One fallout of WFH is its impact on the use of cloud services. According to data shared by Microsoft, its cloud service has seen a high 775% growth in usage during the time when corporates adopted WFH on a large scale. Internet security services provider McAfee carried out an anonymous study of cloud usage by more than 30 million of its cloud users worldwide between January and April 2020. The study revealed that overall enterprise use of cloud services spiked by 50% with manufacturing and financial services companies increasing the most; collaboration services saw an increase of up to 600% in usage with education driving this increase, while government and financial services closely following; and external attacks on cloud accounts increased 630%, with transportation, government and manufacturing verticals most affected.
The study found that cloud traffic from unmanaged devices doubled across all verticals, which presents an increased source of risk stemming from these devices accessing cloud services from outside corporate-managed networks. There is no way to recover sensitive data from an unmanaged device, says the study, so this increased access could result in data loss events if security teams are not controlling cloud access by device type.
This story is from the August 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
It's going to be a 'world' of CBDCs
Practically, every central bank in the world is testing and readying a CBDC system:
THE AI COMPASS
Artificial Intelligence has risen to be the hottest topic of discussion today. It is expected to impact everyone, and the impact could exceed that of war, global warming, supply chain disruptions, geopolitics, and much more.
Fintech and Neobank under the same Umbrella
It was started in 1902 to build what came to be called Israel:
Small Beginning for a Big Opportunity
AMU Leasing's focus on serving the underserved market of individuals and fleets looking for financing for electric 3-wheelers and 2-wheelers:
NBK sparks off a digital banking wave
Kazakhstan's banks are striving to keep pace with global developments in digitization:
Banks build huge NextGen tech architecture
Bank of Maharashtra, IDFC FIRST Bank and Axis Bank are flexing technology muscle to beat the competition:
Rural India - A major source of women deposits
'The Trinity Act' is a report, authored by Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser at State Bank of India. It presents an interesting analysis on women deposits:
Top 10 Emerging Technologies In BFSI
INTRODUCTION - In the past decade, the financial and banking industry has undergone significant transformation due to rapid technological evolution. The widespread adoption of the internet has propelled digitization, compelling the Banking, Financial Services & Insurance (BFSI) sector to embrace innovative technologies.
FI, Digitization, Open Banking & Human Connections - WOCCU 2023
Тhe 2023 Conference World Credit Union in Vancouver, British Columbia, saw the World Council of Credit Unions (WOCCU) discussing the potential of the credit union cooperative model to facilitate financial inclusion for marginalized communities amidst the digital revolution.
Bank of Japan conducts CBDC PoC Phase 2
The Payment and Settlement Systems Department of the Bank of Japan (BOJ) conducted its Proof of Concept (PoC) Phase 1, building an experimental environment using several design alternatives for a Central Bank Digital Currency (CBDC) ledger as the foundation of a CBDC system, to evaluate whether its basic functions could be processed appropriately.