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RSM Technology Monthly Alert - June 2020

Upcoming Events

Digital transformation in professional services industry

Digital transformation helps to unlock human potential and accelerate new and better ways of working. We are already seeing ample opportunity brought by Digital transformation on enhancing work progress in getting more personalized experience through data-led insights. It can also improve on how talent can be liberated.

During the current pandemic, Digital transformation is being implemented in many businesses. It might be a challenge for those who are not yet ready to take on the transformation in a short period of time. Join us to find out how we can get to know and be well-prepared to adapt to the new approach.

Highlights

  • Pandemic - Top pain points and issues currently facing

  • How digital technologies transform professional services industry?

  • Pandemic - What the customers are saying?

  • How a Cloud solution can help customer in digital transformation?

Date: 30 June 2020 (Tuesday)
Time: 12:00 noon - 2:00 p.m. (HKT)
Venue: 20/F, Tai Yau Building, 181 Johnston Road, Wan Chai, Hong Kong
Language: Cantonese
Organiser: CPA Australia, RSM Hong Kong and Oracle NetSuite

Seats are limited, registration will be on first come-first serve basis.
 


IT Insights

COVID-19 highlights the importance of IT in business resiliency

Research shows that most businesses were not ready for the dramatic shift that occurred due to COVID-19 pandemic. Yet the businesses who proactively used IT as a contingency plan fared better than their peers. Most businesses were forced to adapt their resiliency plans for the virus and as a result they lost significant levels of efficiency. Due to this there has been a large shift from businesses to facilitate remote working as to minimize the impact of the virus. So, IT is essential for maintaining worker job safety as well as being essential going forward. Many people believe that the role of IT in the workplace will increase as a result of this pandemic and it is now, more than ever, a quintessential aspect of business continuity planning.

Technology budgets will suffer significant reductions

The COVID-19 pandemic has led to largescale job loss, business closures and a reduction in spending. This means that the budget for IT and research will be decreased. However, this decrease will be different for different sectors of the economy. Yet IT spending will decline overall. More will change than just the spending decreasing. The focus of IT research will shift dramatically. The largest focus will be on data security and also on making everything digital to increase productivity during the COVID-19 epidemic. All in all, the historical focus of IT spending will shift, and it remains to be seen the exact implications of this on the IT sector.

Automation Anywhere advances digital workforce platform to make businesses more resilient

Automation anywhere has announced new capabilities which will make businesses more resilient when it comes to crises like the COVID-19 pandemic. Since the fallout of the pandemic more businesses are looking to automate essential processes, however many organizations struggle to automate these processes in a scalable and efficient way. To help organizations meet these automation goals, Automation Anywhere has increased its capabilities to allow for more functionality for their clients. The first one is that there are now more advanced human-to-bot collaborations which is especially useful in customer service. There is also a more seamless integration with API with the product “Automation Anywhere Bots for Mule 4” in collaboration with MuleSoft. There is a new platform for developers to enhance their RPA skills on and they have launched a new private bots store. All these functions have been provided to better help their users automate their business processes and ultimately become more resilient.


System Updates

How NetSuite can enable users to work from home more effectively

Many people around the world are being forced to work from home due the COVID-19. However, NetSuite can provide the opportunity to maximise efficiency when working remotely. NetSuite enables its users through various means. The most significant way is by allowing for accounting and business process to go interrupted irrelevant of where employees are as NetSuite can be accessed via browser on any device. Furthermore, it will allow businesses to be proactive as data and analytics are provided by NetSuite in real time. The last key features are found in communication. This is because it is easy to assign tasks to employees through dashboards and employees also can have easy access to the communications with the customers. This results in clear and precise communication allowing for seamless and efficient remote work. NetSuite can be a useful tool for a business to weather the storm of COVID-19 and remote working.


Cybersecurity Announcements

Third-party access: the forgotten security risk

Third-party vendors are a core aspect of many businesses today. Businesses are increasingly looking to outsource to third-party vendors to support and run important internal systems. Doing this is easier to manage and it is generally cheaper, however, the major downside is that it often leaves companies with major security risks. This is due to the third-party vendors having varying levels of security standards and they have access to critical and sensitive information. The lack of consistency when it comes to security means that some of the third-party vendors may be vulnerable to breaches. This security risk cannot be overlooked, and it must be mitigated in some fashion. As businesses look to outsource critical business functions more and more, the higher the risk is for data leaks. To combat this risk a business must develop systems to protect its data. This can take the form of multi-levelled privileged access controls or “all-in-one” security software to secure third-party access. The risk from third-party vendors is often underestimated, yet once it is properly evaluated, it can be efficiently mitigated through the right processes.

This powerful Android malware stayed hidden for years, infecting tens of thousands of smartphones

Mandrake spyware is malware designed to hack and control android phones. It has gathered large amounts of data from user’s phones, with the most significant being credentials, screen records and GPS. The malware is especially potent, and it has had the potential of gathering data from a large sum of people. The other important aspect of Mandrake is that it has the ability to wipe itself off a phone when it wants to, and it leaves minimal trace. This ultimately means that it is exceptionally hard to track down. Mandrake usually obtained access to phones through the Google Play Store and getting permission to access a phone through various apps. Many of the apps have since been removed yet it is impossible to specify whether they have all been removed. This raises questions over potential security risks when it comes to the Google Play Store.

Honda’s global operations hit by cyber attack

Honda’s network has been targeted by a cyber-attack. One of their servers was attacked by an external party and the “virus had spread”. This led to production in various Honda Plants being forced to a halt. Experts expect this attack to be a result of ransomware however, Honda has yet to release any specifics of what the virus was other than the fact that they said their data was not breached. Recently, there have been a large spike of ransomware attacks as hackers are taking advantage of the COVID-19 panic and they are using this to bait users into clicking and sharing links that steal information. Now more than ever businesses must ensure their security protocols and systems are equipped to handle this increased activity.