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Why Your Business Needs Non-Stop Software Security – ReadWrite

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Tobi Ogundele


Have you ever lost 30 minutes of creative works on your computer? Or has it suddenly occurred to you that you have a great piece of data that will augment a business proposal, only to discover that the data is missing? Oh – how frustrating!

Data loss occurs for various reasons

  • 78 percent – Hardware or system malfunction
  • 11 percent – Human error
  • 7 percent – Software corruption or program malfunction
  • 2 percent – Computer viruses
  • 1 percent – Natural disasters
  • 1 percent – Other acts.

Impact of critical data loss across global enterprises

Meanwhile, research reveals that global enterprises lose a whopping sum of 1.7 Trillion dollars due to data loss and downtime. And this excludes disruption of business activities, the loss of productivity, the diminished customers’ loyalty, the break of investor’s confidence, the cost of time spent on reconfiguration, and lots more.

While it may be difficult to establish a precise impact of data loss and downtime on organizations, it’s obvious that it would, sure, have a radical negative effect.

With a seamless increase in web adoption and constant acceptance of new technologies, both small and large scale businesses have been able to share important data as regards their products and services — using the web-as-a-service, Waas.

Hackers can compromise corporate networks

Meanwhile, hackers are seriously looking for ways to compromise the corporate network of several industries. As a matter of fact, the Verizon Data Breach Report reveals that 15.4 percent of reported incidents were related to malware and web application attacks.

Also, many of the most fatal breaches that covered the media in the past few years were caused by web-application and software security vulnerabilities. A very good example is the Equifax breach.

Simply put, “business websites possess the greatest threat to organizational security.”

Watch your data loss due to website and software patches

A sizable number of business sectors have experienced (or will experience) data loss due to website and software patches. This has reduced the efficiency and productivity of these organizations to the barest minimum. Little wonder why 70 percent of firms that experience data loss run out of business within one year of the attack. (DTI)

You may not know when the next attack could occur, but taking proper precautions can hamper or completely abolish a hacker’s attempt at gaining access to your business website.

Why your business website needs software security programs

1. Monitoring and detection

How satisfying will it be to have effective and efficient protection of your business website against the worst threat ever?

Using a software security program means your business web is on the watch, and any single vulnerability will be detected on the spot.

Software security companies provide website security scanners that check your website at predetermined intervals to detect any malicious action. You can rest assured that you’ll receive an alert as well as the next line of action when this happens.

Not only does website security monitoring protect you and your customers, but it protects your website’s rankings by checking a variety of different blacklists, and notifying you if you have been placed on one.

2. Performance optimization

Do you know that Google, Bing, and other search engines, use site speed as a ranking factor?

We live in a world where nobody is ready to wait for anything. We have become accustomed to business websites and apps working instantly and perfectly. As a matter of fact, a study reveals that 47 percent of customers abandon business websites that take more than 3 seconds to load!

Performance optimization is a major reason why your business website needs software security programs. Besides SEO, a site performance typically revolves around reducing the overall size of web pages. This includes the size of the files and perhaps, more importantly, the number of them.

3. Fast disaster or data recovery

In an age where data is king, the idea that data can be lost so easily should be enough to encourage businesses to take steps to protect it.

The U.S National Cyber Security Alliance found that 60 percent of companies are unable to sustain their businesses over six months after a data breach.

According to the Ponemon Institute, the average price for small businesses to clean up after their businesses have been hacked stands at $690,000; and, for mid-sized businesses, it’s over $1 million.

Recent events have proven that nobody is safe from the threat of data breach — not large corporations, small businesses, startups, government agencies or even presidential candidates.

When a crisis occurs, there would be one of the two scenarios:

  1. You run a licensed app/piece of software and the vendor is responsible enough to issue an update/patch when issues are reported.
  1. You run a custom software delivered by your software development company and you ask for the software to be enhanced. That is going to take just as little time but chances are your custom software will ever be hacked is drastically lower. Just because the hacker would need to spend even more time looking for vulnerabilities than the AQ department of your software developer.

Even if your website is secure, a misconfiguration or simple mistake can lead to data loss. Only a sure backup plan can save you if your custom files are overwritten or tampered with.

A website security provider can offer secure remote storage, automatic backup scheduling, and an easy recovery process without disturbing your workflow. Decent software companies offer a fast and easy way to recover all the files you need in a very short time.

4. Regular software update

A software update, also known as a service pack is a periodically released update to software from a manufacturer, consisting of requested enhancements and fixes for known bugs. A software update is mainly to present security vulnerabilities in their existing items.

You may think that you do not have anything to protect on your business website but the reality is that security software gives protection for your data. Data is valuable for the sustenance of your business. Top software security programs keep your data secure by providing regular updates to keep you safe from malicious attempts.

Summing It Up:

Since 60 percent of businesses that are affected by a breach in business websites or data will shut down in 6 months, cybersecurity experts, thereby, recommend that you have an effective software security program to save yourself and your business from this calamity.

Tobi Ogundele

Online Marketing Consultant

Tech Enthusiast, Business Strategist. Council Member At Perfect Motivations, Inc.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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