How Edge Computing Will Change Enterprise IT

As enterprises’ IT expectations are rising, new technologies are backing their needs by offering latest mechanics which are helping them fulfill their quests. There are multiple technologies in multiple fields which are being developed through R&D and are very much capable of solving modern issues related to IT. Gone are the days when we waited patiently for the webpages to load and respond to actions because internet in those days couldn’t connect faster or analyze requests as they do now due to one or the other reason.

Today we are firmly into the cloud computing era where we make use of personal services like Dropbox, Gmail and more which are able to provide us data from anywhere at any time. Businesses make use of cloud services to store and retrieve their data. This gives the owners the freedom to access their data from any location because of the connected network of servers/data centers. By now we have learned that cloud computing has been very profitable for organizations in terms of CAPEX. The investment is low as compared to traditional computing environment and the benefits are huge in a cloud environment too.

Research firm IDC estimates, “by 2019, 40% of IoT data will be stored, processed, analyzed, and acted upon close to or at the edge of the network.”

Edge Computing is one such emerging technology which is already playing an important role by enabling quick decision making by analyzing the data at the edge of the network. Edge computing basically tries to provide low latency by processing closer to the source of data collection. Internet of Things (IoT) devices are an important component of edge computing because analysis of data takes place within these connected devices which are far from a data center but are able to process data on the edge. This technology satisfies the local computing needs by processing data in micro data centers like an office or a facility instead of sending them directly to the main data center. Micro data center is at the center of edge computing needs. One can say this is an on premise technology which is diminished to match certain business models. It is important to make sure that IT infrastructure can operate on site, from within the largest spaces to small remote sites if we ever want to unleash the true benefits of edge computing. The challenging areas in remote locations can be connectivity and network connection but by bringing data locally on-site, latency can be eliminated.

The adoption of edge computing has been rapid since its introduction and its real-time benefits. There is a common misconception among people that edge computing is purely a technology for IoT embedded devices but that is definitely not true. Though edge computing is ideal for IoT, it offers great scope for departmental and traditional business applications. Wherever the data sources are, the edge computing layer will be operating close to it. There will be units which will be configured for particular functions which will be their primary job in a device. Each unit in the edge computing will have its own compute, storage and networking. These devices will handle network switching, routing, load balancing and security. The entire network of these devices becomes a centralized point for data processing from multiple sources. The data points will be analyzed by event processing engines which will decide the path where the data will be streamed. The data may be processed on edge or can be sent to a data center nearby based on pre-defined rules for further analysis. There are two types of data which are ‘Hot Data’ and ‘Cold Data’. Hot data will be analyzed instantly to take quick decisions and in case of Cold data, the data will be stored and analyzed later which supports analytics based on historical trends.

One of the most important features revolving around the term edge computing is the speed and agility it offers is so great that in future the data which is stored will be acted upon the edge of network instead of transferring it to data centers for further analysis.

Conclusion

These days’ organizations are adopting the best practices for their business so that they can stay ahead of their competition. As technology evolves it brings new opportunities for the world so that we can adapt to the changing ways and improve our current state. Even if edge computing is relatively a new term, it has opened up great scope for organizations to implement this technology and make use of faster and accurate data processing and transferring through a cluster of edge computing network. Decision making, lower costs, faster data processing, analytical trends are some of the many benefits edge computing offers. It is time for enterprises to take the next logical step towards upgradation of their business processes.

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How AI can boost Banking services

Artificial Intelligence (AI) is taking businesses to the next level mainly because of the services offered under this technology. Every industry has started seeing improvements in their business processes, costs and work efficiencies due to the introduction of AI in their field. For every industry AI brings something different to the table. AI has helped decision makers to take quick accurate decisions which are backed by facts and helps implement suitable options. When we talk about the financial sector, the insurance industry has already implemented AI in their field. Until now 54 percent of insurance companies have started using AI for their processes but only 34 percent of banking and finance institutions have adopted AI. As AI is in full swing, leaders need to closely understand where and how they can implement AI in their field and how they can reap maximum benefits. 

Financial services sector is a potential area where AI has a lot to offer as it is an exciting time for the banking sector. There is huge amount of data being generated in the Banking and Finance Industry (BFSI) and there are a lot of insights in those huge amounts of data which needs to be analyzed. AI can easily examine the data fed to it and provide outcomes which can be used to create more opportunities and understand the current scenarios.

According to Accenture’s recent Accenture Banking Technology Vision 2018 report, 83% of Indian bankers believe that AI will work alongside humans in the next two years — a higher than the global average of 79%

Banks now offer services through digital means which has resulted in increase of online transactions, growth in customers who are increasingly benefitting from digital initiatives of banks. Customer experience is one such area which can be enhanced through AI as quick support can be easily provided to the customer and he can even be offered tailored banking products according to his requirements.

Below are some of the areas in banking sector which are going to transform themselves because of the introduction of AI:

1.      Real-Time Fraud Detection

Financial sector has been at the receiving end of numerous frauds and according to a report released recently by McAfee, frauds in the financial sector all over the world has resulted in global economic loss of about $600 billion. But as the technology landscape changes, banks are rapidly transforming and adapting new ways to counter threats and frauds. Big Data also plays an important role in providing banks with deep insights about a customer’s data and behavior patterns. When we talk about mitigation of financial risk, new solutions which are AI enabled and new advanced financial models will help banks identify fund flow analytics in real time and discover fraudulent transactions which can be stopped the moment they are discovered.

2.      Chatbots for Customer Service

Like any other business, it is important for banks too to acquire new customers and provide them with services they need along with excellent customer support. People no longer visit banks to obtain minor information like interest rates, loans or services which a bank has to offer because all the customer needs to do is visit the bank’s website and find out all the information they are looking for in minimum amount of time. Chatbots have been proved effective by certain banks who are currently making use of this technology stating that installation of chatbots have resulted in upmost customer satisfaction. People find it tedious to call or email a bank in case of a query but they find it very convenient to reply to a ‘Hello’ by a chatbot on the bank’s website. Efficient, systematic and accurate conversation leads to great customer service.

3.      Improved Banking Products

AI can analyze various types of data and through that it is able to obtain great insights on customer’s behavior and preferences. By understanding customer’s requirements, AI will be able to serve them better with best possible banking services. Historical data plays an integral role in unearthing customer’s buying patterns which are necessary for providing expected banking products and services.

4.      Improved Security

Whenever we adopt new technology, there are always new challenges that we face and thus in this case it is important to ensure that banks remain in compliance with industry regulations and protect customer’s private data from losses, frauds and security breaches.  The new technology will pair block chain and AI-powered algorithms which will offer multiple layers of modern and robust security which will reduce the risk of tampering with transactions which results in losses.

Conclusion

As banks are taking steps towards adopting AI, they are willing to change their traditional methods along with current processes so that AI can contribute in new generation transformation which will enhance the financial industry.

Cloud Computing and Mobile Devices: A Relation Impacting the Security Game

Comparing with the earlier era-

Before mobiles became ‘smartphones’, the life was slow, less hectic and mobiles were just merely what they are called – ‘mobiles’; meaning portable devices. Around a decade ago, a massive turnaround of investments happened through which there began an internet revolution. After that, mobiles became so powerful than even the desktops of an earlier decade. 

The term, ‘cloud computing’ further lead to the term ‘mobile cloud computing’ and these both words are one of the most used and misused terms in the technology industry today. The main purpose of these services lies in quicker access facility to the users irrespective of the location and time.

The huge number of internet-connected device market is captured by smartphones today than other laptops and desktops, and therefore mobile cloud computing has grown to a high scale.

When mobile computing was not in existence, the physical IT assets of the company which were owned and managed were the only things having security. But today, the scenes are different. Mobiles are dominating the world and are the fundamental source of internet for each and every user. Even being so, they have very little physical security which came just a few years back (mobile insurance). Hackers have this opportunity and rather they have a chalked-out path for hacking all these devices as it is very easy to root, jail-break or hoodwink the device of any user. One person sitting in a corner of the world can access your device – this thought itself is very frightening! Hence, there is a strong demand for security as a service.

The facts and figures on security breaches-

As per the latest study made by SANS Institute, 12% of the IT budget is spent on only security. The reasons are pretty evident. Studies show that companies are having chances of 27.7% of material data breach and they will have to spend over $3.6 million on it in the coming 2 years.

There are several things which cause concerns on security levels because, if your applications get hacked then the repercussions include deteriorated brand value, increased liabilities, regulatory risks, and of course financial losses. Considering the data of the last eight years, more than 7 billion identities were stolen in the data breach attacks! That accounts for one data-theft attack for one person on the earth! This scenario is getting complicated every day as there is a constant rise in the mobile expansion. Further, it is creating a very vulnerable and complicated environment which is back-breaking for managing and protecting the data. More than 60% of security managers get concerned about the heavy usage of insecure mobile applications and the number of such applications is increasing day-by-day. This situation is causing stress to the users as well as to the security solution developers and designers.

The rise of new challenges-

Due to such big losses in the past and coming ahead, the security world needs a precise solution which could prevent and counter-attack these threats. The computing world is significantly changing and therefore, security is not just limited to the physical IT assets. The users being more ‘mobile’ than ever and constantly connected to the internet desire more security of their data and need recovery options. The birth of IoT has contributed to a number of cloud-connected devices and the numbers will be increasing rapidly in billions.

The combination of mobile plus internet connectivity reaching new heights is giving new business models an opportunity to take advantage and increase their revenues. Therefore, new business models also came with a bunch of new loop-holes in security.

Check out the loop-holes in security, given below-

First, modes of payment have changed drastically since the smartphone era. Near Field Communications (NFC) are getting popular on mobile devices. Every single app which provides service has the facility to pay online. All such apps require the payment account’s credentials for authenticating the users. Therefore, these details get stored on the device. These details have high chances of getting compromised, and if it happens then the hackers will be free to make fraudulent transactions through anyone’s bank accounts. Nowadays, they can directly ask your bank details by pretending someone from your contacts or trust-worthy people!

Second, the facility for parking your car with a mobile can also turn as a bane to you and the automobile industry. If your device gets breached, you can imagine what types of fatal attacks are possible.

Third, personal data is also collected in the healthcare industry. We use smartphones and smart-watches to track our fitness goals, details, blood sugar levels, BP, etc. The purpose of this facility is to get data-driven treatment when required. If these devices get hacked, then there could be serious repercussions of life-threats.

Conclusion-

 Such situations are arising and can arise even further. Our society needs more solutions in terms of security. Due to this reason, several SOC (Service Operations Centers) are coming up and we need more but, reliable and robust ones providing fully managed security services. The users also have to be more careful while handling the apps and should know which are really useful and which are not. Also, there is no need to give every single permission to every app, you can customize the settings. All these aspects together can help the world in building a more secure future.