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Category: Data Security

The Impact of Big Data on Banking & Financial System

The Impact of Big Data on Banking & Financial System

The power of data cannot be ignored or underrated. The valuable and immense volume of data stored by banks for decades is now being randomly utilized for various analyses in terms of transactions, till now the financial services which have the reservoir of data were not exploiting it to meet the customer expectations whereas customers expect banks & financial organization to deal with them based on the data they provide. The potential of Big Data to unlock the various aspects in favour of customers & bank is now accepted and is used globally by many countries.

Citigroup providing financial services in 160 countries with over 200 million customer accounts has now adopted the Big Data–driven approach for their own business growth & customer’s benefit. There are certain impacts Big Data can bring into the banking & financial system.

Easy Customer Segmentation/Profiling

With so many complexities & potential risks involved in the banking industry, it is important to understand customer’s behavior & categorize them accordingly. This helps in targeting customers as per the bank’s requirements for business growth. There could be various kinds of product need segmentations involving personal behavior, demographic, and transaction details but all possible with the help of Big Data analysis. Such real time analysis can enhance the growth cycle.

Personalized Product Offerings

Once the categorization is done the data from e-commerce profiles are used to target individuals on their browsing and buying habits. Customer’s interests observed through his actions are later targeted for personalized marketing & to get sale leads.

Risk & Fraud Management

The risk is another side of the coin but financial service’s need to manage fraud & risks is larger than any other industry. Big data allows the bank to avoid bad loans or failed investments through historical data & get a real time alert. Now because of various regulatory requirements and need of time has made many financial firms to implement big data projects to obtain an advantage over their competitors. Big data analysis can make banks to block any transaction seeing the irregular payment transactions on any account. It then helps to prevent any fraud before happening.

Customer Experience

When most of the industries are running with a customer centric approach it then becomes important for the banks & credit services to meet customer’s expectations and understand their preferences. According to a report of McKinsey marketing decisions based on good data analysis can increase the productivity by 15-20%. Though it requires an additional investment of infrastructure for implementation with an output of increased growth, revenue & customer satisfaction its worth paying.

Operation Augmentation

Implementing Big Data improves the flow of overall system with improvements in effectiveness & response time, increased number of automated processes, cost savings, meeting precise requirements instantly, detecting fraud transactions or signals, and different factors which are related to financial risks.

Employee Engagement

With the help of Big Data analytics, not only the top performers but those employees who are either not happy or are struggling can be acknowledged. Instead of following traditional ways to find the details using right analytics by employees helps in bringing out the employee’s performance, accepting the common goal as a team & the overall culture of an organization also improves.

With the digitization increasing day by day, the impact of Big Data on banking & financial services can also be significant.

Strategies to Prevent Data from Encryption and Corruption

Strategies to Prevent Data from Encryption and Corruption

In recent years, we have entered an era where there huge advantages in the form of widespread connectivity. However, at the same time, there are certain risk factors associated with this phenomenon. Moreover, the trend of storing data in the cloud has made us prone to data security risks. On the other hand, when data falls into the wrong hands, the consequences can be devastating. Nowadays, there are instances where data leaks and corruption have put organizations and individuals on red alert.

It is a commonly accepted fact that good IT security agencies can play a significant role in making sure that the data of your organization is protected in the right manner. With the use of various devices that utilize the medium of the internet; it has become imperative to install certain data security framework in place. On the other hand, encryption scrambles text to make it unreadable by an individual. Hence, it can be termed as an efficient manner to stop hackers from stealing data.

What are encryption and the way it functions?

IT security seeks to protect the physical assets which imply that databases, networked computers, and servers. On the other hand, encryption protects the patterns of data that live on these assets. It is one of the most convincing manners in which data can be protected. Even if data gets stolen, it can be read and hence it is rendered useless. However, certain risk factors are associated with encryption. For instance, if data is being encrypted for security purposes then the company would have a hard time to decrypt it as data can be needed at any point in time. One can also use various algorithms like E2E encryption and file encryption to encrypt and decrypt data successfully.

How to prevent data corruption?

For those who are not aware of the term data corruption, it is a manner in which error occurs due to data loss and improperly written codes. As per recent inputs from several technology experts, data corruption is one of the primary causes of data loss in the past years. This has also put the organizations on high alert. However, it is not that risky as that of data hacking, and this is why it is still an underrated phenomenon. But that said, the repercussions of this problem cannot be ignored. Many other experts are of the opinion that data corruption and common symptoms like disk hangs and low quality of discs.

Various strategies can be used to prevent data corruption. For instance, you can take a complete backup and use it most often. It is so because back up of any data is vital and in this way you can prevent data from being lost due to data corruption. You can also use one of the best antivirus software in your system that would help your data from corruption issues. You should also consider to regularly troubleshooting your system and should update the system issue.

Big Data-An Efficient Strategy for Collection and Storage of Large Volumes of Data

Big Data-An Efficient Strategy for Collection and Storage of Large Volumes of Data

With the concept of big data coming into a large amount of data is produced and shared every day. Such a large volume of data is generated through the internet of things, social networks and scientific data from different networks. As data has begun to be shared at much higher speeds same is the case with the volumes of data.

What really is this big data?

Big Data, including its nature, definitions, rapid growth rate, volume, management, analysis, and security. The future of this domain specifically is based upon the domination over the several issues it is facing, with the optimal challenges it has to face. Businesses are not only collecting the data volumes but they are also using them to improve customers’ experiences and their business processes. Big Data involves the data gathered by businesses and to store this data in a managed way for future needs.

Data storage requirements have changed a lot

Big data helps to generate new insights with a new wave of database links which even helps to incorporate the different innovative techniques for the data collection as well as storage purposes. And so is the approach that helps incorporate visualization techniques into data collection and use. Earlier there used to be a lot of dependency for data storage and collection but now with the introduction of the concept of big data, it has become faster to generate many new ideas through the knowledge received. The files that are shared and stored with the help of big data technology can be handled very easily without any kind of performance degradation that usually takes place with normal files.

Security needs have increased even more

For years, the use of two-factor authentication for security purposes was in high demand which means to ensure online security and was also used to secure corporate emails as well. But with technological advances, many new technologies and possibilities have been created which are offering more advanced security solutions.

So, to sum up, big data storage needs to be able to handle a capacity of large volumes of data taking care of the security aspect too because how big amount of data is it increases the concern for security too and the traditional 2 Factor authentication on VPN is increasingly replaced with own big data security techniques.

Big Data’s Future Is In Predictive Analytics

Big Data’s Future Is In Predictive Analytics

When it comes to the needs of modern business needs everything needs to be accomplished with the intelligence and this can help to achieve the business goals in a much better way. Reporting tools in the new era already need the analytic solutions that can define the future. To unlock more decisions for data as well as to achieve more accurate models in the present that can help companies to outgrow in future predictive analysis is the best option.

Future Predictions of Data

Predictive analysis is basically a process or method to extract the data from the current data sets that already exist and to use them to determine the future predictable growth of data or to determine the scalability of data for future needs that can help to determine the outcomes and trends of the future data sets. This analysis can be applied to different businesses to analyze the current data sets and then using them as a baseline along with some historical facts to get the risk the company can face in future or the opportunities that will lead to such increase in data.

Predictive analysis is growing outbound due to the advances in technology and because of which business intelligence too is seeing an unexpected increase in use cases. Many companies are seeing the investment in predictive analysis a need to grow their business and making it a top priority too. No matter what the business is such as weather model forecasting, crime prevention, genomics, human and knowledge performance indicators, natural resource exploration, project management, and other disciplines too.

To add the security to these data systems and to prevent such huge volumes of data from any kind of risks two-factor authentication is a wonderful bit. It requests that the user give both a password and verification from a source they have on their person and proper decryption is carried out for the data to protect it from any kind of the cyber-attacks.

Combining it With Real World Applications

Moreover the use of these predictive analyses is not just limited to the look into the future insights of the data growth but it can also be used in combination with real world data to get or generate the volume forecasts of data for the coming business months and years in advance so that the effects of it can be predicted well in advance. Such future predictions can help to get a better understanding as well as preparation for any kind of equipment failure and resource depletion that can happen due to such large volumes of data. The predictive analysis has made the things a lot easier providing a way to the organizations to think ahead of time which has a significant positive effect on the business as it is giving the data to the organization for forward thinking about the enterprise.

Predictive analysis helps a lot in customer relationship management (CRM) software. Predictive analysis helps the sales and marketing teams for providing pitches or content to individual customers. Predictive analysis takes data from different platforms and analyze it globally to get the future volumes. It allows much wider data expansion and gives the predictive analysis against the greater mass of data aggregated. This kind of analytics is the next big evolution in big data and holds a great future for the data prediction.

Security too Needs Attention

With such concepts of big data coming in security is the primary concern that comes and the passwords and other data needs real protection which can be obtained through 2 Factor authentication on VPN. Two-factor authentication, though better than a password-based system, resulted in bad user experience due to which users are switching more towards big data authentication. Moreover, secure corporate mail is the another concern which needs to be taken care of in between these concepts of predictive data analysis as well as big data storage.

Insider Threats as the Main Security Threat in 2017

Insider Threats as the Main Security Threat in 2017

Cyber security threats like hacking, attacks of malware, denial of service and even ransomware take place more frequently than the insider attacks, but the concept of insider attack is not a myth, and this can be evident when one looks deeper into the working activity of the company’s IT section.  The insider cyber security attacks are related to the malicious activities of the users, in reality, the employees who cause corporate data breaches as well as leaks in the most inadvertent way.

The phenomenon of losing credentials that occur from phishing, carelessness and even thefts can introduce malware to the integral IT structural system of the company. So, when an employee clicks on an unknown link, he or she knowingly or unknowingly invites the malware to infect the digital working structure of the organization.

These are not counted as honest mistakes because sending classified data to a different address, specifically to the address of the competing company can result in the significant loss of the company’s goodwill in the market, which is a strict no-no in the era of cut-throat competition. In the event of occurrence of any internal security breach, the company loses a hell lot of money which hinders its economic growth and development, injecting lockouts and dismissals of the working force.

The importance of detecting internal cyber security and how the mishap can be avoided

If you combine the incidents of the malicious attacks that occurred in your company’s digital working system for many years, then you will be able to add up to one possibility, and that is the data adulteration from within the digital work force. In the latest report presented, the 874 incidents of malicious interference of the Ponemon Institute comprised of 85 outsiders stealing confidential or classified data of the company, 191 clicks on the malicious links by the employees and also 568 attacks caused by the negligence of the contractor or the employees.

Regardless interferences being malicious or not; it is extremely important for the owner of the company to consider each threat as important and then treat it then and there. Factors like Two Factor Authentication that can also found among the features of the 2FA for Google Apps secure the corporate work interface from the malicious attacks. The function of Secure corporate Mails can invariably decrease the malicious interference from both external or internal arenas. Also educating the employees with the aesthetics of loyalty to the company along with the importance of using 2FA on VPN for the security of the data of the company should be imparted.

It is extremely useful. Since the employees are an integral part of a company, leaving them unattended regarding any working field can cause destruction to the security walls of the companies. So is they are educated with the steps of the proper preservation as well as the security of the classified data, the company can at least have fewer occurrences of the malicious interference, if not completely avoid them.