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Banking on Experience: How Customers Are Revolutionizing Financial Services

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The revolution sweeping through financial services has brought new purely digital players to the market and is driving massive change through traditional banks and other financial institutions. Across the globe, customers’ digital experience is reshaping traditional banking services and relationships, and the Asia Pacific region is leading this transformation.

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Partly in response to a pandemic that closed bank branches worldwide, customers are demanding almost every service to be available digitally, and in most cases, via a mobile app. Every bank is becoming a digital bank. Markets that have had a large unbanked population have, over the last few years, leapfrogged directly into mobile banking, bypassing traditional banking.

According to <a href="https://www.mckinsey.com/industries/financial-services/our-insights/future-of-asia-the-future-of-financial-services">McKinsey’s 2021 Personal Finance Survey</a>, the share of consumers in Asia actively using digital banking has jumped to 88% this year, compared to 65% four years ago. More than 60% of Asian consumers are now open to switching to a digitally-focused “direct” bank, McKinsey reports.

And financial services companies are raising their digital game. In VMware’s own <a href="https://www.vmware.com/asean/company/news/releases/2021/Gearing_Up_for_Growth_Go_Digital_First.html">Digital Frontiers 3.0 study</a>, more than half of respondents said financial services groups in Southeast Asia had improved digital services compared to before the pandemic.

The big digital shift has helped open the door for fintech players like <a href="https://www.antgroup.com/en">Ant Group</a> in China, <a href="https://www.bankbazaar.com/">BankBazaar</a> in India and <a href="https://www.afterpay.com/">Afterpay</a> in Australia to enter the market. It’s a market where the big digital names like PayPal, Stripe and India’s Paytm have already carved out substantial businesses. Along with China’s AliPay and WeChat Pay, which have been acknowledged as global leaders in fintech scale and innovation for some time.

To keep up with the disruption, traditional banks are innovating at a rapid pace and expanding their scope beyond traditional finance and are beginning to offer services that look more like those of pure fintechs. In Singapore, DBS’ PayLah app offers anything from simple payments to food orders and purchasing of public transport fares, while Thailand’s Kbank has teamed up with Grab for its own e-wallet service offering payments and loans. Services like PayNow in Singapore and the New Payments Platform in Australia allow customers of multiple banks to make payments to each other using only mobile phone numbers. Chinese giant Ping An, which started life as a conventional insurer, has become a technological powerhouse offering services across areas as diverse as healthcare, auto services and real estate. In India, HDFC Bank offers AI-powered 10-second car loan approvals.

Customer-Driven Transformation

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One of the major drivers of the success of the new fintech players is their superior customer experience and ease of use. Traditional banks are innovating faster than ever to improve customer experience.

At VMworld, several leading financial institutions shared how they are transforming to become digital-led banks. Customer experience is key, powered by a move away from legacy infrastructure to agile, cloud-based platforms to keep up with what customers want.

In my discussions with banking technology leaders, there were some key common themes among their transformation strategies that stood out:

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Eyeing the democratization of finance and greater competition, regulators around the Asia Pacific region seem keen to encourage the growth of new digital financial services. In this environment, some banks are even planning to shift their core banking systems into the cloud—something that would have seemed unlikely not that long ago. More regulatory leeway is also increasing the speed of change, which is adding to the pressure on all players to keep up.

And all this is happening in an environment of greatly increased competition. As well as the new breed of fintechs, companies from other industries, such as telco, are also beginning to offer financial services to their large existing customer bases.

“We are a tech company with a banking license,” is something we now hear all the time as traditional banks embrace tech and forge partnerships to compete in this new marketplace.

We are witnessing some of the biggest changes in financial technology since banks first computerized in the middle of last century and are heading into an exciting and customer-driven new era.

Digital banking trends are reshaping traditional banking services and relationships. The Asia-Pacific region is leading this transformation.

Digital Banking Trends in Asia Pacific | VMware News & Stories

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Guru Venkatachalam

Companies extend decade-long partnership to help customers across industries realize value faster from app and cloud modernization initiatives

PALO ALTO, Calif., NEW YORK, and BANGALORE, India – May 4, 2022 – VMware, Inc. (NYSE: VMW) and Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) announced an expanded collaboration that will enable customers to achieve the cloud freedom they desire with the enterprise control they require as they execute their digital strategies. The companies are bringing together the power of <a href="https://www.vmware.com/welcome/cross-cloud-services.html" target="_blank" rel="noreferrer noopener">VMware Cross-Cloud™ </a>services with industry-leading <a href="https://www.wipro.com/cloud/" target="_blank" rel="noreferrer noopener">Wipro FullStride Cloud Services</a> to help global enterprises accelerate app modernization and reduce the cost, complexity, and risk of moving to the cloud.

Multi-cloud architectures can accelerate service delivery and give lines of business and IT the flexibility to innovate using the best services from different cloud providers, without lock-in. Multi-cloud also comes with inherent complexity that can slow down application development, increase management costs, create networking and security blind spots, and produce sub-par user experiences.

VMware and Wipro are collaborating to help eliminate the complexity and risk inherent in customers’ multi-cloud initiatives. Wipro will offer a full portfolio of digital transformation services that includes VMware Cross-Cloud services across the Americas, Europe, Middle East, Africa, and Asia Pacific.

“Digital transformation and multi-cloud are inseparable concepts, requiring that industry leaders such as VMware and Wipro bring together our collective strengths to help make multi-cloud as easy to adopt and manage as possible,” said Zia Yusuf, senior vice president, strategic ecosystem and industry solutions, VMware. “Together, VMware and Wipro are providing enterprises the solutions and services they need to harness the power of multi-cloud to achieve value from technology investments faster, compete more effectively, and operate their businesses more efficiently and securely.”

“The innovative solutions we have created with VMware enable enterprises to accelerate the development and deployment of modern apps while dramatically simplifying the management of a multi-cloud infrastructure,” said Jason Eichenholz, Senior Vice President, Global Head of Ecosystems & Partnerships, Wipro Limited. “This strategic partnership will help customers accelerate innovation and drive agility and scale, which makes it an exciting proposition for leading enterprises.”

Through the combination of Wipro FullStride Cloud Services and VMware Cross-Cloud services, customers can address the following strategic priorities:

Wipro was recently recognized with a 2022 Partner Lifecycle Services award as part of the annual <a href="https://news.vmware.com/releases/vmware-2022-partner-achievement-awards" target="_blank" rel="noreferrer noopener">VMware Partner Achievement Awards</a>. This award recognizes Wipro for growing long-term customer-partner relationships and increasing customer satisfaction.

VMware is a leading provider of multi-cloud services for all apps, enabling digital innovation with enterprise control. As a trusted foundation to accelerate innovation, VMware software gives businesses the flexibility and choice they need to build the future. Headquartered in Palo Alto, California, VMware is committed to building a better future through the company’s 2030 Agenda. For more information, please visit <a href="http://www.vmware.com/company">www.vmware.com/company</a>.

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting, and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics, and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 240,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

VMware, Cross-Cloud, Tanzu, and HCX are registered trademarks or trademarks of VMware, Inc. in the United States, and other jurisdictions. This article may contain hyperlinks to non-VMware websites that are created and maintained by third parties who are solely responsible for the content on such websites.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of  the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. The conditions caused by the COVID-19 pandemic could decrease technology spending, adversely affect demand for our products, affect the rate of customer spending and could adversely affect our customers’ ability or willingness to purchase our offerings, delay prospective customers’ purchasing decisions, adversely impact our ability to provide on-site consulting services and our inability to deliver our customers or delay the provisioning of our offerings, all of which could adversely affect our future sales, operating results and overall financial performance. Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at <a href="http://www.sec.gov">www.sec.gov</a>. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

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VMware and Wipro bring together the power of VMware Cross-Cloud™ services with Wipro FullStride Cloud Services to help global enterprises accelerate app modernization and reduce the cost, complexity, and risk of moving to the cloud.

VMware and Wipro Expand Partnership to Power Customers’ Digital Transformation - VMware News and Stories

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VMware and Wipro Expand Partnership to Power Customers’ Digital Transformation

Companies Expand Partnership to Help Meet Customers’ Data Sovereignty and Interoperability Needs, and Align with Gaia-X Principles

PARIS, France and PALO ALTO, Calif., USA (4 May 2022) - Atos and VMware, Inc. (NYSE: VMW) today announced an extension of the companies’ <a href="https://atos.net/en/about-us/partners-and-alliances/vmware" target="_blank" rel="noreferrer noopener">strategic partnership</a> by working to deliver an integrated set of capabilities to help speed up the development of “Data Spaces”. Data Spaces are platforms that allow for greater exchange, collaboration, and monetization of data between organizations or industries, independently of the underlying infrastructure, whilst enabling data sovereignty and interoperability.

With the VMware and Atos collaboration effort on Data Space development, the companies plan to deliver an integrated set of capabilities that help enable data and industry applications to be used and shared more strategically to boost national and regional digital economies. The expanded collaboration will deliver capabilities aligned to the <a href="https://www.gaia-x.eu/" target="_blank" rel="noreferrer noopener">Gaia-X</a> architecture and serve as a key enabler and booster of the Gaia-X initiative, which seeks to accelerate the exchange of data through new digital platforms that comply with common rules.

Atos and VMware plan to combine VMware’s multi-cloud and app modernization capabilities with the Atos cloud, as well as cybersecurity expertise and technology integration from Atos. The capabilities are designed to provide businesses and industries with the key building blocks to rapidly design, develop, deploy, better secure, and manage Data Spaces that are compliant with jurisdictional data governance requirements. Organizations can also utilize and monetize existing data to create machine learning and artificial intelligence services, and enable new industry-specific services for:

“With a comprehensive set of data space capabilities from VMware and Atos, organisations will gain access to a viable and rapid way to more securely share, manage and monetize their data,” said Laurent Allard, Head of Sovereign Cloud EMEA, VMware. “Today’s world is multi-cloud. Aligned to the principles of Gaia-X, the suite of capabilities will be designed to deliver the interoperability, reversibility and security required for European businesses and industries to create value from data and drive their digital ambitions faster.”

“VMware and Atos are long-term partners and share a commitment to helping organisations drive value from data,” said Frédéric Malicki, CTO, Southern Europe, Atos.  “By supporting the acceleration of Data Space development and data sovereignty with the capabilities from VMware and Atos, we expect to give customers the tools to drive value not just from their own data, but also from federated data, collaboratively with partners and peers. Organizations can transform existing data into new services that, for example, could help farmers better predict the weather or human health organizations improve living conditions for the elderly with automated energy management.” 

The capabilities provided by VMware and Atos are expected to include:

These capabilities will be supported by the reversibility, interoperability, and portability VMware’s cloud partners deliver. With data hosted on a common peer-to-peer framework to ensure the compatibility of architecture between cloud providers, organisations can place their data with any of the participating cloud providers to take full advantage of the services they offer, while retaining the ability to move apps or federate data on other cloud provider platforms as required.

For more information on the VMware and Atos Data Space Development Suite please contact <a href="mailto:gaia-x@vmware.com" target="_blank" rel="noreferrer noopener">gaia-x@vmware.com</a>

Atos is a global leader in digital transformation with 111,000 employees and annual revenue of c. € 11 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 71 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is an SE (Societas Europaea), listed on Euronext Paris and included in the CAC 40 ESG and Next 20 indexes. The <a href="https://www.globenewswire.com/Tracker?data=m1nofXTYD1NcguvRHtee6anbEw7WDHXH-ZnB559sOBGAT3tlWKIWLSlG-asSy-ZgwFpAIIXlyBmiz-UILfwnEkRHHl_moyNl7ZU15IqdMKA=" target="_blank" rel="noreferrer noopener">purpose of Atos</a> is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

VMware, Cloud Foundation, and Tanzu are registered trademarks or trademarks of VMware, Inc. in the United States, and other jurisdictions. This article may contain hyperlinks to non-VMware websites that are created and maintained by third parties who are solely responsible for the content on such websites.

Atos Communications

VMware EMEA Communications

VMware and Atos extend strategic partnership to deliver an integrated set of capabilities to help speed up the development of “Data Spaces”.

VMware & Atos extend strategic partnership to deliver an integrated set of capabilities to help speed up the development of “Data Spaces”

Atos and VMware Join Forces to Help Organizations and Industries Derive Value from Data More Easily - VMware News and Stories

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Atos and VMware Join Forces to Help Organizations and Industries Derive Value from Data More Easily

Palo Alto, Calif., April 27, 2022 - VMware Inc. (NYSE: VMW) today announced that the Defense Information Systems Agency (DISA) has added the Security Technical Implementation Guide (STIG) for VMware NSX® to the Department of Defense (DoD) Cyber Exchange.

The updated DISA STIG outlines the installation requirements, security policies and controls for deploying <a href="http://www.vmware.com/products/nsx">VMware NSX</a> within the Department of Defense and other federal agencies. The STIG will also help provide a vetted, more secure baseline for non-DoD entities to measure their security posture.

“Across the public sector, agencies are navigating accelerated innovation alongside the journey to Zero Trust security,” said Jennifer Chronis, vice president, public sector, VMware. “As the threat landscape evolves, the release of DISA's STIG for VMware NSX will empower agencies to leverage VMware's advanced network virtualization and security platform to better protect and manage their multi-cloud environments. With VMware NSX, we are helping customers modernize their cloud networks to deliver apps faster while also protecting against today’s threats.”

The STIG requirements confirm VMware NSX implementation is consistent with DoD cybersecurity policies, standards, architectures, security controls and validation procedures, when applicable NIST SP 800-53 cybersecurity controls are applied to all systems and architectures. The DISA STIG for VMware NSX provides guidance on configuring various components of an NSX environment, including the NSX Manager, Gateway Router, Distributed Firewall, and Gateway Firewall.

The latest version of NSX joins VMware vSphere and VMware vSAN for which DISA has previously released STIGs. To view the official STIG, visit the DoD Cyber Exchange Public <a href="https://public.cyber.mil/stigs/downloads/">website </a>and view the STIG <a></a><a href="https://public.cyber.mil/announcement/disa-releases-the-vmware-nsx-t-data-center-security-technical-implementation-guide/">release</a> memo for VMware NSX.

Multi‑Cloud for Mission Success

Earlier this month, VMware announced the findings of a study on how government agencies are scaling the use of multi-cloud environments. The study, titled “Multi-cloud Is The New Frontier Of Government IT," conducted by Forrester Consulting, found that while the move to multi-cloud is a priority, agencies face challenges in supporting growing cloud environments, including compliance standards, data security and upskilling employees. The full study, complete with recommendations for a ‘cloud-smart’  and secure approach to the multi-cloud era can be downloaded <a></a><a href="https://www.vmware.com/learn/1380503_REG.html?src=wb_624ed0c315228&cid=7012H000001KaLSQA0">here</a>.

VMware is a leading provider of multi-cloud services for all apps, enabling digital innovation with enterprise control. As a trusted foundation to accelerate innovation, VMware software gives businesses the flexibility and choice they need to build the future. Headquartered in Palo Alto, California, VMware is committed to building a better future through the company’s 2030 Agenda. For more information, please visit <a></a><a href="http://www.vmware.com/company">www.vmware.com/company</a>.

VMware, NSX, vSphere, and vSAN are registered trademarks or trademarks of VMware, Inc. in the United States and other jurisdictions. This article may contain hyperlinks to non-VMware websites that are created and maintained by third parties who are solely responsible for the content on such websites.

Vivaan Gideon, VMware Global Communications, <a href="mailto:vgideon@vmware.com">vgideon@vmware.com</a>

VMware today announced that the Defense Information Systems Agency (DISA) has added the Security Technical Implementation Guide (STIG) for VMware NSX to the Department of Defense (DoD) Cyber Exchange. 

DISA Releases VMware NSX STIG

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Defense Information Systems Agency Releases VMware NSX® Security Technical Implementation Guide - VMware News and Stories

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aspeagle@vmware.com

Nurturing strong community relationships has always been important to police services, for connecting and engaging with local citizens.

In its mission to foster a stronger relationship and increase public trust in its officers and support services, one Canadian police organization is using digital transformation to build community bridges.

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Driving Transparent Policing Through New Digital Initiatives 

Peel Regional Police (PRP) is the third largest law municipal police organization in Canada, serving the 1.5 million citizens living in the two largest cities west of Toronto.

Recently, PRP transformed how it delivers public service, creating a more open and trusting relationship with local neighborhoods by using digital technologies to enhance public safety. 

“We wanted to demonstrate that our police officers are accountable and transparent to the community,” shared Anthony Odoardi, Deputy Chief of Innovation and Technology for Peel Regional Police.

One of PRP’s first initiatives has been equipping officers with body-worn cameras, supported by a digital evidence management system. But its successful implementation has involved more than just making sure the cameras work. Many members of the community were unsure whether to trust bodycams initially, so the project needed to drive cultural change.

“It’s not simply a matter of strapping a camera to someone’s chest and sending them out on patrol. Body-worn cameras are a sensitive subject—for officers and the community,” Odoardi said. “The project has required us to engage with stakeholders, and to do so authentically, to communicate bodycam technology’s positive impact.”

Turning the Tide on Public Perception of Police Technology

To nurture community trust, PRP had to be clear about how the footage its officers captured would be used, managed and stored, in addition to listening to public concerns about consent and data security.

“People wanted to know how we were going to use the images, where they were going to be stored, and if the cameras were always going to be on,” Odoardi explained. “They didn’t feel comfortable with cameras being used in a school setting or place of faith, for example.”

PRP took this feedback and used it to shape its digital transformation efforts: “By hearing people’s voices, we could show that we wanted to use technology to better serve them,” Odoardi said. “We’ve gone from a situation where the community was against us spending more than CND 10 million on body-worn cameras to an 80 percent approval rating.”

Peel Regional Police also influenced public opinion by demonstrating that bodycam footage would be used to enhance officer training, so PRP could respond to sensitive situations, such as mental health crises, more effectively.

“We’re changing the narrative, using bodycam footage to support scenario-based training and increase our cultural competences,” Odoardi said.

Supporting Frontline Services With a Robust Infrastructure

It wasn’t just community obstacles that PRP needed to overcome in its digital transformation strategy.

For new technology initiatives to work successfully, PRP had to manage the vast volume of data within its wider mobility strategy, including the use of officially issued smartphones to securely connect officers with policing apps.

To put a robust yet flexible infrastructure in place, Peel Regional Police began working with VMware to introduce cloud technologies, using <a href="https://www.youtube.com/watch?v=EGTUBGNxscc" target="_blank" rel="noreferrer noopener">VMware Workspace ONE</a> to unify data management and control access to system information.

Moving to a cloud-based platform was more than a security improvement for PRP. Being able to upload and retrieve data on the move has empowered officers to spend less time writing up incidents and more time focusing on public services. Recording information centrally means that PRP can use this data to connect the public with community support services where needed.

“We need to move out of a crime response model towards a social disorder management model because most of what we do in policing isn’t criminal,” Odoardi said. “That means connecting people with the right resources after the first time we respond to a call, so we don't get called again.”

Becoming Comfortable With the Uncomfortable

It’s been a year of rapid change for Peel Regional Police, but digital transformation has provided more than a new approach to managing workload. It’s changed the way officers handle incidents and strengthened their bond with members of the local community.  

And with the technology infrastructure now in place, PRP is taking its commitment to changing community relationships even further by collaborating with the Ontario Human Rights Committee.

“We are there to support people in their worst times and that means taking a human-centric lens; policing the way we ourselves would want to be treated,” Odoardi explained. “We want to make a healthier community based on safety and wellbeing, and we’ve demonstrated a willingness to be comfortable with the uncomfortable to achieve this.”

A Canadian police organization is digitally transforming to build community bridges and foster innovation within policing.

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Innovation Within Policing in Canada | VMware News & Stories

There has been a fundamental restructuring of cybercrime cartels thanks to a booming dark web economy of scale. Powerful cybercriminal groups now operate like multinational corporations and are relied upon by traditional crime syndicates to carry out illegal activities such as extortion and money laundering. Cybercrime cartels are more organized than ever before and enjoy greater protection and resources from the nation-states that view them as national assets.1

With this ground truth serving as the backdrop for the threats facing financial institutions, I interviewed 130 financial security leaders and CISOs from around the world for the fifth edition of the <a href="https://www.vmware.com/learn/security/1414485_REG.html">Modern Bank Heists report.</a> This year’s findings should serve as a warning to the financial sector that attackers are moving from dwell to destruction.

Geopolitical Tension Is Metastasizing in Cyberspace

Cybercriminals targeting the financial sector often escalate their destructive attacks in order to burn evidence as part of their counter incident response. Our report found that 63% of financial institutions experienced an increase in destructive attacks, a 17% increase from last year. Destructive attacks are launched punitively to destroy, disrupt, or degrade victim systems by taking actions such as encrypting files, deleting data, destroying hard drives, terminating connections, or executing malicious code. In fact, we’ve recently witnessed <a href="https://blogs.vmware.com/security/2022/03/shields-up-prepare-for-destructive-cyberattacks.html">destructive malware</a> like HermeticWiper being launched following Russia’s invasion of Ukraine. Notably, the majority of financial leaders I spoke to for this report stated that Russia posed the greatest concern to their institution.

Financial institutions were certainly not immune to the recent resurgence of ransomware. 74% of financial security leaders experienced one or more ransomware attacks in the past year, and 63% of those victims paid the ransom. This is a staggering statistic.

One of the reasons that traditional crime syndicates have become loyal dark web customers is because of the well-funded ecosystem of readymade and available ransomware kits. Cybercrime cartels, such as the Conti ransomware gang, have made it as easy as possible for their associates to launch ransomware attacks on critical industries like the financial sector.

A technical analysis in the VMware Threat Analysis Unit’s latest <a href="https://www.vmware.com/resources/security/exposing-malware-in-multi-cloud.html">threat report</a> provides a view into the proliferation of ransomware and how Remote Access Tools (RATs) help adversaries gain control of systems. Ransomware has a sinister relationship with these RATs, given these tools allow bad actors to persist within the environment and establish a staging server that can be used to target additional systems. Once an adversary has gained this limited access, they will typically work to monetize it by relying on the victim’s data for extortion (including double and triple extortion) or through stealing resources from cloud services using cryptojacking attacks.

Manipulation of Financial Markets

Cybercrime cartels have realized that the most significant asset of a financial institution is nonpublic market information. 2 out of 3 (66 percent) of the leaders I interviewed experienced attacks that targeted market strategies, and 1 in 4 (25 percent) stated that market data was the primary target for cyberattacks on their financial institution.

What exactly are these cybercrime cartels looking for? We’re witnessing an evolution from bank heist to economic espionage, where cybercriminals target corporate information or strategies that can affect the share price of a company as soon as it becomes public. This information can then be used to digitize insider trading and front-run the market. Our report also found that 44% of Chronos attacks targeted market positions. A Chronos attack involves the manipulation of time stamps – a concerning development considering how critical of a role the clock plays in the markets.

Defense Is the Best Offense

Security has become a top-of-mind issue for financial sector leaders. According to our report findings, the majority of financial institutions plan to increase their security budget by 20-30% this year and named extended detection and response (XDR) as their top security investment priority.

As security leaders, we know that a strong defense is the best offense. Modern threat hunting on a weekly basis should be adopted as a best practice to help security teams detect behavioral anomalies, as adversaries can maintain clandestine persistence in an organization’s system. Our report found that currently, only 51% of financial institutions are conducting weekly threat hunts. I am hopeful that this number will jump in next year’s report as threat hunting programs have multiple outputs beyond finding a cybercriminal, such as fueling threat intelligence.

In today’s evolving threat landscape, cybersecurity has become a brand protection imperative. Trust and confidence in the safety of financial institutions depends on effectively avoiding, mitigating, and responding to modern cyber threats.

Download the full report to learn more: <a href="https://www.vmware.com/learn/security/1414485_REG.html">Modern Bank Heists 5.0</a>

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<a href="https://news-editor.vmware.com/wp-content/uploads/2022/04/MBH-5.0-Infographic.pdf" target="_blank" rel="noreferrer noopener">Click here</a> to download the full-size interactive infographic.

Modern Bank Heists 5.0 findings should serve as a warning to the financial sector that attackers are moving from dwell to destruction.

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Tom Kellermann

VMware Research Reveals Agencies are Navigating Compliance, Security and Upskilling Employees Amid Cloud Adoption

Today, at the <a href="https://upgather.com/vmware/public-sector-innovation-summit/">Public Sector Innovation Summit</a>, VMware announced findings from a study on how government agencies are scaling use of multi-cloud environments for mission success. The study, titled “<a href="https://www.vmware.com/learn/1380503_REG.html?src=wb_624ed0c315228&cid=7012H000001KaLSQA0">Multi-cloud Is The New Frontier Of Government IT</a>," conducted by Forrester Consulting, found while the move to multi-cloud is a priority, agencies face challenges supporting growing cloud environments, including compliance standards, data security and upskilling employees.

A ‘Cloud‑Smart’ Approach for the Public Sector

The survey captures responses from more than 500 agency leaders and IT decision-makers at federal, state, and local governments in the United States and Canada and discovered that while agencies are accelerating cloud adoption, multi-cloud environments are far more diverse, complex, and distributed than anything organizations have managed in the past. This can create barriers or force trade-offs between moving fast and managing risk. The challenge lies in finding the right tools and platforms to meet agency demands and keep data and processes safe and compliant. The study found when selecting cloud platform providers, the top priorities for agencies were: 

Talent Paired with Technology

To achieve a faster and smarter path to multi-cloud, agencies are focused on scaling security and upskilling employees in tandem with cloud adoption. More than half of agencies (57%) expressed concern about data security as they look to increase cloud adoption and 65% of agencies have plans to increase their investment in professional development for their developers.

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“Multi-cloud is the new reality for government agencies but as they increase cloud investments, they also need to lay the technical and cultural foundation,” said Jennifer Chronis, vice president, public sector, VMware. “VMware is uniquely positioned to meet our customers wherever they are on their digital transformation journeys and help them take full advantage of multiple clouds. Across the public sector, we are giving our customers the power to accelerate innovation and improve resiliency on a trusted digital foundation.” (<a href="https://twitter.com/jenniferchronis">Twitter</a>,<a href="https://www.linkedin.com/in/jennifer-chronis-4a11745/"> LinkedIn</a>)

The full study, complete with recommendations for a ‘cloud-smart’ approach to the multi-cloud era can be downloaded <a href="https://www.vmware.com/learn/1380503_REG.html?src=wb_624ed0c315228&cid=7012H000001KaLSQA0">here</a>.

Learn more at the Public Sector Innovation Summit

VMware’s Public Sector Innovation Summit brings together leading technologists from the private sector, along with IT leaders and experts from federal, state, and local government. This year’s theme, “A Holistic Multi-Cloud for Mission Success,” explores how agencies can reimagine mission success innovating across clouds.

The summit will take place at the Ritz Carlton Pentagon City in Arlington, Virginia, from 8:30 a.m. – 1:15 p.m. ET. It will also be live streamed. To learn more or to register to attend, please visit: <a href="https://upgather.com/vmware/public-sector-innovation-summit/">Public Sector Innovation Summit 2022</a>.

To learn more about VMware is helping the public sector innovate, please visit:

Methodology

VMware commissioned a survey, undertaken by an independent research organization, Forrester Consulting, in March 2022. 501 agency leaders and IT decision-makers at federal, state, and local governments were surveyed on cloud practices including strategy, process, and solutions. The research was conducted in the United States and Canada.

This article may contain hyperlinks to non-VMware websites that are created and maintained by third parties who are solely responsible for the content on such websites.

Samantha Mayowa, VMware Global Communications, <a href="mailto:smayowa@vmware.com">smayowa@vmware.com</a>

Today, at the Public Sector Innovation Summit, VMware announced findings from a study on how government agencies are scaling use of multi-cloud environments for mission success.

Public Sector Innovation Summit 2022

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Pubic Sector Innovation Summit

The Deloitte VMware Distributed Cloud practice will help transform business IT via enhanced capabilities for automation, edge computing, IoT and AI/ML

For the third consecutive year, Deloitte recognized by VMware with 2022 Partner Achievement Award

NEW YORK and PALTO ALTO, Calif., (April 6, 2022) — Today, Deloitte and VMware Inc. (NYSE: VMW) announced the creation of the Deloitte VMware Distributed Cloud (DVDC) practice to help clients transform their businesses and the industries they serve by more effectively implementing and utilizing distributed cloud architectures. The Deloitte and VMware alliance, and now the strategic DVDC practice, will help clients more effectively and efficiently implement distributed cloud architectures, including public, private and the edge, to deliver impactful transformations and address unique industry considerations. This launch is the direct result of close alignment and collaboration between Deloitte and VMware, which now sees Deloitte <a href="https://news.vmware.com/releases/vmware-2022-partner-achievement-awards" target="_blank" rel="noreferrer noopener">recognized with a VMware Partner Achievement award</a> for the third consecutive year.

The strategic DVDC practice area within Deloitte will provide advanced software engineering and multi-cloud services capabilities to clients to accelerate product velocity, enabled across distributed cloud environments. Deloitte and VMware will help clients pivot to modern software engineering by enhancing developer experience and enabling tools and services to deliver more efficient and effective development and delivery of products and applications. Deloitte’s <a href="https://www2.deloitte.com/us/en/pages/consulting/solutions/industry-cloud-solutions.html" target="_blank" rel="noreferrer noopener">industry cloud solutions</a> bring together pertinent client experience from similar work, leading practices and methods for assured outcomes, pre-integrated ecosystems of software, reference architecture, business transformation elements, and delivery accelerators. <a href="https://www.vmware.com/welcome/cross-cloud-services.html" target="_blank" rel="noreferrer noopener">VMware Cross-Cloud™ services</a>, particularly VMware Tanzu, will provide a modern cloud-native apps platform in an ecosystem strategy that enables Deloitte to deliver apps to production faster and more securely across industries such as retail, public sector, health care, financial services and automotive.

“The Deloitte VMware Distributed Cloud practice will focus on transforming our client's technology to become an innovation enabler. A leading provider of multi-cloud services, the DVDC practice leverages VMware’s innovative multi-cloud infrastructure, management and migration technologies; and Tanzu modern application capabilities with Deloitte’s extensive software engineering and digital transformation capabilities to guide organizations through their journey,” said Ranjit Bawa, principal and U.S. cloud leader, Deloitte Consulting LLP. “I am extremely proud of how we have scaled this practice area which allows us to deliver modern application and hence business outcomes across on-premises, edge and public cloud.”

“VMware and Deloitte have a proven track record of helping clients achieve faster, more predictable outcomes, realize faster time to value on new products and services, and deliver innovation-driven differentiation in the most highly competitive industries around the world,” said Zia Yusuf, senior vice president of strategic ecosystem and industry solutions, VMware. “As exemplified by being a multi-year VMware Partner Achievement award winner, it’s clear that VMware and Deloitte are fully aligned on our commitment to delivering outcomes as a service to our mutual clients.”

For more information about the Deloitte and VMware alliance, visit <a href="https://www2.deloitte.com/us/en/pages/about-deloitte/solutions/vmware-alliance.html">here</a>. For more information about the Deloitte’s Hybrid Cloud Practice, go <a href="https://www2.deloitte.com/us/en/pages/technology/solutions/hybrid-cloud.html">here</a>.

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people <a href="https://www2.deloitte.com/us/en/pages/about-deloitte/articles/come-together-corporate-social-impact.html?id=us:2el:3pr:cometog:awa:greendot:11112020:boilerplate">come together</a> for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide connect for impact at <a href="http://www.deloitte.com">www.deloitte.com</a>.

VMware and VMware Cross-Cloud are registered trademarks or trademarks of VMware, Inc. in the United States, and other jurisdictions. This article may contain hyperlinks to non-VMware websites that are created and maintained by third parties who are solely responsible for the content on such websites.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see <a href="https://www2.deloitte.com/us/en/legal/about-deloitte.html">www.deloitte.com/about</a> to learn more about our global network of member firms.

Public Relations Deloitte Services LP 

Deloitte and VMware are creating the Deloitte VMware Distributed Cloud practice to provide advanced software engineering and comprehensive multicloud services capabilities to clients to accelerate product velocity.

Deloitte and VMware Collaborate Launch Strategic Distributed Cloud Practice

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Deloitte and VMware Collaborate to Launch Strategic Distributed Cloud Practice - VMware News and Stories

Deloitte and VMware Collaborate to Launch Strategic Distributed Cloud Practice

The recent Presidential mandates and legislation aimed at strengthening public sector digital defenses are much needed reinforcements to ongoing challenges. Cybercrime is predicted to cost the world $10.5 trillion annually by 20251, up from $6 trillion in 2021. Added to this are the stressors caused by the global pandemic — requiring agencies to transition to remote workforces while still serving constituents. And while digital transformation, including cloud adoption, has been on the “to do” list for quite some time, the pandemic accelerated the timeline as agencies looked to modernize their infrastructure and build resilience.

With these forces in mind, VMware’s public sector experts weighed in on what should be at the top of mind for agencies this year.

The Journey to Zero Trust Cybersecurity

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