For businesses that want to build or expand their digital infrastructure in order to boost their customer appeal, one of the major considerations that should be addressed is cybersecurity. As businesses expand their digital presence and online activities, more data is transmitted and stored digitally; customers share their private information online while businesses store and transmit their proprietary information across their networks. As a result, cybercriminals and other malicious characters have stepped up their attempts to compromise private networks and use the data for nefarious reasons.
Cloud adoption by financial institutions has been on the rise. According to PwC, by 2020 core financial services like credit scoring, statements management, payments, and billing will use the cloud for processing and computing. From retail banking to collection agencies to asset management and investment banking, the cloud provides many use cases to bring scalability, cost savings and higher security to financial institutions.
The largest financial institutions have already adopted cloud technology. But it’s not just the J.P. Morgan’s or Bank of America’s of the world. Smaller financial institutions are finding the same benefits in cloud computing and cybersecurity practices that enterprises are leveraging. Here are 7 reasons financial institutions need cloud computing and cybersecurity.
1. Cost Savings
Financial institutions are leveraging the cloud to move IT operations to an operating expense model (OpEx). IT hardware and underlying infrastructure is expensive, and financial institutions are concerned about the rising costs associated with running data centers. Additionally, on-premise data centers are difficult to scale, and any growth requires large capital expenditures. Instead, hybrid cloud strategies allow banks and collection agencies to safeguard mission-critical data in the cloud without the high cost and maintenance that typical on-premise centers come with.
In today’s digitized world, cyberattacks are inevitable if businesses aren’t proactive in their protection. Regardless of business size, it’s only a matter of time before organizations become victims due to the absence of cloud computing and security solutions. In fact, 81% of cyberattacks affect small to medium-sized businesses, simply because they lack cloud knowledge.
Topics: Cloud Computing, Backup, Cloud Security, Cloud Storage, healthcare, Cybersecurity, SIEM, Intrusion Detection and Prevention, Office 365 Backup, Cloud Solutions, Identity Management, Security as a Service
Over the past several years, there has been a significant rise in the number as well as the severity of cyberattacks that have taken place. As businesses increasingly conduct their transactions online, cybercriminals, as well as other malicious actors accordingly, invest their time and resources to compromise business networks and access private data for their nefarious purposes. A single data breach costs a business an average of $3.92 million; this is a 1.5 percent increase from 2018.
Technology is a constantly changing industry. That is one of the things that makes a career in tech so exciting and appealing. It’s one of the things that keeps employees coming through the doors from 9-to-5, Monday to Friday. In fact, jobs in the tech industry and information technology are predicted to grow by around 12% from 2018 to 2028 with Information Security jobs increasing by 32% overall. This is obviously much faster than most other industries.
Over the past several years, there has been a significant rise in the number as well as the severity of cyberattacks that have taken place. As businesses increasingly conduct their transactions online, cybercriminals, as well as other malicious actors accordingly, invest their time and resources to compromise business networks and access private data for their nefarious purposes. So far this year, data breaches and cyberattacks have cost businesses an average of $3.92 million; this is a 1.5 percent increase from 2018 and a 12 percent increase from 2014 when the cost of a data breach was approximately $3.5 million.
What is UCaaS?
Unified Communications as a Service is growing at an incredible rate; 29% each year. It’s not a single product or service, but instead it is a combination of technologies and features that create a seamless communications experience for your business. It includes integrating communications services, like instant messaging, voice, hosted PBX, mobility features, audio, desktop sharing, and much more. Unified communications removes the barriers among communications tools, effectively converging your devices so that you can access the same information on your laptop as you would your phone, desk phone, tablet, etc. Cloud service providers, like NewCloud, offer Unified Communications as a Service (UCaaS) as a cloud-hosted solution, integrating the above features across all of your devices. UCaaS presents businesses with a low cost way of accessing the latest communications tools all at once. Here are 5 reasons your business needs a hosted unified communications strategy:
Over the past several years, cloud computing has seen wider adoption within the manufacturing industry as manufacturers increasingly realize the benefits of a cloud-based services. One key aspect of manufacturing that has been transformed by the implementation of cloud-based processes is the global supply chain; cloud computing has enabled manufacturers to better manage and streamline their supply chain. In 2016, the global market for cloud-based manufacturing was worth $111 billion; by 2020, this market value is expected to increase to $216 billion. In addition, it is expected that nearly 50% of all manufacturers will use cloud-based services and applications by 2023.
Topics: Cloud Computing
Without a doubt, cloud-based technology is changing the way the modern business world operates. As this technology grows and evolves, small to medium sized businesses (SMBs) are reaping the benefits.
Disruptive technologies have been changing the game in the IT world for the last decade. New trends emerge and it quickly becomes apparent that businesses need to adapt to survive. One of these disruptive technologies is cloud computing. Simply defined, cloud computing is the practice of "computing" over an internet connection. Chances are you are already using the cloud in one way or another on a consumer level. Do you use Spotify? Do you upload pictures to an internet repository like Photobucket or Flickr? Do you use social media, like Facebook, Twitter or Instagram? All of these are examples of cloud computing.
Topics: Cloud Computing