Fintech, Finance, Technology, Banking Highlights – 7 February 2018
Cisco, Apple, Aon, Allianz introduce a first in cyber risk management
Cisco, Apple, Aon and Allianz announced a new cyber risk management solution for businesses, comprised of cyber resilience evaluation services from Aon, the most secure technology from Cisco and Apple, and options for enhanced cyber insurance coverage from Allianz.
The new solution is designed to help a wider range of organizations better manage and protect themselves from cyber risk associated with ransomware and other malware-related threats, which are the most common threats faced by organizations today.
Cyber security risk is growing. Losses from cyber threats are outpacing investment in IT security.1 This fact, combined with low adoption of cyber insurance,2 an active adversary, a fragmented security technology market and a security skills shortage, means it is difficult for many organizations to understand and manage this risk effectively.
The new solution covers the primary dimensions of cyber protection for businesses. The key elements of the offering include:
Cyber Resilience Evaluation: Aon cyber security professionals will assess interested customers’ cyber security posture and recommend ways to help improve their cyber security defenses.
Cyber Insurance: Allianz evaluated the Cisco and Apple technical foundation of the solution and determined that customers using Cisco Ransomware Defense, and/or qualified Apple products can be eligible for the Allianz-developed enhanced cyber insurance offering, acknowledging the superior level of security afforded to businesses by Cisco and Apple technology. This, in combination with individual risk insights gained through the Cyber Resilience Evaluation, makes possible the enhanced cyber insurance coverage to Cisco and Apple business customers. Enhancements include market-leading policy coverage terms and conditions, including potentially qualifying for lower, or even no, deductibles in certain cases. The cyber insurance coverage is underwritten by Allianz Global Corporate & Specialty (AGCS).
Metamako and Redline Now Offer Ultra-Low Latency Trading Solutions
Metamako, the provider of low-latency, FPGA-enabled network devices, and Redline Trading Solutions, the premier provider of high-performance market data and order execution systems, announced a partnership offering an ultra-low latency end-to-end solution for clients in the automated trading space.
Redline’s InRush market data solution, which provides high-quality consolidated market data feeds, now uses Metamako’s network devices to receive data from over 150 global exchanges, offering data fan-out in only 5 nanoseconds. As a result, clients can now obtain normalised market data with the lowest possible network latency for a wide range of asset classes including equities, derivatives, FX, fixed income and commodities.
Equally, Metamako devices can now be used to connect Redline’s Order Execution Gateway to exchanges for significantly reduced switching latency on order entry and aggregation.
SafeCharge launches Reconciliation Manager for businesses to optimise revenue control
SafeCharge, a payments technology company, has at ICE 2018, launched SafeCharge Reconciliation Manager, a new solution for businesses to automate the matching of transactions across all their payment service providers, merchant platforms and banks.
By consolidating and automating the reconciliation process with SafeCharge Reconciliation Manager, businesses in any industry can benefit from increased control, reporting accuracy and retrieval of revenues from incorrect reconciliation.
Reconciliation of incoming payments against bank accounts is a complex process, made even more challenging when a business relies upon multiple payment providers, payment matching and fee-verifications. Transaction data which is not monitored properly can lead to lost revenues, customer disputes and audits picking up bookkeeping errors. To address this complexity, SafeCharge Reconciliation Manager automates and simplifies the monitoring process.
Guido Murguia, CFO at Caliente Interactive, a SafeCharge Reconciliation Manager user, explains, “By implementing SafeCharge’s Reconciliation Manager Solution, we have been able to recover significant revenues that would have otherwise been lost. Through careful monitoring of transactions across multiple payments providers, platforms and bank accounts, SafeCharge identified inconsistencies and addressed these outstanding transactions until all funds were reconciled. Through SafeCharge’s transparent and accurate reporting, we have a snapshot of our financial position at all times allowing us to have more control over fees, deposits, withdrawals, account balances and chargebacks.”
