Josh Lefkowitz, CEO, Flashpoint
Everyone remembers the social media boom of the mid-2000s. While social networks such as MySpace and Friendster already existed and had fledgling ad revenue models, it wasn’t until the emergence of Twitter, Facebook’s acquisition of FriendFeed, and the development of tools such as HubSpot and HootSuite that businesses began to take social media seriously as a digital channel.
Then, as is the case of all emerging technology use cases, market confusion began. Is social media really important in business? Is it digital marketing? Is it social media for business? Is it social marketing? Does it fit in lead generation or communications?
In the end it was rightly determined that social media is merely a tactical approach that is part of a bigger marketing and business strategy and wouldn’t be as valuable if that strategy were not developed first. And, as with most strategic development, sometimes research and more advanced tools are required to glean the information to put the right tactics in motion.
Fast forward to the mid-2010s and we’re in a similar dilemma with the crowded cyber threat intelligence (CTI) market, especially in the discussion around digital risk monitoring. According to Forrester, digital risk is assessing cyber risk, brand risk, and physical risk emanating from open web properties, social networks, and some computer and mobile applications. Much like tactical social media tools, a good intelligence-rich strategy needs to be developed in advance of any digital risk monitoring implementation in order to be most effective.
Business Risk Intelligence (BRI), on the other hand, provides strategic intelligence gleaned from the Deep & Dark Web that informs organisations what the actual threats are that are critical to their business. While many organisations do have digital risk monitoring in addition to BRI, many organisations end up adding BRI later on to address the intelligence gap that digital risk monitoring approaches leave open. Many concerns often stem from missed information around insider threats, fraud, anti-money laundering, geopolitical intelligence, supply chain, and a need for more sophisticated threat actor profiling or directed actor engagement.
For one, putting the tactical before the strategic is going to land most organisations in a corner where they are missing business critical information. Second, digital risk monitoring solutions, even if they offer data from the Deep & Dark Web, do not often have expertise beyond purely automated approaches to gain information, which can never be rich enough to be considered intelligence.
Just as strategy needs to come before tactics, BRI must come before digital risk monitoring. Digital risk solutions are good for setting and monitoring already known information, or as I’ve said before, “answering the questions companies already know to ask.” But BRI is what helps determine what needs to change in operations, policies, and protections across an organisation.
Here’s an example based on the insider threat use case. In one incident, intelligence from an underground forum revealed that a rogue employee of a multinational technology company was preparing to profit from stolen source code from unreleased, enterprise-level software. With this intelligence, the company was able to be alerted and then supported in completing an internal investigation, work with law enforcement to support the employee’s arrest, prevent the illicit sale, and preserve the company’s intellectual property.
Digital risk monitoring could not have been used to detect or mitigate this insider threat. BRI, on the other hand, found the threat in its relevant context, enabling the company to take the appropriate steps to minimise its risk.
According to The Forrester Wave: Digital Risk Monitoring, Q3 2016: “Generic online or social media monitoring provides a false sense of security. Many security and risk] and marketing pros remain naïve about serious risks in their organisation’s digital presence, because they believe their existing social media monitoring or cyber threat intelligence (CTI) tools will detect them. That notion, however, is increasingly misguided.”
It’s misguided, of course, because these basic tools are tactical and do not provide the intelligence alone that is needed. The challenge of digital risk is that it rests somewhere between basic social media and brand monitoring, sprinkled with traditional cyber threat intelligence. Digital risk doesn’t have the scalable technology and human power behind it to produce BRI that helps all departments in an organisation determine the best strategies for protecting their digital, human, and physical assets.
Digital risk monitoring is a helpful tool for organisations that already have rich intelligence and not just data. Failing to distinguish between the two can be problematic. It is nearly impossible to form relevant context without first considering how the data relates to the entire risk profile of an organisation not just a tactical report. Observing digital risk through the open web is not enough to develop necessary context and thus cannot enable organisations to apply and operationalise the data to address their challenges effectively. BRI must come first.
5 steps for SMEs to budget properly for the coming year
By Fabio Comminot, Head of Dealing, Switzerland at Ebury, one of Europe’s largest Fintechs, has provided a five-step guide to make sure budgeting is done on time.
During the challenging times of COVID-19, it is difficult to forecast orders and costs. This is especially true for SMEs that operate internationally and therefore are exposed to currency fluctuations and market movements. So budgeting is immensely important.
Autumn is budget season for most companies. Upcoming project costs, sales and fixed costs must be defined or forecasted. Budget planning should be as accurate as possible right from the start of the process to avoid unexpected consequences at the end of the year..
With the effects of the COVID pandemic it has become difficult for all companies, no matter their size or history, to plan and make sales forecasts. Early planning and hedging are especially important for companies that work internationally and are therefore particularly exposed to currency risk.
These five steps will help SMEs take the right measures for the coming financial year, in time for budget season:
Step 1: Estimate your costs or sales in foreign currencies
As difficult as it may seem, every company must estimate its expected fixed and variable costs for the coming year. Most companies can forecast their revenues based on experience or existing orders.
However, start-ups or young companies should also be able to at least estimate their costs including rents, insurance, wages and production costs. Special attention should be paid to costs or revenues that are spent or received in a foreign currency.
Step 2: Profit or cost assurance – define the strategy
As soon as an approximate plan for the coming year is in place, the company should consider the importance of currency management. Regular earnings or expenditures in foreign currencies are exposed to movements in exchange rates. If costs in a foreign currency are to be forecasted until the end of the year, the company needs to minimise volatility. This means that the exchange rate should be fixed so that there are no unexpected negative consequences at the end of the year.
Another option would be to protect the operating profit. Fluctuating exchange rates can rapidly ruin intended profit margins. In this case the company could aim to define the forecasted sales in the foreign currency and fix the margin based on this.
Step 3: Fix your budget rates
The budget is set, the currency management goals are defined, the major part is done. Now it is a matter of defining the budgeted rates for the various currencies based on the current exchange rate. A buffer of about 5% can be useful when doing this – for example. instead of fixing the exchange rate from US dollar to Swiss franc at the current 91 cent, a rate of 95 cent could be budgeted. In this way, the minimum budget rate is defined and any negative exchange rate movement can be at least partially compensated for.
Step 4: Define the hedging strategy
With the targets and the budget course set, the next questions are: What currency developments can be expected? What is the industry outlook? Is the order situation relatively secure? Or is there practically no empirical data?
This step is where Ebury can support the company. Our experts in FX markets help answer these questions and begin to define the individual hedging strategy.
Step 5: Ensure a flexible fit
It’s done: the measures have been defined, now it’s time for implementation.
Ebury will implement the previous steps and , so that the company focuses on its core business. In contrast to traditional financial services providers such as banks, Ebury constantly monitors international trade and political events in order to assist clients with strategy adjustments. The Ebury team is supported by state-of-the-art technology and international currency analysts. It makes no difference whether the changes are driven by the currency market or whether the company’s order situation itself is changing. This allows the SME to focus on its operational business, which is worth a lot in uncertain times like these.
Nearly 14 Million1 UK adults more likely to spend on Black Friday than they were last year
Yolt launches evolved app to help shoppers save whilst they spend
- Across the UK, consumers are set to spend £6.4bn on discount days
- Despite the pandemic, 1 in 5 stated they would see an increase in their spending on Christmas this year, revealing they will be likely to spend £240 more than they spent last year
- Yolt today launches a brand-new evolution of the smart money app, which aims to help people save whilst they spend, saving a minimum of £416 a year
- To help people spend smarter this Black Friday, the smart money app Yolt has a host of new features including round up functionality, and cashback offers with a wide range of retailers including John Lewis, Argos, Asos and Domino’s
New research* from Yolt, the award-winning smart money app, reveals that over a quarter (26%) of UK adults have said they are more likely to wait for discount days, such as Black Friday, to do their Christmas shopping than they were last year. In response to the pandemic and to help people shop smartly in the run up to the festive period, Yolt has launched a brand-new evolution of its app designed to help users to save whilst they spend. New features include the Yolt account and virtual Money Jar, as well as new cashback partnerships with the likes of John Lewis, Argos, Asos and Domino’s. The evolved smart money app can be used to save shoppers a minimum of £416** a year.
Despite the challenging economic climate, Yolt’s data insights from the first lockdown period in the UK showed that there were increases of up to 355% on spending in categories such as groceries, online clothing retailers, takeaways, and streaming and gaming services. On top of this, Yolt’s data revealed a change in consumers’ financial priorities – with many attempting to save in lockdown, but 65% not being successful in doing so. Therefore, to enable people to find the right balance in their efforts to save for any uncertainty that lies ahead, but also enjoy discount days such as Black Friday and festivities in the run up to Christmas, Yolt has launched a host of new features uniquely designed to help people save whilst they spend.
The evolved app comes at a time of challenging economic conditions, where more UK consumers are actively seeking discounts to try and balance the books this Christmas. Yolt’s research found that consumers across the UK spend an average £6.4bn on discount days such as Black Friday.
In total, over a third (35%) of UK adults said they would be looking to take advantage of upcoming discount days, with nearly one in five (18%) stating they do all their shopping for Christmas and birthdays on discount days and during sales. UK consumers said they tend to spend over £120 on days such as Black Friday and Cyber Monday, and surprisingly almost one in five (19%) state they will actually see an increase in their spending on Christmas this year, verses last year. Those expecting an increase revealed they will likely spend an average of £240 more on this Christmas when compared to last year.
Concerns around affording Christmas are perhaps leading more people to take advantage of Black Friday deals than in previous years. Almost four in ten (37%) don’t tend to set savings aside for Christmas, and almost a quarter (23%) said they are going to have to dip into savings that weren’t allocated for Christmas this year. Finding the right balance between spending and saving for future uncertainty is going to be an increasing challenge for people during the festive period.
Pauline van Brakel, Chief Product Officer at Yolt, comments: “Given the incredibly challenging times we are facing this year as a result of the pandemic; it’s perhaps unsurprising to see that people are more likely to wait until popular discount days such as Black Friday to help them to spend smart over the festive period. Savvy spending in the run up to Christmas is always a good idea, and discount days can help ease what is for many a very expensive time of year – having said that, people should try not to overspend and risk getting themselves into debt.”
Pauline continues: “Finding the balance between spending and saving isn’t easy. And whilst it might seem like a difficult time to save right now it is also perhaps more important than ever. We’ve launched an evolved version of the Yolt app to help people save whilst they spend. The app enables people to spend smart by earning them cashback on their purchases at selected retailers and rounding purchases up to the nearest pound. Encouraging users to save is central to the app, not only by spending smartly but also by finding them competitive deals on their household bills and even spotting Christmas bonuses or refunds and prompting users to add them to their virtual savings jar.”
The new Yolt app is available from today, with full access to all UK users on iOS. Android will follow in 2021.
Christmas isn’t cancelled: European shoppers plan to spend more online this Black Friday
- Half (52%) of European consumers plan to do Christmas shopping around holiday sales, including Black Friday, compared to previous years
- 60% say they are planning to do most of their Christmas shopping online
- A third (34%) plan on leaving their Christmas shopping until the last minute in hope of securing bigger discounts
As Black Friday approaches, European consumers are not going to let a turbulent year spoil their Christmas. As shoppers continue to adapt to the changes caused by the COVID-19 pandemic, they are getting even savvier with their spending. New research from Kaspersky has found half (52%) plan to do more Christmas shopping around sales or shopping holidays, including Black Friday, compared to previous years. What’s more, a third (34%) plan on leaving it until the last minute in the hope of securing bigger discounts.
In a bid to enjoy Christmas while also adhering to COVID-19 social distancing measures, European consumers are focusing their attention away from physical stores to find their gifts. In fact, three-in-five (60%) say they are planning to do most of their Christmas shopping online. A fifth (20%) go as far as saying they will make all of their festive purchases online this year, despite not usually doing so.
With online sales set to rise, Kaspersky’s findings also indicate that most consumers are not expected to scale back on their Christmas spending – despite economic recessions across the continent. Only a quarter (26%) of consumers are planning to reduce their Christmas shopping budget this year by at least a third or more due to financial restrictions caused by COVID-19. However, this figure rises to 30% amongst 25 to 34-year-olds, the age group most widely affected by pandemic-related job cuts.
Yet, as the number of consumers bargain hunting online rises, so does the amount of risks being taken to secure big savings. Only 16% are not willing to exchange their personal data for online discounts – despite the potential of falling victim to fraudulent websites and sales scams.
“The festive period is always a big deal, and never more so than this year, as people seek to redress some of the chaos the pandemic has caused throughout 2020. It stands to reason that people are looking to do the majority of their sale shopping online in a bid to stay safe, as well as grab a bargain. But we must also consider that where the crowds go, the criminals follow. Just as pickpockets flock to crowded areas hoping to get lucky, cybercriminals will be looking at consumer shopping trends and trying to exploit people’s eagerness to grab a bargain and save some money. So, my advice would be that people do their research, follow some basic common sense measures when shopping and avoid getting swept up in the tidal wave of hype as we seek to remedy 2020 with a happy festive season. One thing to always bear in mind is that if it seems too good to be true, it probably is,” comments David Emm, Principal Security Researcher at Kaspersky.
Kaspersky warns bargain hunters to remain wary of potential Black Friday and festive season sales scams. If a deal looks too good to be true, it probably is.
Shop online with confidence this Christmas by following our advice on avoiding retail scams:
- Only shop with legitimate online stores. It’s always safer to type in the address yourself, or select it from your bookmarks, rather than clicking on a link. Use your browser address bar to check if the website you are visiting is genuine and secure and that they carry the padlock or HTTPS
- Complete purchases through secure payment methods. Pay with credit cards or robust payment services so that transactions remain protected
- Verify discounts. If you receive a sales discount via email or text, check the sender and any web links are legitimate before you click
- Keep your device software and applications up-to-date and protect all your devices with a reputable internet security product. Cybersecurity solutions with behaviour-based anti-phishing technologies, such as Kaspersky Total Security, can send your notifications if you are trying to visit a phishing web page
- Manage your passwords. Password managers can help you shop with multiple retailers by safely storing your credentials, so they are unique for all of your online accounts
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