“Simplicity is the ultimate sophistication.” ~Leonardo DaVinci
During 2017, the financial services industry went through structural changes and looked to invest in technologies driving digital transformation. The key driver was to adopt new operating models with a goal of achieving greater efficiency and competitiveness.
“Tech innovation key to overcoming growth challenges” was the headline for 2017’s insurance outlook by Deloitte as the industry continued its quest for top and bottom line growth while looking for ways to experiment with new business and product models.
For almost a decade, businesses have been exploring the benefits of cloud solutions. The technology has moved beyond the innovators to early adopters. More and more businesses are beginning to realize the advantages cloud technology can bring to their organizations.
Digital transformation is a hot topic these days. And why shouldn’t it be? Tools like smartphones and thin clients are everywhere, and some could even argue the de-facto choice. CIOs and CTOs from all industries are grappling with this very trend. Every business is on a path relevant to Digital Transformation - either towards obsolescence (bury my head in the sand) or transformation (innovation).
An Accenture survey report from 2016 found that financial services firms are facing a large number of security breaches. The report stated that a financial services firm faces an average of 85 targeted breach attempts each year, a third of which will be successful.
An Accenture report from late 2016 found that 1 in 3 cyber security attacks on the insurance industry are successful. Despite this, the report goes on to say that 4 out of 5 Insurers are confident in their ability to protect their organization from cyberattacks.
As early as 2010, “hosted virtual desktops” (HVDs) have been under discussion, with gurus and futurists proclaiming the benefits of moving to such a solution. In fact, one analyst noted in this article from ZDNet in July of 2010, that 2011 would be the “year of desktop virtualization.” The author himself theorized that the technology just “makes too much sense.”
Equifax. Deloitte. Verizon. These are just a few examples of recent security breaches that have made the front pages in the last few months. A study by XO Communications in 2015 stated that at that time, 56% of businesses were worried about their cloud data security.