Birgul COTELLI, Ph. D.’s Post

🚀 Exciting Insights from the Latest Report on Derisking Emerging Technologies in Financial Services 🚀 Financial institutions are at the forefront of adopting cutting-edge innovations in an era where technology evolves at lightning speed. However, with great power comes great responsibility, especially in cybersecurity. A recent collaborative report by McKinsey & Company and the Institute of International Finance (IIF) sheds light on how the financial sector navigates the waters of emerging technologies and the cyber risks they bring. 🔍 Key Highlights: - Based on a survey of 37 global financial institutions, the report explores the adoption of technologies like cloud computing, quantum computing, and AI, emphasizing their potential alongside inherent cyber risks. - It reveals a pressing need for more robust foundational cybersecurity capabilities to mitigate these risks effectively. - Surprisingly, there's a significant gap between the perceived importance of cybersecurity investments and actual spending. - Critical capability gaps identified include third-party management, IAM, PAM, cloud security, and data life cycle management. 📈 The Future is Now: The report calls for immediate action to future-proof our financial environment as we embrace technologies that promise exponential benefits. It stresses the importance of aligning technology investments with security capabilities, enhancing metrics and reporting, and addressing talent and technology gaps. 💡 Takeaway: The financial services industry stands at a crossroads between innovation and security. This report serves as a crucial wake-up call, urging institutions to bolster their defenses and ensure sustainable growth in the digital age. Let's engage in a meaningful dialogue on how we can collectively navigate these challenges and seize emerging technologies' opportunities. Your thoughts and experiences are invaluable as we chart the course towards a secure and innovative financial future. I highly recommend reading the full report #FinancialServices #Cybersecurity #EmergingTechnologies #DigitalTransformation #Innovation Veblen Director Programme Callum Laing Nam Phong Ho Hadi B. Michel Haddad Ignite Your Leadership Journey

"With an increasingly crowded and fast-moving technology landscape, companies are facing pressure to keep up" This research report, 'The Cyber Clock is Ticking - Derisking Emerging Technologies in Financial Services' by McKinsey & Company highlights the complexity of today's financial services organisations, their evolution in terms of risk management and their effective transitioning into becoming technology-first organisations. This brings an increase in cyber-associated vulnerabilities as businesses journey through their maturity curves. Considerations hinge on how to take advantage of innovation with the adoption of gen AI, Cloud & Edge computing and other emerging tech, in order to stay relevant and achieve competitive advantage, whilst elevating and maintaining the digital trust for stakeholders.  Laying the foundation is key. At the top of the list Third Party and Supply Chain management has been identified as where the greatest weakness lies. In contrast, confidence scores are low in terms of investment into these priority areas with 70% of leaders recognising that they should be spending more to help lay the foundation for rapid expansion over the next 3-5 years. With regulations such as DORA and the CTP regime, this lack of investment is of concern as the external environments continue to change and add pressure. For those interested, you can find a link to the report in the comments below.  #thirdpartyrisk #financialservices #cyberrisk

Navigating the Tech Landscape: Strategies for Success in 2024 As we reflect on 2024 to date, technology companies must chart a course through a landscape marked by rapid change and relentless innovation. Embracing agility is paramount, as businesses must swiftly adapt to emerging technologies and shifting market dynamics. The rise of AI and automation presents both opportunities and challenges, requiring companies to balance efficiency gains with ethical considerations and workforce implications. Cybersecurity remains a pressing concern, with hackers continuously devising new tactics to exploit vulnerabilities. Moreover, amidst increasing scrutiny, maintaining robust data privacy practices is non-negotiable for preserving customer trust and regulatory compliance. Talent acquisition and retention continue to be pivotal, with tech firms vying for top talent in a competitive job market. By prioritizing innovation, agility, and a commitment to ethical practices, technology companies can navigate the complexities of 2024 and emerge stronger and more resilient in the face of uncertainty. #TechStrategy #Innovation #Agility

🔍 2024 UK Tech Outlook: 5 Key Trends to Watch The tech landscape in 2024 is brimming with potential, but also poses significant challenges. From regulatory hurdles to cyber risks, companies must navigate carefully to harness the power of technology. Here are five key trends shaping the future: - Harnessing Generative AI: AI’s growth is unmatched, but governance and risk management are essential. As AI regulation advances, companies need a robust framework to manage privacy, transparency, and ethical concerns. - Investment in Digital Infrastructure: Cloud computing, AI, and IoT are driving demand for digital infrastructure like data centers. Investment here remains robust as companies push for growth, efficiency, and sustainability. - Stricter Merger Control: Global antitrust authorities are tightening their oversight of tech M&A. With the CMA’s increasing influence, strategic planning and early risk assessment are critical for mergers to succeed. - UK’s Online Safety Act (OSA): With the OSA now law, regulated services must adapt to comply with complex safety regulations. 2024 will be crucial for building frameworks to meet these obligations. - Evolving Cyber Regulation: Cyber risks are intensifying, as are regulations. Companies must prioritize resilient cybersecurity measures to protect data and meet new regulatory standards. 📈 Opportunity and growth are within reach, but adaptability and a proactive approach will be key for UK tech companies. Embrace the possibilities that 2024 brings! At UK Technology Corporation, we’re thrilled to see these advancements pushing the tech landscape forward. We’re committed to helping UK businesses tap into cutting-edge AI for secure, effective solutions in their own operations, enhancing productivity and fostering innovation. Contact us today to explore how we can collaborate on future projects: 📩 Enquiries@uktechcorp.com ☎️ 01642 989865 🌐 www.uktechnologycorp.com #TechTrends2024 #UKTech #AI #CyberSecurity #OnlineSafety #uktechsuperpower #TechInvestments #proptech #fintech #AIInnovation #AI #DigitalInfrastructure #OnlineSafety #Cybersecurity #TechRegulation

📈 **NZ Tech Sector Shows Resilience Amid Global Challenges** 🌍💻 Despite global geopolitical and regulatory headwinds, New Zealand's **tech sector** remains resilient and poised for growth, according to DLA Piper's 2024 Tech Index Report. With a strong focus on **AI**, **cybersecurity**, and **sustainability**, the sector is evolving rapidly, even as it faces challenges like AI expertise gaps and the need for enhanced digital security. Nick Valentine, Head of Technology at DLA Piper Auckland, highlights that **AI and innovation** are driving optimism, with 63% of global respondents seeing AI as key to future success. However, gaps in digital security and sustainability frameworks signal areas for improvement. 📊 While challenges remain, confidence in the future of tech is growing, with 83% of decision-makers expressing trust in **5G security**. 🌐 For more insights, visit [www.techonwheels.co.nz](https://lnkd.in/dP6vPAj6) #NZTech #AI #Cybersecurity #Sustainability #TechGrowth #TechOnWheels

With emerging technologies, new types of technology risks are being introduced. Organizations need to keep up by having the right capabilities, reporting metrics and skills to mitigate these risks. #technology #riskmanagement

💡 Imagine a world where technology responds before we even articulate a need. That future isn't far off, with AI spending predicted to reach $3 trillion by 2027. The Southeast Asian digital renaissance is as promising as it is perilous, with rising cyber threats shadowing colossal growth. To stand still is to fall behind, yet change fatigue looms over decision-makers, challenging the rapid adaptation our digital landscape requires. - CIOs now navigate this tenuous balance, seeking assurances amidst innovation. - 2023 marked a seminal shift—consulting spend outstripped internal budgets, forecasting a 33% surge by 2027. - Cloud expenditures are recalibrating, as price hikes nudge end-user investment curves. While it's tempting to latch onto each technological leap, fiscal prudence is vital. In cybersecurity, ROI transcends direct gains; it's about fortifying our digital lifeline. As a CFO, my lens is risk-adjusted; cybersecurity isn't a line item—it’s an investment in resilience. For enterprises in banking, finance, healthcare, and beyond, this isn't about merely defending against today's threats—it's about architecting a financial strategy that anticipates and evolves. Regulatory compliance isn't a hurdle; it's a standard to surpass, ensuring our innovation doesn't outpace our integrity. Our collective challenge? To strike that perfect chord between advancing securely and spending wisely. Let’s invest not just in technology, but in trust, transparency, and the transformative potential of a secure digital realm. I’m curious—how do you balance innovation with fiscal responsibility in your cybersecurity strategies? Let's expand this essential dialogue. 🌐🔒

Yesterday I attended a Gartner webinar where they presented the:  As we navigate the ever-evolving landscape of technology, Gartner has identified the top trends that will shape our future. Here are some highlights: 𝗧𝗼𝗽 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗧𝗿𝗲𝗻𝗱𝘀 𝗳𝗼𝗿 𝟮𝟬𝟮𝟰: 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗳𝗿𝗼𝗺 𝗚𝗮𝗿𝘁𝗻𝗲𝗿 𝘼𝙄 𝙖𝙨 𝙋𝙖𝙧𝙩𝙣𝙚𝙧: Prioritize AI governance with AI Trust, Risk, and Security Management (AI TRiSM) to ensure safe and responsible AI deployment. 𝘾𝙤𝙣𝙩𝙞𝙣𝙪𝙤𝙪𝙨 𝙏𝙝𝙧𝙚𝙖𝙩 𝙀𝙭𝙥𝙤𝙨𝙪𝙧𝙚 𝙈𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 (𝘾𝙏𝙀𝙈): Stay ahead of cyber threats with a proactive approach to cybersecurity. 𝙎𝙪𝙨𝙩𝙖𝙞𝙣𝙖𝙗𝙡𝙚 𝙏𝙚𝙘𝙝𝙣𝙤𝙡𝙤𝙜𝙮: Invest in technologies that drive environmental, social, and governance (ESG) outcomes for a sustainable future. 𝙋𝙡𝙖𝙩𝙛𝙤𝙧𝙢 𝙀𝙣𝙜𝙞𝙣𝙚𝙚𝙧𝙞𝙣𝙜: Embrace self-service platforms to empower developers and accelerate innovation. 𝘼𝙄-𝘼𝙪𝙜𝙢𝙚𝙣𝙩𝙚𝙙 𝘿𝙚𝙫𝙚𝙡𝙤𝙥𝙢𝙚𝙣𝙩: Leverage AI tools to enhance software development, boosting productivity and creativity. 𝙄𝙣𝙙𝙪𝙨𝙩𝙧𝙮 𝘾𝙡𝙤𝙪𝙙 𝙋𝙡𝙖𝙩𝙛𝙤𝙧𝙢𝙨: Tailor cloud services to specific industries for greater agility and adaptability. 𝙄𝙣𝙩𝙚𝙡𝙡𝙞𝙜𝙚𝙣𝙩 𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨: Integrate AI into applications to optimize decision-making and operational efficiency. 𝘿𝙚𝙢𝙤𝙘𝙧𝙖𝙩𝙞𝙯𝙚𝙙 𝙂𝙚𝙣𝙚𝙧𝙖𝙩𝙞𝙫𝙚 𝘼𝙄: Make advanced AI capabilities accessible to all, driving widespread innovation. 𝘼𝙪𝙜𝙢𝙚𝙣𝙩𝙚𝙙 𝘾𝙤𝙣𝙣𝙚𝙘𝙩𝙚𝙙 𝙒𝙤𝙧𝙠𝙛𝙤𝙧𝙘𝙚: Enhance workforce productivity through connected technologies and intelligent tools. 𝙈𝙖𝙘𝙝𝙞𝙣𝙚 𝘾𝙪𝙨𝙩𝙤𝙢𝙚𝙧𝙨: Prepare for the rise of non-human entities making economic transactions, transforming market dynamics. 𝗟𝗲𝘁'𝘀 𝗰𝗼𝗻𝗻𝗲𝗰𝘁 𝘁𝗼 𝗲𝘅𝗽𝗹𝗼𝗿𝗲 𝗵𝗼𝘄 𝘄𝗲 𝗰𝗮𝗻 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝘆𝗼𝘂𝗿 𝗷𝗼𝘂𝗿𝗻𝗲𝘆 𝗶𝗻 𝘁𝗵𝗶𝘀 𝗱𝘆𝗻𝗮𝗺𝗶𝗰 𝘁𝗲𝗰𝗵 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲! #TechnologyTrends #AI #Cybersecurity #Sustainability #Innovation #CloudComputing #DigitalTransformation #Gartner2024 #FutureOfWork

"The secret of change is to focus all of your energy not on fighting the old, but on building the new." – Socrates 🌟 As we advance into 2024, the financial services sector is witnessing transformative changes, driven by the convergence of cutting-edge technologies and shifting market demands 🔄. The integration of generative AI is poised to redefine how we approach everything from customer service to complex financial analysis, offering unprecedented efficiency and insights 🔍🤖. Hybrid cloud technology is another game changer, offering financial institutions the flexibility to seamlessly scale operations while maintaining stringent compliance with regulatory requirements 🌐☁️. This strategic adoption enables a balance of on-premise and public cloud functionalities, optimizing data security and operational agility. Yet, with great technology comes great responsibility. The landscape of cybersecurity has become increasingly complex, and financial services must prioritize robust security measures to protect sensitive customer data from emerging cyber threats 🔒🖥️. In this pivotal year, sustainability also takes center stage. Financial institutions are increasingly committed to integrating ESG (Environmental, Social, and Governance) principles into their operations. This commitment not only responds to regulatory expectations but also reflects a deeper shift towards responsible business practices that prioritize long-term societal and environmental well-being 🌍♻️. Navigating these changes requires not just adaptation but foresight and innovation. As leaders in the financial services industry, our role extends beyond managing risk. It involves envisioning and implementing solutions that not only drive profitability but also advance the industry's role in a sustainable future. #FinancialServices #DigitalTransformation #AI #Cybersecurity #Sustainability #Leadership #Innovation 🚀💼🌿

Most boards are blind to emerging tech risks. And let’s be honest - NEDs are partly to blame. AI, blockchain, cybersecurity threats - they’re boardroom blind spots. As a Non-Executive Director, our role is to anticipate and challenge, yet too often, tech innovation flies under the radar until it’s too late. 1. Adopt a Tech-Focused Mindset - Emerging tech isn’t a “nice-to-know” - it’s fundamental to risk management and opportunity spotting. Dive into industry reports and stay ahead. 2. Ask the Hard Questions - Challenge assumptions with questions like: “How is our cybersecurity posture evolving?” or “What’s our AI strategy?” Tech fluency isn’t optional; it’s critical. 3. Bring in the Experts - Most boards lack the expertise to assess tech risks comprehensively. Insist on engaging specialists or creating a dedicated tech committee. I’ve seen companies crumble because the board failed to spot how new technologies disrupted their sector. On the other hand, I’ve also watched businesses thrive when their NEDs proactively championed tech literacy and future-proof strategies. Which side of history will your board land on? What’s your approach to managing tech risks in your boardroom? P.S. If you think staying tech-savvy isn’t part of a NED’s remit, think again. Tech risk is board risk - period. Found this useful? Repost ♻️ to help your network. And follow me, Kevin McDonnell, for more like this.