The British Blockchain Association (BBA), in conjunction with Token Intelligence, have launched the Blockchain Venture Scheme which will support innovative blockchain ventures, giving them the credibility and visibility to increase consumer confidence and harness investment.
The scheme will help startups to achieve greater traction for their innovation through clarity of communication and demonstration of transparency.
In the ever-growing blockchain innovation space there is a lot of noise that ICOs and other new ventures need to cut through in order to get noticed. This takes effort and valuable time away from delivering on day to day activities. In today’s competitive market not only does a venture have to compete for attention with a lot of excellent startups ,but the waters are also muddied by scams and some bad actors, affecting the reputation of the whole industry.
The new Global Blockchain Venture Scheme looks to build on the BBA’s role to promote the comprehensive adoption of blockchain technology across the public and private sectors and positions the BBA as a global hub for blockchain startups. The scheme will help to ensure those promising blockchain solutions, who embrace transparency best practices, will get the credibility and subsequent visibility they need.
This unique, principles based, approach surfaces and rates a venture’s transparency level and in doing so encourages and supports best practices via data and clear signals. This is a unique global initiative, based on Token Intelligence’s tried and tested transparency framework.
The Blockchain Venture Scheme aligns with the UK Government’s recently published “DLT for Public Good report”* and in particular helps with the objective to “raise executive awareness across government, including at middle‐management level, of opportunities to evaluate, test and pilot potentially relevant applications of DLT.” Also providing data to academe while supporting innovation.
Along with the benefits of becoming BBA members at the start-up level, members participating in the Global Blockchain Venture Scheme gain access to the Token Intelligence platform. The platform is an evidence based, data driven, approach to the authentication of a venture’s transparency allowing token offerings to showcase their transparency through an easy to understand flagging system.
Verification of Transparency: How it Works
A green status indicates successful verification, amber indicates unverified, while red indicates failure to validate on one score or another. Red flags indicate specific, outstanding, problems with transparency.
“At the BBA we believe that it will be an immense benefit to bring such offerings to our members. For our startup members we can help them elevate their projects. As well as providing an overview and insights for policymakers, our members and our community who can learn more about the projects in which they are investing and for our organisation. We can ensure we are delivering on our mission to make Britain one of the leading nations in the blockchain arena by promoting only the most transparent of ventures.” Says Sharon Henley, Director of Marketing and Communications at the BBA.
As the Blockchain Venture Scheme grows the BBA and Token Intelligence will continue to expand its range of offerings providing bespoke services for blockchain start-ups and creating packages to support custom needs.
“Good founders and good startups work hard to achieve clarity and demonstrate transparency because they know that greater transparency means faster, stronger connections with all stakeholders including investors, policymakers, influencers and end users. The Global Blockchain Venture Scheme is designed to help these teams achieve their key objectives through greater clarity and transparency bringing with it greater credibility and exposure that they cannot achieve for themselves.” said Barry E James founder and CEO of Token Intelligence.
For more information visit TokenIntelligence.io/BBA
Putting data protection back on the financial agenda
By Wim Stoop, CDP Customer and Product Director, Cloudera
Despite the wave of changes that Brexit has brought financial organisations, from the end of ‘passporting’ to uncertainty over the longer-term equivalence rules, one thing has remained a constant — data privacy regulations are a core responsibility to protect sensitive data and mitigate data breaches. From PSD2 to GDPR, financial institutions need to ensure they are still processing and transferring data in accordance with the industry’s stringent rules and regulations. If not, they risk fines of up to £17.5 million or 4% of their company’s annual global turnover.
As the stakes get higher, the amount of data which financial enterprises are having to deal with is on the rise too. In fact, research by IDC estimated that businesses created and captured 6.4 zettabytes of new data last year alone. This increase in data production has linked to the pandemic and the move to remote working. Replacing face-to-face interactions with online communications has meant that financial businesses suddenly had to cope with a larger amount of data flowing through their networks. In addition, employees working from home are increasingly doing so on potentially unsecured devices, outside of the corporate network, risking exposure and data breaches according to numerous cybersecurity reports.
With an extensive stock of sensitive customer data and so many regulations to keep on top of, remaining compliant can feel overwhelming for financial organisations. However, this shouldn’t be the case. Today we often see businesses trying to retrofit data protection strategies, or take a reactive approach to external forces. Instead, they should be taking a proactive stance on data management. In doing so, security becomes a natural side-effect and financial companies can operate with the assurance that no matter what new regulations come into play, they are compliant. The question is, how to achieve this?
Taking a proactive approach to data privacy
To remain compliant, financial institutions need to get on top of their data. When data is sat in siloes, on legacy systems, it’s inaccessible to all and it becomes a challenge to identify what is sensitive and what isn’t. Poorly managed data can’t be protected and the risk of data breaches increases. By contrast, when properly controlled and stored, it becomes easy to apply data security rules.
From customer names and contact details to transaction records and PINs, financial organisations hold a lot of personal and financial data on customers. However, the trick is understanding that all data holds varying degrees of sensitivity and thus, needs to be managed accordingly. For instance, a customer’s bank account details are more sensitive, compared to their basic personal data, such as name and address, which are usually publicly accessible. By proactively identifying, prioritising and classifying data by its degree of sensitivity, financial companies can apply any and all data protection rules that are necessary, such as restricting certain users from accessing highly confidential information.
Yet, this identification process is often looked at as a reactive measure by many financial businesses. The challenge in proactive data management lies in an organisation’s ability to eliminate the frictions it has in tracking, identifying and classifying information, as opposed to doing so retrospectively. After all, data classification plays a vital role in ensuring data protection is upheld.
A proactive approach is integral to effective data management and governance. The first step in achieving this approach involves creating a data marketplace, or a curated, secured and governed data repository. Having something like a data marketplace in place means that as soon as data enters an organisation, enterprises can determine its degree of sensitivity, how it should be managed, and which analytics need to be run, to extract the most value out of the data.
Once these steps are taken, compliance and data privacy happen almost naturally and become ingrained in the business. When companies are aware of every single piece of data in their possession, they can know exactly how it’s being protected. Such a robust strategy ensures that institutions meet the high standards of trust that their customers have bestowed upon them in protecting their personal data. And, with this level of control, enterprises can avoid data lockout, reduce friction for employees, and optimise the value they unlock from their data. At the same time, they can have the peace of mind that they are compliant and protected.
A business-ready solution for data protection
With so many rules and regulations to keep track of, data protection shouldn’t be another worry to add to the list. Financial companies can maximise the efficacy of their existing security and governance strategies by applying it to all datasets across the enterprise – whether that be on-premise, in the cloud, or a combination of the two. In particular, as a scalable and low-cost solution, organisations are increasingly turning to the cloud for their data management needs. It’s expected that over half (51%) of business data will be stored in the cloud by 2024.
This is where an enterprise data cloud (EDC) really shows it’s worth, allowing financial companies to keep their data protected, compliant, and successfully governed. Simply put, an EDC is a hybrid and multi-cloud platform that harnesses analytics at every stage of the data lifecycle. It enables organisations to extract the true value of their data while still providing a consistent layer of security.
An EDC gives financial businesses a single source of truth, built on technology that operates on any cloud environment and right through to the edge. Armed with an EDC, companies have complete visibility over their data, no matter where it resides in the enterprise or the data lifecycle, easing the task of managing and protecting data. On top of this, an EDC supports a variety of data functions, including the data marketplace, and works to provide control, visibility and examination over data. With all these aspects working together, financial institutions can ensure that all data which passes through their infrastructure and into the data marketplace is efficiently governed and protected.
Bringing technology, people, and process together
Technological solutions, like an EDC, work at their maximum potential when they are in harmony with people and process. But, the triad has been thrown off balance by the rise of remote working and reduction in staff numbers. While all businesses recognise that sensitive data needs to be encrypted and access should be restricted, this has been a difficult feat as employees work from home and use devices outside of the traditional network security parameters. In fact, nearly half (48%) of employees are less likely to follow safe data practices when working from home. This will exponentially increase the risk of data breaches.
In addition, with almost a fifth (18%) of the UK workforce on furlough and team numbers shrinking, companies don’t have the same amount of manpower to validate both the systems being used, as well as the data being run in these systems, to ensure that they are compliant. Within the office environment, organisations were able to create ‘islands of perfect governance’, with all departments being aware of the applications used to manage data and therefore, guaranteeing higher levels of compliance. However, these safety nets have collapsed during home working and it’s become more difficult to ensure the security and privacy of data within an enterprise.
What’s needed here is an overarching framework that provides a standard for data governance. This is enabled by having the right technology solution, a proactive approach to data management and people within a business supporting it from the bottom up in place — forming a triad that works in perfect harmony. A framework such as this also enables enterprises to assess what they need to do to create data protection rules internally that ensure compliance, and allows employees to self-check their data security protocols eliminating any uncertainty about protecting sensitive data.
It is important to remember that the right technology alone won’t make people compliant – whether they are working in an office or remotely. Rather, as pointed out above, it is technology, people, and process, working in sync, that will ensure that regulations are adhered to and data is managed and protected.
Long-lasting success with data protection
With data volumes growing and remote working creating security vulnerabilities, financial businesses need to get on top of their data from the get-go. By proactively identifying sensitive data, accurately securing it, and delivering trusted data to end-users, the right data can be put into the hands of the right people.
Creating a watertight data privacy strategy requires financial organisations to deliver a uniform approach to data management and protection across departments to ensure compliance. In addition, harnessing technology, such as an EDC, will provide visibility and control over sensitive data, enabling financial institutions to unlock real-time insights from their data while still providing a consistent layer of security. With technology, people and process in harmony, enterprises can operate with the confidence that their data is being managed successfully and they are compliant with both existing and new regulations.
Optimising and Securing Device Management in a Corporate Environment
By Nadav Avni, Marketing Director at Radix Technologies
The proliferation of digital devices used in every organisation has only grown in the past few years. Digital devices provide greater flexibility and mobility for companies, but they also create more of a burden on IT teams and administrators to manage it all. Is there a device management solution powerful enough to support your corporate needs?
What Is Mobile Device Management (MDM)?
Mobile devices have more capabilities than ever before – and they’re accessing more sensitive and property data, too. In fact, 42% of enterprises now consider themselves mobile-first. As more employees moved to remote work, it underscored the need for greater security. At the same time, it made device management more difficult for IT teams.
Mobile Device Management (MDM) allows the remote management of every device in an organisation’s fleet from a centralised platform that’s accessible from anywhere. It gives complete control of devices and provides a way to manage settings, policies, and security in one place.
The Importance of MDM
Nearly three-quarters (74%) of CFOs said they expect to keep some employees working from home and shift others to remote work permanently. The need to manage devices remotely isn’t going away even when the pandemic is over. Even when employees are working on-site, they still use mobile devices.
Smartphones, laptops, tablets, and other single-use devices all need management. Workers may be in different locations than IT administrators. MDM allows efficient remote management of every device in the fleet regardless of the administrators’ and employees’ location.
Some of the core functions of mobile device management include:
- Managing setting and policies
- Monitoring app usage and performance
- Updating equipment, software, and applications
- Monitoring health of equipment
- Monitoring equipment location, status, and activity
- Remote device control for diagnosis and troubleshooting
- Encryption of email and files
- Segregation for work and personal device use, creating separate and secured environments for work data.
More than Security
Most MDM solutions focus mainly on Enterprise Mobility Management (EMM) and the security layer. A fully-featured MDM/EMM system adds another layer that provides comprehensive device management. This gives IT administrators the ability to manage nearly every type of device running on every major operating system from one platform.
Flexible solutions can be installed as an on-premises solution or on the cloud for reduced latency, redundancy, and end-to-end security with encryption. When you’re running a mobile device management platform in the cloud, the service provider automatically applies updates and patches. Hence, it’s one more thing you won’t need to worry about. It also makes it easier for administrators to access the platform remotely.
Mobile devices increase the possibility of data breaches or leaks. Besides the possibility of cyber-attacks, a staggering number of laptops and smartphones are lost or stolen. On average, 70 million devices are lost or stolen annually, with less than 10% of ever being recovered. This is an exceptionally big problem for managing compliance in regulated industries, such as healthcare, financial, and other businesses.
A robust MDM/EMM software provides end-to-end security and encryption to protect data. Devices can be tracked with geofence and anti-theft filters. If a device leaves an authorised area, it triggers a warning note to administrators, who can remotely lock the device or wipe the data. MDM/EMM apps with advanced security features also create snapshots on the fly even while devices are running to make restoring or recovery from virus attacks or system crashes easier.
Besides automated data audits, these functions help organisations comply with even the most stringent compliance regulations, including GDPR, the EU’s General Data Privacy Regulations. It also acts as an essential element in complying with HIPAA, SOX, FISMA, PCI DSS, and other regulations.
More Efficient Deployment
Devices can be deployed in batches with preset configuration, settings, and corporate policies. By automating enrollment tasks, the devices can be up and running in your environment without user intervention. It all happens in the background the first time a device is fired up and connected to a network.
Besides the platform’s native and priority enrollment modules, devices can also be deployed using a range of platforms. This provides an extremely friendly out of the box experience (OOBE) for employees without tying up IT teams for hours to configure new devices.
Tools for All Stakeholders
Modern MDM/EMM tools also provide sophisticated reporting tools to all stakeholders in the organisation. IT teams can manage the entire device fleet holistically or drill down to any individual device. Managers can look at adoption and usage rates. CFOs can look at the ROI. Each automated report can be customised to show what each group of stakeholders needs to make data-driven business decisions.
Tools for OEMs and Vendors
APIs are usually available for solution developers. That means the platform can be embedded in device firmware and integrated at the factory level for OEMs. System-level integration is also possible, so mobile device management software can be pre-installed and ready to go upon device delivery.
Managing Use and Content
Not every employee needs every functionality on every device. MDM software allows you to apply single-app or multi-app kiosk mode. This creates an encapsulated environment with access to the functionality and apps you determine.
It creates a consistent look-and-feel for devices and control device elements, such as locking down external ports or preventing unauthorised interaction of non-company installed apps. You can limit external internet use or enable/disable Wi-Fi or Bluetooth connections.
Device Management Solution
One of the biggest barriers to continued remote work is the lack of technology and infrastructure to allow remote employees to work productively. Therefore, implementing a modular and flexible MDM/EMM solution is key to successfully and efficiently managing your devices. Look for one that not only accomplishes the points listed above but one that also allows customisation for just about any use case. Take control of your entire mobile device fleet and gain the ability to finally manage nearly every aspect with ease.
2021: A year of digital enablement
By Peter O’Halloran, Vice President, Global Digital Commerce, Fiserv
In 2021, digital innovation will continue to accelerate, allowing businesses to shift to new ways of operating and adapt to changing consumer behaviour and expectations. We will continue to see an increase in digital commerce and alternative payment methods, and more intertwined physical and digital experiences. Here are my five predictions for the year ahead.
- Digital commerce will continue to rise
This year, businesses will be focused on ramping up existing avenues of growth and generating new ones, leaning into experiences and incorporating lessons learned during the pandemic. To stay ahead of the competition, drive sales, and continually engage with customers, we’ll see businesses send out special offers on a more regular basis, integrate loyalty and gift schemes, as well as offer additional value-added services, such as click-and-collect services that allow people to pick up online orders in store, free shipping and better options on returns.
- Physical and digital environments will blend
A growing consideration for businesses is how to optimise and connect digital and physical experiences. There has been an exponential rise in click-and-collect services, virtual queuing and appointment systems. According to 2019 research from Barclaycard, a third of retailers (34%) saw in-store sales increase after offering click-and-collect services. And by digitalising certain parts of the customer experience, businesses from restaurants to salons can operate more safely in their physical locations. Apps that allow customers to order and pay for food in advance, or book time slots for in-person services, are some examples of how businesses will continue to connect the physical and digital environments as they navigate the current landscape.
- Alternative payment methods will proliferate
Consumer payment habits have shifted significantly since the start of the pandemic. The recent Expectations & Experiences report from Fiserv found that a large number of consumers have increased their use of mobile payment apps and person-to-person (P2P) payments, and that they expect those changes to last. We will also likely see an increase in the adoption of proximity payments, such as mobile payments, NFC payments and QR codes.
In addition, the rise of digital payments could also accelerate the adoption of local or regional payment methods to better engage with customers. There are a number of methods that have emerged and already gained popularity, such as Klarna across Europe, Paytm in India and Brazil’s Boleto voucher system.
- Commerce-enabled Internet of Things (IoT) will grow
As consumers continue to expect new payment forms and digital experiences, businesses will continue to adopt more innovative capabilities. There is a growing usage trend for IoT in commerce, such as smartphone-based or voice-enabled capabilities. From grocery, fashion to other day-to-day activities such as paying for petrol, IoT devices can enable businesses to harness customer data to gain further insight into their behaviour and provide personalised offers and services. The new year will see commerce-enabled IoT increase, as well as further digital innovations to help grow revenue streams and enhance customer experience.
- Security will continue to be a priority
As more activity moves online, security is more vital than ever. 2020 saw a proliferation of COVID-19 related scams and fraud, such as phishing emails on relief funds or health information. These trends will likely continue, evolving to latch on to the concern of the moment, and we will see businesses, payment providers and financial institutions increasing their investment in the appropriate fraud solutions to protect both their organisation and customers.
Regulatory requirements will also continue to bolster security and fraud management. In Europe, regulations such as Strong Customer Authentication (SCA), which is part of the EU Revised Direction on Payment Services (PSD2), help ensure that payments are secured with multi-factor authentication, providing additional security and assurance for consumers.
A digitally-enabled future
Many businesses have successfully adapted to a new way of operating. As we go into the new year and continue to navigate the challenges posed by the pandemic, businesses will be able to rely on those learnings to adjust quickly to changes that come their way.
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