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
Huawei goes ultra-premium
Porsche Design and Huawei have launched the Porsche Design Huawei Mate RS in South Africa exclusive to MTN and retailing for R 26 459.
The Porsche Design Huawei Mate RS boasts features like the world’s first dual fingerprint design, including an in-screen fingerprint sensor, the world’s first Artificial Intelligence (AI) processor and Leica triple camera with 40MP image capture.
“After the overwhelming success of the Porsche Design Huawei Mate 10 Pro in South Africa, we now bring you our latest offering, a perfect blend of innovation in a smartphone and luxury design,” said Likun Zhao, Vice President of Huawei Consumer Business Group Southern Africa. “From three-point security feature including facial recognition, rear fingerprint scanner and the new innovative in-screen fingerprint to the Leica triple camera system. it culminates in an unprecedented experience for our customers.”
The device incorporates Porsche Design’s signature design language and Huawei’s breakthrough technology. The phone has a 6” 2K curved OLED screen and symmetrical look, minimalist feel and 8-edged 3D curved glass body.
High performance is symbolised by the naming of the smartphone: the term “RS” in the world of Porsche motorsport stands for outstanding racing performance.
Huawei provided the following information on The Porsche Design Huawei Mate RS benefits and features :
· The world’s first dual fingerprint scanner for enhanced convenience, allowing users to wake and unlock the device simply, thanks to an in-screen fingerprint sensor. Hover to wake the device, touch to unlock it
· The winning combination of Leica triple camera with 40MP RGB sensor technology and exceptional photography powered by Master AI. This combination puts effortless, eye-catching photography at the fingertips of those looking to immortalise their favourite moments. Combined with 5 x hybrid zoom, and the world’s first AI image stabilisation on a smartphone camera ensures photography lovers can capture the best shots with exceptional clarity in almost any situation
· The Porsche Design Huawei Mate RS is the first Huawei handset to allow quick wireless charging, making it even easier to keep the phone topped up and ready to go and, thanks to its long lasting battery, users will easily be powered through the busiest of days
· An ‘intelligent’ smartphone, the powerful AI processor automatically tailors the performance of the phone according to how it is used – constantly learning, understanding and anticipating needs, it is the perfect personal assistant for the pocket
· 256GB of internal storage means those constantly on the go and constantly on their phone can be worry free
· Dual SLS (super linear system) speakers with DOLBY ATMOS enable users to have a superior experience, with the best immersive surround sound and entertainment on the go
· Splash, water and dust resistant, which means there is no need to worry about damaging the device in the rain or accidentally dropping it in water
Jan Becker, CEO Porsche Design Group, said: “Both Porsche Design and Huawei seek to imagine and develop products that stand for precision and perfection, intelligent functionality and highly sophisticated design. Our aim was to create an outstanding device that goes one step further. We believe we have reached this goal by taking our partnership to the next level.”
Porsche Design and Huawei have worked in tandem to develop a smartphone that fuses together the two brands’ DNA, wealth of experience in design and technology, industry-leading expertise and exceptional performance. Through the use of colour in the device’s body, software themes and accessories, the new handset is accentuated with Porsche Design’s distinguished aesthetic and purist, minimalist feel.
The Porsche Design Huawei Mate RS will be available to purchase exclusively from MTN at R 26 459.
Cross-channel chat launched
Clickatell has launched a cross-channel live chat service, Touch Go, that transforms omni-channel customer care.
It enables live chat across a company’s website as well as social platforms (Twitter and Facebook) and mobile apps, bringing customer care and engagement into a single business platform.
“Today’s consumers expect to engage with your brand on the digital channel of their choosing,” says Deon van Heerden, Clickatell Engage CEO and Group CFO. “They want to message your business and instantly have queries resolved, find the information and services they are looking for, without the need for a voice call. Clickatell’s Touch Go makes that happen with the right level of capabilities for businesses of all sizes.”
Businesses can start using Touch Go immediately, with a free Starter option. Touch Go requires no credit card for sign-up and is fully featured with a simple setup process. It offers customisable branding, a unified chat desk business application as well as reports and analytics.
As the business scales up its digital customer care, it can opt-in for the Touch Enterprise offering. Touch Enterprise is designed for scaling up customer care efforts through advanced capabilities including AI driven virtual agents, sentiment analysis, automated workflows, enterprise integrations and in-channel mini-applications.
“Customer care has become a defining factor for sustained business success ” says Nirmal Nair, Clickatell Engage EVP Product & Marketing. “In an ever-increasing mobile native world, customers often choose to interact digitally, but they also expect to be able to reach a human immediately, should they need. Monitoring multiple channels and providing immediate action becomes challenging with siloed deployments. Touch’s unified solution allows businesses of all sizes to provide the customer delight in a simple modular approach.”