Connect with us

Business

Pay attention to the gap. Critical systems are in danger of a cyberattack.

Published

on

When people talk about cybersecurity, they often think of scams involving phishing and ransomware, malware attacks, and other malware that can attack systems within the private sector and then extort companies for money.

However, that’s only the beginning of the iceberg regarding the possible risks associated with cyberattacks. The public sector is also susceptible, particularly agencies dealing with vital infrastructures such as water, electricity transmission, telecommunications, and production of oil and gas, and downstream manufacturing are vulnerable to cyberattacks.

Program director at the University of Trinidad and Tobago’s (UTT) Centre for Information and Communication, Prof Yufei Wu, in an interview in an interview with Business Day, said as the country that has an official department for digital transformation and legislation against cybercrime, Trinidad and Tobago is at the forefront when it comes to safeguarding critical systems from cyberattacks.

However, more needs to be done because attacks are increasing not just in the world but locally. We stated that TT must adopt a proactive approach to making sure that the systems the majority of people consider to be safe are secure.

The cyberattack against Massy Stores at the end of April is just one small instance of the harm caused to systems once hackers gain access to an organization’s database.

The cyberattack caused all 23 of the chains’ branches to close on the day before the Eid-ul-Fitr festival, which occurred at the end of August, a period of high demand for supermarkets.

The shutdown was for two days. Massy cannot determine the exact amount of losses that resulted from the attack and its subsequent closing. We can only guess they were in the thousands.

However, these attacks aren’t restricted only to private companies. On Friday, Public Utilities Minister Marvin Gonzales confessed while answering questions in the Parliament that a malware-related attack led to the shutdown of the Telecommunications Service of Trinidad and Tobago Limited’s (TSTT) electronic payment system in March.

A cyberattack crippled the 23 branches of Massy Stores. –

“TSTT’s system detected a security attack directed at a number of the company’s internal-only solutions and applications,” the company’s chief executive said. “As a precautionary measure, all possibly impacted systems were isolated, including TSTT’s online payment application from TSTT’s website stored within the private cloud environment.”

He further stated that TSTT immediately took steps to improve the environmental protection of its servers, including eliminating the infected computers’ master computer software and reestablishing hosting servers for cloud hosts.

Cyberattacks worldwide on critical infrastructures have also grown, particularly since the pandemic.

In May of last year, The US Federal Bureau of Investigation (FBI) confirmed a cyber-criminal organization that calls itself. DarkSide admitted to slaying the Texas-based Colonial Pipeline – which supplies the American East Coast with 45 percent of its petrol, diesel, and jet fuel – through an attack using ransomware.

The attack led to the total shutdown of the facility. Colonial Pipeline’s president and CEO, Joseph Blount Jr, told the US Senate that the company had paid a ransom of US$5 million on the day following the attack.

In May, another ransomware attack was triggered at JBS USA Holdings Inc, one of the largest meat producers. The CEO of JBS’s US division Andre Nogueria said the company paid a $19 million ransom to eliminate the ransomware and stop future attacks; however, it was not done before the attack affected supply chains across Canada as well as Australia, Canada US as well as Australia.

We stated to Business Day a more profound look is required to safeguard these vital systems. He claimed that hackers could gain access to these critical systems and inflict destruction.

“What would happen if hackers accessed manufacturing systems and altered parameters, causing defective products? What happens if hackers hack into a medical procedure or healthcare network?

“In just a few minutes, hackers could hack into different networks and systems. Hackers’ initial goal is to gain access to an easy target and then use the target as a launchpad for gain access to more secure systems.”

We stated that while TT is leading the region to develop strategies to fight cyberattacks, a solid defense system needs to be put in place. Wu said that billions of dollars had been invested in cybersecurity infrastructure and security policies in countries like Uruguay.

However, TT Wu’s view can become a fintech or digital hub in the Caribbean, and the Caribbean must put its home in order.

“Very soon, we will have cash-free societies, where even your money will turn digital. If TT hopes to become a regional hub for fintech, it will require infrastructure to draw international organizations to establish Regional headquarters.”

He said that cybersecurity is an expanding industry. According to estimates, it is valued at more than $200 billion and expanding by 15% per year.

“TT can build an industry in cybersecurity for itself,” said the official. “This will create jobs and offer solutions to people in the Caribbean.

“If an individual company is compromised, they will need to engage the help of experts from both the US and England. Why use local experts who can solve problems and conduct investigations at less than the cost?

So far, there are numerous pieces of legislation dealing with security and cybersecurity; however, the laws are either not fully adopted or not implemented even once.

Data Protection Act of 2011 Data Protection Act of 2011 is a good example. It protects personal privacy as well as information that is collected and processed by private and public organizations. It was, however, only partially adopted in 2021.

Business Day understands that no date has been established to implement the remainder of the law. There will likely be modifications to the law before it is officially declared.

Clause 10 in the bill deals with critical infrastructure. It proposes to impose more severe penalties on individuals who purposefully and without a legal reason or justification access the computer system that impacts essential infrastructure. The proposed offense would be punishable by a fine of up to $2 million and 15 years’ jail time.

Wu claimed that critical infrastructure companies are currently using industrial SCADA systems – a blend of software and hardware that allow the collection of data and the automation of industrial processes to manage their vital functions. However, these systems are vulnerable to attacks.

During the two-day USAID Caribbean Cybersecurity Forum, which was held on Tuesday and Wednesday, Wu explained that the master’s program in cybersecurity was officially launched in the year 2019 and is recognized by the Accreditation Council for TT (ACTT), which is the very first program of its type in the region.

TSTT House. TSTT experienced a malware attack in March. – FILE PHOTO

The program currently has around 70 students and has produced eight graduates to date.

The program includes classes on computer security, laws policy, management, economics, digital forensics, cybercrime investigations, penetration and hacking testing, and cybersecurity for critical infrastructure.

The program is not typical because cybersecurity programs aren’t widely available.

“A general agreement on the best measures and methods for cybersecurity and training has not been reached,” the official declared. “Not at all in the US.

“It is important to establish as much as we can current, up-to-date cybersecurity training offerings, especially for critical infrastructure protection.”

Osvaldo Laracuente is the cyber security engineering program coordinator of the Instituto Tecnologico de Santo Domingo (INTEC) and said that since 2002, the Dominican Republic had championed the issue of implementing regulations on electronic commerce, digital technology, and cybercrime. The newly elected government focuses on digital transformation that includes cybersecurity. The Dominican government stressed the importance of updating and expanding legislation regarding cybersecurity, encouraging the use of governance mechanisms, raising public awareness, and creating alliances in cybersecurity.

“We have been creating alliances with the US government, Europe, and different private-sector entities to strengthen the local capacity to prevent and promote awareness in our society,” He said.

Wu said to Business Day most of the students who are part of the UTT cybersecurity program understand the importance of safeguarding critical systems and are eager to meet this demand.

“By law, some companies need to set up cybersecurity departments,” He explained. “Our students could be the first to get those jobs. Some may want to create their own business in this sector.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

Five Best Marketing Strategies to Grow Your Small Business.

Published

on

Are you looking to expand your small business? You’re in the right place. Many marketing strategies can be used to help get your business started.

This article will discuss the best marketing strategies to help small businesses. These tips will help you, whether your business is new or has been around for some time.

1. Social Media Marketing

You can reach a wider audience quickly through social media platforms such as Facebook, Instagram, Tiktok, Youtube, and Twitter. You can quickly reach potential customers and followers by sharing engaging content.

Paid ads are a great way to grow your small business through social media marketing. Paid ads can be used to target your audience with pinpoint precision. This will help you get more bang for your buck.

You can ensure that your marketing account gets the best results by using guaranteed tribal loans from Heart Paydays. You can make your small business flourish with creativity and hard work.

2. Content Marketing

Content marketing is creating and providing valuable, relevant, and compatible content that attracts more people and keeps them coming back.

To grow your small business, you can use many content marketing strategies. These are five of our favorites:

  • Blog: This is a great way for your company to tell its story, connect with customers and increase your search engine ranking.
  • Create informative eBooks, white papers, and helpful and informative guides. These can be used to generate leads, build trust and credibility, and establish your brand’s position as an industry thought leader.
  • Use social media: Social media platforms such as Twitter, Facebook, and LinkedIn provide incredible opportunities for reaching new audiences and growing your business.

3. Offer Discounts and Incentives

This can be done in many ways. The most popular is to offer coupons and discounts. Customers can refer new customers by offering loyalty programs and giving them something in return.

No matter what route you take, ensure your incentives and discounts are easy to find and understand. Customers shouldn’t be confused about how they can redeem their offers.

4. SEO

SEO’s main objective is to improve your visibility in organic search engine results pages (SERPs). Your website’s rank in search engine result pages (SERPs) signifies that people are more likely to find your site and click on it.

You can improve your SEO by doing the following:

  • Use relevant keywords when researching and using them
  • Search engine optimization of your website
  • High-quality content creation
  • Backlinks to other websites

These SEO best practices will increase your chances of ranking higher on search engines and drive more visitors to your site.

5. Email Marketing

Email marketing is one of the best marketing strategies for small businesses. Regular emails can help you stay at the forefront of your customers’ minds and increase your customer base. Email marketing is affordable and simple to set up.

You will need to create a list of subscribers before starting email marketing. A sign-up page can be set up on your blog or website. Regular emails contain valuable content, such as coupon codes, discounts, and tips. Include a call to action (CTA), so subscribers can take the necessary steps.

Conclusion

Creating the best marketing strategy for your small company shouldn’t take long. These tips will help any business grow. Remember that it is okay to make mistakes when trying new marketing strategies. It is important to learn from your mistakes and not lose heart.

Continue Reading

Business

6 Tips to Boost Sustainable Business Growth.

Published

on

Anyone trying to achieve sustainable growth will be honest with you: it’s not straightforward. This article will give you six easy growth strategy tips which can help bring your business onto the path to success.

Growing sustainably is more than just a load on your engineering and product development teams with a constant stream of feature releases and product enhancements. It’s more effective to take the time to learn about the best-suited customers for your business, place the appropriate people in the right seats, and define clearly defined objectives. This is how you can achieve steady growth or, at a minimum, develop plans to guide you in the right direction.

However, as anyone who’s attempted to create sustainable growth will be able, to be honest with you, it’s not simple. Sometimes, you’ll need a simple checklist of tips to get started on the right track. In this article, I’ll give you six easy growth tips to get your company on the path to success.

But First.

What is the growth strategy?

Growth strategies are the strategies your company employs to grow. This could include opening new locations, taking on new customers, or introducing new products. A solid and efficient growth strategy should include a variety of aspects, such as the goals of your business as well as your staff as well as the products you provide and the strategies you employ to reach your goals for growth and, of course, the most important element, your customers.

Different types of strategies for growth in business

There are many ways to grow a business that it could implement. The most popular are:

  • market penetration: selling current products to the market
  • Growth in the market: by selling current products to an entirely new market
  • Product expansion: Adding the range of your products or redesigning it
  • Diversification: Selling products to a market that is not yet established.
  • Acquiring: purchasing a control part of an existing company

We’re now on the same page regarding the definition of a growth plan and how to build one. Below are the six best growth strategies and tips that you can apply to build your own:

1. clear Set goals

One of the most important things I do for my clients in my growth strategy is helping them establish clearly defined goals. Without a clear goal, you’ll be unable to know what you’re trying to achieve and won’t know how you’ll get there.

Start with high-level goals that include where you’d like your business to be in 5 to 10 years, the amount of income you’d like to make, and the number of employees you’d like to hire. Next, you can transform those goals into smaller ones that will be needed within 3-5 years to reach those higher-level goals. Then, break those goals into 1-3 year targets before you get into the weeds a little more with your 6-12 month goals.

2. Make contact with the right clients

  • Every customer is not the most suitable customer. It’s crucial to collect feedback from a broad range of customers. You’ll need to concentrate on those who have lots of benefits from your products or services and are pleased with their decision to select the company. Gia Laudi from Forget the Funnel said, “If you talk to many of your best-fit customers and get feedback from them … you’ll discover patterns.”
  • If you’re researching your customers, Take the time to have a one-on-one conversation with your most suitable customers. This allows you to follow up with them and get to the core of what they want. A survey is an excellent method to gather feedback from all of your customers.

3. Ask your customers the correct questions

“People do not want to buy drills of quarter-inch diameter. They’d like an inch-thick hole!”

If you’ve ever worked working with marketers, you’ve probably encountered a variant of this quotation by Harvard Business School, Professor Theodore Levitt. There’s a reason why marketers say this repeatedly. It’s the truth.

Customers create an issue: They’re the ultimate authority in what they want, but they don’t know what the best solution could be in reality.

If you’re researching to help inform your growth strategy, keep in mind the fact that you do not want customers to give you an idea of what they think the best solution is. Instead, you’d like them to reveal what they were thinking, doing, and feeling throughout each step in their process.

4. Create a map of customer experiences

Mapping your customers’ experience is the best method I’ve seen to find the gaps in your offerings and what customers want from you. You’ll be able to gain a deeper understanding of your clients to ensure an engaging and consistent experience throughout the customer journey.

5. Concentrate on the most important KPIs that are key to your success (KPIs)

Like objectives, KPIs aid you in navigating. They’re a step down from tip number 5 since it’s crucial to learn more about your customer touchpoints and your most suitable customers before you can translate their actions into measurements.

KPIs can help you determine which strategies are effective and which aren’t. This allows you to modify your approach to achieve your goals.

6. Test, execute and repeat.

After completing your goal-setting research, planning, and preparation, It’s now important to put your development plan into practice. This doesn’t mean you can “set it and put it away.” The growth plan you choose to implement isn’t in stone, and you need to regularly review your progress towards your goals and how your strategies are performing. If you’re not meeting the desired KPIs, Make changes! Make sure you conduct tests and study the results.

Growth hacking is fun and can yield amazing results, but it’s not intended to last long. It’s why it’s essential to have an enduring and sustainable action plan. A planned and well-controlled growth plan is crucial to running a profitable business.

Continue Reading

Business

What’s E-business? What is it for?

Published

on

Find out what an e-business looks like, how it differs from e-commerce, and some examples and models for inspiration.

The way companies do business has changed thanks to e-business dramatically. The adoption of modern sales models and process digitization has significantly improved commercial relations over the past few years.

While large corporations were once able to set up an e-business structure, today, smaller and medium-sized businesses can also use digital business.

Do you know what an e-business is? You will learn more about the concept, its benefits, and the importance and differences between e-commerce and business.

What’s e-business?

It is important to first talk about digital transformation within companies to define e-business. This refers to an intensified use of new technologies within the business world.

The idea is more than just working with computers. It involves changing a company’s culture and using tools that make a real difference every day.

We have e-business in this situation. It is also known as electronic business and allows you to transact digitally on different platforms.

This term is used to describe entirely digital companies, as well as those that were previously physically based but have now moved online.

E-business transactions can be conducted online today, making it easier for clients and entrepreneurs.

What is the difference between eCommerce and business?

As we have already discussed, E-business is an online business that conducts all of its operations via the internet. What is the difference between e-business, e-commerce, and both?

E-business refers to the whole business, while e-commerce refers to electronic commerce. It is the sale and purchase of products and services via the internet.

All stages of the process are done online, including viewing and choosing products, making payments, and selecting what to purchase. Customers can then decide whether to pick up the product in a store or deliver it to their homes.

There are three types of eCommerce: business to business (B2B), consumer to consumer (C2C), and consumer to consumer (C2C).

E-business and eCommerce are not the same, though people often confuse them. While e-commerce can be considered an e-business type, there are many other ways to do business electronically. As you’ll see, e-commerce is not the only type.

What’s e-business?

  • You now know what e-business is and how it differs from eCommerce. Read on to find out more about its goals.
  • It can generally be said that business aids various business processes within a company.
  • How is this possible? Innovative solutions make it easier to run your daily business with digital systems.
  • An e-commerce platform allows you to conduct sales and purchases, but a business model offers superior customer service.
  • Partner companies can connect easier, and there are additional benefits for your brand, such as:
  • Participating in eCommerce and selling products to customers who live far from the company.
  • Integrating internal processes such as sales, marketing, and logistics.
  • Lower costs because electronic infrastructure takes up less space and allows for online communication with partners.

Characteristics of an e-business

You might still have questions after learning about e-business and its purpose. We have provided a list of key features to help you better understand the benefits of e-business.

  • Online processes allow for quick customer service.
  • Reduced costs through savings on infrastructure, faster work processes, and confidence in the results.
  • Online business offerings allow you to reach different audiences depending on your e-business model.
  • Possibility to build a value chain connecting customers, suppliers, and partners for a complete picture of the audience concerning the brand.
  • Technology is at the heart of every operation. It is not just support-acting to align with business objectives.
  • Digital systems allow all company departments to exchange information, making communication much easier at every stage of the process.
  • Optimizing business processes with well-defined strategies and a global performance view.

Continue Reading

Trending