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OutSystems 11 Solves Legacy System Gridlock

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OutSystems 11 solves Legacy System Gridlock

New Low-Code Platform Release Is a Major Breakthrough for Modernising Legacy Systems and Replacing Large Application Portfolios   

OutSystems today announced the release of OutSystems 11, the first low-code solution to address one of the biggest issues facing IT leaders today — legacy system gridlock. Building on its number one, low-code platform for web and mobile apps, OutSystems 11 delivers new advanced capabilities to help organisations modernise legacy systems and replace large application portfolios.

“The legacy gridlock problem is huge,” said Paulo Rosado, CEO and Founder of OutSystems. “Seventy percent of IT budgets are spent maintaining large portfolios of legacy apps, including aging systems and brittle, over-customised ERP and CRM systems. This massive technical debt is a roadblock to business innovation, and it opens the door to disruption by more agile competitors.”

Traditional options for dealing with legacy debt and gridlock include open-heart surgery on packaged applications or embarking on multi-year custom development projects that add layers of complexity to the codebase. Both options are slow, expensive, and high-risk, and they force IT leaders to make trade offs between control, speed, and simplicity. OutSystems 11 eliminates these problems with six new capabilities never before available in a low-code platform.

  1. Modern micro services architecture plus impact analysis delivers unbreakable builds, even with huge app portfolios —OutSystems 11 will eliminate hours spent validating and fixing the issues with complex sets of apps and large systems. In-depth impact analysis of entire systems before release provides advance warning so builds don’t break. Teams are more agile, safely creating and changing reusable services and applications fast and at scale.
  2. Out-of-the-box monitoring gives real-time visibility into large portfolios of interconnected apps and services —Take the pulse of an entire app portfolio, identifying potential problem areas before they impact the health of other systems, including SaaS and external legacy systems. Embedded monitoring, out-of-the-box analytics, and built-in dashboards show where or why a given app or service is not performing as designed.
  3. Continuous delivery team features to manage hundreds of developers working in the same platform —Control who can create and manage services, and who can consume them, using a full entitlement model that extends to all apps and services. Organisations can structure themselves based on delivery streams for each business area that work in parallel.
  4. Container support standardises operations and portability —Deploy apps and services to leading container-as-a-service and platform-as-a-service providers — including Amazon, ECS, Azure Container Service, Pivot PAS and on-premises Docker container environments — for faster, leaner deployment and increased scalability, resilience, and portability.
  5. New UI Framework to deliver beautiful user experiences (UX) quickly without specialised design resources— Delivering apps with consistent, modern user interfaces is now frictionless for development teams. A new UI framework makes it easy to serve up experiences at scale across multiple delivery streams while ensuring brand and UX consistency. Developers can access screen templates and patterns derived from analysing leading consumer apps directly from the OutSystems visual editor and customise, extend, and reuse them as needed.
  6. Advanced security features protect entire app portfolios, from development to deployment and beyond —Scale the security of systems and apps beyond the traditional boundaries of IT with a platform designed for security. Automated risk assessments, granular access controls, and activity monitoring supplement manual processes and provide the necessary visibility and due diligence required of large application portfolios.

OutSystems 11 allows organisations to tackle their legacy applications in a different way that fosters agility over time and removes legacy debt from the equation. It also simplifies the transition to a completely new operating model where a mesh of services supports independent delivery lines on top of core business functions, all aligned with the business needs.

Here are just a few of OutSystems enterprise customers that have already embraced low-code development for overhauling their large systems:

  • Global energy company EDP replaced its entire payment processing gateway that manages millions of transactions every month.
  • Industry leader Schneider Electric built a “Low-Code Digital Factory” that turned out 30 new apps in its first 15 months and transformed the IT team’s development practices.
  • Vopak, the world’s leading terminal management company, re-wrote its entire ERP system — a project originally slated for three years completed in just 16 months.

“In parallel, we are phasing out our old ERP system and will only support our business with PaaS and SaaS applications going forward,” Vopak CIO Leo Brand said. “For our core processes, we made a strategic choice to develop on OutSystems low-code development platform.”

“We’re on a mission to change the way enterprises develop all their applications,” said Paulo Rosado, OutSystems CEO. “Our launch of OutSystems 10 in 2016 disrupted the mobile app development market, so much so that Gartner now rates us as a market leader. Now, for the first time, there is a low-code technology able to change the economics of building large core systems and their supporting apps and services, instead of buying and endlessly customising commercially available systems to make them fit.”

This new platform launch comes on the heels of a $360 million funding round for OutSystems from KKR and Goldman Sachs that valued the company at well over $1 billion.

“Successful digital transformation requires organisations to rethink their technology strategy,” said Marcio Spinola, OutSystems vice president of product management. “Our strategy of combining the speed and agility of low-code with enterprise-class security and scalability allows IT to tackle legacy modernisation, creating a new operational model that works at the speed and scale a full digital transformation requires.”

To learn more, please visit the OutSystems Blog or the OutSystems website.

 

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What does cybersecurity look like for the financial sector in 2021?

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What does cybersecurity look like for the financial sector in 2021? 1

By Neill Lawson-Smith, managing director at CIS

The landscape is changing incredibly fast, with cybercriminals using the most up-to-date technology to hack systems. Here are the six areas those in finance should be watching out for…

The finance and insurance sector is increasingly becoming a notable target for cyber attacks. Many of these breaches happening are believed to be due to inadequate security measures when teams or businesses are using cloud services.

The financial industry is also being affected by changes in processes with more fintech, virtual banks, and other digital disruptors impacting the market. The landscape is changing incredibly fast, with cybercriminals using the most up-to-date technology to hack systems, so it is therefore up to the financial sector to keep up to avoid security breaches.

What does this look like for the year ahead in the financial sector? Here are the Six areas those in finance should be watching out for:

  1. AI securityand cyber defence

Both Cybercriminals and cyber defence are commonly using Artificial Intelligence (AI). In cybersecurity, it is used to identify new threats, as well as assess the effectiveness of the responses to threats, enabling them to foresee and essentially block attacks before they happen. It is also used to spot behavioural patterns and can quickly identify possible infiltrations.

Hackers have also started to use AI to make it easier for them to get past security systems in place. This year, it is likely that AI will be increasingly used as a means of gaining personal details (i.e. credit card details) as well as optimising spam phishing campaigns.

  1. Mobile cybersecurity in banking

With the number of consumers using their mobile devices for banking and financial transactions increasing, especially since the COVID-19 pandemic has rendered society predominantly cashless, cybercriminals have been heavily targeting mobile systems. For example, mobile malware only targets mobile phone operating systems. The most common forms of mobile malware are virus and trojans, spyware and madware (mobile adware), phishing campaigns, and browser exploits.

This means it is now more important than ever to protect mobile devices to the same extent as traditional hardware.

The same protocols that are in place to ensure your staff PCs and laptops are secure now, need to also be applied to their mobile devices as well, such as:

  • Ensuring the latest versions of the operating system and other applications are installed.
  • Installing a firewall.
  • Enabling mobile security software to protect against malware and viruses.
  • Using password protected lock screens.
  • Ensuring apps are only downloaded from official sites like Apple App store and Google Play.
  1. Multi-factor authentication

Multi-factor authentication adds an extra layer of security to all your business networks by ensuring every transaction or login is supported by at least two security measures for access. It is one of the easiest security measures to implement within your business and is becoming more common within the financial sector for many transactions. The traditional username and password are becoming increasingly easy for cybercriminals to acquire, whereas adding an extra identification method, that is not easily accessible to the hackers, ensures an extra layer of protection.

The most commonly used multi-factor authentication methods are:

  • Passwords – They should be complex and comprise at least eight characters and be a combination of upper- and lower-case letters, numbers, and special characters.
  • One-time use code – A randomly generated code sent via SMS or email which is used only once. With weaknesses in mobile networks and email accounts, these can however be intercepted by hackers.
  • App generated codes – a code generated by an app on a mobile phone often created by scanning a QR code that contains a ‘key’. As the key is stored on the phone itself this is less likely to be intercepted by a third party.
  • Physical authentication keys – this is a USB which the user inserts every time they login from a new computer. Unfortunately, they don’t work on all devices without adapters (such as iPhone, MacBook or Android).
  • Biometrics – Using a fingerprint, voice, or an eye dent is an effective identifier. They are extremely difficult to hack but if they are, they cannot be used ever again for anything.
  • Information – this could be something that only the user would know – either a password or a piece of information.

Most of these methods are free or relatively cheap to implement and don’t require anything other than a mobile phone for the user. The added security of multi-factor authentication means even if a hacker has acquired a username/password combination there is still an extra security barrier preventing access.

  1. Refined testing

As the finance industry is constantly changing, then so too are the security threats. Financial cybersecurity is an ongoing commitment, so installing new anti-virus software and implementing MFA, and stopping there is not going to keep you protected for long. It requires ensuring software and firewalls are up to date as well as ensuring access is regularly updated. In addition to this constant maintenance regular testing of the systems is essential. All systems have vulnerabilities, and as these change, cybercriminals learn to overcome them, and therefore software develops.

One thing to remember is that it is not possible to be over-cautious when it comes to cybersecurity. Regular penetration testing essentially identifies any weaknesses in your systems before the cyber criminals do. It is essential to schedule penetration testing or vulnerability scans at least once a quarter unless compliance dictates otherwise. They can be carried out using a vulnerability scanner.

  1. Hiring the right people

It is crucial to have the right team on hand to ensure your systems are up to date, regularly tested and maintained is essential.

Your IT team should have the following skills and knowledge:

  • Knowledge and understanding of the company’s IT infrastructure
  • Knowledge of cybersecurity best practices
  • Understanding of company processes and data flows
  • Up to date knowledge of cybersecurity solutions
  1. Plan a Defence, Prepare for Attack…

Although businesses can take many precautions, there are limitations on skills, investment and timescales in implementing a comprehensive cybersecurity infrastructure, it is essential that appropriate procedures, policies and processes are established to ensure that an appropriate response is carried out in the event of a detection – whether manual or ideally automated – so that whenever an attack occurs, the appropriate and proportionate response is carried out immediately to limit any further damage or intrusion.

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Data protection: it’s time to reassess your security strategy

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Biometrics and data protection in financial services

By Tony Pepper, CEO of Egress

It’s no secret that the Covid-19 pandemic has created a perfect storm of cybersecurity risk. External threats are heightened, but there’s also a higher level of internal risk too, exacerbated by home working. With most financial services organisations planning to continue with mass remote working for the foreseeable future, it’s important for security teams to review their strategy and assess whether it still works in this new landscape. When it comes to insider threat, there are three key areas that IT leaders should focus on: building a positive culture around security, understanding their organisation’s level of risk and protecting their people.

  1. Build a security-positive culture

Many organisations have unknowingly instilled a security-negative culture among their employees, where people are punished or shamed if they cause a security incident. While they might think that this would discourage employees from causing data breaches for fear of repercussions, this actually makes your organisation less secure. Our Outbound Email Security Report found that 62% of organisations rely on their people to report email data breach incidents – and if employees are too afraid to come forward, that means your business is at risk of developing a security blind spot.

A security negative culture won’t actually prevent data breaches caused by human error, something which organisations need to recognize as largely unavoidable without technological intervention; it just delays remediation, which makes every incident worse. By creating a security-positive culture, you can better engage and educate employees, as well as ensure you’re able to rapidly triage any incidents if they occur.

  1. Understand your risk

When mapping out your risk, you’ll likely find that the picture looks very different to how it did even a year ago. In the past, organisations have focused on their networks and their devices when it came to security strategy. While these are vital areas for consideration, what hasn’t been as well-addressed to date is the human aspect of risk, particularly human error. You need to look closely at the tools that your employees are using daily to facilitate digital communication with clients and colleagues, including when sending sensitive information.

Employees are specifically using email more than ever before – our recent research found that 94% of organisations are sending more emails due to Covid-19, with one-in-two IT leaders reporting an increase of more than 50%. With this expansion of email volumes comes an increase in the risk that an email containing sensitive data might be misdirected. Remote working has also heightened the threat – our research found that 35% of organisations’ serious email data breaches were caused by remote working. Why? The causes lie in their behavior and the environments in which they operate. Some individuals may feel they’re able to take more risks away from the “watchful eyes” of their Security team, and every employee is  faced with a myriad of distractions that make them more likely to make a mistake.

It’s time for organisations to take stock of their risk by looking at where gaps in their security might exist – and provide safety nets for their employees that can automatically detect and mitigate inadvertent data breaches and risky behaviour.

  1. Protect your people

It goes without saying that not all data breaches are caused by malicious activity. An overwhelming amount of data breaches are caused by hardworking employees making honest mistakes, from sending an email to the wrong person to responding to a phishing attack. Unfortunately, human error is an unavoidable part of life, and mistakes will happen. In the past, many organisations have taken the approach that employee error can be ‘trained away’, embarking on comprehensive security training programs in the hope that security incidents might decrease.

Unfortunately, if that were the case, then employee activated data breaches would be a thing of the past! Organisations need to employ a multifaceted approach when it comes to avoiding accidental insider data breaches – education and training remain an important element, but ultimately businesses need to implement the right technology to provide a safety net for their people. Many organisations have legacy DLP solutions in place that cannot mitigate the risk as they fail to fully understand employees’ behaviour.

Often, these tools stand in the way of productivity, prompting users even when there isn’t a legitimate risk. When click fatigue sets in, these solutions become ineffective, with users ignoring prompts whenever they appear. Luckily, advances in machine learning mean that there’s technology available to prevent insider data breaches such as misdirected email, by deeply understanding the way that users behave and the context in which they share data, to ensure emails are sent to the right recipients with the right level of security.

The vast majority of organizations will never go back to every employee working full time within the office environment, instead post-pandemic we will see a myriad of different approaches – with some based in the office, while others work at home part or full-time, and as the world opens up again, their locations may change throughout the day. To mitigate risks from inadvertent errors to intentional data exfiltration, CISOs must address their security culture and protect their human layer with intelligent controls that mitigate employees’ behaviors and stop breaches before they happen.

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Sumitomo Life Insurance Selects Talend to Build Company’s Data Infrastructure

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Sumitomo Life Insurance Selects Talend to Build Company’s Data Infrastructure 2

Leading life insurer uses Talend in data lake environment for data analytics

Talend (NASDAQ: TLND), a global leader in data integration and data integrity, announced today that Sumitomo Life Insurance Company, one of the Japan’s leading life insurance companies, has selected Talend Data Fabric for its data analytics infrastructure.

Sumitomo Life aims to become the most trusted and supported company by its stakeholders, including its customers, and to grow sustainably and stably. Sumitomo Life’s vision is to offer advanced products to enable customers to live vigorously. To respond to that, the company is developing and delivering cutting-edge products that respond to its customers’ current and expected futures needs in areas focusing on nursing care, medical insurance and retirement planning.

“With the trust from our customers as the starting point of all our activities, Sumitomo Life is providing optimal life insurance services to every person through the sound management of the insurance business,” said Mr. Masakazu Ohta, General Manager in Charge of Information System Department at Sumitomo Life. “As a new approach, it was necessary to build a common foundation for big data management, and Talend is the driver. Talend’s superiority in cloud implementation, development productivity, features, and licensing model convinced us to be part of this journey together.”

To meet the needs of its customers and offer them innovative products and services, Sumitomo Life has decided to build a foundation for data analysis (Sumisei Data Platform) in the cloud for the promotion of new insurance products. The company evolved its legacy data environment to the new environment where they can store the data extracted from various systems both on-premises and effectively in the cloud.

In order to meet the needs of each individual customer and provide the best insurance for them, Sumitomo Life uses Talend Data Fabric as the hub of its data infrastructure. This manages data across the organization and integrates data into a data lake, which makes them able to utilize data across the company.

“We have been able to release projects with the continuous support of Talend, even amid the changing business environment in the Covid-19 crisis. We will continue to collaborate with Talend in order to actively promote company-wide data analysis projects,” added Mr. Ohta.

“The insurance market is one of the most competitive sectors. By facing tight regulations and complex customer needs, companies must be at the forefront of innovation to offer even more services and new products to its customers,” said Kenji Tsunoda, Country Manager Japan, at Talend. “Talend helped Sumitomo Life reinvent its data-driven infrastructure to provide a data management platform that enables the development of advanced products for its customers.  We are delighted to support Sumitomo Life in the pursuit of their vision.”

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