Leadership Perspective on Navigating Crisis

Leadership Perspective on Navigating Crisis

Network Science April 26, 2022

In this edition of the co-create.ai series, Nahla Khaddage Boudiab, COO at AM Bank engages in an intriguing conversation with Robert Webb, Advisory Board Member , Network Science and Founder at TBM partners about leadership perspective on navigating crisis. Nahla is currently based in Beirut, Lebanon, and prior to working with Al-Mawarid Bank, she was also partnered with consulting firm, EY.

With the onset of a health crisis like the Coronavirus, coupled with the economic and political crises in Lebanon, stress levels in the country were mounting. As a dollarized economy, when Lebanon started facing a lack of availability of cash, citizens experienced its adverse effects strongly. Nahla outlines how the leaders in the banking industry navigated such difficult times and accusations by users who felt that the banks were to blame for this problem.

  • Ensure that you are not adding to the existing pressures of your employees
  • Leadership must be focused on keeping the organization and all its members healthy and pumped with good energy that allows achievement of objectives
  • From an organizational perspective, culture is the immune system. Leadership skills must be honed to keep this culture healthy and thriving

Transformational Leadership Manifesto for Emerging Leaders
AM Bank has been awarded the title of the “Strongest Bank in Overcoming Crises” by the International Union of Arab Bankers. Nahla highlights that the key success factor for AM Bank has been its recognition that, “leadership can no longer be managing robots. Leadership can no longer be the solution providers…because there is no way one individual will have enough ideas or energy to actually provide solutions for all the risk doors…”

  • It is important to break biases from people’s minds regarding what characteristics make up a “good leader”
  • Leadership is less about power and control and more about trust, care and love
  • The most important leadership skill today is building resilience. Leaders must harness the powers of team members and direct them toward the same organizational goals
  • Don’t separate the ‘person’ from the ‘professional’. Address the one set of needs that a individual holds irrespective of the environment

If organizations focus more on things like discipline and rules, leaders will be able to draw out only around 50% of an employee’s full potential. On the other hand, if the focus is on human needs, compassion, trust and love, it can be possible to get even 150% from your employees. Innovation can only happen in a firm that practices love and compassion.
Spirituality in the Organization
“If you enable feelings of spirituality in the organization, you are going to improve drastically,” says Nahla. Here, the spirituality of the individual refers to their sense of belongingness—to the organization, to the world, to the universe, as one integrated life. To achieve this, there needs to be certain critical processes in place:

  • The structure of the organization – In order to have technical excellence and optimization of resources along with compassion and care, as a leader, you need to ensure that you have visibility of what the organization looks like. A layered structure makes this difficult. A flat structure is conducive to achieving this objective.
  • The recruiting strategy of the organization – While technically excellent people are abundant, the ability of an employee to contribute to the culture of the organization is what makes a difference. The leadership skill of recruiting the right people is extremely crucial, especially if these people have the ability to influence others. If mistakes are committed, the organization must attempt to fix them.
  • The Evaluation – Leaders have to understand that systems and processes can often trigger certain human behaviour inside the organization. Before evaluating managers, leaders should assess whether any processes are leading to negative behaviours. Evaluations should be focused on triggering positive behaviours and encourage training, nurturing and collaboration in the organization.

In a love-compassion culture, transformational leadership involves having conversations with employees that are unhappy or feel dissatisfied. It is important to drive the message of teamwork and unity for such a culture to survive. If any negative behaviour is repeated, a more formal conversation should be undertaken to make the employee understand the repercussions of such continued action.

Advice for Young Leaders

  • Any successful leader is one who has put their ego aside. Excessive pride can often become a primary cause of failure in medium or large organizations.
  • Remove the mindset of “I don’t know how to do this” or “This is how we’ve been doing things” by being yourself. Leaders need to stop focusing on how to control others and instead become unafraid of doing new things.

Supply Chain Disruption in a Post-Pandemic World

Network Science
February 17, 2022
Written by Nicolas Weatherill

Disruption is inevitable.

Indeed, the last few years have been a challenging and highly disruptive time in the logistics industry. The COVID-19 pandemic quickly highlighted pre-existing vulnerabilities within international supply chains, with various national lockdowns and restrictions leading to a global shortage of raw materials and goods that significantly reduced manufacturing output, in turn putting increased pressure on supply chains as firms began to seek alternative suppliers (and subsequently) logistical solutions.

Companies operating in the life-sciences sector saw business boom (the largely essential status of their goods creating a market in which supply was largely able to keep up with demand due to an overall shift in national priority toward the delivery of those essential products), however business slowed in most other sectors – particularly in areas such as construction and retail, as workplaces shut down and people retreated into their homes.

The Perfect Storm

In the UK in particular, the stresses on supply chains brought by the pandemic were only further exacerbated by Brexit (an ongoing process predating the pandemic), particularly at a human/individual level, with companies already struggling to operate with reduced staffing as a result of the need for many to self-isolate. Prior even to the pandemic, the UK was estimated to be facing a shortfall of around 76,000 drivers (source: Logistics UK), however this specific workforce issue was largely negated due to access to pools of workers from the EU – which incidentally saw an increase in driving staff of 450% between 2010-2017.

Access to this pool of EU drivers subsequently became a vital lifeline in the UK, subsequently damaged irreparably by Brexit as many of these drivers chose not to pursue settlement in the UK in favour of higher wages in mainland Europe. One of the defining moments of this crisis came during the much-publicised fuel shortage in 2021, with the British Army being drafted in to assist with the distribution of petrol supplies from port to pump.

As well as the workforce shortages, Brexit also led to broad increase in workload across the UK logistics space as new customs procedures and requirements were suddenly enforced. The terms of our exit from the EU were at best vague as negotiations with Brussels wore on, and its last-minute ratification and publication resulted in a scramble for logistics companies to make sense of new export rules and regulations and put in place solutions to ensure continued cross-border operation.

This represented a huge challenge to the logistics sector, as companies of all sizes struggled to comply with complex import/export paperwork and regulation existing where there had previously been little-none – with many companies having to invest in teams of customs agents, and quickly creating often overwhelmingly manual processes in order to cope with the change.

The perfect storm created by both Brexit & the Covid-19 pandemic resulted in the Logistics Industry moving towards the forefront of public attention – with companies such as Amazon cutting their commitment to next-day deliveries, supermarkets displaying empty shelves, and demand far outstripping supply across almost all sectors.

While we should all be proud of how the Logistics Industry quickly adapted to help the national effort against Covid 19, it is however clear that the industry at large was unprepared for the significant problems faced in the last few years, and the consequences of an overall failure to negate the disruption have never been so apparent.

Disruption vs Disruption

More than anything else, the last few years have proven that technology and innovation are fundamental toward creating supply chains that are resilient and supple, rather than fragile and brittle.

There is far too much reliance on antiquated processes, often involving an unnecessary amount of manual/human input. Data streams are too often segregated from one another, with siloed systems working in isolation from one another, rather than in tandem. Paperwork existing only in physical form, despite our existence in an increasingly digitised world.

The combined disruption to business caused by the perfect storm of Brexit and the Covid 19 has however resulted in a surge in technology investment, with tech investment growing by 230% in the UK in 2021, with the UK also accounting for more than a third of all tech investment in Europe: which at least demonstrates that most businesses have realised that they would rather be proactive rather than reactive in the face of future challenges, whatever they may be.

Tech start-ups, leveraging the power of Deep Technology, will play a critical role in the innovation renaissance currently underway in the UK, and particularly in Supply Chain.

Advanced AI can be harnessed to provide intelligent and powerful data analytics, converting the quantifiable into qualitative, and vice versa. Machine learning can be used to steer systems, resulting in increasingly effective and smart IT infrastructure. Robotics implemented in warehousing and transportation, reducing the need to rely on human operators and in turn allowing you to better utilise your staff.

Deep Tech represents a new frontier in the innovation world, and the possible applications of these technologies stretch as far as the imagination. At its core, Deep Tech is disruptive – built to deliver meaningful and high impact change, rather than shallow innovation that can only produce incremental improvement without ever addressing the fundamental flaws in a traditional business process.

We need only look to the example of Biontech – pioneers of the ground-breaking MRNA vaccine – to see the value we can all gain from disruptive deep technology: it’s very likely to have saved either your own life or the lives of those around you.

With the benefit of hindsight, investment in technology and innovation has never been more critical to the future success of supply chains, and their ability to adapt to an ever-changing world. Logistics firms now need to choose between securing their place in the supple supply chains of the future or becoming ever helpless in the crisis of tomorrow.

Choose the right kind of disruption. Choose Deep Tech disruption.

With the ongoing COVID-19 pandemic, the entire cybersecurity industry has undergone massive challenges and changes. In a business space that used to be dominated by minor protections like firewalls and network security systems, the game has now changed. Companies have come to identify threats to data and the need for data protection from both external and internal parties of the organization.

In this installment of the Co-create.AI series, our guest @Jitender Arora, Chief Information Security Officer (CISO) for Deloitte UK, engages in an insightful discussion with @Robert Webb, Advisory Board Member @Network Science and Founder @TBM partners on the rising trends in the cybersecurity space. Prior to joining Deloitte, Jitender also worked with renowned names like Coventry Bank, GE Capital, and Deutsche Bank.

Cybersecurity during COVID-19

Regardless of the industry your organization belongs to, a threat to data is a constant. Every company in this age and time is a technology company, even if their primary focus might be elsewhere. “[Organizations] are always processing data one or the other way,” says Jitender, emphasizing the growing need to protect this information. GDPR regulations have made it imperative to secure data and increase transparency in how data security is handled on platforms.

Looking at security problems in a holistic manner has become important. Companies cannot simply spend money on cybersecurity solutions without a grasp on how to properly use them. The user interface should be simple yet effective, and personnel must be trained to bring out the maximum value of such systems.

When it comes to the changes brought on by COVID-19 and therefore, Work from Home (WFH) practices, Jitender highlights the following trends:

  • The changing landscape as organizations adapted to a sudden shift in practices to the online mode has been a game-changer.
  • Employees might be unwittingly connected to other IoT devices that could bring in threats to organization data since the network is no longer as secure as it was in an office setting. The concept of boundaries has diminished.
  • The COVID-19 situation has created a lot of anxiety and stress due to isolation on employees. Social engineering and manipulation by hackers have increased the cases of phishing, smashing, and other cyber crimes as attackers play on the emotions of their targets.

Cybersecurity Advice for Stakeholders

There should be a fine balance between preventative capabilities (defence mechanisms) and good detective capabilities in place. Organizations need to be able to determine why certain machines or systems might be malfunctioning or performing ineffectively. Equally important is for them to be able to combat the issues identified in time.

“People are the best line of defence,” says Jitender, explaining how proper training and education can make employees aware, prevent external and internal threats both, decrease the number of phishing or smishing cases and set up a proper procedure for resolution.

When assessing which technological tools to use for fighting cyber threats, it often pays to take a step back and understand the use cases of each of these tools. Once the problem has been identified and studied, relevant technology can be applied. It is also beneficial to retire outdated methods and technologies when they no longer deliver results.

A common mistake that company executives make when it comes to information security practices is the excessive and obsessive implementation of too many technology systems without proper focus on the people aspect. It’s important to have a sense of “shared responsibility” in the organization. Under this mindset, each individual understands what’s happening and embeds the significance of information security into everyday practices to become “cyber savvy”.

Framework for Measuring InfoSec Risk & Compliance

Cybersecurity has become an important agenda for company meetings globally, especially since the onset of COVID-19. Under such circumstances, different organizations may undertake different measures to fight threats in their environment:

  • Some companies have pre-determined a framework, procedure or matrix in place to deal with cybersecurity issues
  • Other companies do not have such a clear-cut method, but rather prefer to handle challenges depending on the nature of the threat and what capabilities are required to neutralize it
  • The most beneficial contributor to either form of combat is dialogue. Companies must have fruitful conversations with c-suite executives and board members about their concerns regarding infosec. Apart from just defensive capabilities, the organization must also ensure that they have a target in mind with respect to current vs future maturity level
  • Models and capabilities should be developed by keeping in mind the risk appetite of the company and what that means in terms of dollar value (financial resources)

TRANSFORM YOUR PLANT INTO A “SMART FACTORY”

Network Science
May 24, 2021

Industry 4.0 elements and customer demands

Junuz spoke about customer demand driving businesses to change. Customers today want speedy deliveries, customized high-quality products, and secure hassle-free interactions. He further added that the integration of Industry 4.0 into the business helps achieve these qualities. These elements include visibility, transparency, predictive capability, and adaptability.

Getting to Industry 4.0

Digital technologies like data collection and IoT are an integral part of getting to a ‘smart factory’. Junuz focused on the importance of combining that with investment in the workplace, workforce and designing innovative business models. Different systems need to interact with each other, and exchange data while following an enterprise-control framework and giving due consideration to cybersecurity.

Interactive Session and Attendee Insights

Through a live poll among the attendees, the following insights were made into the businesses:

1. What Digital Tools and Technologies do you use today?
Currently, a majority of attendees used software and data silos to make their manufacturing more connected. Over 92% use digitization for data collection and around 65% use it for production manufacturing. Other prominent areas include KPI tracking, product design, and finance.

2. What is standing in your way?
Over 60% of businesses felt that a lack of strategy, resistance to change, and dearth of digital leadership were primary reasons that stood in their way of championing digital Industry 4.0 tools.
3. What are your future plans for implementing digital tools and technologies? What would enable you to accelerate your journey?
70% of the attendees were willing to get expert help to help them start their Industry 4.0 journey. Over 53% wanted to do due diligence to get ahead in this area. No one except a rare 6% wanted to wait for technology to further advance. The rest were sure that their Industry 4.0 journey is ready for take-off with the right guidance and strategy.

Risks and Opportunity in Industry 4.0

Not moving towards Industry 4.0 poses many risks for businesses. These include the loss of customers who are unhappy if demands for transparency and speedy delivery are not met, especially if they can get it elsewhere. Such businesses will fall behind the competition, not be able to keep up with the market changes and sudden external triggers like the COVID pandemic.

This is when Cheruvu Krishna (Vice President, MothersonSumi), used specific manufacturing use cases to highlight the advantage of automated production count, running status, and consequent removal of manual logs. He explained the difference between hardwired data concentrators that give external information about production count and machine running status and external sensors that can further help determine electrical and mechanical measurements for predictive analytics.

According to Cheruvu, there are several correlated parts in an assembly line. Such correlations in anomalous values in different parts of the assembly line are detected by algorithms to strengthen the classification of the component as “pass” or “fail”. He emphasized that such technology can save downtime and human effort – all that is needed is monitoring machine parameters (data acquisition) and the result’s analytics.

Creating Competitive Advantage

Junuz explained that companies can get ahead of their competition by the following measures:

1. Preventive instead of reactive maintenance.
2. Training the workforce to help them make well-informed decisions to mitigate problems.
3. Devise better strategies to use data-driven technology and subsequently retain customers and attract new ones.

Starting your own Journey

Junuz left the audience with important tips on starting one’s own journey to Industry 4.0. He urged everyone to build a vision and continuously assess where they stand currently in terms of their capabilities to meet customer demands and how technology enables them to do so. This should be followed by an effective strategy to fill the gaps and a strong plan to execute that strategy. The message given at the end was for every company to devise its own strategy rather than blindly follow something that may not be a right fit for them.

“Everyone has a different Industry 4.0 journey. However, staying still and doing nothing will allow your competitors to move further ahead. Acting now and seeking support will stop this.”

COVID-19 IMPACT ON EMPLOYEE ENGAGEMENT
Network Science

Network Science March 1, 2021

Employee engagement during COVID-19 has become one of the main challenges for organizations operating over virtual platforms. Maintaining employee welfare, safety, and managing risk, however, is more important now than ever.

In this installment of the cocreate.ai series, our guest, Nigel Thomas, CEO of The Blue Mountain Group, interacts with Hugh Todd, Author & Leadership coach, in an insightful conversation about employee engagement strategy, especially during COVID. Nigel’s business is involved in consultancy, security, risk management, and safety assurance to groups around the world by creating lifestyle checks. He is also engaged with providing training under The Blue Mountain training group for hostile environments overseas to NGOs, charities, media, and banking organizations among others.

The onslaught of Coronavirus has brought in several impacts to businesses involved in training. There has been a radical shift from purely practical training simulations to an increased reliance on booklets, presentations, e-learning, and modules from instructors. In some cases, employees have had to spend extended periods of lockdown overseas due to a lack of flights back to their home countries.

Challenges of Having a Global Workforce

When managing operations that are global in nature with employees spread around the world, organizations need to face and over certain challenges. During COVID-19, some of these have come into focus more than others.

  • Adhering to policies set down by various governments and regulatory bodies across the world
  • Staying flexible to accommodate changes to these policies at all times
  • Varying quarantine periods for employees who may not be allowed to work on-premises
  • Working around logistical issues of sending workers and consultants to required sites

Employee Engagement Strategy

During such strenuous times, it is important to keep employees motivated. Even virtually, organizations must make efforts to maintain daily communications with personnel residing overseas or spending time in quarantine.

Understanding that the pandemic can be emotionally and mentally taxing on employees is also important, and the company should undertake activities that tend to be ‘fun’ and relaxing from time to time. Extending support to employees’ families in cases when the employees themselves are unable to do so can uplift morale and engagement by astounding levels.

“There is a lot of confusion, and everyone is looking at [the pandemic] differently,” says Nigel. Differing mindsets exist in both the public space as well as the business space. Different organizations have different appetites for risk, for what they consider safe in the workplace. Certain generic advice that should be followed by companies is listed viz.

  • In such uncertain situations, conducting a risk assessment is the first step to factoring in what is relevant to your business or your environment
  • Install PPE kits in all the appropriate areas and make them accessible to all employees in need
  • Stay up to date with all government guidelines to keep up with the compliance and legality end of things
  • Ensure that employees are well aware of the culture and agree to safety guidelines as set by the organization

Mobcast: The Employee Engagement App

The outcome that organizations are striving to achieve in these difficult times is that of high productivity and efficiency despite the barriers set by virtual communication. This only becomes possible if employee engagement in the company is also rising. Mobcast, an ML-led extranet platform that improves employee learning, empowerment & engagement in organizations, is a tool meant to help executives work towards this goal.

“We think [Mobcast] is a great way of communicating,” mentions Nigel, highlighting that such innovative technology now makes it possible for not just CEOs or MDs but also ground personnel to keep a track of what training is being done, what tests are required and how to send out messages to key people among other benefits. It streamlines organization-wide communication by also taking into consideration employee diversity and the global nature of workforces.

THE DYNAMICS OF PERSONALIZATION AND INTELLIGENCE: THE FUTURE OF DEBT COLLECTION

Network Science July 26, 2021
With the onset of the COVID-19 pandemic, every sector has felt the presence of the online and digital shift. The debt collection sector is no different. In fact, with the lessening of physical on-counter transactions and collections, more focus has shifted to automation and self-reliance. One can even statistically argue that the pandemic has led to an increase in borrowers or a sharp change in positive repayment chances. Working with a ‘better safe than sorry’ policy, many agencies now employ early predictive measures to safeguard their own and their customer’s interests. We now see how this can happen.

The Move to Personalization

Personalization refers to the adoption of tailored methods for any activity in debt collection. This form of customization is beneficial for increasing engagement and response and has seen a surge in recent times. It makes the borrower feel valuable, rather than a defaulter who is simply being poked for repayment. The following are all encompassed by debt-collection personalization:

1. Content of communication
2. Medium of communication
3. Tone of Reminders
4. Analytical Insights
5. Loan Repayment Proposals
6. Customer Profiling and Response Effectiveness
7. Stress Management
8. Dynamic/Sudden changes to customer repayment chances

Where does AI help in debt collections?

It is imperative to understand that Machine Learning and Artificial Intelligence models are based on predictive intelligence. In simple words, it is using previous records and known outcomes to predict future outcomes. In such a scenario, there are many avenues where AI/ML can help debt collection:

1. Predictive Intelligence for Defaulter Identification: Based on several factors like credit scores, previous history/past track record, amount of loan, and salary-wage tradeoff, ML models can effectively pinpoint people who are likely to repay the loan and the ones who are not. This can be followed by regular check-ins, follow-ups, and support.
2. Emotional Intelligence for Willingness to Pay: Just like humans can easily understand the intent of a person to repay the loan, even Natural Language Processing Models can do the same. They convert the conversations to text and analyze the intent of the borrower. This helps in setting up the next steps and finding ways to accelerate the process if need be.
3. Automotive Intelligence for Speed and Efficiency: While human-to-human calling has its advantages, there is very little that a group of individuals can achieve in a limited amount of time. This is where automated voice calls and IVR technology can exponentially increase the number of people we reach out in a limited span of time. Queries asked by borrowers can also be redirected in a similar way.
4. Mitigative Intelligence for Optimal Recovery and Customer Satisfaction: We often see that a loan defaulter ends up losing collateral or valuable property, which is not in the best interest of any party. Using AI, agencies can sit with the party/parties involved, and plan an optimal path for the borrower for repayment and mitigation. This leaves the customer and loan provider with more than what they would have ended up with otherwise.

Ideal Debt Collector Future of Debt Collection

In summary, the ideal debt-collection mechanism is calm, composed, emotionally aware, predictive, and speedy. It has to be customized to the needs of the borrower while also making him feel valued. The voice on the other end needs to be logical, intelligent, and not waived by emotions of the extreme. It needs to suggest what is best for the borrower while keeping the effectiveness of repayment as the primary aim. The transition to such an ideal debt collector may be slow, but it is momentous. The future will definitely see the continuation of the surge in the digitization of debt collection practices.

CYBER HYGIENE- HEALTHY HABITS AND SOLUTIONS TO KEEP YOUR DATA SECURE

Network Science November 9, 2021

Since the onset of the pandemic, people across the globe have had to rethink how they go about their daily lives. This includes everything from online classes for students to a stable and secure work-from-home infrastructure for professionals.

As businesses, educational institutions, and even governments have moved their operations to cyberspace, the risk of conducting these activities online has also increased. Cybercriminals have also adapted to the pandemic and the massive increase in online activity, which has created new threats and security concerns to be wary of.

Since there has been a lot of awareness around cybersecurity in the month of October, we thought it would be prudent to share some of the most effective ways to keep yourself, your loved ones, and your business secure and protected from malicious entities on the darkweb.

Here are some of the best practices that we advocate to keep yourself secure on a fundamental level:

  • Always have a strong password.

As a rule, your password should be easy (for you) to remember and hard (for others) to guess. Maintain a strong password on your email accounts, social media, and net banking portals and change these frequently to ensure they remain secure.

Do not use the same password across multiple accounts, as that could potentially lead to all your logins being compromised.

Where feasible adopt Multi-Factor Authentication on your key applications.

  • Verify the authenticity of any portal that requires your credentials.

With Phishing activity at an all-time high, you can never be too sure of the safety of your credentials. Malicious entities have increasingly been creating fake apps and websites to try and capture your login credentials, so it’s always a good idea to exercise caution and validate the URLS before clicking on links or accessing websites.

  • Be wary of attachments and URLs.

Your email and SMS are the primary vectors for malicious links, viruses, and other harmful software. When you receive an attachment, link, or login request, always take special care to verify if it is authentic and necessary.

In certain situations, these emails or notifications may be designed to instill a sense of urgency and even mimic your contacts to seem genuine.

  • Practice Mobile device hygiene.

Since a large part of our online presence is accessed via our smartphones, tablets, etc., it is increasingly vital for us to be careful while downloading apps or enabling permissions. Ensure that you are only downloading legitimate apps from official portals such as the Apple App Store or the Google Play Store.

Be careful while granting any application permissions to access, read or send your device data.

  • Be Aware and #BeCyberSmart.

Similar to the physical world it starts by staying aware and being vigilant. STOP.THINK.DO ™ is all about taking a moment to check the veracity before we act on anything that may look suspicious or maybe too good to be true. Remember, there is no such thing as a free lunch!

To check out the latest on cyber security awareness, refer to Cybersecurity and Infrastructure Security Agency.

These solutions can identify, analyze, and report emerging threats in cyberspace. To this end, we have developed products that address the cybersecurity needs of both individuals and entire firms.

The propriety SaaS platform, Vision, uses scalable, robust, and intelligent technology integrated with human intelligence through our network of security researchers to deliver predictive and actionable threat intelligence.

AmIBreached is Vision’s counterpart with a focus on assessing cybersecurity risks for individuals. Using comprehensive darkweb monitoring capabilities, we evaluate the risk of any leaked credentials that users want to verify and provide a comprehensive view of any user data on the darkweb.

Contact Network Science now to learn more about these solutions and how they can keep your data safe and secure.

APP DEVELOPMENT MADE EASY: ZERO CODE – INFINITE POSSIBILITIES

Network Science August 6, 2021

There is no doubt that IT and Application Development back several aspects of any sector – be it healthcare, manufacturing, SaaS, or even HR/Sales tech. Not so surprisingly, dependence on IT professionals, infrastructure, and investment is a bottleneck for several companies to launch their products or services. The market for zero-code and low-code solutions is thus growing at a staggering 31% rate compared to the 3.5% of the global IT industry itself. With such a disruptive methodology at play, zero-code technologies are suspected to grow to a $187 billion industry in mere 8 years, at a sustained CAGR of 26.1%. After all, they enable business leaders to co-create their vision into reality.

No-code solutions have the potential to reduce app development time by a whopping 60%-90%. This improves go-to-market time from 15 to 3 weeks. Just imagine the amount of time and energy saved! The average salary of a software developer in the US is around $100K a year. By incorporating zero-code or low-code solutions, businesses can save up to $4.4 million over a period of 3 years. Not only is this return on investment amazing, but it also frees up time and resources to focus on product development, improvement, and customer satisfaction.

Mobilous is the pioneer in zero-code Application Development. It’s rich interactive Multi experience Development Platform (MXDP) reduces programming costs by 70%, and halves the time taken to develop, deploy, and market the product. By providing efficient and easy-to-use drag and drop tools, Mobilious offers a rich user interface backed by several UI controls. The platform lets you build, test and deploy native apps in a fraction of the time taken by traditional development while also saving over 70% development costs. With satisfied and enabled clients like Tata Steel, Wipro, Yamaha, and HDFC Bank among others, Mobilious is leading the zero-code market.

Does your organization need a quick way to launch itself to the market, and reach the widest range of audiences in the shortest time? Join Mobilious in its journey to disrupt the application development sector with its zero-code technologies that open infinite possibilities for you!

SMART MANUFACTURING AND CYBERSECURITY: PREPARING FOR TOMORROW’S CYBER THREATS TODAY

Network Science

September 20, 2021

The manufacturing industry is considered the backbone of economic growth and development across Europe, Asia, and the Middle East. Thanks to the fourth Industrial Revolution, digitisation and automation have allowed the manufacturing industry to produce goods and services of high quality at a much more rapid rate, to meet rising consumer demands.

How Cyberattacks Affect Smart Plants

However, with every new milestone, comes a new challenge: Cyberattacks. The manufacturing industry is the third-most prone industry to cyberattacks besides financial and insurance services, but it is the least protected industry against such attacks. The interconnected nature of smart plants is both their biggest strength and their greatest vulnerability. Cyberattacks can pose a threat to an entire manufacturing supply chain from just one small node. This is evident by how cybercriminals took advantage of smart plants as the number of cyberattacks in 2019 had increased by an alarming 156%.

Cases often involve the compromising of assembly lines and the shutting down of plants due to ransomware, much like how an aluminum smelting company with plants in the Middle East and Norway was demanded $34 million. Ransomware is a type of malware that uses an encryption system to block sensitive data. This data is used as leverage in threats to force a company to pay a ransom. This breach could result in the exposure of trade secrets and other critical data. Besides ransomware, phishing and whaling attacks are also significant threats. Phishing and whaling are carried out by a criminal posing as a senior member of an organization and sending fake malicious emails to other employees, as a way to steal important information such as personal data and account details. They lead to data leaks, resulting in the public exposure of personal profiles, which is a huge breach of privacy. They are also used for IP theft, which can cost a company millions. Since the manufacturing sector is still going through a learning curve in digitisation and IoT, it leaves them under-equipped to handle such threats.

How to Strengthen Your Cybersecurity?

Worry no more. We at Network Science have a plethora of cybersecurity solutions to assess, prevent, and mitigate these cyberthreats:

  • Darkweb monitoring and threat detection: The darkweb is the source of almost all cybercrimes. It uses layered encryption systems to provide anonymity for cybercriminals to interact, collaborate, and carry out illegal activities.

1. We have the necessary services to monitor and track billions of darkweb records and have increased darkweb visibility by over 80%.
2. We also provide solutions to monitor potential code leakages and to prevent leakages of hardcoded credentials
3. Using this evidence, it’s possible to be aware of potential data breaches and make smart security decisions to dismantle cyberattacks before they occur.

  • Identity Access Management: To deal with malicious emails and false identities, the perfect defence is Identity Access Management.
    1. We provide state-of-the-art identity governance and administration solutions to streamline who has access to what.
    2. Providing a detailed workflow. This emphasizes the importance of due diligence process when accessing data.
    Privileged credentials are safeguarded and rotated regularly to maintain limited timely access.
    3. We also provide intelligent identity analytics and multi-factor authentication solutions to monitor suspicious activities.
  • Threat evaluation and quantification: It’s important to ensure that every aspect of your digital business is well-fortified.

1. We provide solutions that can help quantify the vulnerabilities of various applications, IP addresses, and cloud instances, all consolidated into one dashboard.
2. Monitor a multitude of controls across IaaS, PaaS, and SaaS cloud services to identify critical gaps and calculate the overall cloud risk probability.
3. Predict, prevent, and mitigate subsequent cyber-threats effortlessly.

If you would like to safeguard your supply chain operations, critical data, and be proactive about your cybersecurity, contact Network Science now.