<img src="//bat.bing.com/action/0?ti=5222936&amp;Ver=2" height="0" width="0" style="display:none; visibility: hidden;">

6 Shocking Truths About the Real Costs of Data Breaches

By Lightwell | Wed, Jan 09, 2019

After its massive data breach, Equifax estimated that its related costs would total $439 million by the end of 2018—but the real costs could be upwards of $600 million after dealing with government investigations and civil lawsuits. While this could be the most expensive data breach in history, the sheer volume of records drove up the costs exponentially.

Data breaches are costlier than most people think—and the cost keeps on growing. The 2018 study Ponemon Institute Cost of a Data Breach Study found that the average cost of a data breach is $3.86 million, an increase of 6.4% over 2017.  According to the overall findings from the study, data breaches continue to be costlier and result in more records being stolen year after year.  And no matter the size of a company, records are at risk.

Data breaches are the most expensive in the US and Canada, averaging $233 and $202 per capita, respectively, according to the Ponemon Institute. While cost fluctuates across industries and countries, the number clearly shows a dire truth: data breaches cut significantly into a company’s profits, often deeply.

But the real cost of data breaches goes much deeper than just the data lost; factors at play include missed opportunities, lost customers, and costs associated with remediating the data breach. In addition, certain factors like third-party involvement can increase the cost of data breaches. Let’s explore some of the additional costs.

Continue reading

3 Ways Financial Services Companies Are Capitalizing on APIs

By Lori Angalich | Thu, Jan 03, 2019

While some financial institutions may not be known for being on the cutting edge of innovation, several powerful forces have been driving the need for digital transformation, the development of new products and services, and more compelling customer experiences in the financial services industry.

Market conditions like an uncertain economy and increasing regulations, combined with increased customer expectations and agile new entrants to the market, have led financial institutions to move forward with digital initiatives to help be on the leading edge of technology.

However, this has not come without its pains. Business leaders are under pressure to deliver digital transformations faster, along with reduced costs. IT leaders must deliver increased volumes of projects, remove IT as the bottleneck to innovation, and move the focus of the department from keeping the business running to growing the business. Application architects face pressure to incorporate new digital technologies into legacy stacks (including the trusty mainframes) in an agile, flexible way to avoid creating brittle integrations that require constant maintenance. The IT department is being called upon to drive change.

At first glance, traditional, point-to-point integrations may seem like the most logical choice to link together disparate systems and provide access for customers and partners. However, these types of integrations are time-consuming, very system-dependent, and costly to maintain. Each additional system requires new coding and connections, and when the system needs an upgrade, developers and architects are left scrambling to ensure the code is compatible with the upgrade.

Is there a better way than this duct-tape approach?  Leading financial services institutions have already discovered it: APIs. With an API-led integration approach, these institutions are improving their expense to revenue ratios, attracting and retaining customers, and responding rapidly to industry threats. Furthermore, their API Management solutions provide important connectivity, security, and change management capabilities to meet the needs of line of business users, customers, and partners.

In this post, we’ll explore three real-life examples of financial services companies leveraging APIs and the advantages they have achieved.

Continue reading

The Importance of Store Enablement in the Omnichannel Customer Experience

By Lori Angalich | Fri, Dec 28, 2018

As many of us rushed to find just the right gifts and have them in-hand in time for our holiday gatherings this year, we experienced first-hand the importance of retail stores in the overall omnichannel order fulfillment experience.

In some cases, after ordering online and opting to pick up in store, everything went smoothly and we had what we needed in-hand quickly, as expected. Wonderful! Everyone’s happy, right? (Unless your gift recipient is just that impossibly picky).

In other situations, we waited in long lines to pick up our orders or stood frustrated at the customer service desk as a frazzled store associate struggled to locate an item we ordered online for pickup in-store.

When I experienced this last week, it seemed that the retailer's online inventory information didn’t reflect reality, and there was no indication of a problem until I arrived to pick up my order.  After 30 minutes of watching multiple store associates making phone calls, getting help from managers, and running around the store looking for misplaced inventory, I had to cancel my purchase and found another retailer that had what I needed. It may be a while before I choose the "Buy Online, Pick up in Store" (BOPIS) option from that retailer again. 

Sound familiar? I hope not, but chances are, you have dealt with this type of frustration at some point.  Let’s explore the good and the bad of the in-store experience in Omnichannel, and why store enablement is so important.

Continue reading

Data Literacy – What it is and Why it’s so Important

By Kyle Roth | Wed, Dec 05, 2018

What good is data if you can't use it? If you can't find it? If you can't make sense of it? What good is data if you are intimidated trying to interpret it?

People are human. We avoid things that make us uncomfortable. Well maybe that's not you. Kudos.

But what good is data if it works for you, but not your colleague on the floor above or the practitioner in the field? And why such a disparity between those who feel at home with data and those that don't?

Continue reading

How to Choose the Right API Management Platform for You

By John Hawkins | Fri, Nov 30, 2018

Many of our customers are currently deciding which API Management Platform to use in their organization. With so many of them to choose from and a confusion of terminology, this is not an easy task.

I see RFPs with long lists of criteria, but I often think that the choice should be based on some other, softer, questions.

I'll outline here some thought processes I use to help our customers choose which API Platform is right for them.

Continue reading

4 Business Benefits of Optimizing B2B File Transfer

By Lori Angalich | Mon, Nov 12, 2018

With the right file transfer capabilities and processes in place, you can simplify and enhance your interactions with customers, suppliers, and other trading partners—to the point where the business benefits help to accelerate you past your competition.

At a high level, speeding partner onboarding, reducing the time and effort involved in partner management, improving security and compliance, and enabling greater visibility—all can play a key role in driving increased revenue and customer satisfaction.

Let’s take a closer look at how this works.

Continue reading

Cloud Spotlight: IBM MQ High Availability (HA) in AWS

By Connor Smith | Wed, Oct 31, 2018

With the rise of the cloud, in particular, AWS, how does ‘traditional’ IBM MQ High Availability (HA) compare against its AWS alternatives—and is there any point in using them in the cloud?

I'll explore this in topic this post.

 

Continue reading

API Security: More Than Just a Throttling Policy

By John Hawkins | Fri, Oct 26, 2018

API Management promises a nirvana of exposing and securing data using well-known and simple techniques. Vendors focus on how easy it is to create the APIs and nearly always mention security as part of their API lifecycle story.  

Yet, we've all seen the headlines screaming the latest security breach. So, what does “Security” really mean when it comes to API Management? 

In this post I’ll try to differentiate the basic policies that all vendors discuss from the many other attack vectors that we need to be aware of. 

Continue reading

3 Essential Managed File Transfer Capabilities for Driving Growth

By Lori Angalich | Thu, Oct 04, 2018

Business growth can be a double-edged sword. While increased revenues are never frowned upon, the downside manifests itself in the burgeoning data volumes that the organization must manage—particularly files that must be transferred between the organization, its customers, and its partners.

These challenges add reliability issues, compliance concerns, and security risks related to moving data, as well as challenges managing the volume and size of files moving through the systems.

As partner networks grow, companies find themselves managing multiple solutions for file transfer—and lack visibility from end to end. The typical enterprise supports three or more file transfer platforms—and as a result, have many disjointed file transfer processes and blind spots. This severely limits their ability to support the company’s growth initiatives effectively. 

However, enterprises that leverage a managed file transfer solution can gain critical capabilities for enabling—even driving growth. A centralized, enterprise-grade managed file transfer (MFT) platform allows for full visibility into file transfers and provides a better user experience for line of business users and partners alike. It also includes the security and audit trail capabilities necessary in today’s ever-changing alphabet soup of regulations, from PCI-DSS to Sarbanes-Oxley and beyond. Let’s explore this a bit.

Continue reading

B2B Partner Onboarding: A Technical or Process Problem?

By John Hawkins | Wed, Sep 26, 2018

When I first joined Lightwell, I was struck by how everyone discusses "onboarding." What was this magical and mystical thing? Why was it discussed in such reverential tones? Having analyzed this further, I'm still a little mystified as to why the hush tones but I'll put a few words down here about what I consider onboarding to consist of and why it's as much a human process as a technical challenge.

It's clear that onboarding of partners is where much time is spent in a B2B system. That's why business people consider it a large factor in their projects. Not only that, but I've found that the more technical people discuss onboarding related to the technical aspect only. Whereas, in my opinion, a lot of the onboarding process is actually about human interaction.

In this post, I'll discuss what B2B trading partner onboarding is and then why I consider it to be as much a human process as a technical one.

Continue reading
COMMENTS