Ultimate Access Podcast

Graham Chee the co-founder of Bcyber talks about the opportunities that are available to finance professionals and the skills that they need to get to be part of it.
Contrary to popular belief, 90% of all cybersecurity failure arises from human error and only 10% can be attributed to technological factors.

This means that 9 out of 10 cybersecurity issues are caused by the shortfall in cybersecurity training given to employees.

This is why Bcyber, an organization focused on accounting public practice space has developed training for accountants to gain working knowledge about cyberspace.

By understanding how an accountant has evolved into a business partner over the years, Bcyber trains accountants to recognise the early signs of a cybersecurity breach and helps organizations build up a human firewall of defense.

Since a human firewall can adapt and learn quicker, it offers even greater security than traditional safeguards.

Businesses are increasingly required to interact digitally and store data on the cloud. The accountant of an organization is a key player in preventing cybersecurity breaches since he acts as a repository of information about suppliers, financial risk etc.

The accountant is trained to help with cyber risk mitigation working alongside malware protection tools to provide security.

In a world which is increasingly turning digital, the importance of a top down cyber awareness culture cannot be overemphasised. Every employee of the organization must develop a working knowledge of cybersecurity, regardless of the background and role.

Contribute effectively to discussions on cybersecurity. This gives professionals the ability to not only understand, but even to explain to other members of the board.

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‘You can see the future best through peripheral vision’.

Nicholas Negroponte.

In this podcast episode, I invited Kasun, a senior finance manager in the oil and gas industry to share with us the concept of ‘Peripheral Vision’ the need to detect market trends and weak signals beyond an organisation's line of sight.

By taking a birds eye view of the macro environment we are able to see beyond our normal boundaries.

The results of a survey conducted by the Fuld-Gilad-Herring Academy of Competitive Intelligence found that a whopping 97% of business executives said that their companies lacked an early warning system, this serves to highlight the need for a peripheral company vision.
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Peripheral vision also highlights the need for an improvement in the approach to risk mitigation strategies.

By actively scanning the periphery, the organisation is able to identify early triggers and weak signals which the competition missed and act proactively to gain a first mover advantage.

However, managers must also be careful not to fall prey to confirmation bias and unconsciously filter information to support the current strategy being pursued.

According to Kasun, the problem with weak signals is that it often comes across as noise and is therefore ignored to focus on better or more immediate operational needs

The other issue with looking at the periphery is information overload. The massive lakes of data which are available to a manager means that selecting the relevant data and generating insight can seem like a Herculean task.

So what business decision makers of today need is a helicopter factor, or the ability to rise above the immediate situation and identify weak signals from emerging trends in the macro environment Or what some people may call seeing round the corner or giving attention to what is on the edges of our core vision

By developing a helicopter (birds eye view) factor in the boardroom, organisations can ensure that they avoid the business equivalent of tunnel vision.

Mattel, Blackberry, Kodak, Nokia, Blockbuster and Yahoo are all examples of companies that fell prey to tunnel vision and lost their competitive advantage simply because they weren't focusing on the changing periphery of the competitive ecosystem that surrounded them.

Please use my social links below if you would like to know more about Web 3.0 projects or would like to connect with me.
LinkedIn
[email protected]

Please use my social links below if you would like to know more about Web 3.0 projects or would like to connect with me.
LinkedIn
[email protected]

Please use my social links below if you would like to know more about Web 3.0 projects or would like to connect with me.
LinkedIn
[email protected]

Please use my social links below if you would like to know more about Web 3.0 projects or would like to connect with me.
LinkedIn
[email protected]