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16/11/21 BLOG THE IMPORTANCE OF CYBERSECURITY IN BUSINESS Amid the COVID-19 pandemic cyber-attacks rose by almost 300% in 2020, so says a study by CERT-In. The spike can be linked to the increased online activity due to lockdown imposed to check the spread of the pandemic. Businesses are increasingly taking steps to ensure tight cybersecurity. According to a survey by data platform Statista, the banking, financial services, and insurance sector had the highest expenditure on cybersecurity, amounting to 500 million US dollars in 2019. This is estimated to increase to 800 million US dollars by 2022. The second highest expenditure is made by the IT services sector- 430 million US dollars.

Recently Accenture fell prey to a cyber-attack with a 50 million US dollar price tag by a ransomware group LockBit. They later claimed that an attack on Bangkok Airways was made possible by the Accenture hack. Though Accenture and the airlines claim that the attack has had no impact on their operations, it has served a huge blow to the reputation of these organizations.

This rightly points out why cybersecurity must be a top priority for all organizations. Businesses of all sizes are hit with cyberattacks. In 2020 alone Marriott, Twitter, Garmin, SolarWinds, and others were hit with data breaches – a fact that is extremely concerning.

The examples above highlight the need for businesses to protect virtual interests from malicious attacks by implementing strong security measures. Businesses rely on technology to be connected at all times. When the channels of communication are jeopardized, it can have severe consequences for the company.

Tips to strengthen cybersecurity Making employees aware The majority of data breaches in 2019 are the result of human error. This troubling statistic, however, has a silver lining. Training staff on how to identify and respond to cyber threats could prevent most data breaches.

Implement two-factor authentication (2FA) It's important to think about how to protect both your systems and the accounts of your customers. Using 2FA is one way to do this. It means that PIN or biometrics should be provided to log into the system. Alternatively, you can use smart cards to restrict access to just a few. If that involves a significant investment, you can also use strong passwords that are hard to guess by cybercriminals.

Keep Updating Your Policies Most businesses use outdated security policies that fail to keep up with the latest technologies.

Having a well-designed and well-planned security policy lays the foundation for a safe organization. Therefore, training your employees on those policies and updating policies can help prevent cyber attacks.

Refresh Security Controls In case your business has not yet reviewed its network security controls, it is high time that you do so. If not, try updating or even considering replacing it. This will enable you to monitor users and ensure their safety. Secondly, doing a sanity check before opening an attachment, reading the email, and checking the ID can make the business safer. This will help you avoid phishing and other cyber-attacks intended to take advantage of your trust.

The realization that no company, big or small is immune to hacking is the first step in ensuring cybersecurity to your business. Businesses like Skillmine Technology Services offer Cyber security consulting and services. It's good news that India has entered the top 10 of global cybersecurity ranking of countries, ahead of China and Pakistan as per UN’s ITU Global cybersecurity agenda. Collaborative work is required to create safe cyberspace. Steps like creating a robust Nation Security strategy, democratizing cybersecurity, creating a robust innovation ecosystem are all steps that can help us move in this direction.

15/11/21

WHAT IS CYBER SECURITY? EVERYTHING YOU NEED TO KNOW Digitization has opened up a world of opportunities for businesses and enterprises. With new technologies come new vulnerabilities and challenges. A study by ID Theft resource Center states that between January 1, 2005, and May 31, 2020, there have been 11,762 recorded breaches. It has become imperative to have tight security to protect your sensitive information.

Cyber security is the body of technology processes and practices designed to protect networks, computer systems, and programs from frivolous attackers.

Here are some compelling reasons why cyber security is critical for businesses: Rise in cybercrimes Hackers and cybercriminals are on the lookout for ways to exploit data and profit from businesses. According to the new Cost of Cyber Crime study by Accenture and the Ponemon Institute, the average cost of cybercrime for a company has climbed 23 percent over the

previous year, reaching US$11.7 million. The survey also indicates that the average cost of a security breach has climbed dramatically, to $3.86 million. The likelihood of cyber dangers and risks is continually increasing as new technologies are introduced.

IoT Devices are Increasing in Number Our reliance on connecting everything to the internet has grown as part of the drive to develop smart cities with smart devices. The emergence of IoT (Internet of Things) technology has not only simplified and accelerated our chores, but has also created a hole of new weaknesses for hackers to attack. If these internet-connected gadgets are not properly controlled, they can serve as a commercial entryway for hackers and cybercriminals!

Overcoming the Security Gap The most crucial parts of any firm are human resources and information technology. Despite their interdependence, there has always been a security gap between the two components. It is critical to provide the personnel working in a business with the appropriate cyber security awareness training to close this gap. This goes a long way in developing a cyber-resilient working culture in the firm.

Cyber Risks Are Expensive Today's cyber-attacks are not only increasing in quantity, but also in the seriousness of the harm they do. If suitable security precautions are not followed, these cyberattacks can prove to be incredibly costly for any firm. According to the estimate, cybercrime will cost the world $10.5 trillion yearly by 2025 as more commercial infrastructures link. Furthermore, it is not only the money loss that could be incurred but also the firm's reputation and a loss of client confidence in the company.

Types of Cyber security Network security This form of security refers to the safeguarding of your computer network from both internal and external threats. It employs a variety of approaches to keep dangerous malware and other data breaches at bay. To prevent assaults, network security employs a variety of protocols while allowing authorized users to access a secure network. A firewall, which functions as a protective barrier between your network and external, untrusted network connections, is one of the most critical levels for network security. Based on security settings, a firewall can block or allow traffic into a network.

Application Protection This is the procedure for safeguarding sensitive data at the app level. The majority of these security measures should be in place before the app is released. Application security may include measures such as requiring the user to enter a strong password. It may also contain

features like two-factor authentication, security questions, and other safeguards to guarantee that a person is who they claim to be.

Cloud security Due to the large amounts of data kept on the cloud, it must stay safe at all times. Business services stored in a data center can also be included under cloud security. Consider the enduser interface, data storage security, backup plans, and human error that exposes the network when ensuring that appropriate cloud security measures are in place.

Operational Security The risk management procedure for all internal cybersecurity is what operational security refers to. It frequently employs many risk management officers to ensure that if a user's data is hacked, there is a backup plan in place. Employees must be taught the best practices to keep personal and commercial information secure as part of operational security.

Many businesses offer cyber security consulting services. Skillmine Technology Consulting services is one such organization that helps to create a robust security framework for your business. Skillmine designs insightful security strategies as a part of its cyber security consulting services.

CERT-In has observed over 6.07 lakh cyber security incidents in the first 6 months of 2021.

12,000 of them were related to government organizations. This is alarming. A comprehensive risk management approach needs to be devised to understand and mitigate cyber threats and make the internet a safer place for businesses.

14/11/21 BLOG FIVE REASONS WHY DIGITAL TRANSFORMATION IS ESSENTIAL FOR BUSINESS GROWTH The development of new technology has aided in the advancement of innovation and the transformation of businesses. The disruption of business ecosystems as a result of COVID-19 necessitated the deployment of digital transformation. According to Dell's Digital Transformation Index 2020, which polled over 4000 business leaders around the world, 80 percent of all firms prioritized digital transformation in 2020.

In today's environment, technology has evolved into a critical strategy for an organization's growth. Businesses can use digital transformation to match their business models with customer expectations. According to a survey by data platform Statista, spending on digital transformation in 2022, is projected to reach 1.78 trillion U.S. dollars. Between 2020 and 2023, direct digital transformation investments are forecast to amount to almost 7 trillion U.S. dollars.

Here are a few reasons why digital transformation is essential for business growth: Enhances Customer Experience: Customer experience is paramount for any business. Customers are constantly on the lookout for valuable and simple solutions to their problems, and they expect them to be delivered quickly. A survey by Harvard Business Review has found that 40% of respondents consider customer experience as their top priority for digital transformation. Organizations are becoming more conscious of this, and they are devoting more time and resources to developing layered digital transformation strategies to improve their customers' experiences.

Generate insights based on data: Metrics can be tracked easily and accurately with the help of digital technology, which also promotes transparency. These insights enable firms to improve their processes and get better results. Such data-driven insights aid in better understanding customers, improve corporate strategies, aid in improved decision-making, and provide the groundwork for a higher return on investment. Many Digital transformation and IT consulting services are tapping the potential of data in accelerating business growth.

Effective Collaboration: Organizations can identify inefficiencies in processes, thanks to digital transformation. It also allows for open communication amongst the many parties. It provides a fantastic chance for executives to set organizational goals and create roadmaps for individuals and teams to achieve digital consistency.

Improve Profitability, Agility, and Innovation: When a company's activities are digitalized, it saves money and generates more revenue. An MIT study points out that companies that have embraced digital transformation are 26% more profitable than their peers. Reduced manual intervention, faster and error-free operations are inextricably connected to digital transformation. This encourages flexibility and creativity in responding to consumer needs. Skillmine Consulting Services has been able to employ digital transformation effectively to generate value for customers.

Besides, core company departments, like finance and HR, can benefit from digital transformation by moving away from manual procedures and automating crucial areas like payroll, allowing leaders to focus on larger business prospects. Better cooperation within and between organizations, more personalized customer engagement, higher staff innovation and productivity, and more accurate data insights are all benefits of transformation, all of which help a firm expand and thrive post-pandemic.

BLOG Why should you prioritize cyber security in digital transformation?

Security is regaining priority in digital strategies as businesses adapt to an increase in remote working due to COVID-19. Cybersecurity has become the top technology priority for digital transformation projects. In today’s world, the efficiency in embracing new technologies defines a company’s competitiveness. As businesses go remote, many businesses have transferred their data to the cloud, to add value to themselves and their customers.

Over two years since the pandemic struck, many companies have fallen prey to malicious attackers on the cloud. An incident of cyber-attack is capable of disrupting the company’s strategy of transformation and development. It is critical to ensure continuity of the company’s processes while providing a tight security net to its data.

Here are a few reasons why you should prioritize cybersecurity in digital transformation: 1. Concerns over the security of digital assets: Moving to remote work was a revelation in itself for businesses. Companies were confronted with a lot of challenges and risks. More than 1.1 million

cyber-attacks were reported across India in 2020 as per a study by data platform Statista.

Managing a detailed inventory of digital assets and ensuring their protection is not an easy task. Any security leak might disrupt the company’s daily operations. To avoid that, the digital assets need to be accounted for and secure.

2. Security concerns on the cloud: Moving to the cloud offers companies significant flexibility as well as potential security benefits. Still, there are certain challenges, most commonly when a company becomes dependent on only one cloud service provider. Businesses must have a deep understanding of how their company is using and securing the cloud. It is important to learn in advance what solutions and formats are utilized by the supplier, as well as their compatibility with formats by other vendors, and to assess the cybersecurity level of this supplier. A DTO can arrange this internally or hire third-party IT experts for help.

3. Cyber-incidents due to human mistakes: Significant benefits are offered as humans are involved in digital transformation. But this mustn’t prevent us from neglecting the cyber-incidents that can take place due to human mistakes or lack of expertise. It is therefore pertinent to developing skills through training, to operate new technologies securely.

4. To ensure business continuity: To avoid business disruption, new ways to cyber-incident management must be developed. Regular assessment of the incident response plans, regular crisis-management training for all members, including the board can be followed.

Digital transformation is a challenging but manageable task. Cybersecurity must be given priority in the digital transformation process to ensure that the business adapts to the change in technology, without

compromising on security. This will facilitate a secure digital transformation and stable development for the business for years to come.

BLOG: DIGITAL TRANSFORMATION- A WINDOW TO THE FUTURE Digital transformation is a necessary disruption; no doubt on that. It entails a fundamental change in the way an organization delivers value to its customers. The raging pandemic led to an increase in the debate around digital transformation. This transformation is a global phenomenon and can’t be restricted to operations alone. It involves internal and external operations, including sales and marketing, and other efforts. To adapt to the changes brought in, companies must rethink their strategies.

The heightened importance of digital transformation is evident from a survey conducted by McKinsey. A large proportion of 64% of the business executives surveyed opined that companies must build new digital businesses. This invariably points to the current scenario where businesses have progressed miles ahead in a matter of months. By adopting digital technologies, companies have sped up their advancement by years. Businesses in the field of IT and Digital Transformation Consulting Services have realized the immense possibilities of technology and are tapping into its potential.

The new environment that digital transformation has unraveled, prescribes one to stop looking at employees, infrastructure, and applications as separate entities. They should be viewed holistically, as inter-dependent elements. The customer is at the center of the system, with the other components branching out from the center. A Harvard Business Review survey suggests that 72% of respondents believed that digital transformation creates opportunities to create better relationships with customers. As the adage goes, ‘Customer is the King’. It is the tools evolved through the digital transformation that has helped satisfy the customer needs and requirements. With the advent of modern technologies like Artificial Intelligence, businesses can automate product customization and even run tasks remotely, as we have seen during the pandemic.

The post-pandemic world is sure to filter out the smart companies from the rest. To stay relevant, companies have to formulate smart strategies to bring customer satisfaction.

Businesses that don’t leverage the latest in IT Consulting Services and Digital Transformation Consulting Services would be lagging.

Let’s understand the impact of digital transformation on the industry at large.

Digital transformation in the industry enables businesses to make optimal use of technology to simplify their daily routine. It offers the opportunity to combine new skills, technologies to maximize profit and customer satisfaction. By encouraging innovation, digital transformation

opens up new avenues of research and development. Cutting-edge technologies give competitive advantages to businesses, which help them create better products for the customers. Above all, better collaboration, decision making, and mobility can be achieved by businesses by climbing into the train of digital transformation.

In short, it can be rightly said that Digital Transformation is a window to the future.

Businesses are reinventing and empowering themselves with the help of digital transformation.

Swedish furniture company IKEA has a success story in this regard. Recognizing the wind of change, IKEA embraced digital transformation. It entered the smart home sector by developing its products. Digital transformation is not only helping businesses design advanced products, services, and solutions but novel revenue streams as well. Despite this, some organizations remain hesitant, unsure of what the future of digital transformation holds. They are afraid that disrupting their current business models will throw the system into disarray.

A business that has been leading the way in digital transformation is Skillmine Technology Consulting. The range of Digital Transformation Consulting Services has helped Skillmine place itself as a leader in IT and Tech.

Everything said, digital transformation poses a few challenges, that are not always about the availability of technology. According to a PwC survey, 45% of executives don’t think their company has the right technology to implement a digital transformation. Internal factors like resistance from the employees, lack of digital expertise, the structure of the organization, budget limitations, and poor digitization strategies are a few reasons that can stall your business’ digital transformation journey.

Being a part of the globalized world that sees new players emerging every fraction of the second, it is necessary to stay connected like never before. Businesses are in neck-deep competition. And to survive and thrive in such a highly competitive environment, it would be an understatement to say that keeping up with the latest in technology is a requirement. Today, digital transformation is not a choice. Come out of your cocoon, reinvent yourself to explore the world of possibilities that digital transformation puts forward.

BLOG KNOW THE IMPORTANCE OF DIGITAL TRANSFORMATION IN YOUR BUSINESS! Much has been spoken and written about digital transformation that is a part of our everyday life now. But only when you sit back and think can you comprehend the plethora of changes it has introduced in our lives.

Digital transformation doesn’t concern only technology and machines. It is also about the people. And no digital transformation journey can yield true results, if it lacks the right digital transformation mindset.

So, What does digital transformation look like?

Digital transformation is a transformation in every sense- a change in business processes, marketing, culture, sales, and customer service. It has revamped the way we plan, strategize and deliver IT and Digital Transformation Consulting Services.

Digital transformation is a cumulative terminology for the phenomenon where the line of separation between the physical and the virtual worlds is blurred. The evolution of technology is what has helped design new digital models that align with the needs of employers and employees.

Let’s take a look at some concepts that go hand-in-hand with digital transformation: Digitization: How far have we come in data storage? Not so far away in the future was a time when all information was stored in the form of files, documents, and records on wooden shelves. Come to the era of computers and we have information stored as files and documents on the system.

Digitalization: An IDC survey indicates that 65% of global GDP is expected to be digitalized by 2022.

Digital technology made many unimaginable things possible in unimaginable ways. The advancement in digital technology has made businesses look at everything from a new perspective while encouraging innovations. Take the example of The Taylor and Francis (T&F) Group, a UK based academic publisher with offices across the US, the UK, South-East Asia and Australia. It engaged with a digital publishing solutions service provider to digitize the entire T&F frontlist and backlist. This created fresh opportunities for T&F to deliver content to a wider audience and helped to sell the books online.

Digital innovation: As machines get smarter with new technologies like Artificial Intelligence, Machine learning, the importance of digital innovation has shot up. Technological progress is preceded by innovation. Research and development in the areas of new technologies have seen an increase with the changes that digital transformation has brought in.

Social media: A new platform formerly considered a subsidiary media has now tremendously influenced and impacted the way businesses look at marketing their products and services.

Social media has become a channel to reach out to a greater audience, engage with them, sell your products and achieve validation. It would be the same as shutting shop if a business doesn’t have a social media presence.

Skillmine Technology Consulting has been leading this trend by bringing in new technologies in designing products and services. Skillmine has made the right use of data science and cloud to make use of opportunities that digital transformation opens up. The advancement in digital

technologies has raised the bar of customer aspirations. Hence it’s only natural on their part to crave equivalent service experience from the business.

So now that you know why digital transformation matters in your business journey, here are a few benefits of digital transformation: • Precision in data generated helps businesses make better products and decisions concerning consumer behavior. A study by McKinsey suggests that digital transformation and a focus on customer experience can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%.

• It ensures more opportunities to share intelligence across your entire business. A rvey by MIT suggests that digitally mature companies are 23% more profitable than their less mature peers.

• Enhanced collection of data helps you make use of data to generate more quality leads, thereby engaging closely with customers. A study by Salesforce says that customers are 2.1x more likely to view personalized offers as important versus unimportant.

• It enables analytics tracking, marketing automation, and dialogue with customers. A survey by Deloitte shows that two-thirds of a company’s competitive edge comes from its customer experience.

All that said, like any transformation, there are a few challenges that digital transformation brings in. The lack of the right competency, technology, and support can handicap the efforts of the business. Hence understanding what digital transformation is and planning to shape the business’ future accordingly will enable a smooth sail in the digital transformation journey.

BLOG WHAT ARE THE TOP CHALLENGES IN DIGITAL TRANSFORMATION? As businesses continue to be more digitally-oriented, and the employee experience is driven by technology, they are bound to face challenges around the process of digital transformation.

These challenges tend to slow down Digital Transformation and IT Consulting Services.

What are these challenges and how do businesses tackle them effectively?

1. Digital Adoption: Introducing a new software tool to your employee is equivalent to onboarding him. Digital transformation can be successful only when the employee experience is placed at the center of all the processes. The tool would go useless without true adoption. 70% of digital transitions fail, most often due to employee resistance, according to a survey by McKinsey. It’s necessary to embrace the fact that there is a gap between humans and technology, after all. Enable customer service, pieces of training and provide actionable insights to your employees to ensure that they are on the same page.

2. Cultural mindset shift: Digital transformation not only involves technology but people who make use of that technology too. Since it’s concerned with people, it involves mindsets as well. It’s about transforming the way we live and work using digital technology, without losing sight of the human experience. It’s a change in work culture. Hence, a lack of a digital mindset may lead to resentment towards a more technological workspace. According to an Accenture poll of 8,300 senior business and IT professionals, nine out of ten corporate leaders are apprehensive to achieve success in the digital sphere.

It is important to ensure that the employees understand the benefits that a technologically driven business brings to both the parties- employees and customers. The employees must be motivated to work with new technology. This shift in mindset must begin at the board level and trickle vertically downwards to the staff.

3. Complexity: Technology is constantly evolving, and new tools are being dispensed to help you navigate and optimize the existing tools. The complexity of technology is such that at times existing tools can be fully used only with the help of new tools. Multiple layers to the system can make the system complicated, reducing its productivity. You can overcome this digital transformation challenge by simplifying and streamlining your digital systems. Look at your system holistically. Connect the different platforms to create a seamless experience for the employees.

4. Security: Many large companies have fallen prey to cyber-attacks. With COVID 19 propelling companies to migrate to the cloud, strengthening security has been given utmost importance. An upsurge in cyber attacks after the COVID19 epidemic has been largely witnessed in the domain of data exfiltration and leakage, according to a survey among IT security specialists throughout the world. The key is to look at security as a key to accelerating the digital transformation journey rather than as a challenge to it. Prioritize security as it helps in gaining the trust of your customers.

5. Pace: Another challenge is to keep up with the latest in Digital Transformation and IT Consulting Services. The pace for change is always picking up and businesses sometimes struggle to keep up with the pace of technological advancements.

Make sure you are equipped for the technology change. Maintain an agile mindset and invest in a digital strategy. Skillmine Technology Consulting has been doing an incredible job with respect to building an agile workforce. This has helped turn Skillmine into a pioneer in IT and Tech. This is a model that other businesses can replicate.

Technology is ever-evolving. Businesses should understand that missing the digital transformation train would cost them dearly. By embracing digital transformation, you are working towards adopting an omnichannel approach that helps you connect with your customer in a multitude of ways.