SOFTWARE SUPPLEMENT
31 October 2020
JOHN MC LOUGHLIN CEO, J2 Software
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nother day, another data breach. South African businesses are becoming more susceptible to cyberattacks and seem to be easy targets for criminals. Data breaches are now a common phenomenon, with Nedbank, Momentum, Lombard Insurance, Experian and Stefanutti Stocks making headline news. Who is the next victim to be made public? The truth is, this is not new – there has been an ongoing spike in cyberattacks that continues to grow from year to year. It is only recently that businesses are being exposed in the media. These publicly known breaches are only the tip of the iceberg. Cybercriminals are successfully infiltrating and taking down systems on a daily basis. Until businesses take proper action, one can expect a continued increase of successful attacks. Many small businesses assume they are too small to be attacked, but the truth is businesses of all sizes are targets. A cyberattack on an SME will often have a devastating effect and possibly mean the end for them. More and more SMEs are targeted as they are often easier to access because little or no attention is given to cybersecurity. Gartner Research predicts by 2024, personal liability will fall directly onto many CEOs for failing to protect systems from cyber incidents. It believes that CEOs will no longer be able to plead ignorance or retreat behind insurance policies. The financial
DATA BREACHES ARE BECOMING MORE COMMON impact of cyber-physical security (CPS) attacks, resulting in casualties to human life, is predicted to reach over $50bn by 2023. Furthermore, poor advice and lack of understanding means that a small business will have a false sense of security, with only the free anti-virus software between them and a cyberattack. Many SMEs do business with larger firms, and this is another reason that the SME is a very valuable target for cybercriminals. Account takeover is rife, and weak passwords, or the reuse of passwords, is a contributing factor. Once an attacker has the credentials, all they need to do is wait. They set rules, forward emails and add themselves to management groups – waiting for the right piece of information to target their victims. We recently discovered, in a pool of over 400 mailbox rules on Microsoft 365, there were four malicious rules configured that scrape for financial information and then forward the information out to a Gmail account. These rules were in place for some time at this company and they were unaware of it. The rules were set using known user credentials and were never checked. Visibility of real and available sources of information provide visibility to combat the growth in cybercrime. We recommend that you get visibility across data, machines, applications and people to understand what is really happening across your environment.
Focusing on the network is simply not sufficient – this is evident with the spate of breaches in the news each day. Businesses must push towards a usercentric approach to security. The users are the ones accessing information and these are the places that the attacker will target. Your network is where your user is. Increased visibility is critical with the remote workforce and changing office landscapes. It’s a myth that cybersecurity is unaffordable, and this misconception is driven by fear. The fact is that some businesses are taking advantage of the lack of knowledge and fear to overcharge their customers. We prefer to remove the ‘fluff ’ and get things done. There is no value is deploying tech for the sake of tech and then not doing the basics. Covering the basics of cyber-resilience will ensure that you can properly maintain, monitor and prevent cyberattacks. Using a combination of proven tools and services, cybersecurity is achievable, whether you are a listed multinational or a family-run business that operates from the dining room. Finally, partner with a reliable service provider to ensure increased visibility and report to stakeholders. Bolster your cyber-defences by running a simple, comprehensive and effective cyber-resilience program.
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J2 Software is a security-focused African technology business founded in 2006 to address the need for effective cybersecurity, governance, risk and compliance solutions in Africa.
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TODAY’S ADVISER NEEDS AN EFFICIENT, EFFECTIVE, END-TO-END SOFTWARE SOLUTION TO MEET CLIENT EXPECTATIONS
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any financial advice practices, no matter their size, face similar challenges: • to deliver the best possible client experience • to provide dependable, high-quality financial planning advice based on accurate data and calculations • to automate repetitive and timeconsuming tasks to improve efficiencies and increase client satisfaction.
efficiency with delivering against increasing client expectations and meeting regulatory requirements,” he adds. “To get this right, financial advisers should have software that helps them manage the entire advice journey – from lead capture to ongoing reviews – as well as engage with clients digitally, and safely store client data and documentation.”
Flexible, configurable and modular Iress has used its extensive experience in To meet these goals, financial advisers financial planning and advice technology need comprehensive financial advice and to evolve its software into a complete and investment management software that comprehensive technology platform. enables them to digitise and streamline Xplan is built to fit different advice their processes, while models and business delivering complete, requirements, as RUNNING A compliant and highwell as being flexible, quality service and FINANCIAL ADVICE configurable and outcomes to the client, BUSINESS UNDER modular. says Barrie van Zyl, Supporting the CURRENT MARKET delivering of advice Head of Account Management for Iress, across the entire CONDITIONS IS South Africa. process, Xplan is COMPLEX “Running a financial scalable to suit advice advice business under current market businesses of any size. Xplan streamlines conditions is complex, with firms business processes and improves required to balance the need for efficiencies in every facet of the business,
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with all client data and documentation stored in a single system, as well as workflow management capabilities, powerful calculator, portfolio management and modelling tools, and comprehensive reporting. An open ecosystem Iress offers over 450 available integrations, including data feeds, applications, research platforms and gateways. Through Iress Open, Xplan integrates with leading technology and data providers to give advisers choice and flexibility. This includes both standard and custom integrations, enabling clients to determine what makes up their technology ecosystem, with Xplan at the core. Built on user insights To unlock efficiencies for users, a collaborative software design approach is available through Iress Labs. This means that shared user experiences shape the design and development process for future functionality. Built for better advice Delivering a quality client experience
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is key, with an increasing demand for digital channels during this time of remote working. Iress’s digital Client Portal allows advisers’ clients to view their real-time consolidated investment and insurance portfolio online, and has recently become an even more important feature for advisers. As a powerful client database and relationship management system, Xplan provides the tools to stay close to clients and help them maximise financial outcomes. Iress’s full suite of financial advice and investment management software provides better ways to track revenue, analyse data, source and compare the right financial products, and deliver quality advice more efficiently. Ready to reduce administration, maximise business opportunities and deliver high-impact advice? Find out how we can help at www.iress.com.
Barrie van Zyl, Head: Account Management, Iress
