Cloud computing has taken a lead in driving super voluminous and fast innovation ride in cloud technology. As more technology comes on the cusp to enter public clouds, its quantum of innovation gets swollen up. A case in point is the soaring machine learning technology and the other bevy of strings which will now follow a bandwagon in 2018.

After scouring leading researches like that of Forrester’s we have finally incubated a list of top ten cloud computing predictions that will become the lifeblood of the enterprises. Check it out.

1. Microsoft Azure Stack sparks a jump in private and hybrid cloud spending globally in 2018.
2. Forrester predicts that more than 50% of global enterprises will rely on at least one public cloud platform to drive digital transformation and delight customers.
3. Enterprises will shift 10% of their traffic from carrier backbones to colocation and cloud service providers.
4. Zero Trust security will become even more tightly integrated with – and integral to the success of – all leading cloud platforms.
5. Private clouds will get a new life as app development and modernization platforms, moving beyond IaaS.
6. Amazon Web Services (AWS), Google and Microsoft will capture 76% of all cloud platform revenue in 2018, expanding to 80% by 2020.
7. Kubernetes has won the war for container orchestration dominance.
8. Cloud management solutions will be sold in parts or offered for free as competition heats up for the management plane.
9. The Cisco survey estimates that in 2017, the total amount of data stored in data centers would be 370 EB, while global storage capacity would reach 600 EB. These numbers are set to grow in 2018 to an estimated total storage capacity of 1.1 ZB, which is approximately twice the space available in 2017.
10. The total global public cloud market will be $178B in 2018, up from $146B in 2017, and will continue to grow at a 22% compound annual growth rate (CAGR).

The cloud computing juggernaut has reinforced digital transformation like no other technology disruption before it. Cloud Computing will continue to be big in 2018.

Those waiting for taking aggressive action and take a bold decision on the basis of what has worked before, 2018 will help firms to digitally transform and revitalize customer experiences.

So, there is nothing that can stop you from catalyzing actions and streamline the business operations you were eyeing for. Seize the power of cloud computing with these forthcoming predictions.

It’s time insurers threw off the shackles of their legacy systems, which add to the oppression of market pressures by hampering the effectiveness of their operations. But to do so, they need to recognize the improved functionality and additional value a successful PAS transformation could bring to their businesses first. Truth is, not all are willing to realize the value from a flexible policy administration system (PAS) with its different modules.

There’s no doubt that the modern PAS is transforming the insurance industry and making it possible for insurers to regain lost ground through impacting its people, process and technology; while offering unmatched levels of availability, reliability and security. Among other things, insurers staying loyal to their legacy system must face some hard truths:

1. Gap between the Haves and Have-Nots: Insurers depend heavily on their legacy systems to support their core applications. They support day-to-day tasks like the issuing and servicing of policies, processing of claims, as well as underwriting and billing processes. This makes insurers reluctant to tamper with their legacy systems. But this highly regulated and document intensive industry is being seriously hampered by the limitations laid down by their legacy systems. Insurers who remain committed to their inefficient but functioning legacy systems are manually processing piles of papers, and re-keying data between systems creating tremendous bottlenecks and time lags in their performance. They also generate inaccuracies which are bound to cause further bottlenecks at a later date. On the other hand, by adopting a modern PAS, insurers gain tremendous agility in processes and can easily modify old products and rollout new ones, with reduced time-to-market. As more insurers turn to them, half the industry is transforming its processes, its way of functioning and leaving the other half woefully behind, on customer service, efficiency and competitiveness.

2. Rules digital transformation out: Legacy systems operate on languages and system architectures which were developed in the ’70s and ’80s. Their age makes them completely unsuited to support digital transformation, in these times when every industry is porting its data to the cloud and employing big data applications to derive strategic and actionable business insights. Insurers who understand this are adopting a modern PAS to quickly initiate the changes needed to embrace the digital age.

3. Incompetence: There’s no doubt that insurers without a modern PAS lose out on service enablement, technological relevance and product speed-to-market when compared to the insurers who adopted one. Some of them may have already adopted other systems which helped them to extend the legacy system, requiring a highly knowledgeable team to undertake the required customization and core system modernization. If the insurer rejects the modernization wishing to mitigate the risk of a failed implementation and data migration, it may result inevitably in incompetence and a regrettable loss of market share.

4. Not Really Risk Mitigation: Being risk averse and avoiding disruption comes naturally to the insurance industry, but cannot be so comprehensive that the insurer avoids the adoption of a new technology fearing the risks. As the world around them is porting its operations to the cloud, they must accept a modicum of disruption in anticipation of achieving their vision for the technology they need and the resulting benefits from the digital transformation.

5. Implementation concerns: The importance of replacing outdated technologies and antiquated development methodologies needs to be recognized by businesses. They must also recognize and modify any other structural constraints in the processes. Fear of implementation failure cannot come in the way of an assured opportunity to gain competitive advantage by transforming one’s legacy system.

While all these concerns are holding some insurers back, others stay market-focused and are driven by business needs to undertake core system modernization. Their businesses flourish, while others flounder, as such upgrades improve their responsiveness. They close the gaps in their product and distribution strategy and provide superior customer service to retain existing customers and reach new markets. Their improved services are reinforcing the insurance industry itself, making it stronger and more attractive to its customers.

The past decades have graced India with a digital transformation giving rise to many firms, thereby a competitive environment. Amidst the changes, the country has emerged as a pioneering force in information and technology. With every other day, start-ups getting familiar with the market through digitalization, employment rates have risen, giving birth to new sectors in commerce. Digital technology is at the forefront of successful business endeavours, making the need for effective digital marketing strategies a primary concern. The introduction of new digital marketing firms plays a role in the sustenance of digital India. Carrying through a digital transformation was successfully incorporated by catching up to evolving technological trends and creating market dynamics of its own. As any marketer working in India would know, the influence of media is not the same as every other place. A country with one of the largest populations in the world has a lot of perspectives to consider. Owing to the fact that a vast majority of this population are avid users of the internet only enhances the prominence of digital marketing. As a matter of choice and cultural preferences, a niche has made its way to the World Wide Web, causing marketing geniuses to revise their tactics. The evolving market trends and digital analogies along with changing web algorithms make the internet the playground of digital India, a base of what we call SEO specialists. Crafting the perfect stew to flow with digital scope is a challenge nevertheless. Search engines are saturated with information and need constant updates to keep up with the overloaded web of information. This is where Search Engine Optimization (SEO) plays the vital role, stirring content management for corporates and individuals alike.

SEO deals with the use of keywords to target information on certain websites in line with web algorithms. It’s basically optimizing the content of your website to suit the search engines that retrieve desired information for users. SEO experts cater to this sector of digital marketing in a creative way, setting preferences to businesses that want to grow with digital India. SEO has never been more relevant to business growth than today. There are bundles of resources available on the web to give aspiring SEO professionals guidance, the ultimate core essentials of SEO being a result of raw creativity and an inventive approach. Researching about internet marketing trends is the backbone to SEO, encircling experts aware of suitable inclusions in content marketing for any given firm. Unlike ever before, SEO is a driving factor to healthy web traffic simply because search engines are the main preference for anybody who wants to get information. This means that if you get the SEO on the content of your website right, your business will witness more traffic, improving your brand awareness. To stand out among the competitive market in Digital India, implementing the right digital marketing techniques through Search Engine Optimization determines the direction of commercial growth. Choosing the right words, employing the right content marketing and airing the right practices are a high priority. SEO covers more than just a part of content management, requiring a dedicated chunk of knowledge and experience to improve efficacy. As the number of firms increase, the number of qualified SEO specialists increase and India being the hub of digitalization in the 21st century is expected to further bloom into a tech novelty centre in the world. The next war in digital marketing is no longer about advancements in technology but a war for the right content used to create a brand identity, presence and awareness.

If there’s one resource that humanity will never become scarce of, it is creativity. This poses as a forecast in leaps of changes occurring in digital India’s future. Creative content management, SEO being a vital element is and will continue to be the mode of transport for business ideas via the web. As SEO experts can expect a blossoming career path, the digital age will impose far-reaching flexibility on MNCs, Small and Medium businesses. The relevance of SEO goes only as far as how you keep updated with internet marketing fashions. Content by one provider could differ sizeably from another, even if they provide the same services. Controlled by a set of principles that shrink the entire internet into appealing content, SEM regulates the hub of information while SEO is the tool used to breach into search engine databases, allowing compelling content to stand out among the alternatives. To thrive in digital India, the rules of content marketing are now dictated by operative Search Engine Optimization and Search Engine Management (SEM). Through well versed SEO techniques a business can enlist themselves as one of the most popular searches on the web. The rank will improve along with its publicity. In turn, if your website gains more viewers due to crisp SEO, advertising is already taken care of. Knowing SEO is equivalent to knowing all the means by which you can witness commercial success online.

Over the past 10 years the Western world has seen an unprecedented health IT transformation. Hospitals, as well as private clinics, have moved from the traditional paper-based systems to one where the patients have a digital record of their medical conditions and treatments. The enabler has obviously been a dramatic uptake of electronic health records (EHR / EMR).

According to a data gathered in 2016 – over 95% of hospitals and nearly 80% of physicians in USA used EMR systems. The prevailing ecosystem is pushing both these numbers rapidly even more close to the 100% mark. Only 7 years prior (2009), the data stood at – under 10% hospitals and 17% physicians using electronic medical records systems. Even though the primary push to these numbers was triggered by government legislations – the impact on society and medical fraternity are the main benefits.

In India – technology has rapidly changed our lives over the last decade. We have seen one of the most rapid adoptions of mobile and internet, and prices are amongst the lowest in the world. Even people living below poverty line consider mobile phone as a ‘must have’ – believing it to be an equalizer. On the other hand, however – the patient consultation process for a doctor remains largely traditional (historic) – paper based. While all of us expect, and demand, banking, payments, tax filings, diverse information access, train, taxi, air and even cinema bookings over the internet, our expectations in the management of health – our most important asset – have been surprisingly muted.

India has nearly 100,000 organized healthcare setups – including government and corporate hospitals, health centers, and nursing homes of various sizes. India also has nearly a million private clinics. While many large hospitals, and government run health centers in some states, have installed systems to capture patient & prescription details, no one is even thinking of the unorganized healthcare sector – being catered to by the million or so clinics. The only thing available in the name of being ‘digital’ – for most metros and cities – is various doctor search sites and apps.

The core of digital healthcare, an electronic medical records system, that both doctors and patients have access to – a Public EMR – is simply not available. Is this something we can avoid for too long? Certainly not. Yes, there will always be people who consider letter writing as an act of ink hitting people – but rest of the world has moved to email and instant messaging. How rapidly will healthcare go digital?

Health care organizations have received appreciable support from the digital disruptive environment in their quest to deliver value based care as opposed to volume based care.

Digital health care has transformed the way organizations store their patient data, exchange data on-the-go and secure sensitive data. Health care organizations differ in terms of their information storage needs, and the amount and type of data which needs to be stored. Data storage is also dependent on regulatory requirements which an organization must follow.

In this context, more and more care delivery settings realize that in order to succeed, they must view patients as central to their focus rather than as mere stakeholders.

A transition from an organization-centric to a patient-centric approach for storing and handling health data involves efforts at multiple stages, from defragmenting broken silos pf patient data to exchanging meaningful health data through Health Information Exchanges (HIE).

Accessible Health Care with Digital Technologies will Improve Care Delivery

The use of digital technologies and mobile to enable patients in helping find their practitioner and care setting has made care more accessible.

Delivering accessible care in this way can have a number of implications such as ensuring patients receive care at the most cost-effective setting and from the closest physician within their selected radius.

Improving accessibility through digital applications can also enable patients to readily access physician contact information in the event of emergency or even when an appointment is desired, greatly simplify the care delivery process.

Digital Information Sharing Will Help Health Care Organizations Achieve Financial Goals

Cost containment in health systems is the single most pressing concern ever since the Affordable Care Act came into existence. One of the main factors responsible for a consistent increase in health care costs is the way procedures are executed in health delivery settings.

First, the number of procedures performed is generally more intensive than required. Secondly, there is a marked difference between the way procedures are carried out when comparing care delivery from state to state and also between health care organizations within the same state.

Clearly, information transparency imparted through the digital health care revolution will help health care organizations execute procedures in a more prudent manner, curtail over-utilization and cut down costs to help meet financial objectives.

Delivering value based care that is customer centric will empower patients considerably. In the bargain, it will also change the way health delivery organizations will perceive and deliver quality care.

It seems like we have crossed the healthcare frontier and the only thing left to conquer is analog or film based x-ray systems. MRI’s, CT’s, Ultrasound, PET, Bone Densitometry, Mammography and most diagnostic imaging systems output digital data, that is except for Radiography and Fluoroscopy. Most existing systems are still analog and put out either x-ray film and/or analog video.

Although most mobile C-arms are now being produced with digital output capability, most existing C-arms, X-ray systems and R/F systems have not yet been upgraded. When you consider that today there are more x-ray studies done than any other modality study, we should concede, we are way overdue in moving to electronic Rad and Fluoro. These upgrades should probably be initiated before all others at medical facilities today. The sooner digital conversion takes place the sooner cost savings will be realized and productivity will be enhanced. So when we ask the question “When should we convert to digital X-ray”? The answer should be “now” or “as soon as possible”.

There are many reasons why the conversion should take place, but first and foremost, as always, is cost savings. The cost to purchase, process, duplicate, archive and access film is enormous. Although the actual cost of film is relatively inexpensive, the cost of a film processor, its maintenance, replacement, chemicals and dark room facilities is not cheap. Then, the cost of filing and storing film, retrieving and/or duplicating, film further compounds the cost. Now, add in the time it takes to process and possibly re-shoot, because of poor quality, and the time it takes to transport the film study to the physician or technician and you probably can cost justify the purchase of a digital solution in less than two years. The last factor is the amount of time saved during the procedure itself, thereby increasing the number of patients able to be x-rayed in a given time period. Actual throughput for a single system can probably easily accommodate 8-10 studies per hour, probably an increase of 30% over a film based system.

The bigger question is how do you make this conversion? If you have not had much time to look into digital conversion, you will find there are quite a few options. Although the technology was developed several years ago, it continues to evolve and price continues to change as well. The least expensive and most popular solution is Computer Radiography (CR). These systems consists of cassettes/phosphorous plates, a reader/converter and a computer workstation. The cassettes/plates are inserted into the table or the chest bucky, similar to inserting a film cassette.

The plate is exposed to x-ray, the cassette is removed and inserted into the reader/converter, which reads the exposed plate and produces a digital image. The plate is then erased and ready to be used again in the same process. The image is available at the computer workstation for viewing, transfer to a radiologist and/or transfer to a Picture Archiving and Communications System (PACS). CR systems range in price from low performance systems (one plate processed every 60 seconds) at $30K- $40K to high performance systems (multiple plates processed in 30 seconds) at $90K-$100K.

Although CR is less expensive, the time to load and transport cassettes around, combined with 30-60 second processing times result in lost productivity and throughput when comparing it to Direct Radiography (DR). These systems generally use flat panel detectors that are permanently fixed into the table and/or chest bucky. They also come with a computer workstation and acquisition/viewing/manipulation software. The DR process is very fast and simple. The x-ray exposure is shot and the detector converts it immediately to a electronic image available within 5-15 seconds for viewing at the computer workstation.

However you must pay the price for speed and simplicity. A single panel DR system can costs $100k-$140K. If you have a table and chest stand and you require two detectors, you will need to add another $80K, resulting in a DR system costing 2 or 3 times more than a new x-ray system, which might cost $75K for a high performance and major brand. DR Fluoro/Spot systems are also available to retrofit R/F and Angio systems. These systems are deployed by adding a CCD camera at the image intensifier, a computer workstation, acquisition/viewing/manipulation software and digital R/F system monitor. These systems cost $65K-$80K.

Although all of the solutions discussed are relatively expensive, there are opportunities to reduce costs. We offer a CCD flat panel DR detector system for under $50K. We have sold many refurbished CR systems under $30K and refurbished DR Fluoro/Spot systems under $40K. We have also replaced older X-ray and R/F systems with late model high frequency systems (suggested when upgrading to digital) at half the price of a new system.

Overview of Liferay Digital Experience

Liferay portal is an open-source enterprise portal that offers collaborative workspace and mainly is used to enable corporate extranet and intranet. Moreover, it comes with a robust web application platform that uses portal development and website development features. The enterprise portal collectively builds a collaborative platform for web building and allows corporate integration socially and collaboratively. Liferay Digital Experience Platform is designed for users to give consistent CX across web and connected devices.

It helps in identifying the needs of digital Customer Experience

If we talk about digital business, then we’ll find it more personalized and unified on various devices. It has become essential to interact with people at multiple stages throughout the lifecycle. One can streamline the process by identifying the customer’s requirement and improving the digital experience through digital transformation with the help of Liferay DXP.

Improves marketing accuracy and customer engagement

Individual platforms allow tracking the behaviour of the customer at every digital touchpoint. You’ll find companies that help to access more channels of customer data with enabling to draw new insights. The customer data can add points that offer individual personalities, transactional data and other browsing time and social share.

Use integration and flexible architecture with staying along with trends

Liferay digital platform improves customer experience and achieves an adequate level of integration and flexibility to be more cost-effective. With time you get the technology and strategy right with gearing up for the next change to move. In today’s digital experience platform, experience digitally to integrate with the outside product and mitigate the risk of investing in a significant investment to act on digital trend.

Customer Experience Vs. DigitalCX

Customer Experience

• CX is an aspect of digital transformation.
• The CX covers anything from traditional customer service channel to the new digital interface.
• With increasing customer retention rate by 5 per cent, increase profit from 30% to 90%.

Digital CX

• DCX refers to customer experience with an organization on a digital platform.
• Whereas DCX mainly focus on the latter, which includes both front-end services and back-office process optimization.
• Higher Digital Capabilities company will convert sales at three times greater than companies at low levels did.

Liferay Consulting Capabilities

You can use Liferay Digital Experience to give your customer a better and useful feature. Hire Liferay experts to define the scope of work that interconnect employees and departments to collaborate. The Liferay consultant will go deep down into your system and optimize the process to bring the best results. Get in to know more:

· Portal Migration

Create a personalized online experience that works across connected devices on web and mobile using Liferay portal development. Hire a Liferay Digital platform expert to develop dependable modern web portals that connect workplaces and empower employees to enhance digital transformation.

· Portal Development

Create a personalized online experience that works across connected devices on web and mobile using Liferay portal development. Hire a Liferay Digital platform expert to develop dependable modern web portals that connect workplaces and empower employees to enhance digital transformation.

· Portal Optimization

The workspace should offer a strong preference that is open to our suggestions and builds a command line with Liferay IDE. One can achieve a substantial increase in customer experience process to optimize the needs of the customers. But make sure that such customization can meet in varieties of ways from complex configured workflow to complete modularization business services.

· Portal Upgrade

You can upgrade everything with Liferay upgrade in one shot. The upgrade tool run most easily from files or inside the command line interface. Before running an upgraded portal, the user needs to configure the core upgrade and then non-core module upgrades. Later you can upgrade again before restoring the data from a backup.

Liferay DXP comes with various technological enhancements to empower IT leaders by gaining a new level of productivity for businesses. Some of the best Liferay solutions include:

· Mobile Experiences:

If you’re looking for a better platform that uses mobile strategy, then Liferay Digital Experience platform works well for you. You can create a native app while creating a long-term Mobile enterprise platform.

· Integrated Intranets:

Build an integrated intranet software that uses the digital workspace to connect with people and systems. The system uses a modern interface that mainly focuses on increasing productivity.

· Bespoke Portals: Liferay Digital Experience software comes with a modern interface that gives seamless integration to build a personalized portal. It connects with several businesses to have more consistent experiences.

· Intuitive Websites:

Serve exceptional CX with Liferay DXP by delivering bespoke content experiences and meet the specific needs of your businesses.

Are you the one who is looking to deliver personalized customer experience for customer and employees?

Connect with our experts to get the best Liferay Consulting Services.

Media companies, entertainment firms, and IT organizations to some extent, are literally getting more and more distraught in the modern era. It is because of the Digital Transformation factor, which they are being forced to consider. More specifically, the Information, Media and Entertainment (IME) channels are totally watchful of the current situation and are playing a safe game.

Given below are some steps helpful in realizing content transformation digitally.

Content Marketing

Generating quality content is not just enough. Remember that it requires a lot of efforts to produce top-notch content after a lot of research. Why not take financial advantage of the situation by publishing the content generated and earning revenue from it through the best available subscription plans.

Google tells smaller content creators to increase base to more than 1,000 subscribers

Dynamic Content

Multidimensional content that is ultra-rich in quality besides being effective and informative with a faster reach will have maximum impact. Creating the initial impressions in the minds of the readers ahead of the rest gives your company the competitive advantage that is quintessential. The below-mentioned tools are ideal and helpful in this regard.

• Content Developer Tools
• Drag & Drop editor
• Web 2.0 User Authoring

Those content resources aiding quicker generation along with social integration is something that one needs to prefer in the first place.

Operational Model

Every customer will have a definitive objective as far as their content requirement is considered. Leveraging the content and matching it with the operational aspects of the corresponding businesses will be highly effective. The focus should be on creating different content strategies fitting in a single framework yields best results.

DIGITAL TRANSFORMATION – KEY FEATURES

Content plays a vital role in any organization when it comes to it getting transformed digitally.

• Reuse Your Content

A centralized editorial system is your platform for creating content. However, you cannot go on producing content in a context where reusability plays a huge role. A single piece of content could be considered across platforms helping you to gain more traffic.

• Maximize Your Technology

Going digital is not an easy task to manage as it requires to consider multiple domains with respect to technology. It is possible to drive increased user engagement as bots take care of a majority of your requirements resulting in a comprehensive automated experience.

• Revamp Your Market

Reconsidering a business decision from a new perspective will play a huge role in your future growth. It should not be forgotten that business trends constantly impact current market situation. Hence, it is a must for business processes to scale up and obtain maximum savings.

Digital transformation refers to the changes associated with the application of digital technology in all aspects of human society. Digital transformation may be thought as the third stage of embracing digital technologies: digital competence → digital literacy → digital transformation. The latter stage means that digital usages inherently enable new types of innovation and creativity in a particular domain, rather than simply enhance and support the traditional methods.

– Wikipedia

It has been more than 30 years since computers had been introduced into business world. With the help of, powerful mobile devices and high connectivity, now we are living in a momentary world that is evolving so fast towards digital that now digital transformation is inevitable.

Most of the C-Levels in corporations started to pay more and more attention to Digital Transformation. They believe, without this transformation, even a long-established company may extinct. It is the Kodak example they are afraid of. To be honest, the risk is there, however is ‘Digital Transformation’ just enough?

Marketing, sales, manufacturing, finance processes should all be digitised in order to fulfil the transformation. It includes working anywhere anytime, broader and faster communication, enterprise integration that would enable performance & efficiency improvements.

That is all well planned and should be executed step by step. Yet can you imagine any change to be internalised without a holistic approach? Without embarking every team member, adjusting / improving their competencies, engaging them all around the same evolving mindset…

That’s why, we believe this topic should be handled with a broader scope and it is the reason behind we like to call it a “Business Transformation’ rather than a Digital Transformation.

In other words Business Transformation shall handles the topic more broadly including mindset and organisations, leadership and entrepreneurial mindset, education and pragmatic planning.

Your Business Transformation journey is unique

Every company has its own inner dynamics and every category has its own realities hence your journey should be tailor made to your business. When there is so much at stake, it is not an easy task to move the rocks around, without rigor planning, sufficient on-boarding, kicking off the new mindset with an adjusted organisational structure.

The internal impact – Mindset & Organisation

Any change in a company first impacts its own resources, starting from human. Top-down transformation approaches tend to stay at the top level with Digital Transformation Teams, causing manager level (or further) to think it is not their business. The only way to beat the resistance to change is to embark the resistors ASAP.

Corporate and entrepreneurial mindsets are two far ends thus moving from one to other is not given. However, with the power of a corporate company, an entrepreneur mindset can achieve higher goals sooner. That’s why, we should keep on increasing skills of the individuals in our organisation, empowering them to move forward within the team.

The Impact on Consumer Experience

Digital transformation for the consumer end includes an architecture of your digital ecosystem to be able to do better listening, segmentation and tracking, enabling you to increase your digital media investments efficiency, letting you to fish where the fishes are. All these changes will definitely have a positive impact on your consumer engagement and thanks to the new tools, we will be able to measure the ROI of your campaigns / activities.

Step by Step Approach

As said, digital transformation is a key stage throughout this journey. All your existing processes should be analysed with expert analysts according to the dynamics of your company and industry. Only after then, a solution can be determined and tailored to your needs. The gains here are not necessarily immediate, therefore long term investments should be planned with an entrepreneur mindset.

All in all, Digital Transformation is inevitable in this era, we just need think it as broad as it requires to land it well in your organisation. As Portera we are committed to understand, analyse together and help you build the right organisation to reach this new mindset fully.

A majority of Australian businesses have postponed their digital transformation plans on account of cybersecurity risks, according to a Microsoft commissioned research conducted by market research and analysis firm, Frost & Sullivan, published today, which assessed the possible financial impact of cybersecurity in the country to be a whopping $29 billion every year.

ASPA Surveyed

Over 1300 companies and IT executives across the Asia Pacific (Australia, Taiwan, Hong Kong, India, China, Japan, Korea, Malaysia, Indonesia, Philippines, New Zealand, Singapore, and Thailand) were surveyed. 100 executives from the sample were from Australia. More than seventy percent of the survey participants were from big companies having a staff of more than 500. The rest of the respondents were from medium-sized companies

The lack of enthusiasm to digitally renovate due to dangers linked to cybersecurity is the most startling finding from the research, as stated by Thomas Daemen, privacy and security expert, and director of corporate, legal and external affairs at Microsoft. He says that the dread that digital transformation will generate a more significant security threat is also misconceived.

A significant number of Australian businesses putting off their digital transformation plan because they are afraid of the risks. According to Daemen, this is precisely inverted. The more digitally transformed and up-to-date a business is, the more digital as well as cyber resilient will they become.

The reverse is also correct, Daemen states, where companies which rely on a traditional approach to digital are way more exposed to cybersecurity risks. The study also proposes that for most companies who do begin with their digital transformation plans, cyber security is a second thought.

A whopping ninety percent of businesses which initiate digital transformation fail even to take cybersecurity into account until the digital transformation plan has commenced. According to the study, only one in every ten business takes cybersecurity into consideration before starting the digital transformation.

A Multi-billion Dollar Issue

The direct costs connected with security incidents is $29 billion for one year- approximately 2 percent of the Gross Domestic Product of Australia – according to the study.

The $29 billion sum is an approximation as companies are reluctant to report the actual impact of cybersecurity attacks, says Daemen.

The most significant difficulty is attempting to obtain the data from companies who are, unsurprisingly, not at all inclined to expose the extent and degree of the hurdles they are meeting in the past and the future, he added.

But, he affirms the methodology of the research is diverse and adequate to paint a somewhat consistent picture.

Source: https://keyactivation.net/blog/cybersecurity-threats-cost-australian-businesses/