Technology has changed all aspects of our lives, including the way we transact. In our digital economy, money is not the only currency consumers place value in as they also see trust, time and treasure as important drivers, writes Intel’s TREVOR COETZEE.
In the conventional economy, money is the only currency. But we are increasingly inhabiting a world comprised of the cloud, mobility, the Internet of Things and an infinite number of goods and services that are exchanged online.
In this so-called Second Economy, money isn’t the only currency. In this technological and social realm, trust, time and treasure are the new currencies – and one of them is worth a lot more to cybercriminals than money.
The Second Economy is built on the psychological currency of trust. When we transact online, we trust that the company we’re dealing with will protect our information.
But trust is under relentless attack and is the prime casualty of cyber conflict. Hacktivists aren’t after money. Rather, they want to embarrass their targets and reduce their brand value by sowing mistrust. Each attack serves to erode the trust of customers in a company’s ability to withstand future breaches and protect their interests. And when trust is lost, it can do as much damage as lost funds, if not more.
A cyber defence focused primarily on protecting financial assets is therefore insufficient. The problem, however, is that public concern about personal data loss is falling despite a rise in data thefts. Also, breach victims are not typically penalised, even when their own negligence contributes, which suggests that breach costs should be evaluated in the Second Economy.
In the Second Economy, time matters more than money.
On the one hand, cybercriminals, or black hats, have time on their side. They design their attacks at leisure, crafting carefully thought out and executed strategies that can sometimes go undetected within a network for months, even years.
They also use time to their advantage in ransomware attacks by attaching deadlines to ransom pay-outs for the safe return of data. Under such immense time pressures, victims are more likely to respond impulsively and pay the ransom.
On the other hand, victims, or white hats, are in a constant race against time and are always reacting under pressure. When a breach occurs, time is the ultimate weapon – detecting and remediating threats as quickly as possible becomes the goal in a race where every second counts and time most certainly is money.
The time it takes an organisation to respond to breaches depends on the tools, policies and political structures that are in place before the notion of a threat is even recognised.
But the status quo in most organisations is that separate divisions have separate security policies, which slows down their response times. An IT strategy that allows for new technology to be rapidly onboarded will ensure that new software releases will not hinder productivity and that software updates are not time-consuming.
In the Second Economy, money – or profit – is not the only treasure that black hats are after. When it comes to sowing mistrust, cybercriminals could be motivated by principle – as it often seen in attacks by ‘hacktivist’ group, Anonymous – while nation-states identify targets to expand their province.
Whatever their treasure, black hats have clear incentives motivating their next move, and with each attack, the trust economy is ultimately corroded. These fast-moving, fast-adapting black hats govern the terms of cyber conflict and control the pace of innovation and the nature and timing of assaults. Organisations play a perpetual game of catch-up, yet they consistently ignore or rationalise the risk.
This must change.
Gaining the upper hand
Individual users cannot shirk responsibility for helping safeguard the Second Economy and, at the strategic level, today’s siloed, reactive, barely collaborative defence posture must yield to a new white hat paradigm that is adaptive, aggressive, proactive, newly generous on information-sharing and unpredictable.
If we are to secure the now indispensable, Interned-based Second Economy, we have to reject conventional defence paradigms in favour of radical new thinking. Where we have relied on old playbooks, we must be newly unpredictable; where we have hoarded information, we must become collaborative; where we have undervalued cyber defence, we must prioritise it.
A good start is at the organisational IT level through adopting technology platforms that accept new security software quickly and result in a better-aligned ecosystem. We need to develop a whole spectrum of response plays and not simply plan for an unlikely worst-case scenario.
No single solution can eradicate all threats. We need a superior platform that allows for swift on-boarding of new technologies, over an architecture backed by common tools and workflows, along with automation and orchestration capabilities – one that doesn’t multiply operational complexity for already overburdened staff. An integrated platform also offers the benefit of tapping into aggregate innovative capabilities of hundreds of potential players, all connected over the same infrastructure. This gives white hats a fighting chance at making time their ally.
Cyber security professionals with a more simplified back office infrastructure, as provided by fewer vendors in their environment, report experiencing fewer threats, better detection times and more confidence in their security posture than those with a more fragmented, multi-vendor approach.
There also needs to be organisational change. CEOs must advocate for more strategic, proactive defence while end-users must develop better security consciousness.
Finally, we need bold information sharing. By hoarding information, we make the Second Economy more vulnerable. Better defence depends on better sharing impulses. Bold, perhaps altruistic information sharing gestures by cyber defence organisations can change the culture.
Our economy is no longer a physical one but one of connected networks and systems where cybercriminals have put us on the defensive. We now live in a world where more than money is at stake and where we’re fighting against time and working to justify trust.
If we’re going to win the race, we need to abandon old security playbooks to become more unpredictable and collaborative and make cyber defence a priority.
* Trevor Coetzee, regional director, South Africa and sub-Saharan Africa, Intel Security
TikTok looks for SA talent
The fast-rising short-video platform has launched a #PickMe campaign to discover local stars.
TikTok, which claims to be the world’s leading destination for short-form videos, launches its first PickMe campaign, an effort to discover creative talents and provide a stage to express themselves in South Africa. Starting March 1, TikTok kicked off a month-long search through participants’ 15-second videos under hashtag #PickMe.
TikTok says it is committed to investing in South Africa and discovering the local talents. The PickMe campaign is supported by its local partners like Huawei, MTV Base and Digify Africa.
Local stars, including comedian and singer Lasizwe and singer Nadia Jaftha, have joined the campaign and called for users to show their talents on TikTok.
There are 5 categories of video shooting in the campaign, namely dance, acting, comedy, singing and cosmetics. Participants need to shoot a 15-second video using TikTok using #PickMe and tag @tiktok_africa to participate in the challenge. The finalists will be selected based on their video performance. The most popular and talented participants will have the chance to win prizes like Huawei Mate 20 Pro smartphones, a day at MTV Base, and a once-off-presenter opportunity and attendance at an intensive video production workshop delivered by Digify Africa.
“TikTok has definitely evolved into something that everyone loves and uses. It’s given creators a space to create more unique content and also help the creator gain a whole new kind of fan base, ” says Preven Reddy, Imbewu The Seed TV-star and Megazone radio host who is also a TikTok user.
Says TikTok video creator Mihlali Nxanga: “As a young South African working towards being in the entertainment industry, TikTok has given me the platform to grow my following tremendously. Within 6 months, my fan base has grown by a whopping 90 000, and not only from South Africa, but the whole world. For me, TikTok is not just a content platform, it is a global community.”
The campaign will wrap up on March 31. The list of the finalist will be announced in the app and on official Instagram @tiktok_southafrica. For more information, please visit the TikTok app.
Rugby fan experience transformed by digital platform
The South African Rugby Federation has embraced digitalisation as a key enabler of its strategic aspirations. It has worked with Accenture to transform fan engagement for Springbok supporters with the launch of a digital fan platform.
“Digital technology and social media have transformed how modern fans watch, support and engage with their favourite teams,” says SA Rugby CEO Jurie Roux. “To maintain our relevance amid this new market dynamic, and grow our fan base, we’ve acknowledged the vital need to digitally transform our organisation.”
Wayne Hull, managing director for Accenture Digital in Africa, says: “SA Rugby’s ambition to pivot to a more fan-centric strategy requires digital design, content, platforms and insights because modern consumers, including loyal Springbok supporters, engage predominantly via mobile digital channels and expect hyper-personalised experiences.”
Accenture Digital’s development process started with quantitative and qualitative research, which informed the user experience (UX) design guidelines and content strategy for the digital fan engagement platform.
“To know what fans want, we needed to understand the fans themselves,” says Hull. “The Accenture Digital team mined the research data and identified multiple fan ‘personas’, which all have different content consumption, platform functionality and engagement preferences.”
The platform development team focused on three critical elements to meet these requirements – the customer experience (CX), the engagement engine and cloud-based deployment.
“To deliver a memorable and engaging CX, Accenture Digital leveraged leading digital experience software,” says Hull. “The result is a fully integrated and responsive platform that creates seamless, personalised digital fan experiences across SA Rugby’s content, commerce and digital marketing initiatives in a manner that makes fans feel recognised and connected to the players and the game.”
The new platform will serve as the first point of call for any rugby fan who wants to get their data fix with exclusive statistics, analytics and insights. The platform’s content style will include more visual elements – videos and images – with more concise articles that are easier to digest, in accordance with evolving content consumption preferences on mobile screens. This will complement long-form thought leadership and insight pieces.
In addition, fans will enjoy exclusive access to player-related content, such as behind-the-scenes footage and game and training performance stats. SA Rugby will also benefit from the ability to track comments and mentions via the Sitecore analytics platform Accenture Digital implemented, to respond and engage in the conversations Springbok fans are having on social media about the game, the teams or the players.
To do this, SA Rugby required a consolidated view of the customer. However, data resided in disparate sites across ticketing providers and SA Rugby’s e-commerce and online magazine databases. This information will be consolidated into the CRM system, with multiple integration points available to leverage this data.
The CRM system’s functionality will help to reveal insights such as fan communication preferences and their likes and dislikes, which will place hyper-relevance at the core of SA Rugby’s fan experience and engagement strategy.
The final element in the platform development was cloud deployment, which allows fans to access the platform from any device that has an internet connection. The platform is hosted within the Microsoft Azure environment, which is stable, secure and fully redundant. It gives SA Rugby the flexibility to manage the platform themselves, with the option to integrate or scale additional functionality down the line.
Based on the outcome, Hull believes that Accenture Digital has successfully reimagined, built and delivered a world-class, modern and mobile-friendly digital fan platform that creates a fun, immersive and engaging experience for fans.
“It’s a major step towards helping SA Rugby realise its ambition to become a fan-centric, forward-looking and nimble organisation, and we look forward to building and developing the platform further with the team as their digital fan engagement requirements evolve,” says Hull