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Ready, Set, Create: A Guide To Finding The Digital Balance Of Company 2019

Digital Transformation Trends For 2019

The turn of the year invites us to reconsider old structures and processes – and that also applies to the IT departments. Almost three-quarters of executives believe they are outperforming competitors in innovation, according to a new study by consulting firm PwC.

 

There will be a number of innovation hurdles to overcome in 2019. Many companies continue to worry about data security, data protection and compliance, as they lack a holistic solution. Elsewhere, proprietary legacy systems and processes prevent data from being used profitably. How exactly and where the journey goes is difficult to predict. In principle, however, here below major core areas are already emerging, which will be the priority for companies also in 2019:

 

  1. Data security and availability:

As early as 2018, British Airways, Cathay Pacific and Ticketmaster had to conclude that insufficient data security has serious consequences. That will not change in 2019 either. Ever more complex IT environments and applications are becoming more and more under pressure from day to day: patches, enhancements and cloud migrations are a constant burden on IT teams and resources. Even hackers know that disrupting a business can be just as profitable as a data theft. Ransomware and malware have already demonstrated how they can paralyze businesses and entire communities.

Plus, underGDPR regulations, customers will start catching on to which companies actually care about protecting their data. So, companies will start recognizing how important it is for the customer’s experience and audience that they protect their customers, or at least show that they want to. Misuse of personal data will impact brand identity, marketing and selling – all business-critical initiatives to keep the customer happy and coming back.

 

  1. Speed:

In 2019, financial services providers and the banking sector will make important progress on their path to digital transformation. With fully digital, pure mobile banks such as N26, which are becoming increasingly popular, we are already experiencing enormous changes in the industry today. Being flexible, 24×7, and mobile in the first place, while complying with regulations and data protection laws, can be a daunting task. But this is precisely where the expectations of the new generation of customers in financial services lie.

 

  1. Compliance:

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The scale of new data security regulations is not fully predictable for businesses. Since data is constantly exchanged between all business units and with external service providers, a simple external hedge is not enough. The internal data streams must also be protected with the right technology. These technologies are the key to holistic risk management across the data supply chain, so that even in the AI-based and near-real-time future-oriented applications, developers and data scientists can be confident that their processes will protect their privacy and compliance directives do not affect regulations.

 

  1. People and technology:

Humans are interacting more and more directly and personally with their own technology, resulting in completely new datasets and application fields, e.g. the diagnosis of neurological diseases using speech patterns. Businesses need to access this data to improve their digital services and customer care. We’re counting on technology to take personalization and automation to a whole new level.

 

  1. Data scientists on the rise:

In terms of agility, startups are already performing better than legacy applications. The introduction of data technologies and analytics in developing and emerging economies will create even more opportunities and further enhance competitive conditions for data-driven companies. That’s why a data science team should be high on the business wish list, as well as the right data management and virtualization tools. Because the analysis of each is only as good as the data that is analysed.

 

  1. CEOs – More Than Just a Face of the Company:

2019 will see the rise of the CEO who will take the reins of digital transformation at businesses worldwide. Digital transformation is no longer looked at as just a fad, but rather a means of staying relevant in today’s business-world. Hiring those in digital transformative efforts will become a top priority as each CEO recognises the critical need for building cultures that can evolve, as well as the value of reskilling employees and hiring for an agile workplace. For CEOs leading a transformation, no single model guarantees success. But they can improve the odds by targeting leadership functions: making the transformation meaningful, modeling the desired mind-sets and behavior, building a strong and committed team, and relentlessly pursuing impact. Together, these can powerfully generate the energy needed to achieve a successful performance transformation.

 

The goal for 2019 is clear: digital balance. Businesses need to be sure that their data is securely stored, and their processes are automated around the clock. The way to achieve this goal is often bumpy and difficult by nature. It will cost companies time and perseverance to reach the digital balance, but the inner peace and inherent benefits of a sophisticated data strategy are definitely worth it.

The Advances of IT Sector in 2018

 

2018 came with a lot of challenges in IT sector. Three topics kept IT departments on their toes: the GDPR with all its legal refinements; the race of IT security with cyber-attacks and data thefts and the search for the best strategy for the digital transformation.

 

Again, and again it concerns the data protection basic regulation (GDPR)

 

Since May 25, 2018, the EU General Data Protection Regulation (GDPR) is required – but many companies are still struggling with the implementation of the new regulations. In particular, data protection in the cloud requires special measures. Here are five tips on how a Cloud Access Security Broker (CASB) can help.

 

Nobody can pass cloud computing. Especially the combination of different models and providers, keyword Multi-Cloud, offers a highly flexible infrastructure to access the resources and advantages of different cloud models. However, in vision of the Data Protection Regulation (GDPR), new security and compliance requirements apply to companies. How can the complexity of a multi-cloud environment also be managed with security in terms of data protection and what should companies pay attention to when choosing their cloud provider? Here below are some recommendations on how companies can use the added value of the multi-cloud and at the same time ensure their compliance with GDPR.

 

  • Having a short guideline of the minimum requirements for companies to comply with the GDPR
  • Structure data management – personal data must be quickly locatable
  • Comply with the documentation and keep directories
  • Respect a short deadline for reporting violations of data protection – it threatens sensitive fines
  • Implement compliance management system for privacy
  • Raise awareness of data privacy and GDPR in your own company – train employees and establish new processes
  • Include external / internal employees and service providers in compliance strategies
  • Take privacy requirements already in software development and product design into account
  • Anonymise or pseudonymise data for testing and development purposes – or obtain explicit consent of the customer for the use of their real data
  • When migrating data to cloud, avoid vendor lock-in and clarify procedures for eventual return transfer
  • When using multi-cloud environments, choose a service provider that provides all components and their control completely GDPR-compliant from a single source

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In search of the magic formula for the digital transformation

 

The focus of the digitized company is the ability to integrate with customers and partners in an Internet-based manner, as simply and as quickly as possible, so that they can achieve high levels of automation on demand, which are used to quickly place products on the market.

 

The integration of appropriate processes in the company, on the one hand, creates advantages through automation. On the other hand, integration with partners, customers and other stakeholders means that company can market their products better and faster. Being a digitized company goes far beyond the simple use of software. Just because a company uses CRM software is far from digital. It is more about the complete integration of the customer and his needs into the internal company processes.

 

Every business has to find its right level of digitization. There will not be a universal recipe

for that. However, there are many criteria that influence. The key to digitization ultimately lies in understanding customer needs and the ability to integrate at all levels – from a purely technological to a sociological level of integration. Who can and who controls this, will be successful in the end.

 

Race of IT security with cyber attacks

 

Cyber risk is becoming increasingly international. Cyber losses are now being reported in almost every country of the industrialized world. Criminal attacks hit industrial companies particularly hard: Through sabotage, data theft or espionage, the average cost of a malware attack on a company is $2.4 million in the past two years. Above all, insecure IoT devices invite hackers to DDoS attacks. These “smart” devices are then very well suited to become part of a huge botnet. Thus, DDoS attacks have nearly doubled in the last six months.

 

But numerous other types of attacks also caused damage. Such as, file-less threats with “CactusTorch” use trusted Windows executables to penetrate systems and break through corporate networks. Cryptojacking has become a massive threat, with deep-fake attacks unlikely to be well-developed, and financial breach an increase in cyberattacks by hidden tunnels.

 

Although the cyber threat has increased in past few years, efforts to combat attacks and improve security are also escalating. Security spend is reaching unprecedented levels, international cooperation among cyber protection organizations is improving, and there are initiatives to catch and deter cyber criminals.

 

Minimize business-critical downtime

 

To quickly get back to business after a ransomware attack and to minimize mission-critical downtime, a multi-layered data management strategy with easy automation and fast recovery is essential. When a system is validated and can be restored quickly and easily, companies benefit in two ways. Not only can they avoid paying the ransom, they can also resume regular daily business in no time.

 

Endpoint Detection and Response (EDR) can also be a powerful tool against sophisticated enterprise IT attacks that help prevent threats that security solutions can not block in advance.

 

Companies only successfully digitize themselves when information and data can be securely and reliably exchanged. On one hand, this requires secure identities. On the other hand, data and documents must remain confidential and protected against manipulation. So you can protect yourself with a technology concept from cyberattacks.

GDPR – What impact will the new #DataRegulation have on the Hotel Industry?

DATASECURITY

Indispensable for reservations and booking, hotels handle large amounts of personal data that need special protection. The hotel must ensure customers are aware of the particular uses of their data. GDPR legislation brings in a large number of transformations. Here below is a brief overview of the challenges that will have to be faced by the various players in the sector.

 

In 2014, the computer security company Kaspersky revealed to the general public the hacking campaign “Dark-hotel” developed in luxury hotels. By penetrating Wi-Fi networks, sensitive data has been robbed via devices of senior executives while they were on a business trip. More recently, in January 2017, an Australian hotel was hit by ransomware. With the possession of the electronic key system, the hackers had locked hotel’s customers in their rooms, forced to pay $ 1,500 in bitcoins on the Dark-web, a price for opening the room’s door.

 

In addition to all other industries, the hotel industry is exposed, as well, to a major challenge: ensuring the security of personal data while dealing with cybercrime. In this perspective, the European Union has adopted the General Regulation on the Protection of Personal Data (RGPD) which is mandatory form from May 25, 2018.

* GDPR is a regulation to strengthen and unify data protection for individuals within the European Union.

 

It redefines the protection of individuals by protecting their personal data with a number of major provisions. Fully concerned, the hotel industry has only two months to anticipate these new obligations in order to strengthen their data protection system.

 

Hoteliers must take responsibility

 

Today, the concerned actors are not aware of the risks essential to personal data and the strict responsibilities upon them. Indeed, the hoteliers have in their hands a colossal amount of personal data that customers entrust fairly easily to the detour of a few clicks.

Customers are invited to book by sharing several private data (full name, postal address, email, credit card information, date of birth). Once the reservation is made, a contract of trust is established between the customer who shared his personal data and the hotel which has the heavy responsibility to protect them.

 

In this logic of responsibility, this need for data protection and integrity naturally extends to service providers, partners and subcontractors (Booking Center, Concierge Services, etc.) to whom the obligations regarding security and confidentiality will have to be met, to be strengthened and clarified. It is easy to understand the impact that any flaw in the concierge service would generate by disclosing the habits and sensitive data of its customers and distinguished guests.

 

According to travel statistics, 93% of customers goes online to find and book a hotel. Taking the example of the Booking.com platform, the industry leader, the client communicates all its personal information which will then be transmitted directly to the hotel. In 13% of cases, this data will be sent by fax which, poorly preserved, can generate a risk for the individual in case of fraudulent use.

 

The penalties for not complying with GDPR are large, at a financial cost of up to €20 million or 4% of worldwide annual turnover (whichever is greater), not to mention the potential reputational cost to a business in the hospitality industry. Even more prejudicial, the contract of trust with customers would be particularly weakened with a reputational risk with serious consequences for the hotel.

 
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Six urgent measures to take

 

It is security that must adapt to the customers and not the other way around. Securing data is a major issue that hotels must prepare to ensure a level of security adapted to maintain and strengthen this relationship of trust between customers and hoteliers.

For that, several challenges will have to be raised by the various actors of the sector:

 

Data mapping: Hotels need to complete a data mapping process to become aware of what data is captured, where its stored, and how it is used before it can begin the process of how to protect and monitor it moving forward. A data mapping process helps to react effectively in case of violation.

 

IT and Security assessment: After data mapping process, the hotel’s hardware and software applications should be reviewed along with hard copy files. A series of encryption codes, pseudonymization techniques, passwords or limitations on access may need to be implemented to protect access and the integrity of the data.

 

Data protection officer: Designate the data protection officer, guarantor of the data protection structure with the responsibility to review the access, archiving, transfer and data protection processes. Data protection officers are responsible for overseeing data protection strategy and implementation to ensure compliance with GDPR requirements.

 

Cleaning up data records: Deleting isn’t required but validating the data that is a must. In this process, a hotelier must reach out to customers to inform them of the new policies and to verify their data and its uses. Document all standard operating procedures and invest in training of all relevant staff members to ensure they have a thorough understanding of the new procedures and the implications of the regulation. Analyze the risks of impacts by assessing the risk of disclosure of personal data by system.

 

Raise awareness and train internal staff: Maintaining GDPR awareness with staff is an ongoing process. Management should provide regular refresher training for all staff to ensure an awareness culture exists to protect against possible breaches.

 

Third party partners: Review contracts with existing partners, contractors and subcontractors to ensure integrity throughout the data cycle. A major change due to GDPR is that data processors are captured by the regulations as well as data controllers.

 

Taking the example of the “ransomware” of the Austrian hotel, It is a call for accountability and awareness for the hospitality industry that requires concrete actions to meet the challenges. This will fully fulfill the contract of trust to the customer by ensuring protection of their data.

2017 Digital Evolution Report – CyberCrime, Digitization, Blockchain and Artificial Intelligence

Cyber-crime, Smart-Cities, Digitization, Blockchain and Artificial Intelligence are those words which really got the hype on the platform of IT in 2017. Cybercriminals have smacked many companies many times. Digitization is progressing despite lame internet connections. Blockchain became Gold Chain and Artificial Intelligence is experiencing an incredible revival.

Key Technologies 2017

Ransomware: The ransom and the cyber blackmailer

 

Ransomware remains a leader in digital security threats. According to ITRC Data Breach report, in 2015 more than 177,866,236 personal records exposed via 780 data security breaches, and the previous mentioned number lift up to 30% in 2016 with security breaches arising on multiple fronts, companies, healthcare systems, governmental and educational entities, and individuals started to realize how real the threat of cybersecurity attacks was. 2017 so far, was a very highlighted year for cyber-crimes. 519 Cyber-attacks were placed from Jan 2017 until September 2017 affecting financial sectors, health-care sectors, gaming companies, containing information about credit cards, health data of billions of people around the world. With all these attacks phishing, spying on webcams or networked household appliances (IoT) remain risky.

 

Very popular in this year’s cyber attack list are the #wannacry and Equifax data breach attacks. These attacks unbaled 300000 computer systems for 4 days and affected financial data on more than 800 million customers and 88 million businesses worldwide and more than 45% of all detected ransomware.

Cyber policies are currently very much in vogue, but in which cases of damage do these insurances actually comes in? ABA, American Bankers Association, explains how companies should best go about finding a suitable policy and what makes good cyber insurance.

 

The General Data Protection Regulation (GDPR): What needs to be changed?

 

Companies only have a few months left to prepare for the new European #DataProtection Regulation. On 25 May 2018, all companies managing personal data of citizens of the European Union will be required to comply with the new regulations and requirements of the General Data Protection Regulation (GDPR).

This regulation will impose significant new obligations on companies that manage personal data, as well as severe penalties for those who’ll violate these rules, including fines of up to 4% of global turnover or € 20 million highest amount being withheld. But what is to change concretely? Here is a “Guide to compliance with the EU GDPR” and a framework to become step by step GDPR-fit.

 

Digital Transformation: Slow Internet connections as a brake pad

 

Digitization is progressing, but most users still complain about slow Internet connections. Despite the 7th place in the worldwide internet ranking, Belgium is still far behind the world’s fastest internet country. Notwithstanding all the shortcomings of the national IT infrastructure, companies are dealing with the technical and organizational challenges that result from the digital IT transformation.

 

The crazy rise of Bitcoin

 

In the period of a year the value of bitcoin has been multiplied by ten. A bitcoin was worth “only” 1000 dollars on January 1, 2017 … and 8000 dollars ten days ago. In April 2017 Japan officially recognised bitcoin and virtual currencies as legal methods of payment. You should know that Bitcoin represents less than 50% of the money supply of all cryptocurrencies in circulation. this is partly explained by the network situation and the rise of the Ethereum currency. Even if bitcoin is a legal in the vast majority of countries around the world, only a few governments have recognized the legal status of bitcoin in a particular regulatory manner.

 

IoT Projects: The 5 Biggest Mistakes and the Five Steps to Success

 

Closely linked to Digital Change is Internet of Things (IoT) and Industry 4.0 projects. Pioneers already pointed out the four biggest mistakes in IoT projects. If a company wants to exploit the potential of the IOT, it means a lot of work and often frustration – the technical, commercial and cultural challenges are manifold. Until an IoT solution is successfully established on the market, many decisions have to be carefully considered.

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But how does an IoT project succeed? Four steps are needed to make an IoT project a success.

 

Blockchain: The new gold chain

The blockchain is a much-debated technology with disruptive potential and three key characteristics: decentralization, immutability, and transparency. It could help to automate business processes, increase the security of transactions and replace intermediaries such as notaries or banks. Blockchain turns out to be the silent revolution that will change our lives. On top of that, it can turn into a gold chain for early adopters.

 

Cloud: Companies use public cloud despite security concerns

For years, companies have avoided the public cloud, as it is difficult to get a grip on in terms of security. However, this year, companies in the EMEA region increased their investment in the public cloud despite ongoing security concerns and lack of understanding of who is responsible for data security. However, caution is still needed to provide attacks such as wannacry.

 

Artificial intelligence

In 2016, Gartner put artificial intelligence and advanced machine learning in first place in its forecast for 2017, stating that this trend was really pronounced during 2017. Briefly 80 % of companies have already invest in Artificial Intelligence (AI). Nevertheless, one out of every 3 deciders believes that their organization needs to spend more on AI technology over the upcoming years if they want to keep pace with their competitors. Artificial intelligence penetrates into all areas of life. But how does it work?

One example is the automated and personalized customer approach to AI. With personalized campaigns and individual customer approach, the marketing of the future wants to win the battle for the buyer. As a rule, the necessary data are already available in companies, but the resources and software tools for their profitable use are not.
In 2018 Businesses will have an availability of AI-supported applications and should therefore focus on the commercial results achieved through these applications that exploit narrow AI technologies and leave the AI in the general sense to researchers and writers of science fiction;

 

The future of the human worker

AI systems can be used without a doubt. The world is becoming increasingly complex, which requires a thoughtful and wise use of our human resources. This can support high-quality computer systems. This also applies to applications that require intelligence. The flip side of AI is that many people are scared about the possibility of smart machines, arguing that intelligence is something unique, which is what characterizes Homo Sapiens. Not only that but many people still think that Artificial intelligence is the new threat to employment. It will replace the man and steal all the jobs. And they thinks that the future is dark.

Yet technological progress has never caused unemployment. On the contrary, since the industrial revolution, employment has multiplied. But, always, with each progress, fears resurge. Today, it is artificial intelligence that scares, or is used to scare. Economic history, and economic science therefore invites us to remain calm in the face of technological progress in general, and artificial intelligence in particular. By allowing the invention of new things to be exchanged, by stimulating entrepreneurship, it is not a danger but only an opportunity.

 

DATA based business models

Data Driven Business Model puts data at the center of value creation. This central place of data in the Business Model can be translated in different ways: analysis, observation of customer behaviour, understanding of customer experience, improvement of existing products and services, strategic decision-making, and marketing of data.

These data can be gathered from different sources, generated directly by the company, processed and enriched by various analyses and highlighted by data access and visualization platforms. Once data is collected, It’s essential to manage the multiple sources of data and identify which areas will bring the most benefit. Tracking the right data points within an organization can be profitable during the decision-making process. This allows an organization’s management to make data-driven decisions while amplifying synergy within the day-to-day operations.
As for revenue models, these can be based on a direct sale of data, a license, a lease, a subscription or a free provision financed by advertising.

 

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