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Image: Getty The popularity of cloud applications and software has risen significantly in recent years. But while using cloud services can be beneficial for businesses and employees, it also carries new cybersecurity risks. Special Feature The ability to log in from anywhere using cloud applications is convenient for employees, but it’s also a potential new […] More
Shutterstock Many firms are realising that while shifting applications and infrastructure over to cloud computing services can make life easier in some ways, it doesn’t mean they can give up all responsibility for keeping their data secure. Special Feature Cloud security is the fastest growing segment of the security market, with spending jumping from $595 […] More
Image: Getty Images Cloud applications and services provide access to business tools, information and software from anywhere, allowing employees to be productive whether they are working in the office, remotely or a combination of the two. Location doesn’t matter; everything they need is just in ‘the cloud’. Special Feature But it isn’t only employees and […] More
Image: Getty As convenient as cloud computing has become, it isn’t without problems. Poor cybersecurity planning for cloud applications, such as allowing users to rely on simple passwords, failing to use multi-factor authentication or not applying patches and updates, can leave you vulnerable to attacks. Special Feature Managing cybersecurity was already a challenge for many […] More
Image: Shutterstock / YAKOBCHUK VIACHESLAV Nearly a third of the cybersecurity workforce is planning to leave the industry in the near future, new research suggests, leaving organizations in a troubling position as the threat landscape evolves “at an alarming rate”. Cybersecurity firm Trellix commissioned a survey of 1,000 cybersecurity professionals globally and found that 30% […] More
Almost half of Australian workers are back in the office full time, but 71% of them want to work at least one day from home and 56% want more than one, according to a study by RMIT Online.Factors including age, commute distance, and current office working models all affected the results, as 60% of employee respondents claimed that saving money was one of their primary reasons for not wanting to go back to the office according to the study, The Office Clash: How back to work policies are dividing management and workers. Further, 47% said that companies need to transparently communicate the reasons for going back to the office and that businesses must listen to employees and allow individual working solutions. From the management perspective, only 58% of managers agreed that workers can be “equally productive at home or in the office” and 24% said workers are more effective in the office — only 12% of employees thought this to be true.RMIT Online interim CEO Claire Hopkins said that the report reveals the growing gap between workers and those in management positions, with differences of opinion on hybrid work and allowable levels of flexibility for workers.”Whilst it may feel that our lives are returning to ‘normal’, this seismic shift in ways of working means we all have to create a new normal. And employees will vote with their feet if they’re not given the opportunity to co-design this with their employer,” said Hopkins.”Before the pandemic, it was assumed offices increased collaboration, helped sustain the company’s culture and were a place where junior staff learned from experienced colleagues just by observing them.”It’s now time to stop and think about the role of the office. The only thing we can be certain about is that this will continue to evolve and the companies that take a test-and-learn approach with their team will win in terms of attracting and retaining great people.”Meanwhile, 39% of small to midsize enterprises (SMEs) in Australia suffered ransomware attacks since the pandemic began, according to a survey by Software Advice.Read: Australian National Disability Insurance Scheme provider breached and treating its database as compromisedWorking from home — as a result of pandemic lockdowns — saw SMEs grow their digital capabilities, but with that growth came a heightened risk of online attacks that exposed a lack of preparedness.Lower budgets for security, a lessened capability to defend against cyberattacks, and employees working from home on unsecured networks were attributed as the key factors behind the figures.Of 202 IT specialists surveyed, 27% said their company had “faced a ransomware attack once” whilst 14% said their company had “faced several attacks”.”The cost of a cyberattack goes beyond the price of the ransom, but the good news is that SMEs can protect themselves from threats by implementing an array of security measures,” said Software Advice content analyst Laura Burgess.Working from home requires a rethink of what tools and employee training are best suited to ensuring that companies minimise chances of an attack, Burgess added.Related Coverage More
Image: wk1003mike — Shutterstock CTARS, the makers of a cloud-based client management system used by the Australian National Disability Insurance Scheme (NDIS) as well as disability services, out of home care, and children’s services, has revealed it was breached on May 15 and found the data posted to the dark web a week later. “Although […] More
Singapore has announced plans to pilot use cases of asset tokenisation and assess the feasibility of autonomous trading powered by blockchain technology. Efforts here will include the development of interoperable networks to facilitate digital asset trading as well as an evaluation of regulations needed to safeguard against potential risks. Called Projected Guardian, the initiative would see the Monetary Authority of Singapore (MAS) collaborate with industry players to explore the “economic potential” of asset tokenisation, the industry regulator said Tuesday.By digitally representing assets or items of value through blockchain-powered smart contracts, tokenisation enabled high-value financial and real economy assets to be fractionalised and exchanged online, on a peer-to-peer basis. MAS noted that applying this to financial services such as borrowing, lending, and trading would allow these transactions to be performed autonomously, bypassing the need for intermediaries. It said such decentralised finance (DeFi) transactions potentially could enhance the efficiency, accessibility, and affordability of financial services as well as increase liquidity in financial markets and enhance economic inclusion. Through Project Guardian, Singapore hopes to pilot and assess the feasibility of applications in asset tokenisation and DeFi, along with managing the associated risks. Specifically, MAS said it would develop and pilot use cases across four focus areas including the use of public blockchains to build open, interoperable networks that enabled digital assets to be traded across platforms. These also would interoperate with existing financial infrastructure and could discourage the establishment of walled gardens in digital exchanges, it said. The regulator also would look to set up “independent trust anchors” to provide a secured environment for deploying DeFi protocols. MAS pointed to regulated financial institutions as trust anchors that would screen, verify, and issue credentials to entities looking to participate inn DeFi protocols. This would ensure participants trade only with verified counter-parties, issuers, and protocol developers.There also were plans to evaluate the representation of securities via digital bearer assets and tokenised deposits issued on public blockchains. This would build on existing token standards and incorporate trust anchor credentials, and enable asset-backed tokens to be interoperable with other digital assets in DeFi protocols on open networks. In addition, MAS would assess regulations and controls needed in DeFi protocols to safeguard against market manipulation and operational risks. This initiative would look at the use of smart contract auditing capabilities to detect code vulnerabilities. The first pilot planned under Project Guardian would explore potential DeFi applications in wholesale funding markets, MAS said, adding that local bank DBS, JP Morgan, and Marketnode had been brought in for this trial. The pilot would tap smart contracts, issued on a public blockchain-powered network, to facilitate secured borrowing and lending. MAS said it would explore further initiatives and encouraged industry players to submit their pitches to the Fintech Regulatory Sandbox for live tests.MAS’ chief fintech officer Sopnendu Mohanty said: “MAS is closely monitoring innovations and growth in the digital asset ecosystem and working through the potential opportunities and risks that come with new technologies–to consumers, investors, and the financial system at large. Through practical experimentation with the financial industry and the broader ecosystem, we seek to sharpen our understanding in this rapidly transforming digital assets ecosystem. The learnings from Project Guardian will serve to inform policy markets on the regulatory guardrails that are needed to harness the benefits of DeFi, while mitigating its risks.”Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat said tokenisation–through the fractionalisation of assets–could allow for greater liquidity, better price discovery, and access to illiquid assets. Distributed ledgers, by removing the need for intermediaries, also reduced cost, prevented data monopolies, and discouraged “rent-seeking behaviour”, Heng said.Noting that Singapore was keen to collaborate with blockchain and digital asset players to drive innovation and build trust in the sector, he said MAS had issue licences and in-principle approvals to 11 digital payment token service providers in the last two years. These, he said, included stablecoin players such as Paxos, crypto exchanges such as Coinhako, and traditional financial institutions such as DBS Vickers.”We will continue to evaluate applications and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the minister said. “We must approach emerging tech with an open mind, separating the hubris from its true underlying potential. Through regulation, we work constructively to realise the gains of these new technologies, and partner responsible and innovative players with strong risk management capabilities, to build the foundations of the digital asset ecosystem.”RELATED COVERAGE More
