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Why communication is vital during a cyber-attack

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Why communication is vital during a cyber-attack 1

By Nick Hawkins, Managing Director of Everbridge EMEA

Cyber-attacks are a constant threat to organisations. Nick Hawkins, Managing Director of Everbridge EMEA, discusses how cloud-based communications platforms can help an organisation improve emergency communications and recover from the effects of a cyber-attack.

Why communication is vital during a cyber-attack 2

Nick Hawkins

In today’s globalised business environment, organisations of all sizes face the prospect of falling victim to a cyber-attack or IT outage that could cause serious damage to its infrastructure and ability to operate.Despite the improvement of cyber-security techniques, criminals have developed sophisticated ways to disrupt systems and steal data. The need to prepare for cyber-attacks is more important than ever.

True cost of cyber-attacks

According to Cisco’s 2017 Annual Cybersecurity Report[i] more than one third of the organisations that experienced a cyber breach in 2016 reported a loss of customers, business opportunities and revenue. The 2017 SonicWall Annual Threat Report[ii] reported an increase from 3.8 million ransomware attacks in 2015 to 638 million in 2016.

Cyber-attacks cost UK businesses a total of £34.1 billion[iii] between Summer 2015 and 2016, with each attack costing an average of £4.1 million and taking 31 days to resolve. Whilst large corporations—that invest millions of pounds in cyber-security—have the potential to recover easily from such a crisis, for most Small/Medium Enterprises (SME’s) and Non-Governmental Organisations (NGO’s) cyber breaches can have more far-reaching and detrimental consequences.

No business is safe

On Friday 12th May, the NHS experienced a national cyber-attack. Hackers attacked the backbone of the NHS, tapping into computers, telephone lines, MRI scanners, blood-storage refrigerators and theatre equipment. Surgeons resorted to using their mobile phones to communicate with one another and critical information such as x-ray imaging was transported around the hospital on CD’s.

In the NHS’s case, the malware tapped into Windows XP.  Some reports state 90% of NHS trusts run at least one Windows XP machine. The NHS is becoming increasingly reliant on machines which are connected to the internet.

Firewall renewal dates for PC’s will be logged, however, it is easier to forget when a portfolio of internet enabled devices need to be updated for security. With the internet of things (IoT) expected to consist of millions of new connected devices in the future – this issue will become more critical.

Investing large sums of money into cyber-security is not a pre-requisite for success, as shown by a number of recent high profile cyber-attacks against large corporations all over the world—including the BBC, Sony’s PlayStation Network, HSBC and eBay.

Sony lost control of its entire network. Hacker group Guardians of Peace stole personal information from tens of thousands of current and former workers and published them on the web. This included social security numbers, salaries of top executives and five Sony-produced movies.

It is not just large organisations that are targeted; government departments and agencies, rail networks and local businesses regularly find themselves in the same position. When attacks occur, crucial services are compromised and the reputational impact can quickly reduce consumer confidence and brand value.  Large scale attacks also have the ability to impact share price value. Planning what to do when a cyber-attack occurs is important, but how victims communicate in an attack is equally critical.

Importance of effective communication in a crisis

In the event of an emergency,effective communication is crucial. When IT systems go down an organisation needs to be able to communicate with its employees and co-ordinate an effective response. The longer this process takes, the bigger impact the crisis will have.

A successful cyber-attack can affect multiple communication methods:

  • If your phone and voice mail system is VOIP-based, you may lose your company phone system.
  • If your employee hotline runs through your voice system, this could also be lost.
  • If your company website is hosted in-house, it may go down, meaning customers, employees, the general public, and the media cannot find you.
  • If company telephone bridges are running through your phone network, they may not be available.
  • If the core network is compromised, every computer becomes a standalone machine with no access to company record. Human resource information, employee contact information, vendor lists, or other key phone lists may be inaccessible.

With multiple resources affected, how will you communicate? A critical communication platform can be used for the following:

  • Employee information: pushing information to employees about the company status and messaging.
  • Conference bridges: using toll-free conference bridges for employee, vendor, senior management, Board of Directors, and other key stakeholder phone calls.
  • Stakeholder groups: using pre-defined groups that had been created for key stakeholders to push information via phone, text or email.

As no business or organisation is totally immune from the dangers of a cyber-attack, it is vital that crisis management plans are in place to minimise impact and ensure a return to business-as-usual practice as quickly as possible.

An effective crisis management plan consists of two key components: quick, reliable and secure communication with all employees to notify them of the situation and the efficient deployment of resources to resolve the issue.

It is important that businesses consider the following questions to prepare for a cyber-attack:

  • What threats could impact your organisation?

Companies have to understand the type of threat the organisation could experience and the impact it could have.  For example, it could result in loss of services or data. The solution will differ depending on the threat.

  • Do you have a response plan? 

Cyber-attacks often happen out of office hours. An IT incident response plan must be in place to combat an attack even if it happens at 5am. An efficient response plan will include methods of communication for specific stakeholders. Alerts will also differ depending on if the attack has just occurred and if malicious code has laid dormant on the network. IT engineers require different instructions to regular employees.

  • Who needs to be included in an IT incident response plan?
  • IT Security:is likely to fix the issue. If an organisation does not have a dedicated security team, employees must be assigned to deal with a security crisis when it occurs.
  • Incident Team: who is going to co-ordinate the response? Who should be contacted following a breach and how are you going to reach them? Define an escalation point.
  • Legal-counsel: if, for example, customer credit card details are stolen, legal support may be necessary.
  • Who are your stakeholders?

There area number of stakeholders that should be considered. For example, if customer data is stolen, the following stakeholders would need to be consulted:

  • C-level executives – businesses must consider when and how to consult their C-suite. For example, it may be necessary for the CEO to release a statement.
  • Media relations department – to ensure strategic messaging is in place when informing customers about the incident and handling inquiries from the press.
  • Customer services – need to be informed to prepare for incoming customer enquiries.
  • Employees –employees must be kept up to date throughout the process to ensure they are prepared for calls from customers and the press. Employees must be aware of when and how to escalate queries.
  • Customers – organisations are legally obliged to inform customers of a data breach. The ability to communicate with customers en masse in real time is important.

How to prepare communications in your response plan 

  • Assess:What is happening? What is the impact?Determine the likelihood, severity, and impact of the incident
  • Locate: Who is in harm’s way? Who can help? Identify resolvers, impacted personnel, and key stakeholders
  • Act:Which team members need to act? What do they need to do?
  • Analyse: What have we done before? What worked? How can we improve communications?
  • Communicate and collaborate: What should employees do? Notify employees on what action to take and keep stakeholders informed

Power of cloud-based communications platforms

As cloud-based critical communications platforms are not reliant on one network, organisations that used the platform to send out an emergency notification are assured that the message will get to the right people. Most organisations rely on internal email to communicate in the event of a crisis, despite the fact that a cyber-attack might impact the entire email network. In doing so, organisations are exacerbating the issue and potentially providing hackers with critical company information.

By having a system that operates entirely independent of an internal communications network, organisations can ensure that the bilateral lines of communication between management and staff remain open—even in the event of a cyber-attack or IT outage that may compromise an internal network, or a rush of calls which may overload a telecommunications network.

By using cloud technology to automate the time-intensive emergency cascade process, resources can be deployed far more effectively and efficiently than before, ensuring that the safety of everyone involved is better protected. In doing so, communications technologies can not only help protect business assets but save the lives of employees. In an emergency organisations cannot waste time searching spread sheets and schedules to manually notify employees.

Multi-modal, two-way communication

Critical communications platforms are already deployed by many businesses, local authorities and national governments around the world to warn and advise people in the event of a crisis. These incidents can range from sourcing a relevantly-skilled IT technician to repair a broken server, to engaging with the public during a terror threat. Central to the success of critical communications platforms are two key functions.  The first is the capability to deliver messages using a variety of different methods – this is known as multi-modal communications.  No communications channel can ever be 100% reliable 100% of the time, so multi-modality transforms the speed at which people receive the message.  Multi-modality facilitates communication via multiple communication devices and contact paths including email, SMS, VoIP calls, social media alerts and mobile app notifications, amongst many others.

Multi-modality ensures that it is easier to receive a message. Two-way communication makes it simpler to confirm a response. In a critical emergency every second counts, so organisations can use communications platforms to create and deliver bespoke templates that require a simple push of a button to respond to. In doing so, the level of response to critical notifications can increase significantly.

For instance, if a cyber-attack compromises an e-retailers website, every second costs the business money. An IT engineer must be located and available to help as fast as possible. Two way communications enables the business to send an alert to the IT team giving them the option to reply with “available and onsite”, “available and offsite” or “not available”. Organisations can build a clear picture of the incident and prepare for downtime if necessary.

Combined, multi-modality and two way communications transform critical communications from an incident alerting platform into a communications tool where organisations can respond smarter and faster. In situations where multi-modal communications and response templates are deployed together, response rates to messages increase from around 20% of recipients to more than 90%.

Critical communications in action

CLS operates the largest multicurrency cash settlement system in the foreign exchange (FX) market. Launched in 2002 and owned by the world’s leading financial institutions, the organisation operates globally and offers settlement services for 18 currencies. On average, CLS settles USD 5 trillion of payment instructions every day for its clients.

CLS needed a solution that would streamline its IT incident management practices.

After extensive research CLS chose to implement Everbridge’s mass notification and IT incident management tools to provide it with a multifunctional communications platform that could send notifications to high numbers of people and devices in an efficient and reliable way. Everbridge’s platform ensures that in the event of an incident, there is no delay in informing employees and management of the situation and deploying resources to resolve it.

Conclusion

As technology continues to advance, cyber-attacks are on the rise and organisations need to have the tools in their armoury to be able to communicate and recover quickly in the event of a crisis. It is an organisation’s response to a cyber-attack that will determine the severity of its impact. Critical communications platforms can help businesses prepare for a breach to limit downtime and damage. Companies have a duty of care to keep customer information secure. Legal implications could be applied if responsibilities are not fulfilled. An efficient, well-practiced incident response plan can maintain brand reputation and ensure a business is not forever known for the number of customer bank details or thousands of pounds worth of revenue it lost.

Technology

Why technology is key to the future of auditing

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By Piers Wilson, Head of Product Management at Huntsman Security

The Financial Reporting Council (FRC), which is responsible for corporate governance, reporting and auditing in the UK, has been consulting on the role of technology in audit processes. This highlights growing recognition for the fact that technology can assist audits, providing the ability to automate data gathering or assessment to increase quality, remove subjectivity and make the process more trustworthy and consistent. Both the Brydon review and the latest AQR thematic suggest a link between enhanced audit quality and the increasing use of technology. This goes beyond efficiency gains from process automation and relates, in part, to the larger volume of data and evidence which can be extracted from an audited entity and the sophistication of the tools available to interrogate it.

As one example, the PCAOB in the US has for a while advocated for the provision of audit evidence and reports to be timely (which implies computerisation and automation) to assure that risks are being managed, and for the extent of human interaction with evidence or source data to be reflected to ensure influence is minimised (the more that can be achieved programmatically and objectively the better).

However, technology may obscure the nature of analysis and decision making and create a barrier to fully transparent audits compared to more manual (yet labour intensive) processes. There is also a competition aspect between larger firms and smaller ones as regards access to technology:

Brydon raised concerns about the ability of challenger firms to keep pace with the Big Four firms in the deployment of innovative new technology.

The FRC consultation paper covers issues, and asks questions, in a number of areas. Examples include:

  • The use of AI and machine learning that collect or analyse evidence and due to the continual learning nature, their criteria for assessment may be difficult to establish or could change over time.
  • The data issues around greater access to networks and systems putting information at risk (e.g. under GDPR) or a reluctance for audited companies to allow audit firms to connect or install software/technologies into their live environments.
  • The nature of technology may mean it is harder for auditors to understand or establish the nature of data collection, analysis or decision making.
  • The ongoing need to train auditors on technologies that might be introduced, so they can utilise them in a way that generates trusted outputs.

Clearly these are real issues – for a process that aims to provide trustworthy, objective, transparent and repeatable outputs – any use of technology to speed up or improve the process must maintain these standards.

Audit technology solutions in cyber security

The cyber security realm has grown to quickly become a major area of risk and hence a focus for boards, technologists and auditors alike. The highly technical nature of threats and the adversarial nature of cybers attackers (who will actively try and find/exploit control failures) means that technology solutions that identify weaknesses and report on specific or overall vulnerabilities are becoming more entrenched in the assurance process within this discipline.

While the audit consultations and reports mentioned above cover the wider audit spectrum, similar challenges relate to cyber security as an inherently technology-focussed area of operation.

Benefits of speed

The gains from using technology to conduct data gathering, analysis and reporting are obvious – removing the need for human questionnaires, interviews, inspections and manual number crunching. Increasing the speed of the process has a number of benefits:

  • You can cover larger scopes or bigger samples (even avoid sampling all together)
  • You can conduct audit/assurance activities more often (weekly instead of annually)
  • You can scale your approach beyond one part of the business to encompass multiple business units or even third parties
  • You get answers more quickly – which for things that change continually (like patching status) means same day awareness rather than 3 weeks later

Benefits of flexibility

The ability to conduct audits across different sites or scopes, to specify different thresholds of risk for different domains, the ease of conducting audits at remote locations or on suppliers networks (especially during period of restricted travel) are ALL factors that can make technology a useful tool for the auditor.

Benefits of transparency

One part of the FRC’s perceived problem space is that of transparency, you can ask a human how they derived a result, and they can probably tell you, or at least show you the audit trail of correspondence, meeting notes or spreadsheet calculations. But can you do this with software or technology?

Certainly, the use of AI and machine learning makes this hard, the learning nature and often black box calculations are not easy to either understand, recalculate in a repeatable way or to document. The system learns, so is always changing, and hence the rationale that a decision might not always be the same.

In technologies that are geared towards delivering audit outcomes this is easier. First, if you collect and retain data, provide an easy interface to go from results to the underlying cases in the source data, it is possible to take a score/rating/risk and reveal the specifics of what led to it. Secondly, it is vital that the calculations are transparent, i.e. that the methods of calculating risks or the way results are scored is decipherable.

Benefits of consistency

This is one obvious gain from technology, the logic is pre-programmed in.  If you take two auditors and give them the same data sets or evidence case files they might draw different conclusions (possibly for valid reasons or due to them having different skill areas or experience), but the same algorithm operating on the same data will produce the same result every time.

Manual evidence gathering suffers a number of drawbacks – it relies on written notes, records of verbal conversations, email trails, spreadsheets, or questionnaire responses in different formats.  Retaining all this in a coherent way is difficult and going back through it even harder.

Using a consistent toolset and consistent data format means that if you need to go back to a data source from a particular network domain three months ago, you will have information that is readily available and readable.  And as stated above, if the source data and evidence is re-examined using a consistent solution, you will get the same calculations, decisions and results.

Benefits of systematically generated KPIs, cyber maturity measures and issues

The outputs of any audit process need to provide details of the issues found so that the specific or general cases of the failures can be investigated and resolved.  But for managers, operational teams and businesses, having a view of the KPIs for the security operations process is extremely useful.

Of course, following the “lines of defence” model, an internal or external “formal” audit might simply want the results and a level of trust in how they were calculated; however for operational management and ongoing continuous visibility, the need to derive performance statistics comes into its own.

It is worth noting that there are two dimensions to KPIs:   The assessment of the strength or configuration of a control or policy (how good is the control) and the extent or level of coverage (how widely is it enforced).

To give a view of the technical maturity of a defence you really need to combine these two factors together.  A weak control that is widely implemented or a strong control that provides only partial coverage are both causes for concern.

Benefits of separation of process stages

The final area where technology can help is in allowing the separation and distribution of the data gathering, analysis and reporting processes.  It is hard to take the data, evidence and meeting notes from someone else and analyse it. For one thing, is it trustworthy and reliable (in the case of third-party assurance questionnaires perhaps)? Then it is also hard to draw high-level conclusions about the analysis.

If technology allows the data gathering to be performed in a distributed way, say by local site administrators, third-party IT staff or non-expert users BUT in a trustworthy way, then the overhead of the audit process is much reduced. Instead of a team having to conduct multiple visits, interviews or data collection activities the toolset can be provided to the people nearest to the point of collection.

This allows the data analysis and interpretation to be performed centrally by the experts in a particular field or control area. So giving a non-expert user a way to collect and provide relevant and trustworthy audit evidence takes a large bite out of the resource overhead of conducting the audit, for both auditor and auditee.

It also means that a target organisation doesn’t have to manage the issue of allowing auditors to have access to networks, sites, data, accounts and systems to gather the audit evidence as this can be undertaken by existing administrators in the environment.

Making the right choice

Technology solutions in the audit process can clearly deliver benefits, however if they are too simplistic or aim to be too clever, they can simply move the problem of providing high levels of audit quality. A rapidly generated AI-based risk score is useful, but if it’s not possible to understand the calculation it is hard to either correct the control issues or trouble shoot the underlying process.

Where technology can assist the audit process, speed up data gathering and analysis, and streamline the generation of high- and low-level outputs it can be a boon.

Technology allows organisations to put trustworthy assurance into the hands of operations teams and managers, consultants and auditors alike to provide flexible, rapid and frequent views of control data and understanding of risk posture. If this can be done in a way that is cognisant of the risks and challenges as we have shown, then auditors and regulators such as the FRC can be satisfied.

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The Future Growth of AI and ML

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The Future Growth of AI and ML 4

By Rachel Roumeliotis, VP of Data and AI at O’Reilly

We’ve all come to terms with the fact that artificial intelligence (AI) is transforming how businesses operate and how much it can help a business in the long term. Over the past few years, this understanding has driven a spike in companies experimenting and evaluating AI technologies and who are now using it specifically in production deployments.

Of course, when organisations adopt new technologies such as AI and machine learning (ML), they gradually start to consider how new areas could be affected by technology. This can range across multiple sectors, including production and logistics, manufacturing, IT and customer service. Once the use of AI and ML techniques becomes ingrained in how businesses function and in the different ways in which they can be used, organisations will be able to gain new knowledge which will help them to adapt to evolving needs.

By delving into O’Reilly’s learning platform, a variety of information about the different trends and topics tech and business leaders need to know can be discovered. This will allow them to better understand their jobs and will ensure that their businesses continue to thrive. Over the last few months, we have analysed the platform’s user usage and have discovered the most popular and most-searched topics in AI and ML. We’ll be exploring some of the most important finding below which gives us a wider picture of where the state of AI and ML is, and ultimately, where it is headed.

AI outpacing growth in ML

First and foremost, our analysis shone a light on how interest in AI is continuing to grow. When comparing 2018 to 2019, engagement in AI increased by 58% – far outpacing growth in the much larger machine learning topic, which increased only 5% in 2019. When aggregating all AI and ML topics, this accounts for nearly 5% of all usage activity on the platform. While this is just slightly less than high-level, well-established topics like data engineering (8% of usage activity) and data science (5% of usage activity), interest in these topics grew 50% faster than data science. Data engineering actually decreased about 8% over the same time due to declines in engagement with data management topics.

We also discovered early signs that organisations are experimenting with advanced tools and methods. Of our findings, engagement in unsupervised learning content is probably one of the most interesting. In unsupervised learning, an AI algorithm is trained to look for previously undetected patterns in a data set with no pre-existing labels or classification with minimum human supervision or guidance. In 2018, the usage for unsupervised learning topics grew by 53% and by 172% in 2019.

But what’s driving this growth? While the names of its methods (clustering and association) and its applications (neural networks) are familiar, unsupervised learning isn’t as well understood as its supervised learning counterpart, which serves as the default strategy for ML for most people and most use cases. This surge in unsupervised learning activity is likely driven by a lack of familiarity with the term itself, as well as with its uses, benefits, and requirements by more sophisticated users who are faced with use cases not easily addressed with supervised methods. It is also likely that that the visible success of unsupervised learning in neural networks and deep learning has helped our interest, as has the diversity of open source tools, libraries and tutorials, that support unsupervised learning.

A Deep Learning Resurrection

While deep learning cooled slightly in 2019, it still accounted for 22% of all AI and ML usage. We also suspect that its success has helped spur the resurrection of a number of other disused or neglected ideas. The biggest example of this is reinforcement learning. This topic experienced exponential growth, growing over 1,500% since 2017.

Even with engagement rates dropping by 10% in 2019, deep learning itself is one of the most popular ML methods among companies that are evaluating AI, with many companies choosing the technique to support production use cases. It might be that engagement with deep learning topics has plateaued because most people are already actively engaging with the technology, meaning growth could slow down.

Natural language processing is another topic that has showed consistent growth. While its growth rate isn’t huge – it grew by 15% in 2018 and 9% in 2019 – natural language processing accounts for about 12% of all AI and ML usage on our platform. This is around 6x the share of unsupervised learning and 5x the share of reinforcement learning usage, despite the significant growth these two topics have experienced over the last two years.

Not all AI/ML methods are treated equally, however. For example, interest in chatbots seems to be waning, with engagement decreasing by 17% in 2018 and by 34% in 2019. This is likely because chatbots were one of the first application of AI and is probably a reflection of the relative maturity of its application.

The growing engagement in unsupervised learning and reinforcement learning demonstrates that organisations are experimenting with advanced analytics tools and methods. These tools and techniques open up new use cases for businesses to experiment and benefit from, including decision support, interactive games, and real-time retail recommendation engines. We can only imagine that organisations will continue to use AI and ML to solve problems, increase productivity, accelerate processes, and deliver new products and services.

As organisations adopt analytic technologies, they’re discovering more about themselves and their worlds. Adoption of ML, in particular, prompts people at all levels of an organisation to start asking questions that challenge what an organisation thinks it knows about itself. With ML and AI, we’re training machines to surface new objects of knowledge that help us as we learn to ask new, different, and sometimes difficult questions about ourselves. By all indications, we seem to be having some success with this. Who knows what the future holds, but as technologies become smarter, there is no doubt that we will we become more dependent.

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Artificial Intelligence and Speech Analytics are crucial to Financial Organisations’ future

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Artificial Intelligence and Speech Analytics are crucial to Financial Organisations’ future 5

By Richard Stevenson, CEO, Red Box

At the beginning of 2020, when the world was still largely unaware of the looming pandemic that was set to alter so many aspects of our lives and business operations, enterprises across all sectors, from finance to retail, already felt the clock was quickly ticking for them to embark on a radical technological change.

With Industry 4.0 in full swing, Artificial Intelligence (AI) and Speech Analytics are two key technologies that have promised to future proof the financial sector. The benefits of adopting such technologies include the streamlining of entire business processes, but if unlocking the value of voice data was a key goal for banks and financial organisations in the past, 2020 and the coronavirus pandemic has only served to fast track those plans.

The Data Speaks for Itself

We asked 500 CEOs, Directors and Middle Managers across enterprises of varying sizes to relay their thoughts on the importance of AI, Speech Analytics and voice data to their business operations. AI and Speech are already making waves in the financial sector, with banks using voice data to detect and combat fraud at a larger and faster rate than previously possible, and insurance companies fast-tracking their claims processing and underwriting through AI, so some of the research results come as no surprise. However, 91% of those surveyed in banking, insurance and finance already believe that voice data is, or will be, a strategic asset in the near future. This is a huge majority.

Living in such unprecedented times, businesses will be trying their best to leverage every competitive advantage they can, and the adoption of new technology is clearly high up on that list. With customer experience being key to retaining business during times of a crisis, having the right technology to support customers has proven to be a must.

To take the high street bank as an example, customers have, for decades, become accustomed to visiting their local branch. In March, many bank branches across the UK and the world closed for months on end or had their opening hours greatly reduced during the peak of lockdown. With cashiers and advisers unable to talk to customers or provide guidance of sometimes complex in-house machine operation, a whole new way of banking emerged. For those already familiar with modern banking methods – online banking, chatbots and mobile apps – this wasn’t so daunting. But contact centres found that they were dealing with a massive uptick in customer numbers as people were unable to access their traditional banking methods or were worried about their financial situation. Such a huge surge in calls, from customers worried about their mortgage payments or how they were going to deal with their next gas bill, put added stress on contact centre staff who were adjusting, in many cases, to having to work remotely.

Introducing the right AI and Speech Analytics tools and replacing many old-age, antiquated practices, is enabling those in the finance industry to look ahead to a post-pandemic future. With voice data set to unlock major new insights in the customer journey, enable organizations to experience newfound agility, and unlock the potential to improve both the customer and employee experience, all whilst cutting costs and enhancing productivity, the financial organisations of the future are looking to change how humans can be used more effectively .

Making Informed Decisions on AI & Speech Analytics

Adopting AI and Speech Analytics, and maximising the use of generated voice data can create a plethora of benefits to an organisation, however, only 7% of the financial sector currently see speech analytics as a strategic asset. To stay on top of the competition, CTOs and CIOs will often be pressured into making a decision quickly when going to market, and when being presented with endless choices, picking the right software is not only important, it can be game changing.

Without the proper foundations in place or the knowledge on how to maximise the value of corporate purchases, organisations shopping for new tools need to put the data they’re currently generating under the microscope. With such promise, nearly two-thirds of businesses (62%) are still failing to use transcribed voice data to fuel their AI engines. Organizations that are interested in adopting this new technology must remember that AI and analytics tools are fueled by high quality data, i.e. the data must be extracted, processed, stored and analysed in the most optimal way – that’s where the journey to extract value from AI and Speech Technology tools begins.

Unlocking the Full Potential of Voice Data

Captured voice data is the richest and most human source of insight, and most organisations in the financial services sector are already generating this at an incredible volume for compliance reasons. The pandemic has made C-Level executives Directors and Managers increasingly aware of the strategic importance this data source can have when fed through AI solutions.

Now that we are being pushed to digitization faster than ever before and entire processes once dealt with in person are being transferred to the call centre, organisations have never processed this much voice data. A single person, or team, can only go through such vast data sets with a helping hand from technology, making AI the next logical step to streamlining the customer and employee experience, and indeed the business as a whole. Correctly adopting AI and feeding it with high quality data sets will help steer organisations into a technology-enabled future. To remain relevant and competitive during and after this global pandemic, one thing is certain: companies must act now to better leverage what’s effectively one of their most valuable and strategic assets.

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