lend a loan or approve an insurance claim. This mechanism can also help in averting money laundering and fraudulent activities, helping financial institutions to comply with regulations. Determine the inherent risk of customers A number of financial relationships require a much deeper insight about the customer or client. The KYC team will need to process questionnaires that probe negative press releases, criminal activity, political opinions and alliances, and a variety of other publicly available information. However, the KYC team simply cannot put all these unrelated datasets together and arrive at conclusions regarding the risk a customer poses. Regulators often prescribe the criteria for determining a customer’s inherent risk, and

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Now That Net Neutrality Is Officially Dead, What To Expect Next?

June 12, 2018

Finally that day has come, when after a lot of delays, the FCC’s repeal of Net Neutrality came into action. What does this mean exactly and what comes next? Expensive internet with limitations or a legal purgatory? How is the world especially the US is reacting to this? Let’s find out: #NetNeutrality was officially repealed today, which means internet service providers (ISPs) are no longer prohibited from slowing down, favoring, or blocking websites at will. QUESTION: Are you for our against a bill that ensures net neutrality continues in Oklahoma? — Rep. Mickey Dollens (@MickeyDollens) June 11, 2018 As of today, internet service companies can now violate #NetNeutrality — but they won’t start right away, and they won’t be obvious about it. https://t.co/8S8U5yY0J7 — ACLU (@ACLU) June 11, 2018 The @FCC’s deeply immoral repeal of #netneutrality goes into effect today. On behalf of working families who are tired of paying more for less, you can count on me to keep fighting this. pic.twitter.com/hWO3OA363N — Keith Ellison (@keithellison) June 11, 2018 The repeal of #NetNeutrality is huge blow to what Americans can say and do online. But we must keep up the fight to save the internet from corporate control. pic.twitter.com/lPrTv4Pham — Robert Reich (@RBReich) June 11, 2018 Despite the repeal of #NetNeutrality, we will not stop in our efforts to protect consumers & #SaveTheInternet. A free & open internet is simply to important to the future of our communities. pic.twitter.com/NrB9lLuRfX — Nancy Pelosi (@SpeakerPelosi) June 11, 2018 Internet service providers shouldn’t be allowed to block, slow down, or manipulate consumers’ access to the internet. We must restore #NetNeutrality to keep the internet open and free. — Dick Durbin (@DickDurbin) June 12, 2018 Trump’s repeal of #NetNeutrality goes into effect today. Remember that the fight isn’t over—keep raising your voices & urging your representatives in the House to vote to restore net neutrality & #SaveTheInternet pic.twitter.com/FVPUo47CX0 — Tammy Duckworth (@SenDuckworth) June 11, 2018 https://twitter.com/NNUBonnie/status/1006326978448769024 The repeal of #NetNeutrality rules goes into effect today, but this fight is not over. House Democrats are trying to gather support to force a vote to save Net Neutrality just like we did in the Senate. Take action & demand your representative save the free & fair internet. — Vice President Kamala Harris Archived (@VP46Archive) June 11, 2018 #NetNeutrality ended today helping big corporations & those with $$$ to pay, leaving everyone else behind. This is crazy. The Internet has always been the equalizer – equal opportunity for all. It’s not too late to fix this – the House can pass our resolution to #SaveTheInternet — Tulsi Gabbard 🌺 (@TulsiGabbard) June 11, 2018 The future of the internet is at stake. We need to maintain pressure on the @FCC’s #NetNeutrality repeal. I was proud to have vote against repeal last month. Now I urge my House colleagues to follow suit! — Senator Dianne Feinstein (@SenFeinstein) June 11, 2018 *Views are not our own. Keep watching this space for more such firebomb updates.

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Get Your Act Together and Migrate from SSL/Early TLS before the June 30th Deadline

June 11, 2018

SSL/early TSL will need to be disabled by 30th of June, 2018. Every business will need to implement a far more secure encryption protocol if they wish to comply with PCI Data Security Standard (PCI DSS). Whether you process your own customers’ or clients’ payments or you work with other businesses and partners who process online payments, migration from SSL/early TLS to TLS 1.1 or 1.2 and above is a crucial necessity. PCI compliance is a necessity if you offer any kind of payment transactions on your website. For instance, if you run an online store and people enter their card details to purchase a product or service, PCI DSS-compliance is an absolute necessity. In this article, let us take a look at what SSL/early TLS are, what you need to do to comply with the new regulations, and how it is going to benefit you in the long term, with a few use cases placed in context. What is the problem with existing PCI DSS compliance protocols? Back in the 1990s, Netscape developed the Secure Sockets Layer (SSL) to keep information and data confidential and secure, while being shared between two different systems. Transport Layer Security (TLS) is a closely-related cryptographic protocol that adds a layer of security to payment procedures. Using the latest versions of SSL and TSL was an absolute necessity to display the certificate of being PCI DSS-compliant. PCI DSS-compliance certificate assures web shoppers and users that their credit card information will remain safe and that their financial data will not be put at risk. Unfortunately, SSL and early TLS have a number of vulnerabilities that put organizations, users, and customers at risk of various kinds of threats.  Many hackers and malicious entities have used loopholes within SSL and early TLS to compromise security and financial data privacy. Currently, fixes and patches cannot repair or fix these SSL and early TLS vulnerabilities. In addition, hackers and attackers have grown more advanced, leaving all PCI DSS-compliant websites vulnerable and weak. To address and mitigate these vulnerabilities, PCI DSS compliance now requires you to migrate to more advanced and complex encryption protocols. If you can convincingly prove that the payment terminals (POIs) are not vulnerable to any known threats for SSL and early TLS, you may not need to migrate to newer encryption requirements. However, for every other platform and situation, you will have to migrate to the new requirements by 30th June, 2018. Hence, every eCommerce or online business using early TSL or SSL has no option but to adopt the new protocols and enforce them as soon as possible. Note: If you are planning to use RC4, MD5, and other unapproved algorithms to fix security issues, you will need to stop it immediately. These practices aren’t allowed under new regulations. Is this update only for PCI-compliant websites? The short answer is, no. If you allow transactions to go through your website, you will need to update to newer protocols as soon as possible. Even if you have not applied for PCI certification and even if you have other methods to tell your users that you offer secure transaction environments, you will need to update from current SSL/TLS versions. What you need to do immediately If you are not PCI-compliant, and you don’t wish to seek the certification, you still need to upgrade to the latest encryption protocols in order to beat the weaknesses of existing SSL and TLS versions. Conduct a website audit and make sure that existing threats are addressed. To address the vulnerabilities within SSL and early TLS, you have to migrate to at least TLS 1.1. However, TLS 1.2 or above is strongly recommended as other versions simply do not have the ability to thwart threats. If your clients or partners run websites, you will have to urge them to immediately update to TLS 1.2 as well, as directly or indirectly you will be responsible for any security breaches that may occur. Do not forget that GDPR has already rolled out, and financial information comes under personal identification data too. Make sure that there are no implementation vulnerabilities such as the numerous ones we find in OpenSSL. Always ensure that patches are up-to-date and you already with countermeasures to address security threats. It is important to quickly migrate from OpenSSL to TLS 1.2 or more, in order to keep yourself, your customers, and your clients safe from hackers and attackers. If you are configuring TLS yourself, make sure that you do it securely. You will need to make sure that secure TLS cipher suites are supported and that unwanted cipher suites are disabled. In short, whatever is not required for interoperability, disable them. You will also need to make sure that key sizes are supported too. PCI SSC website has a lot of information regarding SSL and early TLS migration. You can visit their website for more guidance. If you do not want to risk migrating from SSL/early TLS to TLS 1.2, consider partnering with an external agency. External vendors not only have the time but also resources and technical expertise to ensure that all your websites migrate to the latest version of TLS without any errors. Most importantly, you can rest assured that during or after migration, your customers will never notice any downtime or inaccessibility to the websites.Tell us if you are struggling. How We Can Help? Stop Unwanted Calls Problem: An eCommerce business noticed that some customers started to receive unwanted calls from suspicious entities. Hackers were able to sneak in through vulnerabilities in SSL during checkout. This helped them to extract personally identifiable information of customers, which they used not only to make calls but also potentially for more malicious purposes. Solution: We helped the business to smoothly migrate to TLS 1.2, without causing any difficulties or downtime for their website operations. Get the ERP Right Problem: A large multi-national company that deals with cloud ERP has several eCommerce clients across the world. It wondered if the payment

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Disruptive Innovation in Payments

June 1, 2018

We could have written paeans about FinTech a couple of years ago, but to do so now would be to sing praises about what is already the norm. FinTech, the inevitable result of finance services making use of technology to enhance solutions and services, is the single largest disruptor in the world of finance. In addition to being a disruptive development, FinTech has evolved into becoming almost conventional, replacing legacy methods and making them seem archaic. Yet, a closer observation reveals that there is a lot of disruption taking place even within contemporary FinTech. Technology has driven FinTech to continuously evolve itself, and newer players continue to give a run for their competitors’ money almost every day. In this article, we briefly recap the growth of FinTech and contextually place this growth in a situation that continues to bring disruptive innovation in payments. We shall also take a look at certain trends driving this disruption, and what we can expect from this exciting development in the near future. The growth of FinTech While it may sound like a fancy term, FinTech isn’t actually very new. Using technology to drive financial procedures has been around since the 1900s in various forms. From being able to wire money to someone in a different part of the world to modern peer-to-peer payments, FinTech has come a long way. Barclays opened the first ATM in the world in 1967, and Wells Fargo kick-started the world’s first online checking account in 1995. PayPal came to being in 1998, and online transactions and payments have grown exponentially ever since. Apple Pay, which was announced in 2016, was another watershed moment, as it heralded a new smartphone-based payments solution. Finally, blockchain-based payment technology gave rise not only to cryptocurrency, but also to smarter payments, seamless insurance claims processing, loan disbursals, and contactless payments. We had recently written an article about how Blockchain is bringing winds of change to the insurance sector. Drivers of the change As we can see, FinTech has evolved dramatically in the last few years due to rapidly evolving technology. However, market behavior and changes within finance sector have also been major drivers of change. In this section, let us take a look at three aspects of this disruptive innovation in payments. Technological development It goes without saying that technology is a big reason for disruptive changes in FinTech. In particular, artificial intelligence and blockchain have caused tremendous changes in the finance sector, propelling drastic changes that have taken even FinTech players by surprise. For example, PayPal and other peer-to-peer payments solutions were taken by surprise when cryptocurrency came to being. Blockchain in fintech is the single-most disruptive situation at the moment. Cryptocurrency players like Bitcoin etc. were taken by surprise when Ethereum-based legal peer-to-peer payments application started to be launched. For instance, blockchain-based claims processing, stock purchase, and Ethereum-based P2P payments solutions are quickly taking over traditional smartphone-based payments applications. Smart contracts have enabled seamless and secure transactions, making financial procedures more reliable than they ever were. In fact, it wouldn’t be an exaggeration to call blockchain a cultural phenomenon. For an industry that focuses much of its energy on building and maintaining trust, blockchain and smart contracts-enabled applications are almost a godsend. It wouldn’t be an exaggeration to state that technology itself is driving change and causing more disruptive innovation in the field of FinTech. Those who aren’t part of this exciting evolution will quickly be left behind. In-store mobile payments are touted to exceed $503 billion by 2020. Just in the US, a whopping 150 million people are expected to use in-store mobile payments. The spending ability of mobile payments users is very high. They spend twice as much as non-users do, and earn at least $70,000 a year. Security-related doubts have been a hurdle for mobile payments adoption. 47% of cybersecurity professionals felt mobile payments weren’t secure enough at the moment, as opposed to just 23% feeling confident. Public Wi-Fi is the greatest vulnerability with respect to mobile payments, with a threat figure of 26%. This is closely followed by stolen devices, a situation whose threat figure is 21%. Market trends Increasingly, users have come to expect a lot more than what technology can offer at the moment. We can describe this as a market that’s so spoiled by choices that even the most disruptive technology no longer feels like disruption. Consumer behavior has shifted from being awestruck by disruption to expecting innovation by default. In other words, services that do not seem innovative enough for consumers simply get ignored. This has forced most industry players to closely study consumer behavior and surpass their expectations. This isn’t usually possible because users have come to expect a lot more than what technology realistically allows us to do. Yet, FinTech companies and solutions providers have to work harder to keep pace with market expectations ad and focus on driving change. Adopting innovation and complex technologies such as artificial intelligence, data analytics, and blockchain will help FinTech companies to surpass market expectations and bring value to the services they launch. Data analytics, in particular, can help FinTech entities to study consumer behavior closely and launch FinTech products that match market expectations. Industry changes There are a number of changes within the industry that are propelling disruptive changes within FinTech sector. Banks are desperate to retain their roles in the finance space, and payments intermediaries may simply vanish, because of smart contracts and distributed ledger technology. The same distributed ledger technology is helping FinTech organizations to make cross-border payments instantaneous, giving rise to new corporate and consumer solutions that will enable instant international payments a reality. Fintech companies have also begun to make use of open APIs, machine learning, and robotic process automation to enhance the experience. Most importantly, a lot of FinTech activity currently is focused on thwarting cyber-attacks, ensuring data privacy and safety, secure financial transactions, and eliminating payment frauds. Blockchain, smart contracts, artificial intelligence and machine learning are currently top

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GDPR – Will This Four-letter Word Change the Digital Economy?

May 29, 2018

It’s been a confusing few weeks this month, especially with most people learning about the General Data Protection Regulation (GDPR) only now. The GDPR aims to empower European citizens with data privacy rights and personal information privacy. It applies to not only the citizens of the European Union but also to residents of the EU. GDPR also applies to companies that may indirectly deal with the residents of the EU one way or another. In this article let us learn what GDPR is, what the implications of the new regulations are, and what you can do to comply with it. What is GDPR? With rising concerns about data privacy and rights regarding personal information of individuals, the framework for GDPR has been around for quite sometime. However, the regulators rolled the new rules last week, and almost all businesses that deal with data have to comply with them. The GDPR seeks to empower residents of the European Union with rights related digital information and personal data. It specifies how long data can be stored, how it can be used, with whom data can be shared, and how that data is going to be used. As personal data is used by almost all companies and businesses for a variety of reasons such as marketing, product development, client service, etc, every department and business is going to be affected. The most important aspect of GDPR is its insistence on consent. Not just any consent, but GDPR requires companies and businesses to posses affirmative consent. This means, individuals have to provide affirmative consent for their personal data to be used and there needs to be documented evidence for the consent that is procured. GDPR also requires all companies to update their terms and conditions in simple language that can be understood by everyone. Legalese and jargon will no longer be allowed while seeking consent for using personal data. The purpose of GDPR is to make it all transparent, ethical, and safe for individual users. In short, GDPR seeks to: Enforce restrictions on how personal data can be used Makes affirmative consent mandatory for data to be used Privacy terms and conditions should explicitly state how data is going to be used, for long, and with whom it will be shared Larger companies may have to hire a data control officer Immediately notify authorities when there is a breach of security to personal data If the breach of security is huge, the data control officer needs to work with the business concerned Cookies, and other forms of technology and software tools that track behavior or personal information need to have consent form too How is it going to affect businesses? Most businesses will feel the effects of GDPR in the near future. Software companies, marketing agencies, companies that take up outsourced projects, etc. will be affected by the GDPR. E-commerce industry will be affected too, as they collect information related to their customers, behavioral statistics, and web traffic information. In short, any business that uses customer information will need to comply with GDPR, especially if the company uses English or other European languages such as French, German, Spanish, etc. Each company or organization will need to seek explicit consent from each customer and document that consent for possible audits. What about the grey areas? Yes, there are many grey areas involved in GDPR. Most legal experts aren’t sure how GDPR is going to play out, and what its implications will be on Blockchain, artificial intelligence, data analytics, machine learning, data generated by the Internet of Things-enabled devices, etc. It is also unclear how actively the regulators are going to pursue companies that are based out of the EU, unless they are bigwigs like Google or Facebook. Moreover, there are rumors that many legislators feel the GDPR cannot be easily enforced outside the European Union, giving rise to greyer areas within the already grey areas. What businesses need to do now It is not all doom and gloom, and businesses can quickly comply with GDPR regulations. It takes little effort to understand how GDPR is going to affect each company, and working with a lawyer is aware of data usage rights should be able to help business owners. There are many things that businesses can do in order to comply with the GDPR. In short You will need to stop using email lists that have been purchased Contact all customers, email contacts, and leads to seek their permission for their data to be used Redevelop and redesign website forms and contact forms Hire a data protection officer if necessary Document consent of your contacts to prove you can use their personal information such as gender, age, email address, contact information, etc. Seek legal help all along. A lawyer specializing in data privacy is your best friend at the moment. Looking ahead Though GDPR seems like a scary and confusing situation, it is an opportunity for you to revisit certain terms and conditions, and ensure that you are dealing with your customers in a transparent manner. It is also a great time to get rid of unwanted data, remove unwanted or useless contacts, and become a leaner organization. However, make sure you seek legal help. Also, speak to web developers who can help you update your website forms, content, and terms and conditions. If need be, hire a data protection officer as well. Meanwhile, the Internet is littered with hilarious memes and tweets regarding GDPR. Here are a few that we found funny, but realistic nonetheless. Take a look at them, while you work on your GDPR compliance goals. When you’re the only person in Britain wishing you could receive emails about GDPR pic.twitter.com/ZEAxbpEKlD — Mo' (@mocent0) May 23, 2018 https://twitter.com/_Katenip/status/999312682829443077 Happy GDPR eve pic.twitter.com/5nnRiczHGV — TwistedDoodles (@twisteddoodles) May 24, 2018 https://twitter.com/darylginn/status/999232167732445185 Sorry I couldn't hang out this week, I was reading the updated privacy policy from every website I've ever visited — Zack Bornstein (@ZackBornstein) May 25, 2018 Want to know more about GDPR? Here’s what experts say about

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#TwitterChat: Privacy Awareness is always Good for Businesses – Demystifying GDPR

May 22, 2018

There has been a dramatic transformation in the way we communicate and our handling of everyday tasks. We do everything online. We send emails, buy goods, store documents, pay bills, all by entering our personal data. But what happens to all these information that we have shared online? These data include banking information, social media posts, your personal photos, contacts, addresses even your IP address and the sites visited by you. Companies collect data to serve you better, for a better customer experience but is that all they use these data for? The big question was thoroughly discussed by EU and they came up with a solution. On the 25th of May 2018 a new European Privacy Regulation, GDPR will be imposed and it will permanently change the way data is collected, stored and used. If you do not have a plan to be ready for GDPR, it is high time now. We hosted a Twitter chat on Privacy Awareness is always Good for Businesses – Demystifying GDPR’ where Chris Smith, Head of Operations at PORT (@smithcjb1989) and Matt Rutherford, Head of Customer Success at 9 Spokes (@mattr) as our panelists. A lot of deep insights came into focus. Let us quickly go through the interesting discussion. A1 – GDPR – General Data Protection Regulation – is a regulation in EU law on data protection and privacy for all individuals within the European Union. It also addresses the export of personal data outside the EU. #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 Answer 1: A step to bring privacy regulation in line with the digital age! The UK's current privacy regulation was made law in the same year Google was founded! #DigitalSuccess @indusnettech @mattr — Chris Smith (@smithcjb1989) May 22, 2018 A2: the biggest challenge we faced around #gdpr is the quantum of confusion and misinformation floating around. I think of you respect privacy, just organise your committment around a framework and you are sorted. Not sure if I am over simplifying it.#DigitalSuccess — Abhishek Rungta (@abhishekrungta) May 22, 2018 A2 – Primary problem – understanding the rules. There is a LOT of (mis)information about, so make sure you check the source by visiting the ICO website : https://t.co/BsvJRdt0JB or the European – https://t.co/8edrSR2nTn site #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 They have a range of challenges! For #SME and #Enterprises the biggest issue is often the data mess they currently have with legacy data and systems making keeping track of personal data a real challenge #DigitalSuccess @indusnettech — Chris Smith (@smithcjb1989) May 22, 2018 A3 – Using a tool might be more comprehensive and speed things up for you – but assess this against your risk-profile, needs and exposure. #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 Answer 3: Lots of tools like @MailChimp and @HubSpot are also releasing other smaller bits of functionality that will help a business operate in a compliant manner. Do check them out but remember that alone won't make you compliant #DigitalSuccess #GDPR @mattr @indusnettech — Chris Smith (@smithcjb1989) May 22, 2018 A4 – Products and services will need to be designed with privacy in mind. Privacy by Design brings many benefits – no least of which is those trustworthy organisations will have a competitive advantage #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 Answer 4: #GDPR puts greater emphasis on accountability so in terms of a documented strategy we should be seeing more. More than that though, data protection should be central to organisations – get it wrong and businesses could lose out #DigitalSuccess @mattr @indusnettech — Chris Smith (@smithcjb1989) May 22, 2018 A5 – Not EVERY organisation needs a DPO – although public authorities do, and any organisation that is involved in systematic monitoring of individuals, or activities relating to criminal convictions #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 Answer 5: However, even if an official DPO is not a legal requirement, having a named and accountable individual internally I would say is pretty much a must #DigitalSuccess @mattr @indusnettech — Chris Smith (@smithcjb1989) May 22, 2018 A6 The GDPR definition provides for a wide range of personal identifiers to constitute personal data, inc. name, identification no., location data or online identifier, reflecting changes in technology and the way orgs collect information abt people. #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 Answer 6: It's any information that can be related directly or indirectly to an individual. Importantly this does now include digital identifiers such as IP address #DigitalSuccess @mattr @indusnettech — Chris Smith (@smithcjb1989) May 22, 2018 A7: My only concern is that, the terms and conditions on website and services may be crafted such that #GDPR loses it's purpose. But the opt-out can is certainly a big relief. #DigitalSuccess — Abhishek Rungta (@abhishekrungta) May 22, 2018 You need new practices : 1. New opt-in permission rules / 2. Proof of consent storing systems / 3. A method for consumers to ask for their personal information to be removed. #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 A7 – Email marketing under GDPR essentially means that, as an email marketer, you need to collect freely given, specific, informed and unambiguous consent. #DigitalSuccess @indusnettech — MattR 👓 🇺🇦 (@mattr) May 22, 2018 Answer 7: The big issue at the moment is one of consent. This is why your inboxes are cluttered! The criteria for consent have become far more strict and much marketing won't be able to take place without legitimate consent #DigitalSuccess @mattr @indusnettech — Chris Smith (@smithcjb1989) May 22, 2018 Answer 7: Whilst it's cluttered inboxes for now, it should mean more engaged groups of individuals on mailing lists who really want to hear from brands and interact with them #DigitalSuccess @mattr @indusnettech #GDPR — Chris Smith (@smithcjb1989) May 22, 2018 A8 – There are some specific GDPR specialists who are looking at HR. I'd recommend starting with a checklist like

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How Big Data Improves Claims Process

April 19, 2018

For a long time, the insurance industry has struggled with the claims process. Manual verification of claims, processing of claims amount, and segmenting policyholders before claims are made to avert undesirable outcomes have all been cumbersome for insurance companies. Thankfully, data analytics have come to the rescue of insurance companies like the proverbial knight in the shining armor. With all that data available today, it has only become easier for insurers to carefully segment policyholders and provide better products customized for individual needs. This has helped not only to cross-sell and up-sell insurance products but also to enhance customer satisfaction. In addition, Big Data has helped insurance companies to process claims quickly and efficiently. While Big Data is inherently vast and contains extremely useful information, it is also its nature to be superfluous and chaotic. Too much information and data can actually cause difficulties for insurance companies which often seek specific information and data about customers and insurance trends. This is where data analytics comes riding on horses. In this article, let us take a look at how Big Data improves claims process and saves the day for insurers. Why do we need Big Data Analytics in claims process? Because claims is a complicated business. As an insurer can vouch for it, claims processing is no easy business. Most insurance professionals consider the processing of claims the most arduous and difficult part of their professional duties. Yet, it is also the most important and crucial aspect of policy handling and processing. Processing of claims consists of four important steps: Intimation or communication: The policyholder communicates his claims to the insurer Registration: The insurer makes note of this communication, and begins the process of approving or disapproving the claim Handling: In this step, the insurer has to verify and assess the nature of the claim, and its validity Settlement: If the claim is found valid, the settlement is made, and payments are processed While it may seem simple on the outside, it is a gnarly and prickly business for those who are actually involved in the claims process. This is because care needs to be taken that customers do not feel offended at any point and that each sub-step is smooth and transparent. We must also remember that each of these four steps have multiple ramifications for the insurer, intermediaries if any, and the claimant. The claims process and the four sub-steps involve a number of decision points all of which are based on verification of data and analyzing what is already known and predicting certain outcomes. These outcomes involve operations, management of risk, settling the final amount, and ensuring that customers remain loyal to the insurance brand. Claims analytics makes sure that all these steps in claims process are easily handled, and processed quickly and efficiently, without any errors. Claims Analytics to the rescue Claims Analytics is a unique technology that uses Big Data Analytics, Predictive Analytics and programming to make sense of structured and unstructured datasets during all the four steps of claims processing. Predictive analytics helps in recognizing trends and predicting outcomes, while prescriptive analytics helps insurers to take decisions quickly. Claims Analytics as a tool can be customized for each insurer so that their tool is perfectly tailor-made for their unique product and market requirements. Claims Analytics helps pick and choose relevant datasets from a seemingly chaotic Big Data, to arrive at solutions automatically. Claims Analytics helps insurers to : Detect fraud: Insurers no longer have to worry about unpleasant conversations, and wasted man-hours in trying to assess the veracity and authenticity of claims made. Claims Analytics can be programmed to automate the process, the verifications and detecting fraudulent claims. Track renewals: Insurers can quickly renew automatically and track when policies are not being renewed so that reminders can be sent. This step also involved predicting future risks and assessing if a policy is worthy enough of being renewed. Predict outcomes: This has a variety of implications. Predictive analytics helps insurers to predict if a customer is going to be high-risk or a desirable customer. It also helps to predict market trends and claim outcomes. Gain business and market insights: Market and sales forecasting are very important for insurers to gain a competitive edge. Big Data analytics helps insurers to look at the macrocosm of the insurance market and gain business insights, so that they serve their customers better, and also grow profitable. In which areas can analytics enhance insurance claims data? Claims Analytics can help insurance industry in a number of ways when it comes to enhancing insurance claims data. Let us take a look at some of the areas that are currently being supported by Claims Analytics. Fraud: Predictive analysis uses advanced statistics and programming to make use of Big Data and derive analytics. Fraudulent claims can be identified quickly at every step thanks to algorithms, data mining, and other methods. Subrogation: Insurers can initiate subrogation processes to claim losses caused by a third party to the claimant if the situation allows for it. Claims Analytics helps wade through medical and police records, adjuster notes, social conversations, etc. to identify subrogation opportunities. Sooner these opportunities are identified, the lesser the insurer’s losses will be. Predictive analytics helps identify such opportunities quickly. Settlement: Claims Analytics helps in analyzing claim histories effectively and shorten the cycle of processing. This enhances customer satisfaction and reduces insurers’ labor costs. It also has ramifications in claim settlements made. Loss reserve: Claims Analytics can also be used to predict the magnitude of a claim that is made. Similar claims made elsewhere can be compared with current claims, and losses and expenditure can be estimated. Activity: Claims Analytics comes empowered with powerful data mining techniques which help in assigning importance to claims so that each claim can be assigned to an adjuster appropriate for the situation. This helps avoid assigning seemingly complex claims to the most experienced adjusters, only to find out the claim could actually have been processed automatically. Litigation: Litigation

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