#esg cyber reporting

[esglatestmarketnews]

Cyber security is no longer just a business necessity; it's a critical component of Environmental, Social, and Governance (ESG) strategies. By prioritizing cyber security, organizations protect the environment, demonstrate social responsibility, ensure strong governance, and foster innovation and resilience. Let's build a sustainable digital future together!

[sankhlaco]

Consultation Audit Services in Delhi: A Pathway to Financial Precision

Delhi, the capital city of India, is not just the heart of the nation but also a bustling hub of business activity. From startups to established enterprises, organizations in the Delhi area are increasingly relying on consultation audit services to ensure financial transparency, regulatory compliance, and optimized operations. Here’s an in-depth look at why consultation audit services are essential and how they can benefit businesses in the region.

Understanding Consultation Audit Services

Consultation audit services go beyond traditional financial audits. They encompass a comprehensive review of a company’s financial records, operational processes, and compliance frameworks to provide actionable insights for improvement. These services can include:

Statutory Audits – Ensuring compliance with legal and financial reporting requirements.

Internal Audits – Evaluating operational efficiency and risk management practices.

Tax Audits – Verifying compliance with taxation laws and optimizing tax strategies.

Process Audits – Reviewing and enhancing workflows for better productivity and cost-efficiency.

Management Audits – Assessing the effectiveness of leadership and decision-making processes.

Why Businesses in Delhi Need Consultation Audit Services

Regulatory Environment Delhi is home to numerous businesses operating under stringent local, national, and international regulations. Regular audits ensure compliance with laws like the Companies Act, GST laws, and various sector-specific regulations.

Competitive Advantage A thorough audit helps identify inefficiencies, reduce costs, and optimize resource allocation. These insights allow businesses to remain competitive in Delhi’s vibrant market.

Investor Confidence For businesses seeking funding, robust audit practices reassure investors of financial integrity and sound management.

Risk Mitigation With businesses in Delhi facing challenges such as cyber threats, fraud, and fluctuating market conditions, audits provide a safeguard by identifying and addressing vulnerabilities early.

Key Benefits of Consultation Audit Services

Enhanced Compliance: Avoid penalties by adhering to legal and regulatory standards.

Financial Accuracy: Ensure error-free records and improved budgeting.

Strategic Decision-Making: Leverage insights to make informed business decisions.

Improved Credibility: Build trust with stakeholders, including customers and investors.

Cost Efficiency: Streamline processes to save time and resources.

Choosing the Right Consultation Audit Firm in Delhi

The effectiveness of an audit depends largely on the expertise of the auditing firm. Here are key factors to consider:

Experience and Specialization: Choose a firm with a proven track record and expertise in your industry.

Local Knowledge: Firms familiar with Delhi’s regulatory landscape can provide tailored solutions.

Comprehensive Services: Opt for firms offering end-to-end audit and consultation services.

Technology Adoption: Modern tools like AI-powered audit software can enhance precision and efficiency.

Leading Consultation Audit Trends in Delhi

Digital Auditing Tools: With the rise of digitization, automated tools are transforming traditional audit practices.

Sustainability Audits: As businesses focus on ESG (Environmental, Social, Governance) compliance, sustainability audits are gaining prominence.

Risk-Based Auditing: A shift towards identifying high-risk areas to prioritize during audits.

Conclusion-

In a dynamic business environment like Delhi, consultation audit services are not a luxury but a necessity. By partnering with the right audit firm, businesses can navigate the complexities of compliance, improve financial health, and unlock growth opportunities.

Whether you’re a small business owner or a large enterprise, investing in consultation audit services can set you on the path to financial precision and long-term success.

Looking for Consultation Audit Services in Delhi? Contact our team of experts to get tailored solutions for your business needs. Let us help you achieve financial clarity and compliance excellence!

[elsa16744]

ESG Investing: Top Trends to Watch Out for in 2022

Explore the latest ESG (Environmental, Social, and Governance) investing trends that shaped the financial landscape in 2022. Stay informed about sustainable investment strategies, responsible corporate practices, and the evolving ESG landscape to make informed investment decisions.

[zelda-larsson]

Why Business Ethics Matters. A Fintech Perspective

In an industry defined by innovation and rapid growth, fintech companies are reshaping financial services by challenging traditional models. However, this technological transformation brings an increased responsibility to uphold business ethics. Transparent, fair, and accountable practices are more than desirable — they are essential for sustainable success in the fintech ecosystem.

The Role of Business Ethics in Fintech.

The fintech sector operates at the intersection of technology and finance, two areas where trust is paramount. Adherence to ethical principles ensures that companies maintain credibility with customers, investors, and regulatory bodies. Business ethics in fintech encompass issues such as data privacy, fair lending, transparent fees, and the prevention of financial crime.

Eric Hannelius, a leader with extensive experience in financial services, emphasizes the necessity of ethical frameworks in fintech. “The promise of fintech is to democratize access to financial tools and services. For this promise to hold true, ethical practices must be embedded in the foundation of every business decision. Without this, fintech risks losing its transformative potential,” Eric Hannelius notes.

Key Ethical Considerations in Fintech.

Data Protection: Fintech companies handle vast amounts of sensitive data. Upholding data security and user privacy is non-negotiable in an era of increasing cyber threats.

Transparency: Clear communication regarding fees, terms, and conditions is essential for building trust with customers, particularly those new to digital financial platforms.

Equitable Access: Fintech must avoid perpetuating financial exclusion by ensuring products are accessible to underserved communities and free from discriminatory practices.

Compliance and Integrity: Adhering to anti-money laundering (AML) regulations and other legal standards demonstrates a commitment to ethical operations.

Benefits of Ethical Practices.

Customer Trust: Ethical fintech firms earn the loyalty of their users, leading to long-term relationships and positive word-of-mouth.

Regulatory Compliance: Proactive ethical practices reduce the risk of legal challenges or penalties.

Attracting Investment: Investors increasingly prioritize companies with strong environmental, social, and governance (ESG) practices, making ethics a competitive advantage.

Ethics as a Driver of Innovation.

Contrary to the belief that ethics might hinder innovation, ethical frameworks often encourage companies to develop better products. By prioritizing transparency and user-centric design, fintech firms can create solutions that address genuine needs while maintaining accountability.

Eric Hannelius highlights this interplay between ethics and innovation: “Ethical decision-making inspires trust, which is the bedrock of innovation. Customers are more likely to adopt new technologies when they feel assured of the company’s integrity. Ethics isn’t a restriction. It’s a catalyst for meaningful progress.”

Building an Ethical Fintech Organization.

To embed ethics into their operations, fintech leaders can take the following steps:

Develop a Code of Ethics: Clearly articulate the company’s values and ensure they align with operational goals.

Foster a Culture of Accountability: Encourage employees at all levels to uphold ethical practices and provide channels for reporting unethical behavior.

Engage with Stakeholders: Regularly consult with customers, regulators, and advocacy groups to address emerging ethical concerns.

Invest in Training: Equip employees with the knowledge to navigate ethical dilemmas, particularly in areas like data privacy and financial compliance.

Business ethics is not an abstract concept. It is a tangible driver of trust, innovation, and resilience in the fintech landscape. By prioritizing ethical practices, fintech companies can ensure they remain agents of positive change in the financial industry. As Eric Hannelius eloquently puts it, “Fintech has a unique opportunity to rewrite the rules of finance for the better. This starts with unwavering ethical commitments, ensuring the industry grows and grows responsibly.” The future of fintech lies in its ability to balance innovation with ethical integrity, creating a financial ecosystem that benefits all.

[insightsmedia2025]

An Overview on the Latest Updates on Financial Regulations in 2025

Similar to the law and order system that sets a civil code of conduct ensuring peace and harmony in the country, the government has developed financial regulations for the just and sustainable financial transactions. The financial regulations are basically aimed to safeguard the rights of the people and prevent the possibilities of frauds or crime. All the stable and prosperous nations have a sound structure equipped with well designed financial regulations.

Let’s explore the Latest updates on financial regulations in 2025

Because they preserve financial stability, safeguard customers, and foster trust in the financial system, financial laws are crucial. Policymakers create financial regulations, which adapt to shifts in financial systems, including financial crises. Regulators have the power to restrict financial actors’ risk-taking and shield customers from financial loss due to dishonest business practices or fraud. Regulators can control the paperwork required to obtain a loan, for instance. The real economy may be impacted by systemic issues and market failure, which regulators can try to avoid. By establishing guidelines for financial reporting and providing insurance to bank depositors, regulators can foster trust in the financial system. Regulators can also lessen financial crime and increase efficiency and competition.

Sustainable finance

Sustainability disclosures will be standardized under the EU Corporate Sustainability Reporting Directive (CSRD), which will improve openness but present difficulties for financial institutions. A collection of procedures and goods known as “sustainable finance” take social and environmental aspects into account while making financial decisions. In addition to addressing sustainability risks, it seeks to boost investments in sustainable initiatives and activities. Environmental, social, and governance (ESG) investing and sustainable finance are frequently used interchangeably. However, impact investing, social finance, and ethical investing are all included within the more general concept of sustainable finance.

Third-party services

Regulators are elaborating on the proper treatment of consumers when financial institutions outsource service delivery to third parties. For instance, in 2025, credit service providers will be subject to the EU’s complaints handling regulations for the banking and finance industries. Although third-party services are frequently used by financial institutions, there are hazards associated with them that could jeopardize the stability of the financial system. Clarifying how clients should be treated when financial institutions engage third parties to provide services is one way that they can control these risks.

Corporate risk management

Businesses will be expected to improve risk controls in areas including financial crime, AI, information protection, and cyber security. strategic method that aids companies in recognizing, evaluating, and mitigating possible risks that can affect their operations and financial stability.By mandating the use of particular risk measurement techniques and offering high-level guidance, financial rules can support effective risk management.

Taxes

In 2025, businesses should anticipate hearing a lot about taxes, including corporate tax rates, tax credits, tax policies, and tax cuts.You can get an independent contractor’s taxpayer identification number verbally or in writing, according to the income tax legislation. By 2025, the SME profit exemption will have increased to 12.7% (2024: 13.31%). This undoes the 2024 Spring Memorandum’s earlier announcement of a further reduction in this exemption to 12.03%. By 2025, the top rate in box 2’s second bracket will drop from 33% to 31%.

Read More: https://insightssuccessmedia.com/an-overview-on-the-latest-updates-on-financial-regulations-in-2025/

[visbankingnews]

The banking sector in 2024 is marked by a wave of innovation and transformation driven by advanced technologies such as artificial intelligence, blockchain, and quantum computing. As these technologies redefine traditional practices, banks are set to focus on personalized customer experiences through data analytics and machine learning. The rise of FinTech and sustainability initiatives further accelerates this evolution. Despite facing challenges such as regulatory compliance, cybersecurity, and economic pressures, banks have opportunities to revamp their business models by embracing digital transformation and sustainable practices. The global and US banking landscapes are poised for dynamic changes, with trends like digital banking, open banking, and ESG-focused operations steering the industry towards unprecedented growth. The convergence of these factors heralds a future where adaptability and innovation are key to success.  Table of Contents - Future of Banking in 2024: Innovations and Predictions - Key Banking Concerns in 2024: Challenges and Opportunities - Global Banking Outlook for 2024: Insights and Trends - US Banking Outlook for 2024: What to Expect - Top Banking Trends in 2024: McKinsey's Perspective - Banking Market Reports 2024: A Comprehensive Overview - European Banking Market Reports 2024: An In-depth Analysis - Digital Banking Trends 2024: Embracing Technological Advancements   Future of Banking in 2024: Innovations and Predictions The banking sector is on the brink of substantial transformation, with 2024 poised to be a landmark year for innovation and evolution. Technological advancements such as artificial intelligence, blockchain technology, and quantum computing are set to redefine traditional banking practices. Personalization and customer experience will take center stage, driven by data analytics and machine learning, enabling banks to offer tailor-made solutions for individual customer needs. The integration of FinTech and banking will further accelerate this trend, encouraging collaboration and innovation. Additionally, sustainability and green banking initiatives will gain momentum as institutions align with global efforts to combat climate change. The future of banking in 2024 promises to be dynamic, interconnected, and highly adaptive to the changing landscape. Key Banking Concerns in 2024: Challenges and Opportunities As we navigate through 2024, the banking sector is set to face a myriad of challenges that also open doors to new opportunities. Regulatory compliance will remain at the forefront, with banks needing to adapt to evolving standards while maintaining robust security measures to combat cyber threats. Consumer trust will be a critical focus, as transparency and ethical practices become pivotal in building and retaining client relationships. The economic climate will also pose challenges, requiring banks to be agile and innovative. However, these challenges present opportunities for banks to revamp their business models by embracing digital transformation, fostering diverse talent, and investing in sustainable banking practices. Through strategic navigation of these hurdles, institutions can position themselves for long-term success. Global Banking Outlook for 2024: Insights and Trends The global banking sector in 2024 is anticipated to experience significant shifts, fueled by technological integration and evolving customer expectations. Cross-border collaborations and the rise of super apps are expected to redefine global financial services, offering seamless access to a variety of services through a single platform. Emerging markets will be at the forefront of growth, driven by increasing mobile access and financial inclusion. Environmental, social, and governance (ESG) criteria will continue to shape banking operations worldwide, as investment flows into sustainable and impact finance. The global landscape will also see a tightening on regulatory frameworks, encouraging a more secure and resilient banking environment. These trends underscore a transformative year for global banking, with adaptability as a key driver. US Banking Outlook for 2024: What to Expect The US banking landscape in 2024 is set for dynamic change, with several key developments expected to unfold. Digital banking will dominate, as consumers increasingly turn to online platforms for their financial needs. The consolidation of banks may increase, driven by the pursuit of efficiency and scalability. Regulatory scrutiny will intensify, especially in areas concerning data privacy and cybersecurity. US banks will also focus on enhancing customer experiences through innovation and technology while addressing financial inclusion. Moreover, as the economy recovers, we can expect an expansion in lending activities and a renewed focus on managing interest rate risks. These components will significantly influence the trajectory of the US banking sector throughout the year. Top Banking Trends in 2024: McKinsey's Perspective According to McKinsey, the top banking trends in 2024 will revolve around customer-centricity, digital transformation, and sustainable growth. A sharp pivot towards personalized banking services using advanced analytics is anticipated, offering enhanced value propositions to customers. The implementation of digital wallets, blockchain technology, and open banking will transform traditional business models, leading to greater integration and efficiency. Additionally, banks will invest in ESG-focused initiatives, integrating these principles into their operational frameworks to appeal to socially conscious consumers. McKinsey emphasizes the importance of agility and adaptability for banks in navigating future trends while maintaining a keen focus on customer-centric innovations. Banking Market Reports 2024: A Comprehensive Overview The banking market reports for 2024 offer an insightful overview of the evolving financial services sector. These reports highlight the emergence of digital transformation and the adoption of cutting-edge technologies across the industry. An increase in mergers and acquisitions is expected as banks seek to bolster their market positions. Efficiency improvements, cost reductions, and improved customer engagement are top priorities as institutions aim to stay competitive. Furthermore, the reports underscore the growing importance of implementing mobile banking solutions and integrating blockchain technologies to foster transparency and security. The insights provided in these reports guide banking leaders in strategic decision-making as they navigate the changing landscape. European Banking Market Reports 2024: An In-depth Analysis The European banking sector is on the cusp of transformation in 2024, shaped by regulatory changes and technological advancements. Reports suggest a notable shift towards sustainable finance, with European banks leading global initiatives. Open banking will likely gain traction, fostering innovation and competition by allowing third-party providers access to financial data with customer consent. The market will also see an increase in digital-native banks that cater to the tech-savvy millennial and Gen Z demographics. Customer trust and regulatory compliance will be paramount, influenced by stricter controls and data protection measures. These insights from European banking market reports provide a roadmap for banks looking to thrive in an increasingly competitive environment. Digital Banking Trends 2024: Embracing Technological Advancements As 2024 unfolds, digital banking trends indicate a relentless push towards technological advancements. The automation of services through AI and robotic process automation (RPA) is expected to streamline operations and enhance customer engagement. Mobile banking will become more sophisticated, offering seamless experiences and new functionalities such as biometric authentication and AI-powered personal financial management tools. The rise of decentralized finance (DeFi) will challenge traditional banking models, promoting peer-to-peer transactions without traditional intermediaries. Additionally, there is a growing emphasis on cybersecurity, ensuring that digital platforms remain secure against increasing threats. Embracing these digital trends will be crucial for banks to remain competitive and innovative in a rapidly evolving financial landscape. For detailed insights into US banking reports and other vital metrics, you can explore diverse resources such as (https://visbanking.com/bank-call-reports/) and other QBP insights available on platforms like Visbanking. Frequently Asked Questions about Banking in 2024 1. What major technological advancements are expected to influence banking in 2024? 2024 is expected to see significant technological advancements in banking, including the integration of artificial intelligence, blockchain technology, and quantum computing. These technologies will redefine traditional banking practices by enhancing personalization, customer experience, and secure transactions. 2. How will banks address regulatory compliance and cybersecurity challenges in 2024? Banks will need to adapt to evolving regulatory standards while implementing robust cybersecurity measures to combat increasing threats. This involves investing in advanced security technologies and ensuring transparency and ethical practices to build consumer trust. 3. What role will FinTech play in the banking industry of 2024? FinTech is expected to play a crucial role in the banking industry by accelerating innovation and collaboration. The integration of FinTech solutions will enable banks to offer more personalized and efficient services, leveraging data analytics and machine learning. 4. How are sustainability and green banking initiatives evolving in 2024? Sustainability and green banking initiatives will gain momentum in 2024 as banks align with global efforts to combat climate change. This includes increasing investments in sustainable finance, adopting ESG criteria, and integrating environmentally friendly practices into their operations. 5. What are some key trends shaping the global banking landscape in 2024? The global banking landscape in 2024 will be shaped by trends such as cross-border collaborations, the rise of super apps, and increasing financial inclusion in emerging markets. Additionally, tightening regulatory frameworks will enhance security, and ESG-focused initiatives will drive sustainable growth. Read the full article

[mksinghlegal]

Change in Corporate Law

Change in Corporate Law: Navigating the New Era of Compliance and Accountability

In recent years, corporate law has undergone significant changes, aiming to enhance transparency, accountability, and ethical governance in business practices. These amendments reflect the global shift towards creating a fairer and more sustainable business environment, responding to evolving economic dynamics and societal expectations.

One of the most notable changes in corporate law revolves around stricter compliance requirements. Companies are now subject to comprehensive reporting standards, especially in areas like environmental impact, social responsibility, and governance practices (ESG). This shift ensures that businesses operate ethically and responsibly, reducing the risk of financial misreporting, fraud, and environmental negligence. For example, new laws require more detailed disclosures about a company's environmental practices, such as carbon footprint and waste management, aligning corporate operations with sustainability goals.

Furthermore, corporate law amendments have strengthened the rights of minority shareholders, offering them better protection against unfair practices by majority stakeholders. This change promotes a more inclusive and fair environment, encouraging investors of all sizes to participate confidently in the corporate sector. Enhanced whistleblower protections have also been introduced, empowering employees to report unethical or illegal activities without fear of retaliation.

Another crucial development is the emphasis on digital transformation. Laws now mandate stricter cybersecurity protocols to protect sensitive data from cyber threats. This change aligns with the digitalization wave that has swept across industries, ensuring that companies adopt secure technology practices and safeguard their stakeholders' information.

In conclusion, the recent changes in corporate law highlight a commitment to fostering an accountable and resilient business ecosystem. For businesses, staying compliant with these new regulations is essential for sustaining growth, building stakeholder trust, and aligning with global standards. M K Singh Legal Services is dedicated to guiding businesses through these transitions, helping them adapt to the evolving legal landscape with confidence and ease.

[dfkbkm]

The Future of Accounting: DFK BKM and Trends Shaping Melbourne's Accounting Landscape

As we navigate through 2024, the accounting industry in Melbourne is experiencing a transformative shift, driven by technological advancements, regulatory changes, and evolving client expectations. DFK BKM, a leading accounting firm in Melbourne, stands at the forefront of these changes, adapting to the latest trends to provide exceptional service to its clients. This article explores the key trends shaping the accounting landscape in Melbourne and how DFK BKM is positioning itself for success.

1. Digital Transformation and Technology Integration

The wave of digital transformation is reshaping how accounting firms operate. For DFK BKM, embracing technologies such as cloud accounting and AI-driven tools is not just an option but a necessity. The integration of automation and fintech solutions enhances efficiency, accuracy, and client satisfaction. 

- Cloud Accounting: By leveraging cloud-based platforms, DFK BKM can provide real-time financial insights to clients, allowing them to make informed decisions quickly. - AI and Automation: These technologies streamline repetitive tasks such as data entry and transaction categorisation, freeing accountants to focus on strategic advisory roles.

2. Compliance with Regulatory Changes

Staying compliant with ever-evolving tax laws and financial regulations is crucial for any accounting firm. DFK BKM prioritises understanding updates from the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC). This proactive approach ensures that clients receive accurate advice and can navigate complex regulatory environments smoothly.

3. Sustainability and Ethical Practices

Sustainability is no longer just a buzzword; it has become an essential aspect of business operations. DFK BKM is committed to incorporating **green accounting principles** into its practices. By promoting corporate social responsibility (CSR) and engaging in Environmental, Social, and Governance (ESG) reporting, the firm not only aligns with modern values but also appeals to a broader client base concerned about sustainability.

4. Enhanced Client Relationship Management

In a competitive market like Melbourne, personalisation in client services can be a significant differentiator. DFK BKM utilises advanced **Client Relationship Management (CRM)** systems to tailor services according to individual client needs. This personalised approach fosters deeper relationships, enhancing client loyalty and retention.

5. Workforce Development and Skill Enhancement

The dynamic nature of the accounting industry demands continuous learning. DFK BKM invests in professional development programs to ensure its staff are equipped with the latest skills necessary to navigate industry changes effectively. This commitment not only enhances service quality but also positions the firm as an employer of choice in Melbourne's competitive job market.

6. Outsourced Accounting Services

The trend towards outsourced accounting services is gaining traction in Australia. Businesses are increasingly recognising the benefits of hiring external experts for their financial needs. DFK BKM offers tailored outsourced solutions that allow clients to focus on their core activities while ensuring their accounting functions are managed efficiently by experienced professionals.

7. Cybersecurity Measures

With the rise of digital platforms comes increased risk of cyber threats. DFK BKM prioritises robust cybersecurity measures to safeguard financial data and maintain stakeholder trust. By investing in advanced security protocols, the firm ensures that client information remains confidential and secure.

8. Data-Driven Decision Making

Data analytics is becoming integral to strategic business planning. DFK BKM leverages data-driven insights to provide clients with comprehensive financial analyses that inform decision-making processes. This analytical approach enables clients to identify trends, assess risks, and make informed choices about their financial futures.

9. Subscription-Based Accounting Services

The shift towards subscription models for accounting services offers clients predictable cost structures while providing tailored service packages that meet their unique needs. DFK BKM has adopted this model to enhance transparency in pricing and deliver value-added services without hidden fees.

10. Emphasis on Employee Wellbeing

As firms adapt to new working environments post-pandemic, employee wellbeing has become paramount. DFK BKM fosters a supportive workplace culture that prioritises mental health and work-life balance, ensuring that employees remain engaged and motivated.

Conclusion: DFK BKM's Commitment to Excellence

In conclusion, as Melbourne's accounting landscape continues to evolve, DFK BKM remains committed to embracing these trends while providing exceptional service to its clients. By leveraging technology, prioritising compliance, promoting sustainability, enhancing client relationships, investing in workforce development, and implementing robust cybersecurity measures, DFK BKM positions itself as a leader among accounting firms in Melbourne.

As businesses face increasing complexity in their financial operations, partnering with an innovative firm like DFK BKM will ensure they navigate these challenges successfully while achieving their financial goals.

By staying ahead of these trends, DFK BKM not only enhances its service offerings but also contributes positively to the broader community by promoting ethical practices and sustainable growth within the industry.

[b2bcybersecurity]

Finanzbranche: Studie untersucht IT-Sicherheit

Gerade in der Finanzbranche ist Sicherheit so wichtig. Mit zunehmender Digitalisierung ist allerdings auch die IT-Sicherheit zunehmend gefährdet. Jeden Tag gibt es neue Cyberattacken auf Unternehmen und davon ist der Finanzsektor nicht ausgenommen. Das Thema Nachhaltigkeit dominiert seit einigen Jahren nicht nur den öffentlichen Diskurs, es ist auch im Herzen des Finanzsektors angekommen. Etwa in Gestalt nachhaltiger Investments und ESG-Regulatorik. Doch im Schatten dieser scheinbar größten Herausforderung unserer Zeit ist eine neue Bedrohung entstanden, die genauso gefährlich ist wie der Klimawandel – jedoch lautlos und unsichtbar: Cyberkriminalität. Laut dem Report „Die Lage der IT-Sicherheit in Deutschland 2023“ des Bundesamtes für Sicherheit in der Informationstechnik (BSI) werden täglich etwa 70 neue Schwachstellen in Softwareprodukten entdeckt – ein Anstieg um 25 Prozent im Vergleich zu 2022. Mit seinem Angriff auf die Ukraine 2022 hat Russland dem Westen den Cyberkrieg erklärt, Hackerkollektive arbeiten zunehmend spezialisiert, international und professionell organisiert. Und der Einsatz von Künstlicher Intelligenz (KI) hebt die Fähigkeiten von Cyberkriminellen derzeit auf ein neues Level. Wie wirkt sich diese Bedrohungslage auf die Finanzbranche mit ihren besonders schützenswerten Daten aus? Wo gibt es Nachholbedarf, wo besondere Potentiale für die Branche? Christian Nern, Experte für IT-Sicherheit bei KPMG, beleuchtet diese Fragen in einem Marktkommentar. Telefonische Umfrage in der DACH-Region Die aktuelle Lünendonk��-Studie „Von Cyber Security zu Cyber Resilience“ (2024) mit Unterstützung von KPMG wirft in nunmehr dritter Auflage einen umfassenden Blick auf den Stand der Cyberresilienz in unterschiedlichen Branchen. Aus 150 Unternehmen aus der DACH-Region wurden Security-Verantwortliche telefonisch befragt: Wie sehen sich Unternehmen im deutschsprachigen Raum hinsichtlich des Spannungsfeldes aus digitaler Transformation und Cyber Security aufgestellt? Welche Maßnahmen ergreifen sie, um ihre Geschäftsprozesse und Daten auch in einer digitalen und vernetzten Welt zu sichern? Ein wichtiger Faktor in dieser Konstellation ist die Finanzbranche: Zum einen sind die Sicherheit und Zuverlässigkeit von Kreditwesen, Aktienmärkten und Vermögenswerten grundlegend für das Funktionieren unseres gesamten Wirtschaftssystems. Zum anderen steht die Branche traditionell unter größerem Regulatorikdruck und strengerer Behördenbeaufsichtigung als viele andere Unternehmen. Drittens befindet sie sich gegenwärtig durch die Digitalisierung in einem tiefgreifenden Transformationsprozess mit teils hohen Investitionshürden. In diesem Spannungsfeld müssen Banken und Versicherungen den Cyberbedrohungen einer hypervernetzten, sich technologisch rasant weiterentwickelnden Welt entschlossen und effizient begegnen. Grundlage dafür ist es, seinen Feind genau zu kennen. Alarmstufe Rot in der Finanzbranche 90 Prozent der Finanzdienstleister sehen eine Steigerung der Bedrohungslage im Vergleich zu 2023 – vor allem durch Ransomware und Phishing-Kampagnen, Insider Threats und Angriffe auf externe Dienstleister. Auch die Einflussfaktoren „geopolitische Lage“ und „Distributed Denial of Service (DDoS)“ wurden von den befragten Finanzdienstleistern deutlich stärker gewichtet als im Branchendurchschnitt. 24 Prozent der Banken, Versicherungen und Asset-Management-Firmen verzeichnen einen starken Anstieg der Cyberangriffe in den letzten 12 Monaten – also eine Attacke mit konkreter Auswirkung auf den Geschäftsbetrieb und dessen Rentabilität. Und auch bei leichten Anstiegen liegen Finanzdienstleister mit 66 Prozent sechs Prozentpunkte über dem Durchschnitt. Die sich verändernde geopolitische Lage bedeutet eine neue Qualität der Bedrohung: Hackerkollektive versuchen, durch Datenklau oder DDoS-Attacken Geld von großen Konzernen zu erpressen. Doch sie gehen auch darüber hinaus: Die Gruppierungen verfolgen auch das Ziel, die Kritische Infrastruktur im Westen zu zerstören. Seit Beginn des russischen Angriffskriegs auf die Ukraine ist eine Zunahme von Advanced Persistent Threats (APTs) zu beobachten. APT-Angriffe sind langfristig und mit großem Aufwand geplante Attacken auf ausgewählte Ziele, die der kriminellen Gewinnerzielung dienen, oft aber auch politisch motiviert sind. Neben der Landesverteidigung, der Infrastruktur vom Verkehr über das Gesundheitswesen bis zur Energieversorgung, befindet sich mit der Finanzbranche auch das Rückgrat unseres Wirtschaftssystems im Fadenkreuz. Mitarbeitende geben Insider-Wissen weiter Einen enormen Anstieg zeigt die Studie von Lünendonk und KPMG bei Insider Threats, also der absichtlichen Weitergabe von Daten oder geistigem Eigentum durch Mitarbeitende. Während zu Beginn des Jahres 2023 erst 37 Prozent der Unternehmen hierdurch eine hohe Bedrohung sahen, sind es 2024 bereits 65 Prozent im Gesamtdurchschnitt. 48 Prozent der befragten Unternehmen sehen zudem ein großes Risiko in Angriffen auf ihre IT-Dienstleister. Diese haben meist das Ziel, die Systeme der jeweiligen Kunden zu infiltrieren und deren Daten zu erbeuten. Im Branchenvergleich zeigt sich insbesondere bei den befragten Finanzdienstleistern eine etwas höhere Bedrohungslage gegenüber dem Jahr 2023 – unter anderem aufgrund der veränderten geopolitischen Lage und der damit verbundenen Zunahme von DDoS-Angriffen auf Finanzdienstleister. Beide Einflussfaktoren auf die Bedrohungslage – geopolitische Lage und DDoS – wurden von den befragten Finanzdienstleistern deutlich stärker gewichtet als im Branchendurchschnitt. Von der Not zur Tugend: Schwachstellen aufdecken Trotz dieser besorgniserregenden Bedrohungslage gibt es positive Nachrichten: Die Finanzbranche deutet die Zeichen der Zeit richtig und ergreift Gegenmaßnahmen. Das spiegelt sich unter anderem in den Budgets wider: 46 Prozent der Finanzdienstleister investieren fünf bis zehn Prozent ihres Jahresbudgets in Cybersicherheit. Damit liegt die Branche knapp vor der Industrie (44 %) und über dem Gesamtdurchschnitt (45 %). Vor allem nach erfolgreichen Cyberangriffen wird verstärkt in den Aufbau von Security-Kompetenzen investiert. Denn sehr viele Schwachstellen werden erst durch erfolgte Angriffe sichtbar – etwa in eingesetzter Software von Drittpartnern, veralteten IT-Systemen oder Hardware. Ein Beispiel hierfür ist die Kundenschnittstelle: Durch selbstentwickelte oder externe Software wird sie zunehmend digitalisiert, im Vertrieb kommen Digital-Commerce-Plattformen zum Einsatz. Immer mehr solcher Softwareprodukte weisen laut dem BSI schwerwiegende Schwachstellen auf – oft im Identity and Access Management (IAM), also dem Schutz und der Verwaltung von digitalen Identitäten und Zugriffsrechten. Um Schwachstellen zu erkennen, bevor Schäden auftreten, investieren die meisten Unternehmen daher in den Bereich „Identify“. Ein effektives IAM gilt als eines der wirksamsten Methoden, um die Kompromittierung der IT-Systeme zu verhindern. Im Fokus aller Studienteilnehmer stehen das Identifizieren von Schwachstellen und Sicherheitslücken (Vulnerability Management) sowie das Identity and Access Management (88 %) als besonders kritisches Element einer Cyber-Security-Strategie. Als Teilbereich vom Identity and Access Management richten 81 Prozent aller befragten Unternehmen ihr Augenmerk auf das Privileged Access Management (PAM). Bei den Banken gehören analog zu diesen Trends Ausbau und Optimierung von IAM, PAM und BCM (Business Continuity Management) zu den Top-Investitionsbereichen. Auch mit Investitionen in ihre Security Operations Center (SOC) mit Fokus auf KI-gestützte Gefahrenabwehr, eine Verbesserung des Vulnerability Managements und den Ausbau von Incident-Response-Strategien, hat die Finanzbranche den richtigen Weg eingeschlagen. Safety first: Cyber Security bei Cloud-Migration In der Finanzbranche hat die Cloud-Migration in den letzten zwei Jahren stark an Fahrt aufgenommen. In diesem Kontext nimmt ein Großteil der Finanzdienstleister aber auch eine verschärfte Bedrohungslage wahr. 72 Prozent glauben, dass sich durch die Cloud-Nutzung das Risiko erhöht, Opfer eines schwerwiegenden Cyberangriffs zu werden. Diese Wahrnehmung der Cloud als Security-Risiko für den Geschäftsbetrieb ist durchaus nachvollziehbar, da Finanzdienstleister in der Regel ein deutlich stärker digitalisiertes Geschäftsmodell haben und erfolgreiche Cyberangriffe sich damit unmittelbar auf den Geschäftsbetrieb auswirken (z. B. Störungen im Onlinebanking oder Zahlungsverkehr). Gefahr besteht zudem, wenn Legacy-Systeme mit Cloud-Diensten verbunden werden. Dann können sich über ungesicherte Stellen Zugriffe auf kritische Prozesse und Daten ergeben. Hier stehen Versicherungen mitunter vor Herausforderungen, wenn ihr Digitalisierungsgrad noch nicht dem allgemeinen Niveau der Branche entspricht. Neue Regularien wie der Digital Operational Resilience Act (DORA), verpflichtend ab Januar 2025, die zweite EU-Richtlinie zur Netzwerk- und Informationssicherheit (NIS-2) und der Cyber Resilience Act (CRA) werden aber zu den notwendigen Investitionen in die Cloud Security führen. Dass 58 Prozent der befragten Unternehmen in der zunehmenden Cloud-Nutzung ein höheres Sicherheitsrisiko sehen, hängt unter anderem damit zusammen, dass viele von ihnen hinsichtlich ihrer Cloud-Security-Prozesse noch nicht optimal aufgestellt zu sein scheinen. Lediglich hinsichtlich der Einbettung von Identity and Access Management in die bestehenden IT-Systeme und Datenbanken sehen sich zwei von drei Unternehmen (66 %) bereits gut aufgestellt. Bei den befragten Finanzdienstleistern ist das mit 57 Prozent allerdings deutlich seltener der Fall. Geht es konkret um die Frage, wie gut das IAM in die Cloud-Prozesse integriert ist, sehen sich nur 48 Prozent der befragten Unternehmen und sogar nur 28 Prozent der Finanzdienstleister gut gerüstet. Ein hoher Digitalisierungsgrad steigert Vulnerabilität Allerdings kommt die Studie ebenfalls zu dem Ergebnis, dass Cyber Security ein elementarer Bestandteil der Cloudstrategien der Finanzbranche ist. Gerade hinsichtlich DORA sind regelmäßige Security Audits, Verschlüsselung und Integration in typische Security-Themen geplant. 90 Prozent der Finanzdienstleister investieren ins Security Incident and Event Management (SIEM). Hinzu kommen der Aufbau von IAM/PAM, Lösungen im Security Orchestration and Automation Response (SOAR) sowie der Aufbau einer Cyber Security Management Platform (CSPM). In SOAR-Lösungen wollen branchenübergreifend 69 Prozent der Unternehmen stärker investieren. Warum aber klaffen der tatsächliche Reifegrad der IT-Security und die Risikowahrnehmung in der Finanzbranche so weit auseinander? Hier kann nur spekuliert werden, dass die Branche womöglich besser geschützt ist, als sie glaubt. Einerseits führt ein vergleichsweise hoher Digitalisierungsgrad natürlich auch zu größerer Vulnerabilität, andererseits erfordert der junge Trend Cloud-Migration Vertrauen in externe Anbieter, das über Jahre wachsen muss. Diese investieren derzeit massiv in den Schutz ihrer Cloud-Infrastrukturen und Softwareprodukte – deutlich stärker, als es einzelne Organisationen mit limitierten Budgets leisten können. Und wie immer in solchen Fällen fehlen Vergleichswerte dazu, ob die Branche mit einer sperrigen, aufwendigen und oft veralteten On-Premise-IT-Sicherheit heute besser aufgestellt wäre. Maßnahmenpaket: Von der Sicherheit zur Resilienz Was ist konkret zu tun, um von IT-Sicherheit zu Cyber Security und schließlich zu einer wirkungsvollen Cyber Resilience zu gelangen? Für 89 Prozent der befragten Unternehmen geht es vor allem darum, sich Transparenz über die Bedrohungslage zu verschaffen und dazu den Fokus deutlich stärker auf die Cyber-Risikobewertung auf Basis der Threatvektoren (wie DORA verpflichtend ab Januar 2025 vorschreibt) zu legen sowie Kenntnisse über potenzielle Angriffsvektoren zu erhalten. Darüber hinaus ist die IT-Modernisierung für 81 Prozent der Unternehmen ein sehr wichtiges Element für den Aufbau von Cyber-Resilienz. Da die meisten IT-Landschaften historisch gewachsen, jahrzehntealt und häufig durch Eigenentwicklungen geprägt sind, finden sich oft Schwachstellen aufgrund veralteter Codes, Konfigurationsfehlern oder unzureichender Wartung. Der wichtigste Faktor in der Finanzbranche ist die Cyber-Risikobewertung auf Basis einer präzisen Analyse der Angriffsvektoren. Dazu gehören regelmäßige Sicherheitsüberprüfungen (76 % gesamt) und die Optimierung von Audits und Schwachstellenanalysen. 74 Prozent aller Befragten entwickeln Incident-Response-Pläne, 71 Prozent setzen auf gut eingespielte Krisenteams für den Fall von Cyber-Angriffen. Im Branchenvergleich zeigt sich, dass im hochregulierten Finanzdienstleistungssektor End-2-End-Prozesse darüber hinaus ein wichtiger Treiber für einen höheren Cyber-Sicherheitsgrad (58 %) sind. Um einen Gesamtüberblick über die Security-Prozesse aller Systeme zu gewinnen und deren End-2-End-Orchestrierung vorzunehmen, sind die Tools Security Incident and Event Management (SIEM) und Security Orchestration and Automation Response (SOAR) entscheidend. Daher ist es nur konsequent, dass branchenübergreifend 81 Prozent der befragten Unternehmen einen starken Fokus auf das Security Information and Event Management (SIEM) legen. Die steigenden Investitionen in ein SIEM stehen aber nicht nur in einem engen Zusammenhang zu den regulatorischen Anforderungen rund um die zunehmende Cloud-Nutzung. Auch der Schutz von geistigem Eigentum sowie sensiblen Kundendaten sind wichtige Faktoren. In SOAR-Lösungen wollen die untersuchten Finanzdienstleister mit 78 Prozent überdurchschnittlich häufig investieren. Schnelle Reaktionsfähigkeit nach einem Angriff ist essentiell Ist ein Cyberangriff erfolgt, kommt es darauf an, schnell zu handeln, da dieser im Durchschnitt weniger als 30 Minuten dauert. Denn je effektiver die Reaktion – die Response – auf einen Security-Vorfall ist, desto höher ist die Chance, einen Datendiebstahl, das Verschlüsseln der Systeme oder den Ausfall produktiver Prozesse zu verhindern. Eine weitere tragende Säule für die Finanzbranche im Kampf gegen Cyberbedrohungen ist daher die Incident Response mit automatisierten Runbooks. Der Anteil der Unternehmen, die im Jahr 2024 ihren Fokus darauf richten, ist mit 73 Prozent etwa auf dem Niveau des Vorjahrs. Dies zeigt, dass bei der Reaktionsfähigkeit in den untersuchten Unternehmen weiterhin Handlungsbedarf besteht. Incident Response bezieht sich vor allem auf die Prozesse und Technologie-Auswahl zur Cyber-Abwehr. Das Ziel der Incident Response ist es, Cyberangriffe bereits im Vorfeld zu verhindern, und die Kosten und Betriebsunterbrechungen, die durch einen Cyberangriff entstehen, zu minimieren. Neben einzelnen Technologien wie SIEM oder Endpoint Security geht es bei Incident Response vor allem darum, organisatorische und kommunikative Voraussetzungen zu schaffen. 59 Prozent der Opfer von Cyberattacken verlagern mehr Security-Prozesse nach innen. Das deutet darauf hin, dass diese Unternehmen die Verantwortung für Cyber Security nun stärker selbst übernehmen und nicht nur an externe IT-Dienstleistern delegieren, die in der Regel auch nicht haftbar gemacht werden können. Vor allem durch die kommenden NIS-2-Richtlinie und DORA sind die Unternehmen nun auch regulatorisch stärker gezwungen, mehr Security-Kompetenzen aufzubauen. Ein Blick auf die befragten Finanzdienstleister, die bereits seit vielen Jahren strenge regulatorische Vorgaben umzusetzen haben, zeigt, dass nur noch 12 Prozent der Unternehmen Cyber Security mittlerweile als reines Compliance-Thema betrachten. ​​​Abwehr mit Köpfchen: Cybersicherheit und KI Ein Gamechanger in der gesamten IT-Landschaft ist Generative KI. Mit ihrer Hilfe können unerfahrene Hacker Malware leicht erstellen und Phishing-Kampagnen individuell auf das jeweilige Ziel abstimmen. Doch Künstliche Intelligenz (KI) kann auch von den Unternehmen und Organisationen zur Cyberabwehr eingesetzt werden – vor allem dort, wo es um die Analyse großer Datenmengen geht. Das ist im Finanzsektor bei der Optimierung des SOC der Fall, wo die für die Cybersicherheit essenziellen SIEM-Systeme verwaltet werden. Mit Hilfe von KI können diese deutlich schneller Daten aus verschiedenen Quellen sammeln und in Echtzeit analysieren, was zu besseren Sicherheitsentscheidungen führt. Darüber hinaus ist Threat Intelligence für Banken und Versicherungen besonders interessant. Vor allem durch den Einsatz von Machine Learning werden Angriffsmuster frühzeitig erkannt, was eine deutlich bessere Prävention gewährleistet. Machine-Learning-Algorithmen können Millionen Ereignisse kontinuierlich und automatisiert überwachen und Bedrohungsmuster in Gestalt von Anomalien schnell und zuverlässig erkennen. Vor allem um der steigenden Zahl von Bot-Angriffen und immer neuen Schadsoftwareprogrammen zu begegnen, ist Machine Learning das Mittel der Wahl. KI erkennt abweichendes Nutzerverhalten Ein weiterer Hebelpunkt für den Finanzsektor ist die User Behavior Analytics. Sie wird von 67 Prozent aller befragten Unternehmen als wichtiges Einsatzgebiet der KI betrachtet. Dabei filtert die Technologie aus großen Mengen an Datenverkehr ungewöhnliches oder abweichendes Nutzerverhalten. Dies ist für die Früherkennung von Insiderbedrohungen besonders wichtig. Entsprechende Tools erkennen Sicherheitsrisiken, indem sie Nutzerverhalten analysieren und abweichende Aktivitäten identifizieren, die auf Insider-Bedrohungen, Betrug oder andere Sicherheitsverletzungen hinweisen. Überraschend: Trotz des Hypes hat sich noch nicht allzu viel in der KI-gestützten Cyberabwehr getan. Nur jedes zweite aller befragten Unternehmen sieht darin derzeit einen Investitionsschwerpunkt. Es ist aber zu hoffen, dass die stark digitalisierte Finanzbranche diesen Weg konsequent weitergeht und auch hier bald in die Pionierrolle schlüpft. Neben der Energiewende, die den für alle sichtbaren Klimawandel verlangsamen soll, ist Cybersicherheit vielleicht die größte – unsichtbare – Herausforderung unserer Zeit. Ähnlich wie die gesamte Gesellschaft befindet sich die Wirtschaft in einer dynamischen Transformationsphase: Die Digitalisierung unseres Lebens, vor allem aber unserer Infrastruktur und Ökonomie ist nicht aufzuhalten – das haben die Unternehmen verstanden, auch wenn es in manchen Bereichen noch Herausforderungen und Nachholbedarf gibt. Aufgrund ihrer besonders schützenswerten Daten, Güter und Leistungen ist die Finanzbranche zurecht besonders risikobewusst. Sie hat in Sachen IT-Sicherheit aber den richtigen Weg eingeschlagen. Investiert sie weiterhin konsequent in die notwendigen Strukturen und Technologien, wird sie bald noch mehr Vertrauen in Cloud, KI & Co. entwickeln und ihrer Führungsrolle mit Selbstverständlichkeit und Selbstvertrauen gerecht werden.   Über KPMG Auch in Deutschland gehört KPMG zu den führenden Wirtschaftsprüfungs- und Beratungsunternehmen und ist mit rund 12.200 Mitarbeiterinnen und Mitarbeitern an 27 Standorten präsent. Unsere Leistungen sind in die Geschäftsbereiche Audit, Tax und Advisory gegliedert. Im Mittelpunkt von Audit steht die Prüfung von Konzern- und Jahresabschlüssen.Tax steht für die steuerberatende Tätigkeit von KPMG. Die Bereiche Consulting und Deal Advisory bündeln unser hohes fachliches Know-how zu betriebswirtschaftlichen, regulatorischen und transaktionsorientierten Themen. Passende Artikel zum Thema   Lesen Sie den ganzen Artikel

[awatacgroup]

Top 10 Trends Shaping the Future of Global Shipping in 2024

Introduction

The global shipping industry stands at the brink of transformative change as we step into 2024. With technological advancements, environmental considerations, and evolving market dynamics, the maritime sector is poised for significant developments. This article delves into the top 10 trends shaping the future of global shipping in 2024, providing insights into how these trends are set to redefine the industry.

1. Green Shipping Initiatives

Leading the Way in Sustainable Practices

The push for sustainability has never been more pronounced. Key initiatives include:

Alternative Fuels: Adoption of LNG, hydrogen, and biofuels.

Emission Reduction: Implementation of stricter IMO regulations.

Energy Efficiency: Deployment of energy-saving technologies like wind-assisted propulsion.

2. Digital Transformation

Embracing Technology for Enhanced Efficiency

Digitalization is at the forefront of shipping innovation:

Blockchain: Enhancing transparency and security in logistics.

IoT: Real-time tracking of cargo and fleet management.

AI and Big Data: Predictive analytics for optimized routing and fuel consumption.

3. Autonomous Vessels

The Rise of Self-Operating Ships

Autonomous shipping is gradually becoming a reality:

Regulatory Framework: Development of international guidelines.

Technological Advancements: Enhanced sensors and navigation systems.

Pilot Projects: Trials of autonomous vessels in controlled environments.

4. Port Infrastructure Upgrades

Modernizing for the Future

Ports worldwide are upgrading to accommodate future needs:

Smart Ports: Integration of advanced digital systems for operations.

Capacity Expansion: Building new terminals and deepening channels.

Green Ports: Investing in eco-friendly infrastructure.

5. Supply Chain Resilience

Strengthening the Backbone of Global Trade

Recent disruptions have highlighted the need for resilient supply chains:

Diversification: Sourcing from multiple suppliers to mitigate risks.

Technology Integration: Using AI and IoT for real-time supply chain visibility.

Collaborative Platforms: Enhancing coordination among stakeholders.

6. Regulatory Changes

Navigating New Maritime Laws

The regulatory landscape is evolving:

Environmental Regulations: Stricter emission and ballast water management standards.

Safety Standards: Enhanced safety protocols and training requirements.

Trade Policies: Changes in international trade agreements affecting shipping routes.

7. Cybersecurity

Protecting the Digital Seas

As shipping becomes more digital, cybersecurity is paramount:

Threat Mitigation: Implementing robust cybersecurity measures.

Awareness Training: Educating staff on cybersecurity best practices.

Incident Response: Developing comprehensive response strategies for cyber incidents.

8. Human Capital Development

Investing in the Maritime Workforce

The industry is focusing on workforce enhancement:

Training Programs: Advanced training for new technologies and safety.

Talent Acquisition: Attracting young talent to the maritime sector.

Well-being Initiatives: Improving the welfare of seafarers.

9. Global Trade Dynamics

Adapting to Market Shifts

The global trade landscape is shifting:

Trade Routes: New and emerging trade routes.

Economic Policies: Impact of global economic policies on shipping.

Market Demand: Changes in consumer demand influencing shipping patterns.

10. Environmental, Social, and Governance (ESG) Criteria

The New Standard for Shipping Companies

ESG criteria are becoming crucial:

Sustainability Reporting: Transparent reporting on environmental impact.

Social Responsibility: Enhancing social standards within the industry.

Governance: Strengthening governance practices to meet stakeholder expectations.

Conclusion

The top 10 trends shaping the future of global shipping in 2024 reflect a dynamic and evolving industry. From sustainability initiatives to technological advancements, these trends are set to redefine the maritime sector, fostering a more efficient, resilient, and environmentally conscious future.

Stay ahead in the maritime industry by keeping informed about these transformative trends. Engage with us to discuss how your organization can adapt and thrive in this evolving landscape.

Contact us for a consultation or follow our page for more insights and updates on global shipping trends.

[esglatestmarketnews]

Cyber Security Industry ESG Thematic Report, 2023: Astra ESG Solutions

San Francisco, January 17, 2023: An uptake in high-profile data breaches and the exponential rise in digitization have redefined the dynamics in the cybersecurity industry. Stakeholders have become cagey towards data management practices and cybersecurity vulnerabilities. Lately, companies have started reporting on environmental, social and governance (ESG) performance, largely spurred by public opinion, regulatory requirements and soaring demand from stakeholders. ESG-focused businesses and organizational practices are expected to gain ground to maintain and achieve cyber resilience. With sectors such as fintech companies, oil and gas, financial services, public utilities and retail under immense pressure from the board of directors, investors and other stakeholders to be more transparent, industry players are expected to bank on sustainability. 

Incorporating factors beyond financial into assessments of company performance have become paramount amidst a surge in cyberattacks. For instance, in November 2022, Microsoft reportedly blamed a Russian GRU hacking group for cyberattacks on transportation and other logistics industries in Poland and Ukraine. Moreover, surging cybercrime costs, such as lost productivity, destruction and damage of data, intellectual property theft, post-attack disruption, fraud, embezzlement and stolen money, have compelled stakeholders to rethink their strategies. Cybersecurity Ventures states global cybercrime costs could touch USD 10.5 trillion annually by 2025. World Economic Forum’s Global Risks Perception Survey 2021-2022 listed environmental risks as the five most critical long-term threats. 

Discover more regarding the practices and strategies being implemented by industry participants in the Cyber Security Industry ESG Thematic Report, 2023, published by Astra ESG Solutions 

Notably, stakeholders are likely to foster ESG reporting practices to bolster transparency as cyber resilience has become a force to reckon with to augment sustainable earnings. Potential stakeholders envisage a sustainability portfolio as the top agenda amidst issues, including climate change and anti-corruption. Industry players are slated to keep ESG goals at the forefront for an expedition of inclusion, fairness and equitable access to opportunities and ensuring a regenerative and sustainable future.

Cisco Emphasizes Environmental Stewardship to Tap into the Growth Potentials

Cybersecurity firms have reinforced their position in the global landscape with an increased focus on the ESG pillars. Notably, environmental stewardship has come to the fore to steer the protection and responsible use of the natural environment sustainably. For instance, Cisco is guided by its corporate Environmental Policy and ISO 14001 Environmental Management System (EMS). The company had 30 sites with ISO 14001 certification in the fiscal year 2021. In April 2021, Cisco announced it would be infusing USD 100 million to address the climate crisis and help reverse the climate change impact over ten years. 

Furthermore, in the fiscal year 2022, it rolled out the Environmental Sustainability Specialization (ESS) to help channel partners promote product takeback, educate customers, boost their sustainability practices and move to circular business models. During the same period, the company came up with Cisco Green Pay to assist customers in building an environmentally friendly technology strategy to attain ESG goals. It has also furthered its investments in state-of-the-art technology to help users leverage grid decarbonization, monitor grid reliability, water and transportation systems and bolster the workplace. The U.S.-based company remained instrumental in leveraging employees to work from home with AnyConnect VPN, WebEx by Cisco and TelePresence. 

Social Performance Gains Ground with McAfee Propelling ESG Profile

With cybercrime-as-a-service becoming pervasive, cybersecurity has become an invaluable part of the ESG for companies, regulators, investors and consumers. The high number of incidents has propelled the need for optimized security operations and a strong social pillar. For instance, Fortinet is gearing to train 1 million people in cybersecurity by 2026. It cashed in on advanced technologies, such as machine learning (ML), artificial intelligence (AI) and deep learning to propel the design and growth of cybersecurity solutions and services.

In addition, pay parity has garnered headlines amidst growing women’s participation in the corporate world and surging role in the global economy. To illustrate, in April 2022, McAfee celebrated three years of maintaining pay parity and claimed to be the first cybersecurity company to attain the policy. Besides, the representation of women was pegged at around 30.9% in 2021, up from 27.6% in the preceding year. The company has also upped its focus on diversity as 16.3% of new hires in the U.S. were underrepresented professionals (Black, American Indian, Hispanic / Latinx, multiracial and Pacific Islande) in 2021.

Get more insights about how key industry participants like Cisco Systems, Inc., Palo Alto Networks, McAfee, Inc., Broadcom, and Trend Micro Inc are identifying, analyzing and mitigating ESG risks and ensuring compliance

Companies have fueled their efforts to set audacious goals to communicate the company’s development transparently, boost women’s participation and design long-term sustainable programs that address social impact. To illustrate, around 31% of external hires for VP and above positions in Palo Alto Networks identify themselves as women. Besides, 78% of leadership teams have diverse representation and the company aims for 100% diversity by 2025. The company also bolstered safety in a hybrid work environment. In July 2022, Palo Alto Networks underpinned its Global Security and Safety team by hiring a Senior Global Environmental Health & Safety Manager. It has also underscored its position in the human rights field with “industry best practices” to analyze risks for cases of human rights violations in the supply chain.

Broadcom Fosters Governance Portfolio 

Well-established companies are gearing to propel their ESG performance with a bullish approach toward governance policies. Stakeholders, stockholders and employees are expected to focus on the corporate governance framework for accountability and transparency. Prominently, in February 2021, Broadcom adopted the name Nominating, Environmental, Social and Governance Committee (NESG Committee), doing away with the term “Nominating and Corporate Governance Committee.” The company found in its 2021 Employee Ethical Culture Survey that 96.1% of employees were acquainted with the efforts of the compliance and ethics function.

It also expedited compliance training as it noted that more than 99% of its employees completed the course in 2021. During this period, it rolled out the Global Compliance Ambassador program to solidify compliance culture. In essence, the U.S.-based company listed corporate governance, cybersecurity and data privacy, ethics and integrity and product quality in its 2021 ESG priorities.  

Is your business one of participants of the global cyber security industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Key players are leaving to stone unturned to underscore social responsibilities and provide avenues of growth to stakeholders. In doing so, the Board of Directors at Fortinet established the Social Responsibility Committee to introduce the highest level of governance in CSR issues. The company uses corporate governance practices to ensure compliance with all laws and do business ethically. Besides, there has been a surge in independent directors across industry verticals as companies vie to enhance their sustainability portfolio. To illustrate, around 75% of board directors are independent at Palo Alto Networks, while approximately 50% of BoD are diverse with different race, gender, nationality or ethnicity. In the fiscal year 2022, the company established a Security Committee of the Board to boost oversight about security issues, such as cybersecurity.

The competitive landscape alludes to an increased focus on cybersecurity leaders emphasizing innovations and technological advancements. Forward-looking companies and governments are poised to foster their ESG practices to keep abreast with the trend. In October 2022, the Cybersecurity & Infrastructure Security Agency (CISA) joined forces with the National Institute of Standards and Technology and the interagency community to release cross-sector Cybersecurity Performance Goals (CPGs). Meanwhile, in 2021, Fortinet has a dedicated Human Rights Policy to propel ethical business and responsible product use.

Browse more ESG Thematic Reports from the Technology Sector, published by Astra – ESG Solutions

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!

[adelitawilliam]

Forecasting Tomorrow: Insights Into The Future Of Accounting Companies

As the business landscape continues to evolve rapidly, accounting companies are poised to undergo significant transformations to meet the emerging needs of their clients and adapt to technological advancements. Here are some insights into the future of accounting companies and how they are likely to evolve:

1. Embracing Technological Innovations

The future of accounting companies will be characterized by the widespread adoption of advanced technologies such as artificial intelligence (AI), machine learning, blockchain, and robotic process automation (RPA). These technologies will automate routine tasks, streamline processes, and enhance the efficiency and accuracy of accounting operations.

2. Shift towards Advisory Services

As technology automates traditional accounting tasks, accounting companies will increasingly focus on providing high-value advisory services to their clients. Rather than just crunching numbers, accountants will become strategic advisors who offer insights, analysis, and guidance on complex financial matters.

3. Data-Driven Insights

Accounting companies will leverage big data and analytics to provide data-driven insights that enable clients to make informed decisions. By analyzing vast amounts of financial data, industry trends, and market intelligence, accounting firms will offer predictive analytics and forecasting models that help clients anticipate future opportunities and risks.

4. Customized Solutions for Clients

Accounting companies will tailor their services to meet the unique needs of each client, offering customized solutions that address specific challenges and objectives. Rather than adopting a one-size-fits-all approach, accounting firms will develop personalized strategies, tools, and recommendations based on the client’s industry, size, goals, and preferences.

5. Focus on Cybersecurity and Data Privacy

With the increasing reliance on technology and digital data, cybersecurity and data privacy will become top priorities for accounting companies. Firms will invest in robust cybersecurity measures, encryption technologies, and data protection protocols to safeguard sensitive financial information and mitigate cyber threats.

6. Globalization and Cross-Border Services

As businesses expand globally, accounting companies will offer cross-border services to support clients operating in multiple jurisdictions. Firms will develop expertise in international tax laws, regulatory requirements, and accounting standards, enabling them to provide seamless services across borders. Accounting companies will also leverage technology to facilitate collaboration and communication with clients and partners worldwide, breaking down geographical barriers and expanding their reach.

7. Focus on Sustainability and ESG Reporting

Accounting companies will play a key role in helping businesses measure, manage, and report their environmental, social, and governance (ESG) performance. Firms will develop specialized services and tools to help clients assess their ESG risks and opportunities, establish sustainability goals, and report their ESG performance transparently. As stakeholders increasingly prioritize sustainability and responsible business practices, accounting companies will provide valuable support in this area.

Conclusion

The future of accounting companies is characterized by technological innovation, a shift towards advisory services, data-driven insights, customized solutions, cybersecurity, globalization, and a focus on sustainability and ESG reporting. By embracing these trends and evolving their service offerings, accounting companies in  Oklahoma City, OK play a crucial role in supporting businesses and driving their success in an increasingly complex and interconnected world.

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Top Trends in Commercial Law Services You Should Know

Commercial law services are evolving rapidly to meet the changing needs of businesses in a dynamic global economy. From advancements in technology to shifts in regulatory landscapes, several key trends are shaping the landscape of commercial law. Understanding these trends is crucial for businesses seeking to navigate legal complexities and capitalize on emerging opportunities. This article explores the top trends in commercial law services that every business should be aware of.

Embrace of Technology and Legal Tech Solutions

Technology is revolutionizing the practice of law, and commercial law services are increasingly leveraging legal tech solutions to enhance efficiency and client service. From automated contract management systems to AI-powered legal research tools, technology is streamlining processes and reducing costs for businesses. Legal advisors are adopting digital platforms for document management, client communications, and case management, enabling faster response times and improved collaboration. Embracing technology allows commercial law firms to deliver more personalized and efficient services while adapting to the digital transformation sweeping the legal industry.

Focus on Data Privacy and Cybersecurity

With the proliferation of data-driven business models, data privacy and cybersecurity have become critical concerns for businesses across industries. Commercial law services are playing a pivotal role in advising businesses on compliance with data protection regulations such as GDPR, CCPA, and evolving global standards. Legal advisors help businesses implement robust data privacy policies, conduct privacy impact assessments, and respond to data breaches effectively. As cyber threats continue to evolve, commercial law firms are increasingly offering proactive cybersecurity advice and incident response strategies to protect businesses from legal and reputational risks associated with data breaches.

Expansion of ESG (Environmental, Social, Governance) Compliance

Environmental, social, and governance (ESG) considerations are gaining prominence in corporate governance and regulatory frameworks globally. Commercial law services are assisting businesses in navigating ESG compliance requirements, addressing stakeholder expectations, and enhancing corporate sustainability practices. Legal advisors advise on ESG disclosures, sustainability reporting, and corporate social responsibility initiatives to align business practices with ESG goals. As investors and regulators place greater emphasis on ESG factors, commercial law firms are integrating ESG considerations into their legal advice and risk management strategies to support businesses in achieving long-term sustainability and resilience.

Rise of Cross-Border Transactions and International Trade

Globalization has fueled an increase in cross-border transactions and international trade, presenting both opportunities and challenges for businesses. Commercial law services are facilitating cross-border mergers and acquisitions, international joint ventures, and trade agreements by providing expertise in international business law and regulatory compliance. Legal advisors navigate complex legal frameworks, tariffs, and trade policies to facilitate seamless international transactions while mitigating risks associated with geopolitical uncertainties and regulatory changes. As businesses expand into new markets, commercial law firms play a crucial role in ensuring legal certainty and facilitating global business operations.

Integration of Dispute Resolution Mechanisms

Effective dispute resolution is essential for businesses seeking to resolve conflicts efficiently and maintain positive relationships with stakeholders. Commercial law services are integrating alternative dispute resolution (ADR) mechanisms such as mediation and arbitration into their legal strategies to provide clients with cost-effective and timely resolution of disputes. Legal advisors promote ADR as a preferred method for resolving commercial disputes, offering flexibility, confidentiality, and the opportunity for parties to preserve business relationships. By promoting ADR alongside traditional litigation, commercial law firms empower businesses to achieve favorable outcomes while minimizing the time and costs associated with prolonged legal battles.

In conclusion, staying informed about the latest trends in commercial law services is essential for businesses looking to navigate legal complexities and capitalize on emerging opportunities in a globalized marketplace. From embracing technology and enhancing cybersecurity measures to addressing ESG compliance and facilitating cross-border transactions, commercial law firms are at the forefront of guiding businesses through evolving legal landscapes. By partnering with experienced and forward-thinking legal advisors, businesses can leverage these trends to achieve strategic growth, enhance regulatory compliance, and maintain competitive advantage in an increasingly interconnected world.

[sentrient]

Surviving Uncertainty – Develop An Efficient GRC Strategy

Compliance is effective when it is strategically aligned with changing laws and regulations. Obsolete controls increase governance and non-compliance risks. Resetting your governance, risk management, and compliance management based on business scenarios makes it easier to anticipate adversities, prevent them, recover from them, and proceed with confidence.

Industries are constantly seeing regulatory overhauls, which can change how organisations function and expose them to a new set of risks. More than ever, organisations require a GRC strategy to ensure they meet these regulatory requirements. Powered by the right GRC software, it can be a game-changer in an ever-changing world.

Are you looking for ways to revamp your organisation’s GRC strategy?

Surviving Uncertainty: Develop an Efficient GRC Strategy  

1. Brace for a cyber risk

With a majority of organisations shifting to a flexible working environment, there has been a considerable rise in cybersecurity threats. Utilising different networks, etc., means data security is more challenging. Large, small, and medium organisations are equally vulnerable. To ensure your organisation is not at risk, a GRC strategy must be formulated with cybersecurity threats in mind.

2. Adopt strategic cloud-based solutions

With large numbers of employees working remotely, common cloud-based software can simplify the exchange of data and information. Organisations must consider this when planning their future GRC strategies. A cloud-based solution provides measures for data security and integrity.

3. Focus on sustainability and integrity

The global crisis has also led us to adopt a more considerate approach towards the social and environmental impacts of organisations. Organisations and boards face a key decision to assess the financial impacts of investing in their social and environmental strategy and the risks of not doing so. This might be the right time for organisations to assess how the environmental, social, and governance (ESG) investment and actions meet their organisational values and stakeholder expectations.

4. Operational resilience is important

Operational resilience is the ability of an organisation to continue to perform business operations when there are events that threaten its continuation. This is achieved by foreseeing, preventing, and mitigating such events. The pandemic made organisations realise the importance of operational resilience more than ever. Organisations that still rely on outdated and complex infrastructure and processes that are not flexible enough might struggle to adapt to current trends. To stay afloat and succeed during unfavourable events in future, businesses must emphasise resilience.

5. Employ GRC management software

No matter how efficient your GRC strategy is, it cannot be effective without the right tools. With remote workplaces, you need cloud-based GRC management software that your workforce can access from anywhere. It is difficult to conduct governance, risk management, and compliance management activities manually. The amount of data and information generated needs to be processed, stored and shared with authorised users digitally. A complete GRC management solution can help with GRC training management, GRC policy, GRC surveys, GRC records management, GRC incident reporting, and GRC risk management. GRC management software can be an advantage to organisations struggling to balance functional, financial, and compliance activities in an ever-changing environment.

Conclusion

An efficient GRC strategy is one of the core requirements of a business in changing times. After developing a robust strategy, the next step is to ensure your workforce is provided with the right platform to help implement it. We at Sentrient can help you by making this process easy with our GRC risk management software. It includes powerful workflows to assist your business to perform governance, risk management, and compliance management tasks with just a few clicks. Features such as GRC policy and policy builder, GRC surveys, GRC courses, and course builder help simplify compliance. Feel free to reach out to us for more information today and move on to better GRC management!

This blog post was originally published here.

[newintern]

5 Major Advantages of ESG Initiatives

Being an ESG Award, has emerged as a prominent issue of discussion in the modern corporate world. Although it is commonly associated with climate change, pollution, and resource shortages, ESG encompasses many socioeconomic challenges. Specifically, ESG is a methodology for assessing businesses' sustainability and societal effects. Each of the three ESG elements is described briefly below. Environmental focuses on corporate strategies and policies that improve a company's overall environmental sustainability, including its influence on energy and raw material waste, carbon emissions, and climate change. Social responsibility focuses on a company's dedication to human rights, diversity and inclusion, workplace safety, community relations, consumer protection, and personal data protection.

We can provide Sustainability Award, Governance focuses on internal rules, procedures, and measures implemented to guarantee that an organization's operations are lawful and compliant, such as statutory reporting, auditing, cyber security, risk management, etc. Although this may be a new trend, research has shown that organizations that prioritize ESG activities experience benefits from doing so. According to a recent study and analysis, ESG can help a business in the following ways: Facilitating top-line growth: A strong ESG proposal and integration can help attract new business prospects, handle competitive challenges, and accelerate growth by improving partnerships. According to McKinsey's latest consumer research, up to 70% of consumers polled across several industries are prepared to spend an extra 5% on a green product that meets the same performance standards as a non-green option.

We are an ESG Awards, Increased external investment opportunities: Today, investors regard ESG data as a significant predictor of a company's long-term financial success. As more investors seek to participate in companies with higher ESG performance, those who do will have access to larger pools of capital. According to research, this is happening in equities markets and lending markets, with some banks connecting loan interest rates to ESG performance. Optimizing investment and lowering costs: According to research, allocating cash to more sustainable investments lead to higher long-term investment returns for businesses. Furthermore, research of a company's downstream, direct, and upstream activities using key metrics has revealed improvements in energy and raw material waste, which positively influences operating profits.

In our role as Sustainability Award, ESG certification assesses firms using various metrics from the Environmental, Social, and Governance fields. Carbon emissions and biodiversity are two environmental criteria that assess global implications. Social aspects examine how a business manages connections with its employees, suppliers, and the community in which it operates. Governance evaluates the effectiveness of a company's management structures, shareholder rights, and CEO compensation, among other things. Different industries have distinct ESG issues and opportunities. As a result, ESG certification must be flexible enough to accommodate these quirks while being rigorous enough to maintain consistently high standards and minimize regulatory and legal involvement.

To help you as ESG Award, an efficient ESG integration can increase transparency, reducing the overall regulatory load on firms. While the primary benefit of ESG from a regulatory standpoint is reducing the risk of adverse government/legal proceedings, it can also gain support as stakeholders advocate for a more sustainable economy. Talent management: In general, a firm ESG offer helps recruit and retain top talent while also motivating employees by instilling a sense of purpose, which can boost productivity and employee happiness. As stakeholder demand grows, ESG becomes more than just a feel-good activity. Is your company starting their ESG journey? Contact us if you need help determining your business's best course of action.

[grcessentials]

Exploring the Vital Role of Assurance Services in Modern Business

In today's rapidly evolving business landscape, where stakeholders demand transparency, accountability, and reliability, assurance services play a pivotal role in instilling confidence and trust. These services encompass a range of activities aimed at providing independent and objective assessments of financial statements, internal controls, compliance processes, and other critical aspects of an organization's operations. As businesses navigate complex regulatory requirements, technological advancements, and global economic uncertainties, the need for robust assurance services has never been more pronounced.

At its core, assurance services are designed to enhance the credibility and reliability of information disclosed by organizations. This is particularly crucial in financial reporting, where stakeholders, including investors, creditors, regulators, and the public, rely on accurate and transparent financial information to make informed decisions. Assurance engagements, such as audits, reviews, and compilations, are conducted by qualified professionals who examine financial statements and related disclosures to provide assurance on their fairness, accuracy, and compliance with relevant standards.

However, the scope of assurance services extends beyond financial reporting to encompass various non-financial areas that are equally vital for organizational success. For instance, assurance engagements may focus on assessing the effectiveness of internal controls, risk management processes, and corporate governance structures. By evaluating the reliability and integrity of these systems, assurance professionals help organizations identify weaknesses, mitigate risks, and improve overall performance.

In the realm of sustainability and corporate responsibility, assurance services play a critical role in verifying the accuracy and completeness of environmental, social, and governance (ESG) disclosures. With growing pressure from investors, consumers, and regulators for companies to operate in a sustainable and socially responsible manner, independent assurance provides assurance that ESG information is credible and reliable. This not only enhances transparency but also fosters trust and accountability in corporate sustainability initiatives.

Moreover, assurance services contribute to enhancing cybersecurity resilience by evaluating the effectiveness of information security controls and protocols. In an era of heightened cyber threats and data breaches, organizations must demonstrate their ability to safeguard sensitive information and maintain the confidentiality, integrity, and availability of data. Assurance engagements help organizations identify vulnerabilities, assess their cybersecurity posture, and implement measures to mitigate risks and strengthen resilience.

Furthermore, assurance services support regulatory compliance by ensuring that organizations adhere to relevant laws, regulations, and industry standards. Whether it's in the realm of financial services, healthcare, or data privacy, compliance requirements continue to evolve, posing significant challenges for organizations to navigate. Assurance professionals provide independent assessments to verify compliance with regulatory mandates, identify gaps, and recommend remedial actions to mitigate compliance risks.

In conclusion, assurance services play a multifaceted and indispensable role in modern business by providing independent and objective assessments that enhance transparency, credibility, and trust. From financial reporting and internal controls to sustainability, cybersecurity, and regulatory compliance, assurance professionals contribute to the integrity and resilience of organizations in an increasingly complex and interconnected world. As businesses strive to meet the expectations of stakeholders and uphold their reputations, the importance of robust assurance services cannot be overstated.