Connect with us

Top Stories

FORTINET GLOBAL SURVEY SHOWS GENERATION Y’S HARDENING STANCE AGAINST CORPORATE BYOD/BRING-YOUR-OWN-CLOUD POLICIES AS EMERGING TECHNOLOGIES ENTER THE WORKPLACE

Published

on

FORTINET GLOBAL SURVEY SHOWS GENERATION Y’S HARDENING STANCE AGAINST CORPORATE BYOD

Up to 51% of 21-32 year old employees would contravene company policies restricting use of own devices, cloud storage and wearable technologies for work

Fortinet® (NASDAQ: FTNT) – a global leader in high-performance network security – has published global research

FORTINET GLOBAL SURVEY SHOWS GENERATION Y’S HARDENING STANCE AGAINST CORPORATE BYOD

FORTINET GLOBAL SURVEY SHOWS GENERATION Y’S HARDENING STANCE AGAINST CORPORATE BYOD

revealing the growing appetite of Generation Y employees to contravene corporate policies governing use of own devices, personal cloud storage accounts and new technologies such as smart watches, Google Glass and connected cars. Based on findings from an independent 20-country survey of 3,200 employees aged 21-32 conducted during October 2013, the research showed a 42% increase in the willingness to break usage rules compared to a similar Fortinet survey conducted last year. The new research also describes the extent to which Generation Y have been victims of cybercrime on their own devices, their ‘threat literacy’ and their widespread practice for storing corporate assets on personal cloud accounts.

Strong Trend of Contravention
Despite respondents’ positivity about their employers’ provisions for BYOD policy, with 45% agreeing this ‘empowers’ them, in total, 51% stated they would contravene any policy in place banning the use of personal devices at work or for work purposes. This alarming propensity to ignore measures designed to protect employer and employee alike carries through into other areas of personal IT usage. 36% of respondents using their own personal cloud storage (e.g. DropBox) accounts for work purposes said they would break any rules brought in to stop them. On the subject of emerging technologies such as Google Glass and smart watches almost half (48%) would contravene any policy brought in to curb use of these at work.
Wearable Technology Set to Enter the Workplace
When asked how long it would take for wearable technologies such as smart watches and Google Glass to become widespread at work or for work purposes, 16% said ‘immediately’ and a further 33% when costs come down. Only 8% of the entire sample disagreed that the technologies would become widespread.

Widespread Use of Personal Cloud Accounts for Sensitive Corporate Data
89% of the sample has a personal account for at least one cloud storage service with DropBox accounting for 38% of the total sample. 70% of personal account holders have used their accounts for work purposes. 12% of this group admits to storing work passwords using these accounts, 16% financial information, 22% critical private documents like contracts/business plans, while a third (33%) store customer data.

Almost one third (32%) of the cloud storage users sampled stated they fully trust the cloud for storing their personal data, with only 6% citing aversion through lack of trust.

Threat Literacy Required as Survey Reveals Attacks Really do Happen
When asked about devices ever being compromised and the resulting impact, over 55% of responses indicated an attack on personally owned PCs or laptops, with around half of these impacting on productivity and/or loss of personal and/or corporate data. Attacks were far less frequent on smartphones (19%), with a slightly higher proportion resulting in loss of data and/or loss of work productivity than on PCs/laptops, despite the sample reporting a higher level of ownership of smartphones than for laptops and PCs. The same percentage was observed for tablets (19%), but with greater consequences, since 61% of those attacks resulted in significant impact.

Among one of the worrying findings of the research, 14% of respondents said they would not tell an employer if a personal device they used for work purposes became compromised.

The research exercise examined ‘literacy levels’ for different types of security threat, with the results revealing two opposing extremes of ignorance and enlightenment, separated by an average of 27% with minimal awareness. Questioned on threats like APTs, DDoS, Botnets and Pharming, up to 52% appear completely uneducated on these types of threats. This represents an opportunity for IT departments to provide further education around the threat landscape and its impact.

The survey also hinted at a direct correlation between BYOD usage and threat literacy, i.e. the more frequent the BYOD habit, the better a respondent’s understanding of threats. This represents a positive finding for organizations when considering if/when to bring policies in alongside training on the risks.

“This year’s research reveals the issues faced by organizations when attempting to enforce policies around BYOD, cloud application usage and soon the adoption of new connected technologies,” said John Maddison, vice president of marketing for Fortinet. “The study highlights the greater challenge IT managers face when it comes to knowing where corporate data resides and how it is being accessed. There is now more than ever a requirement for security intelligence to be implemented at the network level in order to enable control of user activity based on devices, applications being used and locations.”

“It’s worrying to see policy contravention so high and so sharply on the rise, as well as the high instances of Generation Y users being victims of cybercrime,” continued John Maddison. “On the positive side, however, 88% of the respondents accept that they have an obligation to understand the security risks posed by using their own devices. Educating employees on the threat landscape and its possible impact is another key aspect for ensuring an organization’s IT security.”

Top Stories

Sterling rises above $1.37 for first time since 2018; UK inflation rises

Published

on

Sterling rises above $1.37 for first time since 2018; UK inflation rises 1

By Elizabeth Howcroft

LONDON (Reuters) – A combination of heightened risk appetite in global markets and UK-specific optimism lifted the pound on Wednesday, as it strengthened to its highest in nearly three years against the dollar and five-month highs against the euro.

The dollar weakened against major currencies for the third straight session, helped by U.S. Treasury Secretary nominee Janet Yellen’s urging lawmakers to “act big” on spending and worry about debt later.

The pound rose above $1.37, hitting $1.3720 — its highest since May 2018 — at 1045 GMT. By 1136 GMT it had eased some gains and changed hands at $1.3687, up 0.4% on the day and up 0.2% so far this year.

Versus the euro, the pound hit a five-month high of 88.38 pence per euro, before easing to 88.51 at 1137 GMT, up around 0.5% on the day.

The pound’s recent strengthening can be attributed in part to relief among investors that the impact of Brexit has not caused the chaos some feared, as well as a lessening of negative rates expectations, said Neil Jones, head of FX sales at Mizuho.

“Going into early 2021, there was a bearish sentiment building into the pound on the Brexit deal, in terms of maybe it had a limited reach, and then secondly an expectation of negative rates and so to some extent the market has been cutting down on sterling shorts because neither of those things have been quite so apparent as they were,” he said.

Bank of England Governor Andrew Bailey said last week that there were “lots of issues” with cutting interest rates below zero – a comment which caused sterling to jump.

The UK’s progress in rolling out vaccines is also seen as a positive for investors, Jones said.

Currently, the United Kingdom has vaccinated 4.27 million people with a first dose of the vaccine, among the best in the world per head of population.

“Further progress in vaccinations (a pick-up in the daily rate) by the time the BoE MPC meeting takes place on 4th February may prove enough to hold off on any additional monetary easing,” wrote Derek Halpenny, head of research for global markets at MUFG.

Inflation data for December showed that prices in the UK picked up by more than expected in December, to a 0.6% annual rate.0.6

Inflation has been below the Bank of England’s 2% target since mid-2019 and the COVID-19 pandemic pushed it close to zero as the economy tanked.

(Graphic: CFTC: https://fingfx.thomsonreuters.com/gfx/mkt/oakpeyayxpr/CFTC.png)

(Reporting by Elizabeth Howcroft, editing by Larry King)

Continue Reading

Top Stories

Euro sinks amid broader risk rally against dollar

Published

on

Euro sinks amid broader risk rally against dollar 2

By Ritvik Carvalho

LONDON (Reuters) – The euro struggled to join a broader risk rally against the dollar on Wednesday as analysts said the risk of extended lockdowns in Europe to combat the spread of COVID-19 and the continent’s lag in a vaccine rollout were weighing on the currency.

Down 0.1% against the dollar at $1.2117 by 1130 GMT, Europe’s shared currency had only the safe-haven Swiss franc and Sweden’s crown for company in resisting a broad rally against the greenback by the G-10 group of currencies.

“We’re getting more headlines that the current lockdowns will be extended further, which could mean that the euro zone would be flirting with a double-dip recession before long,” said Valentin Marinov, head of G10 FX research at Credit Agricole, noting Europe’s lag in rolling out a coronavirus vaccine compared to the United States and Britain.

“So all of that plays into the story that tomorrow’s ECB meeting, while uneventful in terms of policy announcements, could convey a relatively dovish message to the market. On top of that, President Lagarde could once again jawbone the euro, so the euro is kind of lagging behind.”

Marinov also noted price action in the pound, which hit $1.3720 – a 2-1/2-year high – and 88.38 pence – its highest since May 2020 against the euro – as a contributing factor to euro weakness. [GBP/]

There was also focus on a story by Bloomberg News, which reported the European Central Bank was conducting its bond purchases with specific yield spreads in mind, a strategy that would be reminiscent of yield curve control.

Elsewhere, the risk-sensitive Australian dollar gained 0.4% to $0.7727. The New Zealand dollar, also a commodity currency like the Aussie, gained 0.25% to $0.7133.

DOLLAR WEAKNESS

While the world will be watching Joe Biden’s inauguration as U.S. president at noon in Washington (1700 GMT), traders were more focused on his policies than the ceremony.

U.S. Treasury Secretary nominee Janet Yellen urged lawmakers at her confirmation hearing to “act big” on stimulus spending and said she believes in market-determined exchange rates, without expressing a view on the dollar’s direction.

The index that measures the dollar’s strength against a basket of peers was up almost 0.1% at 90.510. The euro forms nearly 60% of the dollar index by weight.

It also fell 0.1% against the Japanese yen to 103.81 yen per dollar.

While the dollar has perked up in recent weeks on the back of a rise in U.S. Treasury yields, investors still expect the currency to weaken.

“We remain bearish U.S. dollar, and expect the downtrend to resume as U.S. real yields top out,” said Ebrahim Rahbari, FX strategist at CitiFX.

“Continued Fed dovishness remains important for our view, in addition to global recovery, so we’ll watch upcoming Fed-speak closely.”

Positioning data shows investors are overwhelmingly short dollars as they figure that budget and current account deficits will weigh on the greenback.

(Graphic: Dollar positioning: https://fingfx.thomsonreuters.com/gfx/mkt/oakveyombvr/Pasted%20image%201611132945366.png)

UBS Global Wealth Management’s chief investment officer Mark Haefele reiterated a bearish view on the dollar, saying that pro-cyclical currencies such as the euro, commodity-producer currencies, and the pound would benefit “from a broadening economic recovery supported by vaccine rollouts”.

The cryptocurrency Bitcoin fell 4%, trading at $34,468.

(Reporting by Ritvik Carvalho; Editing by Angus MacSwan)

Continue Reading

Top Stories

England soccer star Rashford nets younger buyers for Burberry

Published

on

England soccer star Rashford nets younger buyers for Burberry 3

By Sarah Young

LONDON (Reuters) – Burberry stuck to its full-year goals on Wednesday after a media campaign fronted by high-profile English soccer star and social justice advocate Marcus Rashford drew a younger clientele to the British luxury brand.

Higher full-price sales would boost annual margins and Asian demand remained strong, Burberry said, while warning that it could suffer more sales disruption from COVID-19 lockdowns.

Manchester United striker Rashford, 23, has won plaudits for his campaign to help ensure that poorer children do not go hungry with schools closed during the pandemic.

A first coronavirus wave last year cut Burberry’s sales by as much as 45% before a bounce back on strong demand in mainland China and South Korea, which continued in the last few months.

Shares in Burberry were up 5% to 1,825 pence at 0905 GMT, with Citi analysts saying that improved sales quality from fewer markdowns would drive full-year consensus upgrades.

Burberry’s 9% sales decline in its third quarter was worse than the 6% fall in the second, and the company said that 15% of stores were currently closed and 36% operating with restrictions as a result of measures to curb COVID-19’s spread.

“We expect trading will remain susceptible to regional disruptions as we close the financial year,” Burberry said, adding that it was confident of rebounding when the pandemic eases given the brand’s resonance with customers.

In the third quarter, comparable store sales in Europe, the Middle East, India and Africa declined 37%, hit by shops shut in lockdowns and a lack of tourists visiting Europe, but in the same period, it posted sales growth of 11% in Asia Pacific.

Burberry said that Britain’s new relationship with the European Union would cause headwinds, warning of a modest increase in costs to comply with new rules and also the impact of an end to a scheme for VAT refunds for non-EU tourists.

This would make Britain a less attractive destination for luxury shopping when tourism returns after the pandemic, Burberry said, adding that it would try to mitigate the effect.

(Reporting by Sarah Young; Editing by Kate Holton, James Davey and Alexander Smith)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Why You Should Take On Debt To Stop Dilution 4 Why You Should Take On Debt To Stop Dilution 5
Finance12 hours ago

Why You Should Take On Debt To Stop Dilution

By Blair Silverberg, CEO of Capital Imagine an exciting space dominated by two major companies, each growing and developing at...

Audi aims to sell one million cars in China in 2023 6 Audi aims to sell one million cars in China in 2023 7
Business13 hours ago

Audi aims to sell one million cars in China in 2023

BEIJING (Reuters) – German premium automaker Audi aims to sell 1 million vehicles in China in 2023, versus 726,000 vehicles...

Netflix forecasts an end to borrowing binge, shares surge 8 Netflix forecasts an end to borrowing binge, shares surge 9
Business13 hours ago

Netflix forecasts an end to borrowing binge, shares surge

By Lisa Richwine and Eva Mathews (Reuters) – Netflix Inc said on Tuesday its global subscriber rolls crossed 200 million...

MGM Resorts drops takeover plan for Ladbrokes-owner Entain 10 MGM Resorts drops takeover plan for Ladbrokes-owner Entain 11
Business13 hours ago

MGM Resorts drops takeover plan for Ladbrokes-owner Entain

By Tanishaa Nadkar (Reuters) – Casino operator MGM Resorts International on Tuesday ditched plans to buy Ladbrokes owner Entain after...

Mike Ashley's Frasers ups stake in Hugo Boss to over 15% 12 Mike Ashley's Frasers ups stake in Hugo Boss to over 15% 13
Business13 hours ago

Mike Ashley’s Frasers ups stake in Hugo Boss to over 15%

(Reuters) – Mike Ashley-led Frasers said on Tuesday it has increased its stake in German luxury fashion house Hugo Boss...

Sterling rises above $1.37 for first time since 2018; UK inflation rises 14 Sterling rises above $1.37 for first time since 2018; UK inflation rises 15
Top Stories14 hours ago

Sterling rises above $1.37 for first time since 2018; UK inflation rises

By Elizabeth Howcroft LONDON (Reuters) – A combination of heightened risk appetite in global markets and UK-specific optimism lifted the...

Euro sinks amid broader risk rally against dollar 16 Euro sinks amid broader risk rally against dollar 17
Top Stories14 hours ago

Euro sinks amid broader risk rally against dollar

By Ritvik Carvalho LONDON (Reuters) – The euro struggled to join a broader risk rally against the dollar on Wednesday...

Britain to publish new weekly consumer spending data 18 Britain to publish new weekly consumer spending data 19
Finance14 hours ago

Britain to publish new weekly consumer spending data

LONDON (Reuters) – Britain’s statistics office said it would publish new weekly consumer spending data from Thursday, based on credit...

Mercedes unveils electric compact SUV in bid to outdo Tesla 20 Mercedes unveils electric compact SUV in bid to outdo Tesla 21
Business14 hours ago

Mercedes unveils electric compact SUV in bid to outdo Tesla

By Nick Carey (Reuters) – Daimler AG’s Mercedes-Benz on Wednesday unveiled the EQA, a new electric compact SUV as part...

England soccer star Rashford nets younger buyers for Burberry 22 England soccer star Rashford nets younger buyers for Burberry 23
Top Stories14 hours ago

England soccer star Rashford nets younger buyers for Burberry

By Sarah Young LONDON (Reuters) – Burberry stuck to its full-year goals on Wednesday after a media campaign fronted by...

Newsletters with Secrets & Analysis. Subscribe Now