Insights

In the age of cloud computing, it's more important than ever to ensure that your IT operations are secure. Unfortunately, many businesses make mistakes when it comes to their security practices. Here are five common mistakes that business owners should avoid: over-reliance on multifactor authentication (MFA) to keep their data secure, user-unfriendly password requirements, disregarding critical security monitoring requirements, and weak recovery planning and security monitoring.

According to a new study, Hong Kong companies are among the most aggressive in hiring new talent, with a rate of hiring that ranks sixth in the world. Despite the continuing talent shortage, companies are addressing the problem by hiring remote workers and seeking software engineers and developers from India, the Philippines, the United Kingdom, the United States, and Ukraine. HK talents are also in demand overseas and are commonly hired for software engineer and statistician roles.

Data loss can have severe consequences for an organization, including the loss of revenue and an inability to operate; hence it is vital to have a comprehensive strategy to ensure that critical data is constantly available and secure. Building resiliency involves understanding data, providing resiliency through separating critical and non-critical data, using data recovery tools, and defending against cybersecurity threats with zero-trust security, malware detection, and recovery testing.

The tech talent acquisition landscape will be characterized by a constricted labor market and heightened competition for skilled workers. To remain competitive, organizations should focus on employee engagement, retention programs, and upskilling/reskilling efforts. Outsourcing IT and security functions is another option to reduce overhead or to free up the workload along with adopting flexible hiring practices to quickly adjust their workforce to changing business needs.

In spite of recent layoffs at tech giants, Minister for Communications and Information, Josephine Teo said on Thursday 26 January that Singapore will continue to invest in developing local talent. The Minister shared that there has been an increase in the number of people enrolling in infocomm technology-related courses and believes that the city-state should vigorously promote reskilling and upskilling its citizens to boost career opportunities.

To remain competitive in this environment, companies need to be able to adapt quickly and strategically. While it is essential to consider the implications of a deglobalization trend on their business model, they also need to focus on how they can take advantage of local opportunities by establishing immediacy to customers. Also, by turning to nearshore outsourcing, companies can reduce their overhead costs by eliminating the need for ongoing management and operational support.

As banks are evolving their offerings and services to meet the demands of a changing financial landscape, they are providing more digital services, including mobile banking apps, online trading, asset management apps, and other investment resources. The industry continues to boost its tech spending by 10%, turning more banks into cloud-first companies. They will also focus more on AI to help with fraud detection and prevention and low-code, no-code solutions for swifter product development.

In our increasingly digital world, the challenges of protecting personal data are only growing larger. Seeing a shift towards a new identity architecture design, data previously stored in silos and disconnected from other sources will be connected, allowing for more effective information discovery. The use of digital wallets, open-standards compliant technology, and increased demand for verifiable credentials will also contribute to the rise of self-sovereign identity.

Staff turnover can be expensive and is not just a financial burden; it can also impact your company culture. It’s crucial to develop employee retention strategies that promote career growth and professional development. By upskilling or re-skilling existing staff, this investment will create a positive company culture and establish future-focused thinking. This can result in increased productivity, improved employee satisfaction, and lower costs associated with hiring new employees.

Gartner predicts that technology and business will undergo some significant changes from 2023 to 2027. Business leaders should consider how these changes will affect their plans to keep them up-to-date. By 2024, Gartner predicts that joint sovereignty partnerships will be sanctioned by regulators and act as a catalyst for trust in global cloud brands. This will facilitate continued IT globalization and lead to the consolidation of the cloud ecosystem. Read more to find out what the other years will bring.

Resillient organizations need a shared clear vision, invested leadership, skilled employees, supportive culture, and the mindset to manage change effectively.To achieve operational resilience, monitoring the engagement level of one's workforce can help identify essential business services that may need to be protected when at risk. It also allows to set impact tolerances for these services. Process mapping and testing can help create a more effective response plan should a crisis occur.

Singapore is set to become the fourth-largest economy by 2030. A gateway to Southeast Asia, the total investment from Japan to Singapore has risen from around $115 billion in 2018 to around $139 billion in 2020. The city-state has access to a highly skilled and diverse workforce, a stable legal system, and a well-established infrastructure, which makes it more attractive for Japanese tech firms to settle and expand their presence in the region.