Home Blog Page 403

‘Say No’ Release to Raise Awareness About Gender-Based Violence

Liz Ogumbo Single - SAY NO

Liz Ogumbo’s music brand – KenSoul is thrilled to announce the release of a powerful new song titled “Say No,” aimed at raising awareness about gender-based violence and promoting positive social change.

Liz Ogumbo has created a compelling musical piece that seeks to shine a spotlight on the pervasive issue of gender-based violence and inspire action towards ending it.

‘Say No’ addresses the complex and urgent issue of gender-based violence, conveying messages of solidarity, empowerment, and hope for survivors. Through evocative lyrics and emotive melodies, the song aims to:

  • Raise awareness about the prevalence and impact of gender-based violence in communities worldwide.
  • Challenge harmful gender norms and stereotypes that perpetuate violence and discrimination.
  • Encourage survivors to seek support, speak out against abuse, and know that they are not alone.
  • Mobilize individuals, communities, and institutions to take concrete action to prevent and address gender-based violence.

‘Say No’ will be available for streaming and download on major music platforms, including Spotify, Apple Music, and more, starting 14th Feb, 2024. Additionally, Liz Ogumbo will be launching a comprehensive social media campaign to engage audiences, share resources, and encourage dialogue about gender-based violence using the hashtags #SayNo #EndGBV

Join us in spreading the message of ‘Say No’ and standing in solidarity with survivors of gender-based violence. Together, we can create a future where every individual is safe, respected, and empowered to live free from violence and fear.

Innovators, Entrepreneurs, and Researchers Take Top Spots at the 13th GAP Awards

Lesedi Moseki -iGrovest Group

The Gauteng Accelerator Programme (GAP) Innovation Competition, in collaboration with the Technology Innovation Agency (TIA) and Emory University Guizzeta Business School, Atlanta, Georgia, proudly announces the winners of its 13th annual awards ceremony.

This year’s theme, “Solving Societal Challenges Through Technology Innovation,” reflects the commitment of South Africa’s innovative entrepreneurs to addressing critical issues facing the nation.

The GAP Innovation Competition aims to support and celebrate the entrepreneurial spirit and technological innovation in South Africa. Candidates from five sectors of the economy – Biosciences, Medical, Green Economy, ICT, and Township Economy Revitalisation (TER) showcased their remarkable innovations. This year’s winners walked away with prizes of a combined value of R2.3 million.

Mr Mothibedi Matshele, Interim CEO of The Innovation Hub Management Company, expressed pride in this year’s participants, stating, “Our country is renowned for its strong economy, and our researchers and innovative entrepreneurs have consistently proven themselves as beacons of innovation.”

Tasneem Motara, Member of the Executive Council (MEC) for Economic Development, commended the winners, saying, “These entrepreneurs are not only driving economic growth but also creating solutions to some of our most pressing challenges. Their innovations are inspiring and demonstrate the potential of South Africa’s entrepreneurial ecosystem.”

The winners were selected for their contributions to their respective fields. The awards ceremony at The Innovation Hub featured a diverse range of innovators, each offering unique solutions to societal challenges.

Township Economy Revitalisation (TER) Category Winners:

  • 1st Prize: Tlhologello Sesana – Nexus
  • 2nd Prize: Isabella Twala – Elisheva Trading
  • 3rd Prize: Oratile Seabela – MALLI Fintech

ICT Category Winners:

  • 1st Place: Thokozani Zama Ngcamu – Mkazi Concepts (Pty) Ltd
  • 2nd Place: Thabo Moshoane – Korri Fintech PTY LTD
  • 3rd Place: Thokozani Kubheka – uLink26
  • Special Recognition: Tieho Tsiane – Oplene Group

Green Economy Category Winners:

  • 1st Place: Tshepo Atoh Mothibe – Green Movement Energy
  • 2nd Place: Mokete Ratlabala – Learn Base Pty Ltd
  • 3rd Place: Ismail Lavangee – Drobotics Systems
  • Special Recognition: Linah Maphanga – GrooveTech

Medical Category Winners:

  • 1st Prize: Prof Busisiwe Alant – BATM Tradmeds
  • 2nd Prize: Mr Lehlomela Motha & Mr Thabo Moshoane – Health Guider
  • 3rd Prize: Ms Mahlogonolo Mphahlele & Ms Masego Mphahlele – Twin X Innovation

Biosciences Category Winners:

  • 1st Prize: Prof Eduard Venter – University of Johannesburg
  • 2nd Prize: Mr Lesedi Moseki – iGrovest Group
  • 3rd Prize: Prof Francis Shode – Sholab Nutraceuticals

The winners received prizes that included seed funding and access to The Innovation Hub’s unique incubation programmes, empowering them to develop further and scale their innovations.

Infobip hosts Ghana Business Breakfast to showcase how new technologies shape CX in the BFSI industry

Ghana Business Breakfast

Infobip, a global cloud communication company for businesses and a leader in omnichannel customer engagement, recently held its Ghana Business Breakfast event in Accra, Ghana. The event focused on the transformative intersection of digital adoption and Customer Experience (CX) and what it means for business.

Themed “Unlocking Profitability of Digital Adoption in CX”, the business breakfast unpacked how new technologies, specifically in terms of new communication channels, are shaping the CX in the Banking, Financial Services and Insurance (BFSI) industry.

“Delegates received a sneak peek into global trends and how technology is shaping African businesses in terms of digital adoption and CX enhancement. Attendees also received valuable insights into what the BFSI sector will look like in the next five to 10 years highlighting its current trajectory driven by the growing fintech ecosystem,” says Hrvoje Zorko, EMEA Product Sales Expert at Infobip.

“The adoption of over-the-top (OTT) channels, also known as streaming channels, together with automation, can impact the overall experience that users have with brands. It can also impact the profitability of the brands by helping to keep the costs of servicing customers lower than the rate at which their businesses and revenue streams are growing.”

Integrating digital channels

Zorko notes that delegates heard about the importance of integrating digital channels seamlessly into the CX journey of BFSI institutions and how these insights contribute to improving customer satisfaction and driving repeat purchases.

“Digital channels are new tools that present new ways to collect behavioural data about customers, especially in terms of customer preferences. Organisations can leverage this data to obtain a 360-degree view of their customers, where they are and how they utilise these channels to create targeted campaigns and personalised experiences,” he says.

“When customers feel that they are important to a business, they are more likely to spend more and remain loyal to your brand.”

Zorko adds that embracing digital transformation and integrating it with the CX can help BFSI businesses stay ahead of their competitors resulting in profitable growth as it is easier to optimise the most cost-effective way to communicate with customers.

“The automation of lead generation and the growth and automation of support services allows organisations to service their customers more efficiently, with fewer resources that can support a much bigger customer base. This is connected to the cost of ownership of this technology and the cost of growth, which ultimately results in the profitable growth of a business,” he says.

Omnichannel approach

Furthermore, Infobip’s CX experts also shared with attendees how a seamless omnichannel approach enhances the overall CX by not only allowing customers to communicate with a business over their preferred channels but also streamlining all interactions across multiple touchpoints in a unified way to deliver a consistent brand experience.

However, BFSI businesses in Ghana could face some challenges when implementing digital transformation initiatives in their customer experience strategies, with Infobip’s team providing some advice on how to overcome these.

“So, in a market like Ghana, there are still users who prefer face-to-face interaction or telephonic communication over digital engagement. Hence, simply adopting technology outside of the big cities can be challenging,” says Zorko.

“On the other hand, many well-established businesses – even some that are long-standing household names – are not always very agile and do not adapt to change easily, so they tend to lag behind fintech startups in terms of technology adoption.”

Through events like this, Zorko says Infobip is trying to shift this mindset towards new trends, highlighting where the company can help to bridge the gap between the status quo in the local market and global developments and the new possibilities they present.

 

DMASA’s Position Clarified on Telemarketing Classification and POPIA Compliance

DMASA

The Direct Marketing Association of Southern Africa (DMASA) is aware of recent statements by the Information Regulator (IR) regarding telemarketing decisions. DMASA will study this decision and act in the interest of its members.

DMASA acknowledges the importance of compliance with regulations governing telemarketing practices, given the increasing focus on data privacy and consumer protection. As a leading industry body, DMASA is committed to promoting ethical and responsible marketing practices among its members and ensuring alignment with regulatory requirements.

“We support compliance and urge all DMASA members to prioritize POPIA compliance,” said David Dickens, Chief Executive Officer of DMASA. “Our focus is on proactive measures to safeguard our members’ interests while increasing industry awareness of data protection regulations.”

Reflecting our commitment to compliance and best practices, DMASA had previously sought legal opinions on telemarketing’s classification as electronic communication under POPIA. We will continue to seek legal advice to ensure our members comply with regulatory requirements and uphold consumers’ privacy rights. DMASA aims to enhance clarity and mutual understanding of compliance issues, benefiting consumers, marketers, and the industry at large.

Fortify your data security to protect against cyberthreats and meet regulatory demands

Modeen Malick, Principal Systems Engineer at Commvault

As cyberthreats continue to rise and data becomes an increasingly valuable business commodity, South Africa’s data regulation landscape is evolving, and businesses need to prioritise data security and privacy measures. This is essential not only from a compliance perspective, but for business continuity, cost management and competitiveness. A comprehensive approach to enhancing data protection is critical, and a proactive stance has become vital. By leveraging advanced technologies and industry expertise, businesses can strengthen their data security and privacy measures, safeguarding valuable information from potential breaches and meeting their compliance objectives.

Covering all the bases

The core objective and fundamental motive behind ransomware attacks is not the actual ransom, but something far more valuable: the data itself, and its associated intellectual property. As cyberthreats evolve, businesses must keep pace, and a comprehensive and forward-looking data protection strategy has never been more important.

This begins with a complete assessment of the environment to provide visibility into data by identifying, analysing, and evaluating the data landscape. An assessment is essential in understanding data infrastructure, processes, assets, and sources of risk, identifying the likelihood of the risk materialising as well as the scale of impact to the business, and understanding risk appetite and risk acceptance criteria.

Once the environment is understood, tools such as encryption, access control, and data classification can be put into place to secure sensitive information from unauthorised access and cyberattacks. In addition, appropriate data retention and deletion policies can be put into place based on the organisation and the regulatory landscape that applies. This is an important step not only in reducing legal exposure but in reducing data storage costs, which can spiral out of control if retention policies are ineffective.

Check it and check it again!

Once systems and policies are in place, it is essential for organisations to ensure that they remain relevant and up to date in a constantly evolving landscape. Regular security audits are critical in mitigating and reducing risk, ensuring that vulnerabilities and weaknesses can be identified early, and steps taken to prevent data breaches, cyberattacks, and other security threats. This will help protect critical data, identify security loopholes, create new security policies, and track the effectiveness of security strategies. Regular audits can also help ensure employees stick to security practices and can catch new vulnerabilities.

As organisations become increasingly dependent on data, the regulatory complexities are rising exponentially. Meeting this requirement demands a significant amount of productive time for organisations. A single non-compliance can attract heavy monetary penalties or even sanctions and prison sentences. Having the expertise of an experienced provider can be hugely beneficial, saving organisations both time and money when it comes to meeting compliance obligations.

A single platform from end to end

Commvault’s secure framework has redefined data protection to include early warning technologies that help to secure against threats before they happen, defend enterprise data if the environment is breached, and ensure recoverability so customers and their data remain resilient in the face of evolving cyber threats.

Key features include early warning and cyber deception, anomaly detection and reporting to secure your data, and periodic scans of backups. Commvault also offers the end-to-end AAA Framework (Authentication, Authorisation, Accounting), which ensures confidentiality, integrity, availability and authenticity of customer and user data at all times, essential for protecting against ransomware and meeting regulatory demands.

Commvault offers a data protection platform that includes active defence across production and backup data to secure, defend, and recover data across all workloads and environments, safeguarding data in line with both business and regulatory requirements.

5 ways to protect your SME from business risks

Barry Venter, CEO of total workspace solutions provider, Nashua

Small and medium enterprises (SMEs) in South Africa have weathered some severe storms over the past five years. The COVID-19 pandemic, the riots in Kwa-Zulu Natal, record levels of load shedding and extreme weather have all put their resilience and adaptability to the test. This context highlights why every SME needs to be proactive in anticipating and mitigating threats to its business.

 Let’s look at some of the most common threats and risks that SMEs face, as well as the steps they can take to protect themselves.

  1. Power outages and load shedding

South Africans endured 332 days of load shedding in 2023, and so far, 2024 has not been much better. While load shedding has become a way of life for SMEs, proactive business owners need to plan for higher stages of load shedding, more frequent and prolonged outages, and even the (hopefully small) possibility of a national grid failure.

Mitigating the risks

SMEs that haven’t started a journey towards more grid independence should start looking at how they can incorporate solar solutions and battery backup into their businesses. A good starting point is to audit your current energy consumption to understand and optimise your usage of power. From there, you can start rolling out alternative energy to help mitigate power outages and rising electricity costs.  

  1. Cyber-attacks and data breaches 

Digital technologies empower you to be productive wherever you are, automate processes and engage with your customers. But they also introduce risks such as data breaches and ransomware to your business. One survey of South African businesses found that a third (33%) of those surveyed said their organisations had experienced a cyber incident in the past year.

A cyberattack can be devastating for an SME. Your team could remain stagnant for hours or days waiting for systems to be restored. In addition, a loss of customer information and financial records can make it difficult for your business to operate. The reputational and legal risks are also significant, including potential fines under laws such as the Protection of Personal Information Act.

Mitigating the risks

Information security is a complex field, which is about people, process, policy and technology. A few tips to consider:

  • Educate your employees about how to recognise phishing scams and other social engineering attacks.
  • Implement policies such as insisting employees use multi-factor authentication (MFA) and long, complex passwords.
  • Make sure PCs and mobile devices are protected with passwords, PIN codes or biometric authentication. Consider adding a physical tracker and enable features that allow data on the device to be wiped if it’s stolen.
  1. Financial and economic risks

There are numerous factors that can disrupt your business cash flow, including the need to spend a lot of money repairing critical equipment, late or non-payment by a major customer, supply chain disruptions that stop you from fulfilling orders, or exchange rate fluctuations that impact your profitability.

Mitigating the risks

SMEs should aim to build some cash reserves to tide them over in a financial crisis. It’s also key to use a modern accounting or ERP solution that helps you watch cash flow, profits, and revenues in near real time. Spotting a red flag like rising costs or a spike in late or non-payments can help you access credit or take other steps to ensure financial viability.

  1. Operational disruptions

Operational disruptions refer to unexpected events or incidents that interrupt the normal flow of business operations. Just a few examples include unrest or protests, pandemics, weather incidents like storms and floods, fires, strikes, business robberies, and equipment breakdowns. These incidents prevent your employees and customers from getting on with business as usual.

Mitigating the risks

SMEs can reduce the impact of most operational disruptions by putting a business continuity plan in place. This plan will outline what your employees should do in a range of scenarios to protect themselves, your customers, and your business. They should know where and how to work if they can’t access the office. You can also invest in solutions like uninterrupted power supply (UPS) units, batteries, generators, and redundant Internet connectivity to ensure continuity.

As we discovered during the pandemic, cloud-based business solutions that enable people to work from virtually any location if they can’t access your premises, are a must. Hosted applications like Microsoft 365, SharePoint and an effective document management system allow employees to collaborate and access information in real time, even if they can’t get to the office. Data stored and backed up in the cloud will not be lost if something happens to your physical infrastructure.

  1. Legal and compliance risks

Every SME faces a regulatory responsibility, including compliance with laws, bylaws, standards and regulations covering tax, labour, consumer protection, health and safety, data privacy, and the environment. Breaking these rules can lead to a range of negative outcomes, including fines, penalties, harm to your company’s good reputation, legal liability claims and loss of business.

Mitigating the risks

It’s important to get expert advice to ensure you understand and comply with all the laws and regulations that impact your business. The experts can help you put systems and processes in place to streamline compliance. Where possible, automate processes to limit the possibility of human error.

SaaS evolution and innovation to accelerate in 2024

Norman Kretzmer Best practices for managing contract renewals
Norman Kretzmer, the founder and CEO of Contract Understanding

The software-as-a-service (SaaS) space is set for strong growth, with Gartner estimating that the value of the market will grow from around $204 billion in 2023  to nearly $244 billion in 2024. Relentless advances in technology, along with businesses’ appetite for solutions that enhance operational efficiency, are among the key factors driving adoption.

But we are still in the early stages of the SaaS market. Over the next few years, we can expect the evolution of SaaS to be characterised by more innovation, flexibility, and vendor focus on delivering value to customers with specialised solutions and enhanced user experiences.

Here are some of the ways the market is changing.

  1. AI everywhere

Artificial intelligence (AI) and machine learning aren’t new to software or to SaaS vendors. But the pace of innovation has dramatically accelerated over the past two years. Generative AI and large language models (LLMs) are gamechangers for SaaS vendors and their customers, helping to catalyse a new wave of innovation.

SaaS vendors are using gen AI to provide more intuitive user interfaces, design AI-powered support chatbots that are friendlier and more powerful and streamline software development. Some SaaS companies are using gen AI to create new products, such as powerful tools for automated post-signature contract management.

  1. Niche is nice

A trend towards more specialised SaaS solutions is gaining momentum as vendors come to market with solutions that are designed to do one process exceptionally well or address an unmet need in a niche market. This laser-focused approach addresses major business pain points with solutions that are quick and affordable to deploy.

Our company, for example, focuses on post-signature contract management because it is an underserved market. Generalist document management and workflow applications don’t address the nuances of this area well. While there are specialised solutions, most are too expensive and complex for small and medium-sized businesses to implement.

  1. Fortified data protection

With high profile data breaches hitting the headlines in South Africa in recent years, data privacy and information security are high on the agenda.  Given that the Information Regulator is showing a willingness to fine companies for breaching the Protection of Personal Information Act (POPIA), organisations are taking privacy and security more seriously than ever.

Companies are increasingly turning towards secure, cloud-based platforms to help them protect their most sensitive information. Features like end-to-end encryption, two-factor authentication (2FA), and regular backups are a must. Companies also want platforms that enable them to define user permissions for privileged information.

  1. True hybrid

The shift towards hybrid working models has accelerated the demand for SaaS collaboration tools, including video conferencing, project management, team communication, and virtual collaboration platforms. Since the pandemic, SaaS solutions have helped to support flexible working models, helping people and teams to collaborate from anywhere.

  1. Everything automated  

Automation is one of the major driving forces in today’s SaaS market. With budgets under pressure and competition heating up, many organisations are looking for quick wins from process automation. SaaS solutions address inefficient manual processes and business pain points with tools to streamline work.

In post-signature contract management, for instance, manual methods like spreadsheets are sources of inefficiency, errors, and complexity challenges. Replacing manual methods with cutting-edge AI to efficiently extract and organises data helps reduce costs and improve consistency.

  1. Software on demand

There is a move away from complex SaaS solutions that involve long sales cycles, extensive customisation, and lengthy implementations. Self-service SaaS or on-demand SaaS offer easy sign up without significant upfront commitments. Users can manage their subscriptions, scale services up or down, and access features on-demand, all with minimal intervention from the service provider.

 

Empower Africa’s Workforce with Free Intro to AI Course from Africarare Academy

AI Course

The adoption of generative artificial intelligence (AI) technologies in Africa has the potential to transform the continent’s workforce and unlock immense economic potential. By leveraging AI, African countries can equip their workforce with the necessary skills to thrive in a digital era, bridging the gap between traditional industries and the new wave of exponential technology advancements.

Africarare Ubuntuland, Africa’s groundbreaking metaverse, recognises the significance of AI in shaping the future of Africa. As the continent embraces digital transformation, Africans should prioritise upskilling themselves to fully embrace and understand AI’s potential.

To meet this need, Africarare has unveiled the Africarare Academy Intro to AI, – a comprehensive free course designed to demystify the world of generative artificial intelligence (AI). This cutting-edge program, a first of its kind, features expert instructors and is crafted to empower professionals, enthusiasts, and forward-thinkers with the knowledge and skills needed to shape their future in generative AI.This course will pave the way for many future AI related courses.

Meeting the Demand for AI Skills

In a world witnessing the rapid rise of AI technologies, the demand for skilled professionals is increasing. Africarare Academy’s AI course addresses this need by providing a robust fundamentals curriculum covering various aspects of AI, from the concepts to practical knowhow.

Why Choose Africarare Academy?

  • Expert Instructors: Learn from industry luminaries such as Mic Mann (Co-founder and CEO of Africarare), Adriana Marais (Theoretical Physicist and Aspiring Extraterrestrial), Dr. Mark Nasila (AI project leader at FNB with a PhD in Mathematical Statistics), and Professor Benjamin Rosman (Professor in Artificial Intelligence and Robotics). Their deep knowledge and practical experience will guide participants through the complexities of AI.
  • Comprehensive Curriculum: Engage with hands-on exercises and real-world examples that bring AI concepts to life, guiding you from basics to brilliance. Empower yourself with indispensable knowledge and skills in today’s tech-driven world.
  • Certified Expertise: Equip yourself with essential knowledge and skills, earning a valuable certification upon completion. Additionally, be part of a supportive community of learners to exchange ideas and get answers to your questions.
  • Community and Support: Join a community of learners, share ideas, and get your questions answered.

Mic Mann, CEO and Co-founder of Africarare highlights the course’s key features, including a deep dive into the fascinating world of Large Language Models. Participants will gain a comprehensive understanding of foundational principles and explore the history of AI, distinguishing between AI, machine learning, deep learning and large language models. Furthermore, the course covers the importance of prompt engineering decoding, ChatGPT, DALL·E: Artistry Through Algorithms, and the Future of AI.

Enrollment in the Africarare Academy Intro to AI course is free, providing access to a 60-minute course that can be completed in one step or multiple sessions. Achieve at least 80% on the quiz questions and mint an NFT certificate of completion as a soul-bound NFT certificate for 15 Matic.

About Africarare

Africarare is an inclusive AI-powered web3 platform facilitating connection, collaboration, and e-commerce among individuals, brands, and communities by leveraging AI and mixed reality. Uniquely positioned in the high-growth African market, Africarare has a bold vision to serve over a billion people and break barriers by harnessing the power of AI and mixed reality. With a focus on Africa and communities worldwide, Africarare aims to create an inclusive platform that empowers individuals, brands, and communities to unleash their potential. Learn more at www.africarare.io.

Connect with Africarare:

Five key trends driving enterprise WiFi in 2024

Craig Blignaut, Product Manager: WiFi at Vox

In the typical enterprise, there are a variety of applications required for use by various stakeholders; these different applications also demand different types of network technologies, from a speed and latency perspective, in order to function optimally. One of these technologies is WiFi – not only has it been growing in popularity, but also in terms of capabilities, and the next generation of wireless will open up new opportunities for local businesses in the year ahead.

Much of this will come down to the introduction of the WiFi 7 standard, which the WiFi Alliance expects will be finalised and fully implemented before the end of the first quarter of 2024. Some WiFi equipment manufacturers are already selling WiFi 7-equipped routers and access points, while few user devices such as high-end smartphones with similar capabilities are already on the market and will be able to take full advantage of the standard.

While South Africa has often been as much as a year or two behind when it comes to the adoption of new WiFi standards, this can prove to be a blessing in disguise: because of the delay in the finalisation of the WiFi 7 standard, the country is in a position to leapfrog the current best standard, WiFi 6e. Here are some of the trends that we can see as WiFi 7 adoption picks up.

  1. Enabling high-bandwidth, low-latency applications

Where WiFi 6e delivers up to 10Gbps of bandwidth, WiFi 7 brings a theoretical peak bandwidth of up to 30Gbps and latency of below 5 milliseconds. Such low latency enables applications such as real-time automation, where artificial intelligence (AI) and machine learning (ML) can be used to run a factory or manufacturing operation without any data packet losses that can lead to errors.

For consumers, the introduction of this wireless technology standard could see more people taking more to social gaming and eSports, as well as 8K streaming as the experience improves. In addition, PC and console enthusiasts will also be able to enjoy multiplayer gaming while being on a wireless connection because of the low latency. Then, after being talked about for years, next-generation wireless headsets might finally drive increased adoption of applications such as virtual reality, augmented reality and even mixed reality for both personal and professional uses.

  1. Smarter next generation networks

Current generation access points deliver ‘best effort’ networks, with latency increasing as the access point gets loaded, similar to what can be experienced when using other wireless technologies such as 4G/LTE or 5G. This is unlike using optic fibre, for example, which can have service level agreements (SLAs) in place and provide a guaranteed experience.

On the other hand, next-generation networks will be ‘deterministic’ networks, with software-programmable WiFi radios to ensure optimal network capacity and efficiency, thereby providing higher reliability and lower latency. Being designed as an end-to-end network fabric also brings onboard new capabilities such as Ethernet Virtual Private Network (EVPN) and Virtual Extensible Local Area Network (VXLAN). EVPN and VXLAN provide enterprises with the flexibility to better manage their campus and data centre networks even as a growing number of endpoints – such as mobile devices, Internet of Things (IoT) devices and more – are added to the network.

  1. Unified management across access technologies

Within the enterprise, there will be a growing focus on implementing unified policy management for multi-radio access technologies; this could see various standards including WiFi 6e, WiFi 7, Private 5G and wired access points all working together under a single enterprise network. This ensures that consistent policies are being applied across the different technologies, which also results in a seamless handover when users switch between different technologies.

We are also seeing IoT play a greater role in the enterprise with more sensing devices being rolled out, and they will need to be supported by connectivity. In response, vendors are incorporating more IoT technologies into their access points, while organisations can also use unified policy management to include low-power wireless networks that are dedicated to IoT or machine-to-machine (M2M) devices, such as Zigbee, as part of their single enterprise network.

  1. User experience as a priority

WiFi 6 and WiFi 6e brought improvements in bandwidth capacity even when used in high-density deployments where there are a lot of users simultaneously connected and, as is usual with any new generation, WiFi 7 has to provide a lot more than that. Where the focus to date has been on increasing overall bandwidth and improving network speeds, WiFi 7 will shift the priority to ensuring a quality WiFi experience for the end user.

This includes capabilities such as 8×8 MIMO, or Multiple-Input Multiple-Output, which is a wireless technology that uses several transmitters and receivers (in this case 8 each) to transfer more data at the same time. These dedicated radios can also track users as they walk around and even transfer them seamlessly between access points to ensure the best user experience.

  1. Improved wireless security

With WiFi being so ubiquitous, it makes use of WiFi Protected Access (WPA) technologies to keep information passing across WiFi networks safe. The current standard, WPA3, provides the latest security protocols and more robust authentication, including 192-bit security to protect more sensitive data.

However, WPA3 cannot be enabled unless all devices on the network support this latest security standard. When it comes to wireless security, the standard in use falls back to what can be used by the least capable device on the network, so for example, if you have devices that still use WPA2, then that is the standard at which the entire network will be secured. With cybersecurity threats on the rise, we are likely to see more older equipment and devices being retired from networks in order to maintain higher levels of security.

What enterprises do need to keep in mind is that making the switch to WiFi 7 could create bottlenecks in other areas of the network and they may need to upgrade or even redesign their infrastructure, such as making use of managed switches, in order to cater for increased bandwidth across the network. If other equipment such as routers, switches, and cables are not up to standard, they will not stand to gain from the full benefit that WiFi 7 brings. Here, they must work with a technology expert, such as Vox, who works closely with major equipment vendors and can do a comprehensive needs assessment and provide qualified reasons as to why specific solutions and technologies should be used in an organisation’s network.

Ultimately, WiFi 7 is about bringing more choice for customers; wireless has long competed with wired networks, and the arrival of WiFi 7, is game-changing, as it ushers in an era where those opting for a wireless connection no longer need to worry about the drawbacks of increased latency and dependency on ‘best effort’ networks.

 

AML checklist: Essential features to seek in a solution for your business

Bradley Elliot, CEO at RelyComply

In an era of mass digital payments and financial transactions, anti-money laundering (AML) compliance is critical for banks, financial institutions, and other regulated businesses. Technology plays a central role in any effective, intelligence-driven AML programme. But not all AML solutions are made equal.

Choosing the right AML automation and analytics software for your organisation requires rigorous evaluation across a spectrum of technology and business factors. This guide examines the key considerations and evaluation criteria to help you make the right AML software decision for your organisation.

  1. Ensure the solution covers your functional needs end to end 

AML software enables you to efficiently execute and automate the fundamental processes mandated under AML and counter-terrorist financing (CFT) laws and regulations. You will want to find a solution that covers the following core areas:

  • Comprehensive identity verification and KYC: Know Your Customer (KYC) forms the foundation of an AML compliance programme. The right KYC and identity capabilities will ensure you have accurate insight into customer identities and risk levels from the start to apply tiered verification processes.
  • Robust transaction monitoring: Effective transaction monitoring enables you to continuously analyse customer transactions and accounts to detect potentially suspicious patterns or anomalies that may indicate criminal activities.
  • Streamlined SAR Reporting: Suspicious Activity Reports (SARs) are mandatory financial crime reports that must be filed with regulators when potential risks are detected. Your AML system should simplify this process.
  • Comprehensive sanctions screening: A good AML system should make it easier to identify transactions linked to sanctioned countries, entities, and individuals across global sanction lists issued by OFAC, UN, EU and others.
  • Risk-based assessment and scoring: A risk-based approach requires effective tools to assess and numerically quantify customer, account, and transaction risks based on your AML risk models.
  • Powerful reporting and analytics: Insightful reporting and analytics should enable data-driven AML decision-making and program optimisation with dashboards, alerts, and other tools. Look for AML software that uses advanced techniques like machine learning, AI, graph analysis, and natural language processing on top of data to take detection accuracy to the next level.
  • End-to-end audit trails: You will want complete audit trails across all system activities to demonstrate effective due diligence and compliance with regulators.
  1. Look for good data coverage

The accuracy and scope of data used by your AML system directly impacts its effectiveness in revealing true risks while minimising false positives and redundant alerts. Without adequate, fully up-to-date data sources, your AML system could have critical blind spots. Look for a solution that integrates with key data sources such as sanctions lists, Politically Exposed Persons (PEPs) data, law enforcement watchlists, geographic risk data and industry blacklists.

  1. Seek a fast onboarding throughput rate

The onboarding throughput rate is an important metric to consider when evaluating AML software solutions. It refers to the speed and volume at which new customers can be onboarded and have their identities verified by the AML system. Prioritise vendors that leverage automation, AI-assisted document validation, biometrics, and data services to achieve high and consistent throughput rates. For many organisations, the onboarding throughput rate can directly impact business growth and customer satisfaction.

  1. Integration with core systems is key

Your AML software should provide APIs and pre-built interfaces to integrate with core systems such as your customer databases, bank core systems, payment engines, card management systems, or trade finance platforms. It should also be able to draw transaction data from all relevant channels – wire transfers, checks, ATMs, credit/debit cards, mobile payments and more. This enables the seamless passage of data between your AML system and other key applications to feed risk detection workflows.

  1. Keep pace with regulatory change

Adhering to evolving AML regulations is the primary driver for investing in an AML system, so you need the confidence that your system will keep you compliant across the jurisdictions where you operate as regulations change. Your vendor should quickly incorporate new sanctions/watchlists; altered suspicious activity thresholds and limits; additional due diligence, reporting, and audit trail requirements; and support for new data standards like ISO 20022 for global bank transfers.

Take control of your AML software

Selecting the right AML software solution is a multifaceted decision with critical technology, operational, and regulatory factors to consider. The ideal partner provides more than just piecemeal tools – it offers an integrated end-to-end AML platform spanning identity verification, transaction monitoring, risk scoring, case management, and reporting.

Crucially, a flexible best-of-breed solution also integrates seamlessly with other systems you already have in place, rather than rigidly mandating an all-or-nothing rip-and-replace approach. This enables you to augment existing investments while benefiting from purpose-built AML capabilities that maximise accuracy, efficiency, and automation.

By choosing a partner that becomes an extension of your team, with configurable solutions tailored to your environment, you’ll strengthen the foundations of your AML software      to confidently tackle the challenges of financial crime head-on. This will enable you to simplify AML while keeping one step ahead of an evolving regulatory landscape.

Green Tips

Latest News