Posts tagged: GDPR

Why Phishing is Still a Dangerous Form of Cyberattack

Colin McMahon
 Nov 20, 2018

Stories about data breaches leaking personal data and damaging company profitability continue to make headlines. Much of the focus in these pieces includes the sophisticated forms of cyberattacks that are involved. For example, the WannaCry attack of 2017 was accomplished with a ransomware worm while the infamous Equifax breach reportedly came from software exploitation.

Incidents like these highlight just how threatening sophisticated forms of cyberattacks can be in the professional space. At the same time, however, focusing solely on software updates and worm virus protection is not enough to keep a company safe from a data breach. According to cybersecurity firm Wombat Security, 76% of companies have reportedly been victims of phishing attacks within the past year.

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Which industries Need the Most GDPR education?

Colin McMahon
 Nov 13, 2018

The General Data Protection Regulation (GDPR) is not new. In development for over four years, the laws associated with this act recently went into effect in May 2018. Designed for the EU, the GDPR is focused on the issue of consumer privacy in the digital age. Specifically, it holds organizations that collect consumer data more accountable for said information, and gives the consumer more power in determining exactly which data is collected. Obtaining informed consent is also a priority.

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Highlights from DSF18: The DOCUMENT Strategy Forum

David Stabel
 Jun 12, 2018

Celebrating its 10th year, the 2018 DOCUMENT Strategy Forum (DSF18) was held last month (May 21 – 23) in downtown Boston, MA. This peer-driven, peer-reviewed, and peer-produced conference is designed to educate professionals on how to deliver and manage customer communications, customer engagement, and information management. As was the case in previous years, the 2018 event offered a wide array of educational sessions, executive round tables, panels, and inspiring keynotes. Visitors had plenty of opportunities to network with industry peers or any of the 44 exhibitors in attendance.

This year’s opening keynote speech was given by Ian Khan, a world-renowned speaker and author. During his keynote entitled “Tomorrow 4.0: Are You Ready for the Fourth Industrial Revolution?”, he asserted that man and machine are coming together in new and unprecedented ways in today’s era of digital disruption.

Industrial revolutions are momentous events, and many experts believe that only a few have occurred to date. The first was triggered in the 1700s by the commercial steam engine and the mechanical loom. The second took place prior to World War I with the harnessing of electricity and mass production. The third occurred when technology shifted from analog electronic and mechanical devices to digital technologies and computers. A number of industry strategists now believe that we have entered the fourth revolution, which builds on the third revolution. It is driven by interconnected digital technologies and has been marked by technological breakthroughs in a number of fields.

During his keynote speech, Khan hinted that we might actually be on the cusp of a fifth Industrial Revolution, which is all about Artificial Intelligence (AI). He believes that many of today’s emerging technologies will impact industries more profoundly in the very near future than they have in the past 500 years.

Timur Kalimov, Vice President of Products and Services at HyperScience, expanded on Khan’s keynote by talking about the claims that vendors make about AI. When it comes to Artificial Intelligence, Kalimov suggests being skeptical of vendors that fall into the following categories:

  • “Singularity” vendors basically claim that their AI solutions can handle everything in terms of performing machine learning. For machine learning to work well, though, the AI solution must develop a painstaking understanding of the specific business problems that the company is working to address. Unfortunately, none of today’s AI solutions have been able to master this capability.
  • “Trainer” vendors promise to deliver a working product after the business has provided its customer data. The challenge is that this data will not usually have been collected with machine learning in mind, and it will often be subject to strict security and privacy constraints. Furthermore, since machine learning is  uncertain by its very nature, it is impossible to know if a functional solution is even a reality at the outset.
  • “Perfectionist” vendors promise 100% automation with no human involvement. The issue with this approach is that neither people nor machines are perfect. The reality is that machines will need human supervision when real-world problems arise.

Another concept that was front and center during the sessions at DSF 18 was the European Union’s General Data Protection Regulation (GDPR), which was officially implemented on May 25, 2018. The legislation is expected to influence the formation of data localization laws on a global basis, and it will likely have a major impact on where and how enterprises do business. During a Compliance Power Session during DSF 18, Lauren Barnes (S&P Global), Kurt Neumann (Prime Therapeutics), Tom Serven (State Street), and Lane Severson (Doculabs) spoke about how today’s businesses can prepare for regulations like GDPR. Although this is a European initiative, GDPR is expected to have wide-ranging implications for companies on a worldwide basis.

According to survey data on Marketing Communications from Keypoint Intelligence – InfoTrends, only 41% of respondents in North America and 56% of those in Western Europe had already taken steps to prepare for GDPR. Most respondents were at least aware of the regulation, but the share of respondents who were unaware of it was considerably higher in North America than it was in Europe.

Another common theme that came up multiple times during the educational sessions at DSF 18 was the commoditization of the customer experience. Today’s businesses are strongly focused on delivering a better overall experience to increase customer satisfaction, engagement, and loyalty. In response to this, a number of vendors are developing solutions that are designed to improve specific parts of the overall customer experience.

Alan Pelz-Sharpe of DEEP ANALYSIS presented a session on the impact of blockchain during the PFMA Annual Conference, which was co-located with DSF 18. Pelz-Sharpe believes that blockchain—a shared digital ledger for recording the history of transactions—will be the biggest disruptor of business information management in decades.

Blockchain is distributed across a network, so the entire ledger is stored multiple times in various locations. Every computer that is part of the blockchain network will contain a complete copy of the entire ledger. This method of storage is absolutely secure because the ledger in the blockchain is immutable and cannot be changed. This makes it ideal for documenting contracts, legal documents, and other critical documentation along a variety of supply chains.

The 10th annual DOCUMENT Strategy Forum placed a strong focus on transforming processes, the changing regulatory landscape, and disruptive technologies. Artificial Intelligence, regulations like GDPR, the customer experience, and blockchain will continue to shape and reshape our industry. Industry players must keep pace with and react to these new and emerging trends, and educational events like DSF are a great way for service providers and vendors to ensure that they can do just that!

The GDPR Implementation is Here… Are You Prepared?

Will Morgan
 May 24, 2018

According to PYMNTS.com, e-Commerce related fraud attacks have risen by 30% in the past year. Each high-profile security breach, data leak, or hacking scandal has heightened consumer awareness about the vulnerability of their personal information, and this has placed businesses in a difficult position. On one hand, enterprises need as much consumer information as possible to deliver relevant, personalized communications that can enhance the overall customer experience and ultimately improve satisfaction. On the other hand, these same enterprises are also obligated to protect their customers’ privacy while remaining in compliance with an increasingly stringent and complex web of regulations that instituted and enforced by governments working to protect their citizens. Today’s businesses must strike a balance between harvesting consumer information while also keeping it safe, and this can be a substantial challenge.

The European Union’s General Data Protection Regulation (GDPR) goes into effect on Friday, May 25, threatening to make the balance that enterprises are struggling with even more precarious. The legislation is expected to influence the formation of data localization laws on a global basis, and it will likely have a major impact on where and how enterprises do business. GDPR, which replaces “Privacy Shield” in the European Union (itself a replacement for the “Safe Harbor” law), returns ownership of personal data (data that can be used to directly or indirectly identify an individual) back to the continent’s consumers and grants them sweeping control over its use. Any organization that gathers, archives, processes, or manages the personal information of one of the EU’s “data subjects” is now bound by this new regulation. Read more »

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