One of the important consequences of the COVID-19 pandemic was that, with closures and the introduction of mass work at home, digitalisation has come to the fore in almost every area of life. It has become an important question, for example, how to optimize and simplify the operation of banks and financial institutions in addition to being able to provide their services at the expected level of security. Another issue has arisen in the area of security; how to address the growing shortage of cyber defense professionals
The technologies needed to digitize the financial and commercial sectors were already available before the outbreak, but their introduction was sporadic and slow. One of the main reasons for this was that the internal transformation of large international banks was so resource-intensive that it was easily pushed into the background in addition to day-to-day work and business development. However, after the epidemic, the approach changed rapidly, as the introduction of digital technologies became no longer an investment issue but a business continuity issue.
Efforts towards digital commerce
The digitization of trade has been astonishingly spectacular, a precondition for which has been the interoperability of the systems involved. However, there was no need to reinvent the wheel, as the existing technologies supported by SWIFT are suitable for digitizing trade, but it is important to lay down guidelines that can promote closer integration and systemic cooperation at the international level, said Géza Jalsovszky, Deloitte’s technology consulting business.
An end-to-end commercial process can be long and bureaucratic, it is enough to think about how many invoices and waybills need to be registered, checked and tracked in order to arrive at your home, for example. a computer article manufactured in the Far East. The process runs through an extremely complex ecosystem, as it includes public organizations, large companies, banks and their internal processes.
An important pillar of commercial digitalisation is the shift of customer relationship procedures to electronic channels. In many cases, these channels already exist and have been put in place to deepen or optimize existing integrations. As most paper-based dossiers are the result of the nation’s state and commercial rules, even the most innovative traders are forced to operate to some degree on a paper basis for legal compliance.
In order to redirection of commercial administration, legal harmonization and standardization are essential. Instead of national governments, which tend to favor domestic players, a supranational organization such as the WTO should take the lead, so there is less risk of some states using their economic power to harmonize international regulations in line with their national interests or to increase their existing processes.
Gap in the Shield: Lack of Skilled Workforce in Cyber Defense
There are currently roughly three million professionals working in cyber security jobs globally, but about four more specialists would be needed. The epidemic has exacerbated the lack of cyber security expertise, with a 63% increase in various online attacks during closures
Amazon Web Services (AWS) was looking for an ingenious solution to address the shortage of cyber security experts. It was noticed early on that it was not possible to recruit cyber security professionals at a rate that dynamically grew business, so they needed a precisely designed strategy to maintain the expected security of their services. The key lay in democratizing cybersecurity knowledge. Autonomous teams have been set up that are able to make their own decisions about the intervention and are built from within with the help of organized trainings and experts. These teams can be split in two once they have reached a certain size, making it easier to pass on the knowledge they have acquired to colleagues in the new teams while retaining staff
In order to manage resources properly, it is essential to strive at company level. to ensure that the pre-development design phases follow cyber security standards and use encryption wherever possible. An important aspect in addition is that monotonous processes should be automated wherever possible. If there is a problem in such areas, it is justified to involve expert colleagues, thus wasting scarce expert resources on non-routine tasks.
So-called wagile (Wagile=Waterfall + Agile) teams are needed to address the lack of expert resources in companies. . This means filling as many open positions as possible from within by retraining existing colleagues. Motivated employees are certified to be qualified and in the right position, said Dávid Sipos, a consultant at Deloitte’s technology consulting business. for recruitment on a strategic basis. The growing shortage of skilled labor can no longer be managed sustainably through classical recruitment, so a solution could be to retrain colleagues with adequate core skills based on staff screening in staffed overcrowded departments. However, in addition to retrained colleagues, it may be worthwhile to base groups traditionally underrepresented in cyber defense on positions such as women, new entrants and school leavers. Recent studies show that all three groups receive less attention when filling vacant cyber security positions. In addition to retraining employees, it is important to place more emphasis on retention, and the cyber defense strategy should already cover the development phase, added Dávid Sipos.
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