- 98% of global IT decision makers say next-gen networks critical to keep up with business
- While 91% agree their cloud strategy will only reach its full potential with a next-gen network supporting it, 85% say they are several years away from realising the benefits of the digital transformation due to limitations of legacy networks
- Businesses are struggling to maintain agility with their current infrastructure as 97% say their legacy networks will have difficulty keeping pace with changing demands of cloud
- Performance issues caused by outdated network infrastructure are widespread with 93% reporting cloud-related network issues monthly, and 58% frequently (several times monthly)
- Enterprises are on the verge of adopting SD-WAN to help manage cloud and hybrid networks; while only 4% surveyed are benefitting today, 93% plan to migrate to SD-WAN within four years
Riverbed Technology today announced the results of the Riverbed Future of Networking Global Survey 2017, which explores the impact both legacy infrastructure and next-generation networks have on cloud adoption and digital transformation. The global survey, which includes responses from 1,000 IT decision makers across nine countries, revealed an incredible level of agreement that legacy infrastructures are holding back their cloud and digital strategies. Nearly all respondents (97%) agree that legacy network infrastructure will have difficulty keeping pace with the changing demands of the cloud and hybrid networks. Conversely, 91% of respondents say their organization’s cloud strategy will only reach its full potential with a next-generation network, and 98% agree that a next-gen network is critical to keep up with the needs of their business and end users.
The survey also found there is a current gap in the adoption of next-generation technology such as SD-WAN (software-defined wide area networking) that will accelerate the cloud and digital transformation, however a tipping point is near. Of the IT decision makers surveyed, 93% plan to migrate to SD-WAN within the next four years, up from just 4% today.
“This survey and the resulting data reveal the tremendous pressure that IT decision makers are under to execute their cloud strategies, achieve digital transformation and keep pace with the speed of innovation that is the norm in today’s hyper-competitive markets,” said Jerry M. Kennelly, co-founder and CEO, Riverbed Technology. “It was almost unanimous that to have a successful cloud strategy, organizations must adopt next-gen software-defined networking immediately to support it. Riverbed is dedicated to ensuring this transformation is successful and that organizations are able to achieve the operational agility needed to thrive through the use of SD-WAN for cloud networking.”
Legacy Networks Are a Barrier to Cloud and Digital Success
Currently, performance pains experienced by businesses are glaring, as 58% report that they experience cloud-related network issues specifically caused by their legacy infrastructure a few times a month or more; and 93% said it impacts their business at least monthly. Unfortunately, 85% of these same decision makers say they are still several years away from reaching the full potential of digital transformation, in part due to their legacy infrastructure. This gap between realization and actual deployment is consistent from companies across verticals such as financial, manufacturing, retail, energy and utilities, communications and media, and IT services, and could threaten their competitive positions in their respective markets.
The inability of these networks to support cloud-centric applications and workloads and just as importantly, provide end-to-end visibility into their performance is viewed as a real challenge to cloud success. 69% of respondents stated both legacy networking infrastructure and lack of visibility into the cloud are a barrier to their cloud strategy reaching its full potential.
The survey also found that decision makers do not enjoy dealing with the limitations of their existing legacy networks and would be willing to sacrifice quite a lot if it meant their teams no longer needed to spend as much time to get the network to perform at an adequate level. In fact, 54% would endure a longer commute to work; 53% would take shorter lunch breaks; 51% would hand-write all of their email correspondence; and 42% would actually stop drinking coffee.
Companies are struggling with legacy networks, which are not suited to meet the demands of today’s cloud-based applications and their accompanying workloads. Simply put, legacy networks are dysfunctional for the business.
Factors Driving Businesses to Next-Generation Networks
Decision makers display a very high level of understanding that meeting their digital and business challenges means moving to a next-generation, software-defined network is critical. As organizations are turning to a cloud-centric or cloud-first strategy, there is a major gap between what their current hardware-centric infrastructure offers and what they need to realize the benefits of the cloud.
In the survey, 57% of respondents acknowledge that achieving operational agility is critical to the success of a modern enterprise, and next-generation networks as well as the technology to support them are key to reaching this goal. Other top factors driving the move to next-generation networking technology:
- 56% – successfully achieving digital transformation initiatives
- 55% – a strategic move to the cloud and hybrid networks
- 51% – growing demand for mobility
- 51% – rising customer and end user expectations
- 45% – support for IoT devices
Next-Generation Cloud Networking and SD-WAN
While a current gap exists in the adoption of next-gen technology to support cloud and digital transformation in the enterprise, this is changing quickly. Of those surveyed, 98% agree that within two years SD-WAN technology will be critical in next-generation networks to manage cloud and hybrid. And while only 4% of those surveyed are currently benefitting from SD-WAN today, within two years 52% plan to migrate to SD-WAN, and 93% within four years.
Global IT decision makers see a variety of benefits for SD-WAN, each ranking fairly close:
- Increase application performance (44%)
- Network automation and ability to prioritize apps (44%)
- Unified connectivity across entire network (43%)
- Network visibility and monitoring (42%)
- Simplicity/ease of management (42%)
- Increased network security (42%)
- Integration with WAN optimization (40%)
- Instant cloud connectivity to AWS and Azure (39%)
- Decreased costs (38%)
Updating legacy networks and anchoring next-gen networking with technology such as SD-WAN will have many positive outcomes for the enterprises according to IT decision makers including: greater efficiency due to better use of bandwidth (48%); increased productivity (47%); greater opportunities for expansion (46%); increased revenue (45%); greater agility (44%); and improvement on digital initiatives (44%).
Everything you need to know about APIs for business
By Omar Javaid, president, Vonage API Platform, Vonage
If your work brings you into close proximity with technology, chances are that you’ve come across APIs. Like many of the tech acronyms we hear – DNS, VOIP, SaaS – APIs fall into a category of terms that most of us would consider best left to the IT department. However, APIs are a vital tool for any tech-enabled business, and a basic understanding of them at management level can help to drive sales, increase customer satisfaction, and improve the user experience.
Although they seem daunting, getting to grips with APIs is surprisingly straightforward. API stands for Application Programming Interface, and can be simply defined as a software tool used to control programmes. Essentially, APIs create sets of rules that allow applications to communicate with each other – they are the part of the server that receives requests and sends responses. Today, when data is transferred between a pair (or more) of programs or applications, an API normally makes it happen.
To give a real-world example: when a user types Instagram’s URL into their browser and hits the Return key, a request is subsequently transmitted to Instagram’s remote servers. That browser then processes the response code it receives and displays the page. For the browser, Instagram’s server is an API – allowing it to communicate and relay information back to you without interruption or delay.
The job of the API is to simplify the complex data exchanged between these servers, and to make the interaction as seamless as possible for the end user. Considering that the vast majority of our business and personal lives now take place virtually, any solution that optimises the online experience is extremely valuable.
Using APIs to improve the customer experience
One of the core benefits of APIs is that they enable businesses to free themselves from the time consuming and costly process of developing in-house software to power a single core application. Instead, developers can outsource certain tasks to remote “off-the-shelf” APIs, saving time, money, and allowing resources to be channeled elsewhere. These add-on services allow businesses to offer a more complete, one-stop solution to customers, whilst streamlining the process to optimise user experience.
Although we may not always realise it, APIs are playing a vital silent role in almost every purchase and interaction we have online. Take booking a holiday for example. As we browse comparison sights, APIs are working furiously behind the scene to aggregate information from airline databases, hotel websites, and excursion providers. The API performs the back and forth needed to retrieve the information, whilst we are able to sit back and view all of the results on the same page. Simplifying this process enables travel comparison websites to make the search for holidays quick and easy, and encourages customers to stay on the site by offering all that they need in one easy to consume package.
APIs also allow smaller businesses to utilise tools provided by some of the world’s largest and most successful companies. Google’s Calendar API for example could be used within a beauty salon website to enable customers to book and schedule treatment reminders, whilst Apple’s weather tool could be plugged-in to an events company website to give customers real-time weather updates. While the API’s developer does retain ultimate control over how the API is used, there are still countless ways to integrate these tools to benefit your business and improve the functionality of your website.
The recent Covid-19 pandemic in particular has highlighted the value of an API class that normally receives little attention; communication APIs.
Today, companies are boosting spending on unified communications-as-a-service (UCaaS), along with video conferencing, collaboration, and voice technology solutions given the exponential growth in home and remote working as a result. Where face-to-face contact is limited by necessity, businesses need to be able to communicate with employees and customers in ways which are secure, simple, and cost-effective.
Given how rapidly the technology landscape changes, APIs are the clear solution to avoiding the expense of developing tools from scratch, in addition to harnessing the power of the advanced features offered by established API providers.
Using them, businesses are able to adapt to suit changing customer preferences; for example offering an online chatbot to handle customer queries, or by using multi-channel messaging to connect with customers via WhatsApp or Messenger. These tools are not only useful, but can also allow you to gain intelligence into a customer’s preferences and habits – both useful marketing gauges.
On the other hand, comms APIs can also help to address problems that may crop up internally within organisations and workforces. There are APIs which allow callers to automatically sync calendars, meaning that meetings will only be scheduled when all parties can attend. There are also APIs for timezone conversion, permissions requests, and for video link calls and messaging. With the work from home trend continuing for the foreseeable future, investing in these areas is critical if businesses want to keep delivering at the highest levels.
Considering all of the above, it’s clear that we can expect to see the adoption of APIs continue. Developers are constantly working to create increasingly sophisticated products, and many have moved towards exclusively building and hosting APIs, rather than building the apps themselves – creating a so called “API Economy” of sorts.
This focus on creating the best possible APIs has allowed smaller businesses to harness the collective expertise of the world’s largest and most successful companies, and the chance to use these tools represents a fantastic opportunity for growth. The reach of APIs extends far beyond the IT department, and with a basic understanding, they can be used by senior management and leadership teams to optimise all areas of the business – not bad for three small letters.
Unexplained Wealth Orders: Rightly Celebrated or Over-Rated?
By Nicola Sharp of financial crime specialists Rahman Ravelli considers the attention given to unexplained wealth orders – and emphasises that they can be challenged.
There is little doubt that many sectors of the media – and their readers – enjoy a story that involves an unexplained wealth order (UWO). They do, after all, have many of the ingredients that many look for in a good tale: allegations of wrongdoing on a large scale, someone being made to hand over assets worth more than most people will earn in a lifetime and the sense that justice has been seen to be done.
In the latest UWO, which was widely covered in the media last week, Leeds businessman Mansoor Mahmood Hussain was compelled to hand over property worth just short of £10M, after being accused of acting as a money launderer. He has been ordered to surrender the assets because the National Crime Agency (NCA) believed his wealth was the proceeds of crime, and so considered him a suitable target for a UWO.
Introduced by the Criminal Finances Act 2017, UWOs give law enforcement agencies powers to require persons to explain how they came to possess their assets, and to show that their wealth has come from legitimate sources. A UWO can be sought without any civil or criminal proceedings having begun. There is no need for the subject of a UWO to have been convicted of an offence or to have had a civil law judgement against them. Agencies can apply to the High Court for a UWO against any property valued at over £50,000, if the person owning it is reasonably suspected of being involved in serious crime (or connected to a person who is) and there are reasonable grounds to suspect that a person’s lawfully-obtained income would be insufficient to allow that person to obtain that property.
Like Zamira Hajiyeva before him, Mansoor Hussain’s inability to provide a credible, innocent explanation for his wealth has cost him – and generated headlines. Hajiyeva may be best known for somehow racking up £16M of expenditure at Harrods. But this only became known when she was the first person to be the subject of UWOs. The NCA expected her to explain how she had bought a £11.5M Knightsbridge house and a £10.5M golf course in Ascot, bearing in mind her husband is the former head of the state-owned International Bank of Azerbaijan, had a salary of no more than $70,000 and was convicted of fraud and embezzlement. Earlier this year, she lost her appeal against the UWOs, thus enabling the media to re-run her story and giving the NCA the chance to make approving noises about UWOs being a valuable tool in tackling illicit finance.
But before there is a rush to applaud UWOs, it should be said that the NCA’s relationship with them has been a chequered one, to say the least. Since becoming available to the NCA, the agency’s success rate with UWOs has been patchy. This is despite the standard of proof for UWOs being significantly lower than that required in criminal cases. Last year saw the NCA granted three UWOs for London property valued at £80M. Yet less than a year later, these UWOs were discharged, with a judge criticising the NCA’s “unreliable’’ assumptions and “artificial and flawed’’ reasoning. The Court of Appeal then refused the agency permission to appeal this decision.
While a UWO is a tool that enables law enforcement agencies to seize assets they believe are the proceeds of crime without anyone ever being convicted, it does not yet appear to have become the great weapon against illicit wealth that many would have hoped. Of the four cases begun since UWOs were introduced, two are still being contested. Mansoor Hussain’s case is the first time a UWO has successfully led to the recovery of assets from an individual.
Although, a UWO can be seen as effective in certain situations, it will often be considered the most (and perhaps only) viable option when a prosecution has failed or when the authorities do not believe there is enough evidence for a realistic chance of a conviction.
When being faced with an UWO it should be remembered that whilst agreeing to settle and hand over property is not an admission of guilt, anyone facing a UWO must consider carefully how they respond to the authorities. It is vitally important to take the right advice. Deciding how to proceed when assets worth millions are at stake can be the biggest decision a person ever has to make.
In such circumstances it will often be the case that an intelligent, robustly-argued challenge to a UWO – and, in particular, to the allegations being made by the law enforcement agency seeking the UWO – will bring success. But that success will depend on knowing precisely how to respond – and who to turn to – if and when you become the intended target of a UWO.
How Siloed Data Leaves Financial Institutions Open to Fraud
By Stephany Lapierre, CEO Tealbook
Reducing the risk of fraud is a top priority for all financial institutions since fraud is responsible for massive profit loss, as well as the degradation of an institution’s integrity and brand.
In trying to prevent fraud, most executives look to protect themselves from the outside in, implementing layers of security and launching reactive measures. However, in order to truly protect your organization from fraud, it’s imperative to begin by looking at your existing internal structures. The most critical and often overlooked area to assess is how your organization obtains, enriches, and distributes data.
Streamlining and scrubbing your data can increase profitability without adding to resource spend. Having good data allows you to complete your due diligence on vendors and external entities your organization regularly deals with. It favorably adjusts your efficiency ratio and reduces risk by eliminating redundancies, conflicting information, and information gaps. In addition, it allows smaller teams to operate with increased scale and effectiveness. In turn, this leads to a more effective vendor vetting process and less room for error in payment information verification.
Conversely, poorly managed data is confusing and deceiving and can play an unfortunate role in giving fraudulent access to outside parties through internal miscommunications. For example, updates could be made in one system and not another, and suddenly different departments are working with different data sets like payment information or legal formation documents that regulators look for in audits, and no one knows what is true or accurate. This effect snowballs over time, creating massive holes in the integrity of the data, creating unnecessary risk exposure and audit failures.
All of these vulnerabilities can serve as the foundation for developing a risk management protocol that may be rendered useless if it is based on poor data. It is impossible to properly vet vendors and suppliers or verify payment information if the data is unreliable.
By investing in a solid Data Foundation, you’ll see an increase in the success of your risk management and fraud prevention measures. In many instances, you won’t need to add more steps or resources, just power your existing systems with clean, agile, and accurate data to see improved efficiency.
Here’s a closer look at the most common vulnerabilities within a typical financial institution’s data ecosystem:
Fragmented Organization Structure
As organizations grow and scale, it’s inevitable that different subsections will become isolated from one another and begin different processes for data management. Poorly managed systems can exacerbate this lack of communication and threaten data integrity.
It may not seem like cause for concern if a few different arms of an organization aren’t completely in sync. However, in the financial space, this issue rarely applies to just one or two organizational divides. For example, a prominent US-based financial institution boasts over 90 business units, all of which need to be synergized in order to prevent inaccurate data, redundancies, and problems with regulatory information gathering. This siloed information is, unfortunately, a common practice that needs to be addressed.
Unmanaged Proprietary Systems
In an attempt to serve data in a highly specialized way, many institutions have explored developing proprietary data systems for internal use. However, because of factors like employee turnover or an inability to keep up with data integrity best practices, these legacy systems quickly become obsolete and unmanaged. Their custom nature also renders them inflexible and unable to integrate with other solutions.
When trying to work around an unmanaged system, different branches of an institution may turn to different solutions. When work is being done across different platforms, this reduces visibility and increases risk for inaccuracies, which leads to poor decisions, costly rework, and potentially fraud.
If your organization is reliant on a proprietary system, consider if that system is functional and scalable. If it’s not, you may want to look into a flexible data management system that can work with other technologies.
Disparate Information Across Systems
Mergers, acquisitions, and growth also lead to using and implementing many different ERP solutions and antiquated legacy software that are forced to communicate with each other using painful manual efforts. A major problem arises from the fact that these systems operate across numerous lines of businesses, all with different siloed data. By having so many siloed systems that could be compromised with harmful data, these disparate data sources leave banks and other financial institutions exposed to unnecessary risk.
Different departments have different needs, so it makes sense that they would use different solutions, but it’s important that those solutions pull from a single source of truth in order to prevent the types of data inaccuracies that lead to vulnerabilities.
Closing the holes in your data integrity is the most proactive way a financial institution can defend against fraud. As hackers get increasingly creative and aggressive, it becomes even more critical that organizations have a trusted Data Foundation to base their decisions on. This can be achieved by ensuring that siloed systems are powered by consistent and accurate data from a single reliable source.
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