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Technology

ABBYY’s new FlexiCapture platform is faster, more powerful, and runs native in the cloud

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ABBYY’s new FlexiCapture platform is faster, more powerful, and runs native in the cloud

The new version of the AI-powered intelligent capture platform with cloud delivery enables customers to start tomorrow 

ABBYY, a global provider of content intelligence solutions and services, today announced the launch of ABBYY FlexiCapture 12 Release 2.

The updated enterprise capture platform offers dramatically improved performance and higher processing speeds, continuous improvement through deeply integrated machine learning, and a brand new native cloud delivery channel. This allows any organisation pursuing a digital transformation strategy to reduce processing costs, improve accuracy, accelerate time-to-revenue, and strengthen their position in the market.

ABBYY FlexiCapture is an intelligent platform for capturing meaningful data, relationships, and insights from documents, forms, and correspondence to improve business outcomes. FlexiCapture transforms documents into business value by capturing and validating information in any format at its point of need. By digitising documents and automating document processes,

FlexiCapture helps organisations remove risk and cost, accelerate revenue, and drive competitive advantage by automatically understanding content within documents and transforming it into meaningful insights. It is available both as a core enterprise capture platform and as a data capture component of robotic process automation (RPA) solutions.

The platform is perfectly suited for any enterprises or organisations implementing a digital transformation strategy. It solves the key pain points by capturing and understanding information to accelerate transactions, reduce costs, improve efficiencies, and make better and faster decisions.

ABBYY FlexiCapture 12 R2 introduces a new delivery channel – FlexiCapture Cloud, a multitenant platform based on ABBYY FlexiCapture distributed application, which is hosted and managed by ABBYY on Microsoft Azure Cloud. It simplifies the consumption, deployment, and supportability of an enterprise capture solution and offers customers the most options in how they choose to deploy and consume intelligent capture.

With the new FlexiCapture, businesses and organisations also can substantially increase their processing volume and speed compared to the previous version of the software. The platform can be scaled both vertically and horizontally when deployed to support both high volume and fast document processing scenarios. Whether the customer needs to process more than 3 million documents in 24 hours or 2,000 pages a minute, FlexCapture’s architecture scales to meet the processing requirements. The user can control multi-server installations, distributed infrastructure, and operators via centralised configuration and management.

“FlexiCapture 12 Release 2 combines the high accuracy of self-learning intelligent capture technologies with accessibility and scalability provided by Microsoft Azure Cloud Services. At ABBYY, we aim to facilitate digital transformation delivering easy-to-integrate solutions for businesses, service providers, and software developers, so that they could achieve operational excellence, document flow visibility and ultimately better performance”, comments Bruce Orcutt, Senior Vice President of Product Marketing at ABBYY.

The AI-powered capture technology continuously improves, providing a faster, smoother workflow, while cutting labour and operating costs. The newly implemented machine learning techniques work in two ways: on the one hand, they ensure quick solution deployment, on the other, boost on-going performance while reducing the need for offline maintenance, system downtime, and costly professional services.

As always, ABBYY FlexiCapture 12 Release 2 comes with ready-to-use country-specific document profiles to jump-start the automation process and supports multiple input channels including email, paper, fax, e-documents, and mobile clients for iOS and Android to quickly process documents on the go.

 Availability and Pricing

ABBYY FlexiCapture is available on https://www.abbyy.com/flexicapture/

For pricing, please contact a local ABBYY representative.

Technology

Hybrid Cloud Application Delivery in Financial Services

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Hybrid Cloud Application Delivery in Financial Services 1

How are Financial Services Firms Addressing the Requirements of Digital Transformation, Security, and Compliance?

By Adrian Taylor, Regional VP of Sales for A10 Networks 

The financial services sector is experiencing significant commercial disruption coupled with rapid innovation as established institutions strive to become more agile and meet evolving customer demand. As a result, financial services organisations are undergoing rapid digital transformation to meet changing customer needs and preferences, and to compete with a new generation of digital-native competitors. Hybrid cloud environments play a key role in this strategy, allowing greater speed, flexibility, and visibility over application delivery than on-premises data centres while also reducing costs.

But the move to hybrid cloud introduces new challenges as well. So, as financial services organisations plot their strategy for transformation, firms must make critical technical decisions about the clouds and form factors best suited to host their hybrid environment. They also need to consider how they will secure web applications against evolving threats such as ransomware, data theft, and DDoS attacks through measures such as DDoS protection and using a Zero Trust model. At the same time, they must also maintain regulatory compliance, governance, and auditability across complex, fast-evolving infrastructures.

To understand more about these challenges, we recently conducted a survey with Gatepoint Research involving senior decision-makers to gain insight into the current state of financial services technology and the future direction for organisations in this sector. Here are some of the key findings:

Today’s Financial Services Technology Landscape

Although financial services businesses are making a steady move to the cloud for application delivery, on-premises data centres continue to play an important role.

While adoption of public cloud infrastructure is strong, with almost half of those surveyed hosting applications primarily in the cloud, most respondents (58 percent) continue to rely primarily on their private on-premises data centre for application delivery. 35 percent of organisations described their environment as hybrid cloud, though with an emphasis on their own private data centre. This shows that even as transformation continues, the traditional data centre remains prominent in the technology strategy of financial services organisations.

That said, the balance between on-premises and cloud infrastructure may well shift soon. When respondents were asked about their plans for the coming year, 57 percent of decision-makers reported that they intend to move more applications to the cloud.

Ransomware and PII Lead Security Concerns

Today, financial services organisations face a broad spectrum of security threats, including many being targeted at sensitive customer data.  The survey highlighted that organisations’ biggest security concerns or consequences were ransomware (57 percent); personally identifiable information (PII) data theft (55 percent); and phishing or fake sites (49 percent).

While threats to customers and their data are seen as the highest risk, dangers to the company’s brand image and reputation were not far behind. 38 percent of leaders cited concerns about hacking and cyber defacement, tied with brand damage and loss of confidence. Nearly as many (37 percent) were concerned about DDoS attacks, which can undermine a firm’s perception among customers through impaired service quality and customer experience. Meanwhile, insider attacks remain an issue, named by 28 percent of respondents, if not quite at the same level as most external threats.

To address the changing security landscape, many organisations have started initiatives around the Zero Trust model, in which traditional concepts of secured zones, perimeters, and network segments are updated with a new understanding that a threat can come from anywhere or anyone inside or outside the organisation. As of June 2020, 41 percent of respondents had already established a timeline for their Zero Trust model initiative with 15 percent having projects currently underway. Still, nearly two-thirds have no current plans or initiatives around the Zero Trust model.

Moving to Improve Flexibility, Agility, Scalability and Security

Technologies and strategies planned for the coming year reflect a key focus on the competitive requirements of fast-paced digital markets. The top-two initiatives included moving from hardware appliances to more flexible software form factors and deploying hybrid cloud automation, management, and analytics to increase operational efficiency.

With DDoS attacks a prime concern, 29 percent of respondents planned to deploy or replace an existing web application firewall (WAF) or DDoS protection solution. Surprisingly, even several years after the introduction of modern Perfect Forward Secrecy (PFS) and Elliptical Curve Cryptography (ECC) encryption standards for enhanced security, 29 percent of organisations are only now working to upgrade their Transport Layer Security (TLS) capabilities to support these technologies.

Even as cloud adoption continues to be strong, five percent of decision makers intend to repatriate applications from private cloud environments to their private data centre. While not a high number, this is not entirely insignificant. Given the diversity of form factors, architectures, and deployment methods to choose from, it is important to make sure that the approach fits the organisation’s needs before proceeding.

Addressing the Requirements of Hybrid Cloud and Rising Demand

Moving forward, decision-makers view capabilities related to risk as especially important for their financial platforms. When it comes to the most important capabilities for financial platforms running in hybrid cloud environments, regulatory compliance, comprehensive application security and redundancy/disaster recovery are top must-haves.

In addition to the importance placed on redundancy/disaster recovery, many respondents (43 percent) named centralised management and analytics as important capabilities. Along with elastic scale for variable/seasonal demands (25 percent), this shows a recognition of the requirements to provide effective service through redundancy, scalability, and a sound infrastructure.

Compared with risk-related and operational priorities, cost saw considerably less emphasis in the survey. While 28 percent of respondents placed importance on automation for operational efficiency and reduced costs, just 18 percent prioritised flexible licensing and pricing.

Desired Benefits from New Technology Investments

As they plan new technology investments, decision-makers are motivated foremost by risk reduction—far outpacing business factors such as revenue, customer experience, and competitive advantage.

By a large majority, security was the most likely benefit to spur funding for new technology. Operational considerations followed, including operational improvements (65 percent) and cost savings (63 percent). Regulatory compliance, emphasised earlier in the survey as a priority for a hybrid cloud requirement, was not necessarily top-of-mind in the technology funding stage—but still of high importance (57 percent). Revenue generation was named as a highly important benefit by only 35 percent, followed by customer satisfaction at 32 percent. Even in an industry undergoing rapid digital transformation, just 32 percent of decision-makers cited business advantage from new technology as a prime factor—and only 17 percent were moved by the ability to accelerate development speed.

The results of the survey offer a snapshot of an industry in transition, as decision-makers seek to keep control over security and compliance and maintain operational consistency, as they look to tap into the agility and scalability of the cloud. It is clear that, while security is important for digital transformation initiatives, application delivery and managing multi-cloud environments are of equal importance.  Above all financial services organisations must maintain their good reputation and ensure customer trust. Firms must demonstrate that they are protecting customer assets, providing an ultra-reliable service, working with trustworthy partners and reducing risk to the business.

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Technology

Creating a culture of cybersecurity in Financial Services

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Creating a culture of cybersecurity in Financial Services 2

By Martin Landless, Vice President for Europe at LogRhythm

As the financial services sector increasingly moves online and reaps the benefits of the modern digital economy, the sector has become an even more tantalising target for cybercriminals.  Financial data is among the most lucrative data types for cybercriminals, going for high prices on the Dark Web or used to access accounts, copy payment cards and make fraudulent purchases.

For any business which suffers a successful cyberattack, the consequences can be severe. A halting of business processes whilst the business gets up and running again can impact the bottom line, negative media attention can dent customer confidence, and the potential for a large General Data Protection Regulation (GDPR) fine can derail existing plans for business growth.

These consequences will be front of mind for financial services leaders now, as the sector has found itself in the crosshairs even more so during the current pandemic. Recent data from VMWare indicates that cyberattacks against the financial sector increased by 238 per cent from February to April 2020, with cybercriminals looking to take advantage of the tumult to steal valuable data.

Although financial services institutions find themselves under attack more frequently than ever, it is still possible to remain at the forefront of the digitalisation of the industry and remain secure. Doing so relies on a three-pronged approach, with people, processes and technology all working in concert towards ensuring cybersecurity. Through a holistic approach, a culture of cybersecurity can be created that protects institutions.

Security maturity

Given the sensitivity of the data they manage, financial services organisations must have a mature security operation model in place to deal with threat actors. Security operations maturity is measured based on two variables: mean time to detect (MTTD) threats and mean time to respond (MTTR) to them.

A reduction of both MTTD and MTTR is crucial to ensuring cyberattacks are halted earlier in the threat lifecycle, and is reliant on technological solutions which allow for the automation of workflows. This frees up vital time for security teams to focus their attention where it is most needed. Indeed, a recent survey of security professionals and executives found that 47 per cent[1] of those surveyed felt that they needed increased security teams, so anything that can maximise the effective time of existing cybersecurity personnel is a huge benefit. Visibility across networks and systems is also key, as cybersecurity teams must be able to immediately see shifts in behaviour in the network to recognise imminent threats as they arise.

Although technological innovation in security response is a strong foundation for an effective culture of cybersecurity, this must be complemented with processes and security training for employees.

Ensuring cybersecurity is a board-level issue

It is the responsibility of the CISO and the security team which works under them to ensure that security is front of mind for all employees. A chain is only as strong as its weakest link, and it only takes one employee falling victim to a phishing email to compromise a business. CISOs may be senior figures in a business, but they need the support of the rest of the C-suite to fulfil their goals. At the board level, CISOs must ensure that executives are aware and fully understand the challenges security teams encounter day to day and the longer term[2].

Martin Landless

Martin Landless

This then becomes a matter of communication rather than technology. One potential means of communicating security posture to the board is by focusing on the benefits and return on investment an effective security posture can entail. Additionally, a CISO can furnish a high trust environment through partnering a member of the board with the security team.

This partner can articulate perspective to the team from a purely business standpoint, allowing the team to produce intelligence to the board that exhibits the business value of the security operation centre’s (SOC’s) methods and goals. This collaborative approach will encourage the understanding security teams have for business goals and the board’s understanding of security necessity.

Growing security alongside the business

One area of understanding between security team and leaders that should be nurtured is the impact of business growth on security. Although business growth indicates that a business is in robust health, it also facilitates multiple avenues through which a company can come under cyberattack.

Firstly, don’t assume cybercriminals aren’t keeping an eye on the markets and on the business pages. They’ll be aware of a company’s raised profile and whether they’re now a more lucrative target – or not. Positive business events like mergers and acquisitions can also present opportunities for cybercriminals. On a tech level network and security systems of different companies may be in the process of being migrated and integrated, and on a more human level, new staff, as yet unaware of the security protocols of the company they’re joining, can be targets.

It’s important then that security teams ensure each new employee is vetted, safely added to the system and trained on appropriate security protocol. In the case of acquisitions, security teams must effectively monitor new structures that are added to the network, and third-party connections with whom they are not yet familiar. A Gartner study earlier this year identified third-party cybersecurity risk as a key concern for half of legal and compliance leaders.

This is all easier said than done however, and key to this issue is security budget, and it is here board-level support is important. Security budgets are often determined in advance and follow two common pricing models used by security vendors: the user-based model and capacity-based model. In the face of growth, both are fixed, and may leave security teams making difficult decisions as to where they safeguard their organisations.

Executives should instead look for security vendors which offer a subscription-based model. This offers the guarantee of scalable security at a determined rate, which will greatly alleviate the stress felt by security teams in what often should be an exciting time for an entire organisation.

Changing security budgets to better facilitate the work of SOCs represents a culture of cybersecurity being put into practice. Technological solutions are provided based on an understanding between security teams and the board on what is needed, allowing for better performance in MTTR and MTTD.

Security posture needs to be fixed now

Covid-19 has heightened the risks faced by cybersecurity teams and financial services organisations, and now, more so than ever, is it vital to foster a culture of cybersecurity. The benefits of digitalisation for financial services are too great to ignore, and failure to embrace digitalisation in the name of security will hamper financial services’ growth. Instead, a holistic approach encompassing people, process and technology will be vital to forging a secure path forward in the financial services industry.

[1]https://gallery.logrhythm.com/white-papers-and-e-books/uk-the-state-of-the-security-team-research-report.pdf

[2]https://gallery.logrhythm.com/white-papers-and-e-books/uk-gain-board-level-support-for-your-security-program-e-book.pdf

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Technology

VP Bank Selects AxiomSL to Meet Multi-Jurisdictional Risk and Regulatory Reporting Requirements

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VP Bank Selects AxiomSL to Meet Multi-Jurisdictional Risk and Regulatory Reporting Requirements 3

Consolidates bank’s reporting on a single platform for financial/statistical, AnaCredit, and CRR2/Basel-driven mandates including ICAAP and ILAAP, and provides foundation for strategic expansion

AxiomSL,  the industry’s leading provider of risk and regulatory reporting solutions, today announces that VP Bank, one of the largest banks in Liechtenstein,  has selected AxiomSL’s ControllerView® data integrity and control platform, as a foundation for its risk and regulatory compliance across Liechtenstein, Luxembourg, Singapore and Switzerland, – encompassing financial and statistical reporting such as CSSF,  FINMA, AnaCredit for EBA, MAS 610 for Singapore, and CRR2- and BCBS-driven requirements including ICAAP and ILAAP for FMA.

The high-performance, fully integrated, data-driven platform will enable VP Bank to manage an array of risk and regulatory mandates on a single platform, with full transparency across all processes from ingestion, calculation, reconciliation, and validation to submission. VP Bank will use the platform strategically to further data harmonization, streamline processes, enhance automation, bolster internal controls, and strengthen risk and regulatory reporting across the enterprise.

“Selecting AxiomSL will enhance the value of our investment in regulatory technology, optimize efficiency, and deliver business insights,” stated Robert Kilga, Head of Group Financial Management & Reporting, VP Bank. “With AxiomSL’s single platform, we can ingest data in its native format from multiple sources thus creating synergies between capital, liquidity, and other business functions enterprise-wide,” he continued. “AxiomSL’s system provides intuitive, hands-on transparency into all processes from inception to filing, enhancing our confidence in the data integrity and auditability of our reporting, and enabling us to meet ever-changing regulatory requirements”.

“We are thrilled that VP Bank, such a well-respected institution, has joined our esteemed user community in the DACH region and globally,” said Claudia Thurner, EMEA General Manager, AxiomSL. “In these times of global uncertainty, complying with a wide range of regulatory and risk requirements across jurisdictions is more complex, data intensive, and time sensitive than ever. Financial institutions require a reliable technology partner who can provide global coverage while understanding the intricacies of local and regional regulatory demands,” Thurner continued. “Our industry and technical expertise will enable VP Bank to streamline their processes, scale faster, and adapt swiftly and confidently to change. We look forward to a strong and strategic collaboration with VP Bank in support of their vision and growth journey”.

With the upcoming Basel IV-driven expansion, financial institutions like VP Bank are faced with the next generation of capital requirements that can easily overwhelm systems if they lack the data transparency, proper methodologies and controls to perform calculations accurately across all risk types. These calculations may have a profound effect on the banks’ portfolio management and even the entire business model.

To address these challenges, AxiomSL’s Basel Capital Solution incorporates a flexible data dictionary architecture, seamless calculation updates, full drilldown to data and processes, transparency into model calculations, and dynamic data lineage. In addition, AxiomSL’s regulatory experts provide VP Bank with a highly efficient change-management mechanism that enables them to be current with all Basel-driven changes.

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