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'Thank you, #Microsoft, for an early weekend’ - appeared the relieving expression of thousands of office workers after staring for hours at the #BlueScreenofDeath and frantic attempts of their IT groups to fathom the issue behind the #IToutage remained inconclusive for a long time. Since the #digitalboom of the pandemic era, businesses excitedly subscribing to the idea of flying high on Cloud (nine!) - powered by the promise of #Techgiants to ensure accessibility of #Cloudplatforms anytime from anywhere – has invariably become a sign of competitive edge. And, one of the biggest-ever IT outrage across the world brought the digital juggernaut to a grinding halt. It has been unprecedented in a hype-connected #digitalworld. Thankfully, there are no major disruptions reported in the financial sector. Microsoft promptly washed its hands by briefly disclosing that it is aware of an issue affecting Windows devices due to an update of a third-party software platform – #Crowdstrike (a cybersecurity firm). However, the trickling details of an accidental software update going kaput and crippling the massive #Cloudinfrastructure more than meets the eye. Crucially, the event has exposed the fragility of the #robustness and #reliability of Cloud platforms. In an unrelated market-wide disruption attributed to operational issues and service outage on the part of #SWIFT – global messaging technology & services provider - UK high-value payment system CHAPS and ECB RTGS have been affected on 18 Jul. This brings into focus the missing regulatory framework on the supervision of tech giants' dominance as potential #SystematicallyImportantDigitalIntermediaries #SIDI and #ToobigtoFail – akin to Systematically Important Financial Institutions #SIFI in the financial sector. While piecemeal legislative provisions covering data privacy, customer protection, market dominance and taxability nuances relating to #BigTechs are in place across major jurisdictions, regulatory provisions about the robustness of their technology platform and services and liabilities for market-wide #disruptions remain missing. The formulation of #regulatoryframeworks lags on two major counts. Firstly, it follows an activity-based supervisory approach under the ambit of sector-specific rules - e.g., payments, lending, investment etc. Secondly, without a full grasp of their #ecosystemplay and #networkinterdependencies, the regulatory responses remain insufficient to cover their scope of activities in a holistic way.  Certainly, it is too early to quantify the economic damages from the incident affecting wide segments of businesses around the world – estimated to be billions of dollars. Also, the applicability of #nsurancecatastrophe for disruptions –particularly the explicit / implicit liabilities of service providers is unclear. Meanwhile, can regulators take a reckoning of the incidence as a wake-up call to relook at #thirdpartyrisks and #digitaloperationalresilience provisions involving Big Techs?

For financial service organizations in the UK and European markets, the top IT priorities in closing 2023 into 2024 include a strong focus on several key areas: 1. **Cybersecurity, Data, and Analytics, and Cloud Investments**: In 2023, investment in cybersecurity, data and analytics, integration technologies, and cloud services have been a top priority. These areas are receiving the largest amount of new or additional funding according to a Gartner survey of banking and investment services CIOs. (https://lnkd.in/ekCyFYwh). 2. **Digital Transformation**: Digital transformation continues to accelerate in almost every financial services organization. This transformation is becoming increasingly important and is a major focus for leaders in the industry. (https://lnkd.in/eKjhnFWu). 3. **Technological Turbulence and Agility**: The year 2024 is expected to bring technological turbulence, including advancements in generative AI, the ongoing transition to cloud services, increased fraud and cyber risks, and a blurring of industry lines, like the embedded finance trend. Financial services leaders will need to be much more agile to adapt to these changes (https://lnkd.in/e7R_YvSf) (https://lnkd.in/ecZ2cKgq). 4. **AI and Machine Learning Investment**: AI and machine learning are identified as the top priority for future investment. While the applications for AI in the financial sector are still being explored and developed, it is seen as a key area for growth and innovation (https://lnkd.in/eC2mr7sG). These priorities highlight the importance of technological advancement, security, and innovation in the rapidly evolving financial services sector. #FinancialServices #DigitalTransformation #Cybersecurity #CloudComputing #AI #MachineLearning #Innovation #TechTrends #UKFinance #EuropeanMarket #netapp #fsxn #cloudleadership

Where is the single point of accountability these days? We have learnt - more points of connection = more points of failure but many organizations only see 1 supplier not the 10s or 100s sitting behind them therefore they only measure 1. The levels of risk accountability and scrunity in banking doesnt exist on corportates yet many institutions have outsourced their infrastructure and processing thus risk exposure. Add on top that many organizations have gone down single platform, cloud and supplier strategies. To see Microsoft, Boeing and others pass blame to their third parties feel like a serious failure of responsibility and shouldn't final sign-off and testing be with these companies. Some thoughts... * Stronger regulation is needed to monitor corporate's risk and third party management - clear accountability with parent and leadership, monitoring and documentation of third parties and integrated ecosystem/asset mapping * Testing - too many times upgrades are added causing issues as the full ecosystem impact was never tested. Feels like 101 testing and QA failures * Review of "single" X strategies - the plane might never have crashed before but you would never put your leadership team on the same plane. Concentration risk is rarely considered as most strategies look at past risk measurments * Concentration risk analytics both within a institution but also sharing across the industry. This shouldn't just be a regulator responsibility but done collectively across corporates * Legal contracting to pass risk to smaller suppliers needs to be reviewed. It was clear this week with Microsoft that they passed the buck, versus the buck stops with them Welcome people thoughts on other ways to build a more resilliant ecosystem, as it is becoming very clear this will be one of biggest risks to businesses going forward (and I haven't even mentioned AI into this mix....)

IT services offer numerous advantages to financial services companies, including: 1. **Efficiency and Productivity:** IT services streamline processes, automate tasks, and enhance overall efficiency. This can include faster transaction processing, automated reporting, and improved data management, leading to increased productivity. 2. **Enhanced Security:** In the financial sector, security is paramount. IT services provide robust security measures, including encryption, firewalls, and cybersecurity protocols, safeguarding sensitive financial data and transactions. 3. **Improved Customer Service:** IT services facilitate better customer service through various channels such as online portals, mobile apps, and chat support. This allows customers to access their accounts, make transactions, and get assistance swiftly and conveniently. 4. **Risk Management:** IT systems can provide sophisticated risk management tools, including real-time monitoring and analytics, helping financial institutions to identify and mitigate potential risks and fraud more effectively. 5. **Cost Reduction:** By automating processes and increasing efficiency, IT services can help reduce operational costs. Additionally, cloud computing services can lower infrastructure expenses by offering scalable and cost-effective solutions. 6. **Regulatory Compliance:** Financial institutions have stringent compliance requirements. IT services can help in adhering to various regulations by implementing systems that automatically monitor and ensure compliance with industry standards and legal requirements. 7. **Data Analytics and Insights:** IT services enable the collection, analysis, and utilization of large amounts of data, providing valuable insights into customer behavior, market trends, and other crucial metrics. This information can be used for better decision-making and product development. 8. **Adaptability and Innovation:** IT services allow financial companies to adapt to market changes more quickly and innovate new products or services, helping them stay competitive in a rapidly evolving industry. 9. **Scalability:** With IT services, financial institutions can easily scale their operations to meet increasing demands or expand into new markets without a significant overhaul of their infrastructure.  #EfficiencyInFS, #AutomatedProcesses, #ITOptimization #Cybersecurity, #ComplianceStandards, #DataProtection #DataAnalytics, #BusinessIntelligence, #PredictiveAnalysis  #DigitalStrategy, #TechAdoption, #InnovationInFS  #FintechCX, #UserFriendlyTech, #PersonalizedServices #CostSavings, #ScalableIT, #CloudSolutions #RiskMitigation, #ResilientInfrastructure, #DisasterRecovery #MobileBanking, #OnlineTransactions, #DigitalPayments #RegTechSolutions, #ComplianceTech, #RegulatoryInnovation #AIinFinance, #MLApplications, #AlgorithmicTrading

Multiple clouds, hyper-converged infrastructures, and virtual machines, leads to financial institutions facing immense IT challenges. Visibility, #RootCause identification, and rapid resolution are crucial. ScienceLogic’s #AIOps platform delivers complete network visibility and #automated remediation, ensuring efficient operations and happy #customers! 2 min read below:

With multiple clouds, hyper-converged infrastructures, and virtual machines, financial institutions face immense IT challenges. Visibility, #RootCause identification, and rapid resolution are crucial. ScienceLogic’s #AIOps platform delivers complete network visibility and #automated remediation, ensuring efficient operations and happy #customers! Discover more below. https://scilo.co/6wrCy3

With multiple clouds, hyper-converged infrastructures, and virtual machines, financial institutions face immense IT challenges. Visibility, #RootCause identification, and rapid resolution are crucial. ScienceLogic’s #AIOps platform delivers complete network visibility and #automated remediation, ensuring efficient operations and happy #customers! Discover more below. https://scilo.co/MO4cZT

With multiple clouds, hyper-converged infrastructures, and virtual machines, financial institutions face immense IT challenges. Visibility, #RootCause identification, and rapid resolution are crucial. ScienceLogic’s #AIOps platform delivers complete network visibility and #automated remediation, ensuring efficient operations and happy #customers! Discover more below. https://scilo.co/YV8BLt

With multiple clouds, hyper-converged infrastructures, and virtual machines, financial institutions face immense IT challenges. Visibility, #RootCause identification, and rapid resolution are crucial. ScienceLogic’s #AIOps platform delivers complete network visibility and #automated remediation, ensuring efficient operations and happy #customers! Discover more below. https://scilo.co/bnp62i

With multiple clouds, hyper-converged infrastructures, and virtual machines, financial institutions face immense IT challenges. Visibility, #RootCause identification, and rapid resolution are crucial. ScienceLogic’s #AIOps platform delivers complete network visibility and #automated remediation, ensuring efficient operations and happy #customers! Discover more below. https://scilo.co/3ZPqMz