Tech

Rise Of Cyber Threats In The Financial Sector

Published

2 years ago

March 24, 2023

Is the financial sector most prone to cyber-attacks? According to recent reports, the global financial market saw a 200% increase in cyber crimes in 2021. Therefore it is easily understood how financial institutions are under the immediate radar of hackers worldwide. Naturally, the financial sector is one of the most vital institutions requiring immediate cybersecurity solutions. No one can manually handle the problems faced by financial institutions over a prolonged period.

Cyber security provides the best options for protecting financial data on your system. It does not mean you have to provide access to food and everyone working for you regarding security. You can easily control access to your data and customize it as and when necessary. It is very important to understand how cyber security is immediately required if you are a financial expert or an employee in the financial sector. Manage your assets better by choosing the best cybersecurity solution for your financial sector.

Types Of Cyber Threats In Financial Sectors

Cyber crimes are increasing at a rapid pace day by day. Hackers are trying to steal relevant information from the system using innovative techniques and advanced tools. To compete with them, opting for the best cybersecurity solutions is necessary. Find out which sector requires the most attention. Here are some common types of cyber threats that various financial institutions are regularly facing.

Phishing

It refers to a situation where a third-party application tries to influence you and your system. For instance, your internal staff can be easily intrigued by offers and discounts mentioned on certain websites. Once they take on an unsafe link, it will direct them to harmful software or a website. On the other hand, the hackers will immediately start accessing data on your system. Phishing is one of the financial sector’s most common causes of security threats.

Bank Drops

These refer to the fake bank accounts created by hackers using stolen amounts and data from other customers. They will try to access location and other details with a fake profile climbing to open an account. Bank drops are very difficult to track, mainly because of their immense similarity with regular bank accounts. In this regard, financial institutions need to improve security processes related to bank account authentication.

Ransomware

It is the method by which cyber criminals will lock you out of your device and steal important and sensitive information. The matter becomes worse when you have to pay to get back those things from hackers. It is like paying for the things that are your own property. Ransomware is very prevalent, and unfortunately, the financial sector is suffering the most in this regard. You will not be able to access any of your financial data. Moreover, it is a cause of concern because hackers can also try to tamper with your information and misuse them in the future.

Supply Chain attacks

Communication with vendors is common in online businesses. However, it is a great threat to data security even if there is no direct connection. Vendors are very often common people who do not have a lot of ideas about data protection and cyber threats. Therefore it becomes easy for hackers to extract essential information from them. They may disguise themselves as influential people and ask the vendors for sensitive information. It becomes a direct threat to financial security without any proper solution to educate each and every vendor.

DDoS Attacks

Distribution Denial of Service (DDoS) is a method used by hackers to forcefully shut down an online user’s system with repeated requests to join the same. As a result, your account gets blocked due to security reasons, and you are no longer able to access relevant information. It is quite similar to ransomware, where you cannot access your system even without proper authentication. It becomes difficult to manage your financial system, and hackers can also include into your system using the patterns that you follow afterward. It is very important to identify and locate DDoS attacks in order to protect your system.

Measure To Prevent Cyber Crimes In The Financial Sector

Once you understand the prime locations where your financial institution can suffer security threats, you need to find effective solutions. It does not take long enough for cybercriminals to locate and track your device and intrude immediately. Here are some effective measures to undertake as soon as you face an unfavorable instance of cybercrime.

1. Maintain a Firewall

Maintaining a Firewall on a regular basis can help you avoid cyber attacks greatly. It depends on the detailing that you provide so that your internal system is protected from foreign attacks.

2. Manage Data

You need to customize third-party access to data on your financial system. Once you are able to create an intricate web of applications working with your data, it becomes easy to track and manage data. You need to take care of vital things like data protection and security by controlling third-party access.

3. Multiple-Factor Authentication

Multiple-factor authentication can also help you locate abnormalities in your financial system. Firstly you need to set up a standard system of authentication for each of the devices logged in. Moreover, you also need to provide access to trustworthy platforms so that they can utilize your data for financial success. On the other hand, hackers will not be able to steal a thread of information from your system if you are able to set up authentication in detail.

Conclusion

Cyber threats are increasing in the financial sector, making it even more difficult to store sensitive information in your system. You are not even able to trust your internal system and employees when it comes to a data breach. Cyber security is the only option by which you can take up certain preventive measures as soon as possible. It can provide ample protection to your system, and also ensure that you are able to take part in online interactions. Hire the best MSSPs to make sure that your system is entirely secure from foreign attacks. It will help you develop your financial business in a better way and follow successive patterns without fear of data theft.

Related Topics:Business Cyber Threats Cyber Threats In Financial Sector Featured Financial Sectors Tech

Artificial Intelligence

YouTube Introduces ‘Hype,’ A New Tool to Boost Smaller Creators’ Reach

Published

1 month ago

September 21, 2024

Florencia Haden

YouTube has rolled out a new feature called Hype, aimed at helping smaller creators grow their audience without solely relying on the platform’s recommendation algorithm, search, or collaborations. Announced at the Made on YouTube event, this feature allows a creator’s fans to directly contribute to the visibility of their videos.

How does the Hype Feature work?

fans can click the Hype button located just below the like button on a video. This feature is available only for creators with fewer than 500,000 subscribers. As more viewers engage with the Hype button, the video moves up on the top 100 hyped videos leaderboard, giving it a chance to reach a wider audience. To prevent users from overusing the feature to unfairly promote their favorite creators, fans are currently limited to three hypes per week.

YouTube developed Hype after recognizing that passionate fans wanted a more active role in their favorite creators’ growth. In the future, the platform plans to allow users to purchase additional hypes, introducing a new revenue stream. However, YouTube hasn’t disclosed what percentage it will take from these purchases. Currently, on purchases like Super Thanks, YouTube takes 30% of the revenue, sharing the remaining 70% with creators.

As creators receive hype, they’ll earn points that help them climb their country’s weekly leaderboard. To level the playing field for smaller creators, YouTube will also offer a bonus multiplier to channels with fewer subscribers, helping them compete with larger channels. Top hyped videos will also be awarded a special badge to highlight their achievement.

According to Bangaly Kaba, YouTube’s Director of Product Management, Hype gives fans a new way to show their support for emerging creators and help boost their latest videos. In the future, creators will be able to see exactly who hyped their content.

During the first four weeks of beta testing in Turkey, Taiwan, and Brazil, the Hype feature was used over 5 million times across more than 50,000 channels. The largest group of users during the beta, making up over 30%, were aged 18 to 24.

Health

Digital Transformation: the importance for Pharma and MedTech Companies

Published

3 months ago

August 8, 2024

Daniel Egusa

Digital Transformation for Pharma and MedTech Companies

Digital transformation refers to integrating digital technology into all areas of a business, fundamentally changing how companies operate and deliver value to customers. This transformation is crucial for staying competitive and innovative in the pharmaceutical and MedTech industries.

Pharma companies are increasingly recognizing the importance of digital innovation (among which AI is playing an increasingly important role) to enhance manufacturing processes, streamline operations, and improve patient outcomes. The COVID-19 pandemic has accelerated the adoption of digital tools, highlighting their potential to expedite drug development and bring life-saving treatments to market more efficiently.

As healthcare continues to evolve, embracing technology and investing in digital transformation in pharma will be essential for companies aiming to stay ahead in this dynamic sector.

Setting the vision

The first step in digital transformation for pharma companies is to set a clear vision. This involves answering essential questions such as:

What are the company’s long-term goals?
How can digital tools help achieve these goals?
What specific areas need improvement?

By addressing these questions, companies can better articulate their needs to service providers and move forward with a well-defined plan. Setting this vision is crucial for aligning the entire organization towards common objectives and ensuring that every digital initiative contributes to the overall strategy. For instance, if a company aims to enhance its manufacturing efficiency, it should explore digital innovation solutions like AI-driven automation and predictive analytics.

Furthermore, understanding the trend of pharma landscape in 2024 can provide valuable insights into emerging technologies and practices that could be integrated into the company’s digital strategy. For example, digital transformation in pharma manufacturing often involves incorporating advanced technology to streamline processes, reduce costs, and improve product quality.

Key components of digital transformation

Semi-digital vs. fully digital transformation

Many pharma companies are currently stuck in a semi-digital phase. This stage involves processes where documents are manually scanned and then saved as digital versions.

While this represents a step towards digital innovation, it falls short of a true digital transformation. Real digital transformation in pharma and MedTech companies requires eliminating manual intervention and automating the entire process flow. For instance, advanced systems can automate document creation, approval, and updates, ensuring that all relevant files are seamlessly integrated and maintained.

By moving beyond semi-digital practices, companies can fully harness the benefits of digital technology, improving efficiency and compliance. This shift is crucial for staying competitive in an industry increasingly driven by digital transformation in pharma marketing and manufacturing.

Computer system validation (CSV)

In the context of digital transformation in pharma, Computer System Validation (CSV) is a crucial element for ensuring that software systems perform as intended and comply with regulatory standards. The validation process, however, can be extensive and complex, often requiring significant time and resources.

To streamline this, many pharma companies are turning to external CSV consultants or leveraging solutions that adhere to the GAMP5 validation approach. This method not only simplifies the validation process but also aligns with industry best practices, ensuring compliance and operational efficiency.

By adopting such strategies, companies can better navigate the challenges of digital transformation, particularly in the pharma manufacturing and pharma marketing sectors, setting the stage for enhanced productivity and regulatory compliance.

Role of AI in digital transformation

Artificial Intelligence (AI) is transforming the pharmaceutical and MedTech industries by enhancing efficiency, accuracy, and innovation. AI streamlines drug discovery optimizes manufacturing processes, and improves patient outcomes, giving companies a competitive edge.

In drug development, AI accelerates the discovery process by analyzing large datasets to identify potential drug candidates faster and more accurately. It optimizes clinical trials by selecting suitable patients and predicting trial outcomes, leading to faster and more reliable results. In manufacturing, AI-driven automation and predictive analytics improve production efficiency, reduce downtime, and ensure product quality by identifying real-time anomalies.

AI is also revolutionizing supply chain management by improving decision-making, reducing inventory levels, and minimizing out-of-stock scenarios. Integrating solutions like AI for smart pharmaceutical inventory management allows companies to achieve substantial savings. Moreover, AI enhances personalized patient care by analyzing data to provide tailored treatment recommendations and predict medication responses, thus improving healthcare quality.

Implementation and compliance considerations

Accessibility and affordability

Digital transformation in pharma is not just about adopting the latest technologies; it also involves ensuring that these technologies are accessible and affordable for all stakeholders involved. To achieve this, pharma companies must prioritize solutions that are easy to implement across various locations and cost-effective.

Cloud-based platforms are particularly suitable as they offer global implementation capabilities without the need for site-specific installations. This approach not only streamlines operations but also significantly reduces overhead costs, making it a viable option for both large enterprises and startups. By leveraging cloud technology, companies can ensure that their digital transformation efforts are both inclusive and financially sustainable, aligning with the broader goals of digital innovation and enhanced healthcare delivery.

Implementation and transformation time

The time required for a complete overhaul often raises concerns among pharma companies. However, with the right partner, this process can be both swift and seamless.

The key lies in selecting a vendor that provides end-to-end solutions and offers additional support for data import, integration, and training. This comprehensive approach not only accelerates the transition but also ensures that internal IT and QA teams are not overwhelmed by the demands of the transformation.

By leveraging such partnerships, companies can effectively navigate the complexities of digital transformation, thereby enhancing their operational efficiency and competitiveness in the healthcare sector.

Regulatory compliance

In the realm of digital transformation in pharma, regulatory compliance remains a critical consideration. Both pharma companies and MedTech industries must adhere to stringent regulatory standards to ensure the safety and efficacy of their products. Therefore, sourcing a digital solution that meets all compliance criteria is essential.

Opting for 21 CFR Part 11-compliant software can help companies overcome regulatory hurdles by ensuring that electronic records and signatures are trustworthy, reliable, and equivalent to paper records. This is particularly important in the context of digital innovation and healthcare, where maintaining data integrity and security is paramount.

Additionally, the implementation of compliant software solutions can streamline manufacturing processes, reduce the risk of non-compliance, and facilitate smoother audits. As technology continues to evolve, staying ahead of compliance requirements will be crucial for maintaining operational efficiency and ensuring patient safety.

Conclusion

Championing an end-to-end digital transformation project requires careful planning, vendor selection, and execution. Partnering with an experienced service provider can significantly ease the transition from being digital to being digital.

This approach not only streamlines the implementation process but also ensures that the transformation aligns with industry standards and regulatory requirements. By leveraging the expertise of a seasoned provider, pharma companies can focus on core activities while seamlessly integrating digital innovation into their operations.

This strategic partnership is crucial for navigating the complexities of digital transformation in pharma manufacturing and healthcare, ultimately enhancing operational efficiency and accelerating time-to-market for new treatments.

Artificial Intelligence

Galaxy AI to Expand to Mid-Range Galaxy A Phones in 2024

Published

3 months ago

August 7, 2024

William Watson

Exciting news for Galaxy A phone users! Samsung is set to bring its innovative Galaxy AI technology to select mid-range Galaxy A models in 2024. This expansion will start with the Galaxy A35 and Galaxy A55, according to sources from SamMobile.

Limited Galaxy AI Features for Galaxy A35 and A55

While this is a significant move, it’s important to note that not all Galaxy AI features will be available on these mid-range devices. Samsung has yet to specify which AI tools will be included, but features requiring substantial on-device processing power will likely be omitted.

The rollout of Galaxy AI to the Galaxy A35 and A55 is expected to happen through the One UI 6.1.1 update, which could arrive as early as this month or next. However, there is no confirmed release date.

Current Availability and Limitations

As of now, the most affordable Galaxy AI-enabled phone available is the Galaxy S23 FE. Even this model does not include all the AI features found in the original Galaxy AI suite for the Galaxy S24 series, such as Instant Slow-Mo.

Despite hardware similarities, older Galaxy A models like the Galaxy A54, which shares the Exynos 1380 SoC with the Galaxy A35, are not confirmed to receive Galaxy AI. Samsung appears to be focusing on models released in 2024 and later.

Samsung’s AI Ambitions

At Unpacked 2024, Samsung announced its ambition to extend Galaxy AI tools to over 200 million Galaxy devices, including phones, tablets, and wearables. This expansion to mid-range Galaxy A phones is a part of that strategy, aiming to democratize advanced AI features across a broader range of devices.

Summary

Samsung’s Galaxy AI is set to arrive on mid-range Galaxy A phones, starting with the Galaxy A35 and A55, through the One UI 6.1.1 update. While not all AI features will be available, this marks a significant step in making advanced AI technology more accessible. Stay tuned for further updates on the rollout and specific features.