The data that resides on a mobile phone is better protected than the data that resides in most corporate data centres, says RONNIE MOODLEY, Server Solutions Sales Leader for IBM South Africa.
Eighty percent of the data on mobile phones is encrypted, according to a 2017 Solitaire Interglobal study, because it’s easier to encrypt data on millions of identical devices. Encryption is often largely absent in corporate and cloud data centers because current solutions for data encryption in x86 environments can dramatically degrade performance (and user experiences), and can be too complex and expensive to manage.
A recent study found that extensive use of encryption is a top factor in reducing the business impact and cost of a data breach. To put that in context, the IBM X-Force Threat Intelligence Index reported that more than four billion records were leaked in 2016, which was a 556 percent increase from 2015.
Regulatory bodies are establishing standards in response to growing security concerns. These include:
- · The European Union, for example, has established the General Data Protection Regulation (GDPR), that will increase data protection requirements for organizations doing business in Europe starting next year. GDPR will require organizations to report data breaches to the regulatory authority within 72 hours and face fines of up to four percent of annual worldwide revenues or 20 million Euro, unless the organization can demonstrate that data was encrypted and the keys were protected.
- · At the U.S. Federal level, the Federal Financial Institutions Examination Council (FFIEC), which includes the five banking regulators, has provided guidance on the use of encryption in the financial services industry.
- · Recently, the New York State Department of Financial Services published requirements regarding encryption in the Cybersecurity Requirements for Financial Services Companies.
Three years ago, as it began the design process for the next generation of its iconic mainframe, our customers — representing the banking, retail, insurance and healthcare industries — asked if the massive scale of the world’s biggest transaction engine could be extended at the same massive scale for data security. In the end, more than 150 companies had a say in the development of IBM Z.
The new system is capable of running more than 12 billion encrypted transactions per day and also introduces a breakthrough encryption engine that, for the first time, makes it possible to pervasively encrypt data associated with any application, cloud service or database all the time. The system’s advanced cryptographic capability now extends across any data, networks, external devices or entire applications – such as the IBM Cloud Blockchain service – with no application changes and no impact on business service level agreements.
Building on the capabilities of the world’s most powerful transaction engine at the center of global commerce today, the IBM Z supports:
- · 87 percent of all credit card transactions and nearly $8 trillion in payments a year.
- · 29 billion ATM transactions each year, worth nearly $5 billion per day.
- · Four billion passenger flights each year.
- · More than 30 billion transactions per day, or more than the number of Google searches every day.
- · 68 percent of the world’s production workloads at only six percent of the total information technology (IT) cost.
Banks and others in the financial services industry process thousands of transactions per second to keep the world’s financial systems running. The mainframe is more critical than ever for reliably handling high volumes of transaction data. Today, 92 of the world’s top 100 banks rely on the IBM mainframe because of its ability to efficiently process huge volumes of transactions.
Addie Buissinne, Executive for Financial Solutions at Emid, a subsidiary of EOH, says they took their retail banking and lending platform (C4) to the cloud 15 years ago, using IBM Z because it is highly efficient, scalable and offers unrivalled stability. They for example took a client from first engagement, to opening and transacting on 160,000 accounts in just a few months, and this had no impact on the performance level of the mainframe. Given the resilience of IBM Z, they have achieved uptime and stability rates unmatched by any other alternative.
My company believes that organizations should not wait to assess data risks and obligations, and instead, should proactively secure vital data. Businesses should prepare through a broad range of capabilities, which not only include technology, data governance, security and policy, but also people and processes.
Securing data should be seen as an opportunity. The process can accelerate digital transformation, if done properly, by introducing more efficient and integrated data processing. IBM has long held the position that privacy is foundational to trust and investing in a sustainable, governed data asset and data security can be a competitive advantage for businesses.
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Street art goes electric
Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.
The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.
The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.
D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.
D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.
“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”
As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.
Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”
Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”