ISSUES AND COMPLEXITIES OF DATA MANAGEMENT IN THE FINANCIAL MARKET

We report on the latest success story from the IQPC company, and how to deliver a Conference that actually works.

Generally speaking – we are a polite society. True, we all have our moments, but again, generally speaking, if we have not the greatest meal at our chosen restaurant, then we will not give a hard time to the waiter. We will just not go back. Restaurants that develop a reputation for being reliable, always, somehow, delivering the ambience as well as the food – keep us coming back.

IQPC do not do restaurants. But they do have the “secret sauce”, the ambience from the moment you descend the stairs into the meetings areas, to the ease of engagement into groups of like minded professionals.

Because the fact is, if you are a strategic decision-maker in a financial market, these focussed events need to deliver; they are your one time to engage and share with your peers. And they need to get it right.

This latest IQPC Conference, at the Pestana Chelsea hotel just by the Thames, – in a whole series of their Data Analytics events , brought together some of the financial markets leading voices and contributors, from across the UK and Europe, who were relaxed enough to share and to receive, the do’s and don’ts of how to manage your data process in a complex world, that you will never get from browsing the marketing material of the vendor website.

This Conference was a sharing experience; vendors were not selling, they were explaining; delegates were listening and contributing. Topics ranged from the essentials of how to manage the data you actually have, which still remains the key issue for most corporates – through to the modern topics of Money Laundering, how to recognise it, bow to stop it.

But what was most insightful, was that the need of delegates had already moved on from GDPR as the sole topic of interest. As such, an IQPC Conference remains the benchmark of how to do business events that deliver.

We found the round-table break-outs the most insightful, not just from the commentaries and points made, but from the levelling of opportunity, the facility for everyone, from whatever level of knowledge to make a contribution, to be involved.

This was a Conference that was looking forward, a focussed two day event, that never lost sight of its objective, to give the Delegate the framework of information that they otherwise would not obtain.

Sure, IQPC don’t do restaurants. But they do great Take Aways.

How To Communicate with your Market

We take a moment to say why we started doing Video Interviews all those years ago…

It is one thing writing Editorial and Blog articles – and hoping that you as Readers will, – well, go read, if you will… But it is quite another maximising the time that we have in front of you as a reader, to ensure that you truly engage with us, and the points we are trying to make.

Everybody wants everyone to notice and read their material. But what we found all those years ago in Orlando USA – was that even six years ago when we started – there is just so much “content” out there, to read, that people no longer have the time to read.

We found that people prefer to engage, with other people.

In our Youtube video, we explain how this process works, why it is so important to focus on clear benefits, get to the point, – and why letting us write your material, but training you to deliver it, is natural and gets your customer attention.

Go visit; https://youtu.be/GKnFAiHHKaA.

Thanks for taking a few moments away, and for reading this small note.  Now back to work…..

Charity begins at home…

Good news, doesn’t sell newspapers. But there are times in life when we have just had it up to here with the incessant black and despairing Content that seems to populate our News channels.

At times like these, there are two options, reaching for the Gin bottle is one of them. The other, -which may well give you a more lasting satisfaction – is to bathe in some nice news, some nice human interest, the stories that do good for someone else.

Which is why we are publishing the request by Rory Clarke, Director at Rix, in Hull – to reach out to a local charity. Local charities rarely get the media coverage of their national cousins. But their needs are as acute. And you never know, you might be one of the people they help, in years to come. This is what Rory says;

“Hello, I’ve started fundraising for Child Dynamix . I’m running the Hull 10k to raise money for Child Dynamix who are a brilliant local charity providing care and support to young people growing up in some of the least affluent parts of Hull. For some people in these areas this support can be life changing Please sponsor me. Here is a link to my page http://www.justgiving.com/Rory-Clarke”

Best Regards
Rory

Rory Clarke
Director
J R Rix & Sons Ltd’

 

 

Brexit and your Business

We look at the latest numbers from the ONS and see what it means for your business.

The recent figures from the UK based Office for National Statistics (ONS) – says two things. They  are interesting because they show that; – first, whilst we have persuaded it would appear, less EU residents to come base their life in the UK – it is the EU newcomers and residents who have come and who do come, who are the most work hungry and already have jobs.  It is the Non-EU visitors, who are the most likely to come as a family, and then “look for work”.

The importance is that Brexit was based on a fear of immigration. but as the following example will show – we have succeeded only in turing away those residents who are actually contributing to our own UK economy – and in doing so, we have marginalised ourselves in the UK.

I saw this only this week, in an NHS Clinic, where I was fortunate to have surgery;  the majority of nurses, surgeons, Consultants, etc – were European. The quality of care was second to none.  But individually, they spoke to me with a sense of sadness – they loved the tolerance and relaxed and positive attitude of our society.

This resonates with meetings I had just last week – in international Conferences in Sweden, and in France – where separately, but by happenstance – senior delegates and vendors said to me:

“Look – we have been serious about entering the UK and building a new business there – but we no longer believe that YOU are serious”.

The impression we are giving as UK businesses, is that we do not value the people, and therefore we do not value the market – in Europe.

The question is – how to stop that?

The answer is one of face/face meetings.  We find that “showing seriousness” means getting on a plane. We have never lost a deal because we were, or were not, part of some political club.  But we have indeed lost deals, by not bothering to reach out to our international customers – who do seem more than willing to work with us.

 

How Safe is the IoT?

We look at the recent situation at Abbott, and get a comment from new kids on the block, Tridentify AB (www.tridentify.se) –  Sweden.

At a time when Abbott Laboratories have been the subject of a stinging criticism from the US FDA, for  failing to properly investigate and resolve risks related to its implanted heart devices, including cybersecurity threats and a battery malfunction linked to two patient deaths – it’s important to take a measured view, and ask; are all devices that contain a battery, and can send info  – likely to run into these same problems.

Not according to new Tracer developers,  Tridentify. Based in Stockholm and Gothenburg, their CIO Leif Sandvik.  It all depends on whether you have actual patient data. Simple tracking of info and pure functionality, should not be an issue. This is what he says and how Tridentify solve these aspects:

“It is correct that we use AES-128 for all communication in QTA Tracer System, but the most important is that we do not use any patient data in the system for the moment. This mean that we actually do “not have any” data to protect even if we do it.😬

If a battery should fail, the tracer will reset and the red LED will flash. If the battery is drained no LED will flash and according to the manual the product should be handled as expired.”

But Johan Snis,  former Abbott Marketing Manager and new Commercial Director at Tridentify – goes further:he says there will always be some element of risk – but this is manageable;

“I would say that secure data is an important topic when entering IoT or IoMT as med tech has their own abbrevation.
Hospitals was one of the last “industries” to internetify themselfes and still they are a bit behind in knowledge and technology, including security. But patientdata is now, in most countries, in digital format on databases accesible from interhospital networks. So if healthcare already has accepted that evolution they cannot void themselfs against IoT. And they shouldn’t, since this is the most prominent way to personalize healthcare and keeping patient at home or specialist clinichans on remote locations.

However, data security is important. All data transfered to and from QTA is done using AES-128, Advanced Encryption Standard. The encryption uses a 128 bit key and it gives 3,4×10^18 possible key combinations.
If we would use the fastest supercomputer in the world it would take it approx 1 billion billion years to crack the encryption. The universe is 13.75 billion years old as we speak.
If we assumes that every person on the earth has 10 computer each and all of them would be used to crack the encryption it would take 77,000,000,000,000,000,000,000,000 years.

So data transfer can be secure. The above argument doesn’t say that it cannot be broken but that it will be tough. On the other hand it is possible to break into a hospital, it is possible to disguise as a doctor and give poison to a patient. Paper journals are possible to steal and forge…and so on.

For me the discussion has to be open minded. Yes it is very important to have secure future system! On the otherhand, the system used today are not foolproof or “pentagon” secure.”


 

 

Focus on the Internet of Things

How IoT may be the worst of all options.

The idea that we can boil our kettle at home while flooring it down the motorway prior to arrival – has long been the stuff of geek dreams. It’s beauty is in its simple and home craft image, how nice and unthreatening is this. If IoT is all about kettles and making cups of tea, well, what’s wrong with that.
And it goes on, at a much deeper level, into how whole “cities” are now becoming Smart Cities. This is an energy conserved Utopia, at a corporate level, if you will, as opposed to a personal level. Whole new divisions are being created at some of the world’s leading IT Consulting houses, as to how they can deliver, using our love and total dependence on mobile and internet connectivity, a world where we are In Control – from anywhere.
In the UK and other parts of Europe, we can moderate our central heating using our mobile phone, and thus goes the argument, we can modify, ie, reduce, our heating bills, to cope with sudden sunny days and so forth.
My friend has a new car where, in the frozen climes she inhabits, – she can switch on the heated seats in her car some twenty minutes before she gets in. And whilst i am jealous and actually impressed, the question is however – do we actually want all this? Or just how useful and time and money saving, will all these facilities give us, or much as extra competences will be gained?
I ask this because for a start, I rarely change my central heating settings from one year to the next, let alone day by day. And judging from the number of times I receive rogue emails in one day, do I really want some central wifi being involved in my domestic life, however useful this might appear for the greater good? Because, if current life is anything to go by, if the Internet is involved, then our lives can be hacked.
We are not alone in voicing these shortcomings. Oren Dvoskin at Sasa Software says it like this:
“The IoT is definitely creating a buzz as a perceived weakness when relating to cyber security.  Attackers constantly look for the easiest way into organizations, and unprotected devices are a potential point of entry. The most common scenario is scanning the internet for devices with default (or no) security credentials.

This was the case with the massive DDoS attack on Dyn’s servers in October – millions of devices were hijacked, then controlled remotely.

Another concern is attacking equipment with outdated security measures, or legacy operating systems.  Sophisticated equipment, such as medical devices, often cannot be properly secured, due to manufacturer warranties.  It could potentially be a nightmare, with hackers demanding ransom when they’ve sabotaged a hospital’s ventilation system (or a patient’s pacemaker).

What can be done?

As always, it’s the basics.   Ensure that devices have updated security credentials, and when possible, that they receive ongoing updates.  Sensitive equipment, and equipment in sensitive organizations should never have unrestricted access to the internet. ”

And this includes you and I at home. The kettle controlled wifi to make our cup of tea, will also let intruders in by the front door. And that, is what I would call a nightmare.

How To Survive Brexit

Richard Bloss explains the tragedy of Brexit.

It is a truth universally acknowledged, that the persistent vilification of its allies by another country, will itself destroy its reputation among its friends.
The tragedy of Brexit, is not on a business level. There will be no obvious difference in business, good or bad, and no obvious difference of investment. BMW will still want to sell us their motor cars.
The sadness will be in a human and personal level. The thousands of Poles, Lithuanians, Africans, Syrians, even Russians – who have come to the Uk – have not done so in search of a better life sitting on their sofa and getting our free healthcare. They already have better healthcare at home.
They came because the Uk is the beacon of tolerance, support in adversity, democracy that looks after the little guy, honesty in a world of corruption. They came because they want to contribute to our economy, to support the vision that drove them here in the first place.
We have created in its place, a feeling of disappointment at the heart of our soul, how could they have been so wrong? It is a feeling of confusion mirrored in my discussions every single day in my meetings throughout Scandinavia and Europe;
‘Richard, why did you do it? Couldn’t we have worked it out”
There is an argument that says, without the negative Brexit vote, the rest of Europe would not have taken this seriously. And I get that. But that does not mean we have to accept this folly in perpetuity.
Lets not forget that nearly half of the country – did NOT want to believe the myriad of bigotry and frankly lies that were espoused by the Leavers. And until somebody somewhere puts up a coherent and practical plan that can deliver a better version of what we have already – please tell me where is the benefit in screwing our friends?
So what is there to do?
First – lets publicly confirm that we value the greater European residents. It will send a marker in the send that our values are still intact – but equally important, it will show up those minority of European countries that want to “give us a hard time”.
Lets open discussions, before any binding decisions – but in a spirit of amicality. People do not like being threatened, and so it goes for nations and governments.
Lets apologise for our mistakes, – nobody can counter someone who “apologises” – but encourage others to do likewise.
Lets engage on a country by country basis. Our view in the UK is that every country has its own identities, to be accepted – not shoehorned into some one size fits all. Eww are right to stand up for our views too.
We need to do this quickly. Reputations take 20 years to create – but can be lost in 20 seconds. Business leaders I know, who are shocked by the lack of welcome at Heathrow- are already having second thoughts, and over time this will destroy the one thing that people come here in the first place.

As the Beatles once said; we can work it out.