DCN July 2016 - Page 31

data resilience we know it today, and so CFOs need to work in conjunction with the CEO and CIO to understand how these will transform the business. A lack of comprehension of the changing market and technologies could leave their firms with a diminished competitive advantage, as a result of a lack of investment in transformative technologies. Transform with technology the business. However, research suggests there is little evidence in the chief financial officer agenda about anything to do with analysing the impact of digitisation, and how new technology innovations will change their roles. What’s clear is that they will evolve. This evolution will happen because technologies are emerging that could totally change the whole financial infrastructure of world commerce as One of these possible transformative technologies is Blockchain. This technology is beginning to cause a ground swell. You can’t ignore it, because Blockchain is the core technology that underpins the virtual currency Bitcoin. Unfortunately, Bitcoin has been associated with corruption and ransomware in the past. However, these challenges shouldn’t stop CEOs, CFOs and CIOs from embracing the transformational aspect of this technology. It not only has applications in finance, but also in the management of medical heath records, contacts, and the sale and purchase of digital assets – just to name a few. The range of applications for it is widening. Blockchain is all about peerto-peer transactions without the middle man, and so has widespread implications for organisations that provide an interface between two transacting parties. This will lead to wide reaching changes to IT infrastructure because the technology has the ability create vast amounts of data that is encrypted. This data passes around the nodes of the Blockchain at high speed, and these nodes aren’t necessary within your data centre, so technologies that can accelerate high speed encrypted data are key to participating in the Blockchain. Defend against ransomware Forbes’ Top Ten Concerns for 2016 are Costs, IoT, Agility, Time to Market and the perennial problem of increasing data volumes and where to store it. This issue brings the cloud into play with a whole set of new risks, such as ransomware. For example, a report by The Register on 23rd March 2016, ‘Your Money Or Your Life! Another Hospital Goes Down To Ransomware’, reveals that the records of the Methodist Hospital in Kentucky, USA, were scrambled by ransomware to try to extort money from the organisation. Thankfully it called in the FBI and refused to pay. The Hollywood Presbyterian Medical Center also found itself infected by ransomware recen