Most CFO’s are not directly involved in IT or security in IT, except possibly when reacting to an incident like a security breach. However, PERRY HUTTON of Fortinet believes that CFOs need to become more hands on when setting out IT budgets and motivating them.
Recessions may eat into enterprise budgets as a whole, but information security stands alone in enjoying increased budget allocation, thanks to CFOs who see the returns inherent in mitigating risk, says security specialist Fortinet.
Perry Hutton, Regional Vice President – Africa at Fortinet, says CFOs in South Africa’s largest enterprises typically don’t get involved in IT spend, beyond approving the CIO’s budget. “We don’t usually meet with CFOs, particularly in the large enterprises. Our top 120 to 140 enterprise customers are well structured, with very knowledgeable CIOs or CISOs in place who manage the information security spend, supporting their budgets with clearly laid-out business benefits and returns. Their CFOs are typically tech-savvy and – more importantly – aware of the potential costs of security breaches, and support spend on IT security. However, they seldom get directly involved. Possibly the only time large enterprise CFOs would get directly involved in information security budgets is when they are being reactive to an incident.”
In the mid-market sector, which may not have specialised CISOs in place, CFOs are more likely to become involved in the information security budget discussion, says Hutton. “Fortunately for us, security tends to be treated separately from infrastructure and other components of IT. Even when organisations are cutting their budgets, you don’t find too many cutting their IT security budget. If anything, finance is allocating a larger percentage of the IT budget to security, because the world is becoming more dangerous and they have to throw more cash at mitigating risk,” he says. “Of course, the money has to come from somewhere, so invariably it comes from somewhere else in IT like stretching storage. For us, it’s a good position to be in. Back when the global recession struck in 2008, we didn’t suffer as badly as other players in the IT space, because the threat landscape didn’t go into recession, and long may this situation last.”
Because Fortinet plays in a space where the benefits to business are well understood, it seldom has to assist CIOs in motivating for budget, Hutton says. However, in cases where the CIO or IT manager must motivate for budget from the CFO, Fortinet is able to supply extensive threat reports, in depth research and risk analysis to highlight the benefits to business of making the investment. “We’ve also just launched our Cyber Threat Assessment Program (CTAP) in South Africa, in which we will perform a real time threat assessment for prospective customers; with analysis by our FortiGuard Labs. After our recent launch in East Africa, we had requests for a few assessments in the region.” The requests typically came from CISOs and CIOs, but Hutton expects the CTAP results to help IT build its case for budget with the CFO.
“There are typically two schools of CFO – the old school CFO, who is usually in place in larger enterprises where the IT budget is managed by an experienced CIO and CISO. Then you find the New School CFOs, typically younger, who are typically in the small to mid-sized enterprises. These CFOs are well educated and well versed in technology and the need for IT security. We might spend some time with them, explaining the changing threats and pointing out how IoT has exploded and perimeters have become infinite, increasing their risk profile. The CFO of today is usually well aware of the benefits of IT security, they understand that there is growing risk and they have to invest in mitigating it.”
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.