Evaluating the Importance of Proper Security Clearance in the IT Financial Industry

Many employees of financial companies have access to sensitive customer information such as phone numbers, bank and credit card account numbers, income and credit histories, and even social security numbers. All the information a person would need to commit fraud. The Gramm-Leach-Bliley Act requires financial companies to employ policies to provide security and confidentiality with respect to sensitive customer information. According to Sergeant James Humbucker of Veterans Today, approximately three million people possess security clearance in the US. Additionally, private contracting or consulting firms hold 1.5 million security clearances. One out of every thousand are estimated to compromise the information that they have access to. Security clearances are typically used by governments and industries to allow access to classified information. The majority of IT positions, particularly in the finance industry, require security clearance, which can be obtained for individuals or groups. Different organizations may have varying levels of clearance, depending on the information that they collect. The types of security clearances are Confidential, Secret, Top Secret, Sensitive Compartmentalized Information, and Single Scope Background Investigation. Employees must meet certain character, criminal, and credit history requirements to attain clearance. The higher the clearance level, the stricter the requirements. US businesses and individuals are targets for white collar crime, terrorism, and espionage. It is vital to a company’s reputation to ensure that the internal risk of compromised sensitive financial information is minimized with thorough employee background checks, security clearances, and strict controls on employee access to sensitive financial information. An identity access management system can control the access to data. Employees, depending on their profile, are only able to access certain levels...

Get Your IT Career on Track with These Four Tips

The warning signs are hard to miss. You may have been passed over for promotion, or you may feel stagnant and stuck in a rut. When the feeling that you are less than dynamic in your current position does not abate after a significant period, it may be time to proactively change your trajectory. Networking is always advisable, and joining industry groups such as the Association of Information Technology Professionals can broaden your horizons and change your perspective. The IT world is constantly evolving and staying on top of industry news can invigorate your outlook. An objective perspective can help you formulate the best strategy depending on your circumstances. Rich Hein of IT News presents some warning signs that your IT career needs adjusting and how to do it. If important projects and clients are not coming your way, or you have sensed criticism, you may have lost favor among your peers and colleagues. Take an objective perspective. Have you reached a comfort zone that has made you complacent? If you have lost enthusiasm, expanding your knowledge or taking a break may provide impetus to jump-start your creativity. Try engaging in industry trends and exploring activities that interest you. Attend an IT conference. Increase your industry knowledge and share it with colleagues by social media or through company channels. It is difficult to judge your own performance if you don’t receive feedback. It is also difficult to remain engaged, to know your strengths, and to improve upon weaknesses. Talk to your manager or your peers. There may be an interest by others to institute feedback mechanisms that can allow...

Top Things to Consider Before Accepting a Management Position

Assuming a management role can be daunting. You may be an expert in your field and possess a full grasp of operations. You may have an impressive overall understanding of the business. But managing people demands a particular skill set that you may not yet have mined. 4 Points to Consider Before Moving Up the Corporate Ladder and Accepting a Management Position Responsibility. The majority of your time may be spent organizing and guiding others. You will need to delegate as many tasks as you can, including those that you enjoy most. You will have to manage all aspects of a project, not just those under your purview, to ensure deadlines are met. You will have to juggle your time and chase up many individuals. Do you like people? So many managers are put in a position where they have to influence, motivate, and lead people. This requires a love of others and an innate ability to connect with them. If you doubt your abilities in this area, your time as a manager may be difficult and met with resistance when you need collaboration. Conflict. Ensuring effective operations requires overcoming interpersonal conflict and correcting behavior. The scale of this management task can depend on the organizational culture. Take an objective look at the firm and decide if it is one that is headed in the right direction or one best avoided. Can you be fair, and are you ready to handle myriad personalities with the associated conflicts that inevitably occur? Work Style. Are you happier working independently? This may be the biggest indicator of your suitability for management. If...

Big Data Companies to Keep an Eye On

Big Data technology is a strong competitor for existing cloud technology. Jeff Vance of Network World highlights startups with potential in the evolving Big Data market. According to the research firm International Data Corporation, the Big Data sector will grow to over $32 billion by 2017, six times the growth rate of the overall IT and communication technology market. Sumo Logic applies machine learning to data center operations to expose future business disruptions and vulnerabilities. The company uses pattern-recognition technology to quickly identify the causes of potential security breaches. The company was founded by Vance Loiselle, formerly VP of Global Services at BMC. Ayasdi applies Big Data in the search for disease treatments, alternative energy sources, and to address terrorism and fraud. Gurjeet Singh, a Stanford research scientist, founded the company in 2008. The company has raised over $43 million in venture capital and received $1.2 million in grants. Ayasdi looks at the “shape” of data to avoid the iterative, query-based approach of SQL. Feedzai’s domain is fraud prevention using real-time, machine-based learning. California-based Nuno Sebastião, founder, previously led the European Space Agency’s satellite simulation infrastructure. Feedzai raised $4.3 million from international investors in 2012. The company incorporates artificial intelligence and predictive models to analyze consumer behavior. Company claims include fraud detection up to 10 days earlier than other methods and the identification of 60 percent more fraudulent transactions. Cloudphysics is headquartered in California and led by John Blumenthal. In 2011, the company raised $12.5 million in venture capital. The company combines Big Data analytics with data center simulation to enable better management of cloud platforms. Bloomreach is run...

Top Reasons to Start Networking with People Outside of Your Industry

Don’t discount other industry contacts and professionals from your networking efforts. Typically, most people consider only those who share their own profession when looking to build relationships and extend horizons. However, there could be significant advantages to networking outside of traditional boundaries. Many companies rely on their networks for business referrals. For example, a company requiring a new contractor will consider the opinion of trade contacts in deciding whether to hire that particular contractor. Ariella Coombs of Careerealism offers reasons for networking outside of your industry. For example, a reference from a professional in any industry is valuable in terms of job search. Maintain your contacts and you may gain references from professionals who are outside of your specific field, but are nonetheless impressed by your character and work ethic. If you only network with those similar to you, that may not lead to new business. However, if you are connecting with individuals from different backgrounds, this may bring you customers or business leads. For example, a coder who networks with digital game manufacturers and discusses different products may find projects or work.   The premise of networking is to build connections. Some of these may require your services and some may not. Some connections may simply refer their connections to you. The best way to build networks is to help others. By referring a contact, the same may be done in return. However, build social capital before you request a favor and don’t ask for services that would normally require payment, such as financial advice.   Professionals from other industries may provide interesting and useful perspectives. For example,...

Simplify IT to Help Save Your Bottom Line

IT News contributor, Dan Muse, counter-intuitively espouses the simplification of IT systems and processes to improve company profits. This, at a time when cloud technology, mobile devices, and remote access are creating complex business decisions for companies unsure of IT future directions. Muse suggests that old infrastructure and established legacy systems and applications do not blend well with newer, remote devices and the social networking environment. A study by International Data Corporation (IDC), and sponsored by Oracle, included nine companies from various industry sectors found that simpler IT systems save considerable financial resources. The report found that IT complexity is compounded by mergers and acquisitions, organization decentralization, business demands, legacy systems, the rapid pace of IT change, conflicting systems and regulations, and mobile and remote device infrastructure and support. Companies often require complex IT infrastructure and resources to enter the competitive IT market. Ironically, as iphones, ipads, websites, and applications become simpler and more user-friendly, the systems required to support these devices are becoming more complex. Companies must assess existing applications, systems, and data centers and determine if they are really necessary, are up-to-date, and whether any can be consolidated. Additionally, functions that do not fit with new operating systems should be outsourced. IDC has created a Simplification Road Map to guide companies in simplifying IT infrastructure. The road map suggests the following: • Support from company leadership is required because IT simplification requires significant investment and culture change. Training may be required throughout an organization. • Avoid building new layers of integration or applications. Adopt an innovative spirit that does not include old infrastructure and systems. • Employ...

New FDA/EU Agreement Creates a More Efficient and Safer Drug Supply

The media hub, Eye for Pharma, has reported on the new relaxed rules concerning the export of drugs to the European Union (EU). Additional documentation is no longer required by exporting pharma companies because the US has been granted “listed” country status by the European Commission. International cooperation is required to ensure that consumers are protected around the world from dangerous medicines. The task is complex. The US Food and Drug Administration has traditionally been an agency that focuses on domestic food and drug policies, but, according to the government agency, this situation is changing. The agency now considers that it is becoming more proactive and involved in global public health issues, which benefits every nation. The FDA, an agency within the U.S. Department of Health and Human Services, protects public health by overseeing the safety and effectiveness of drugs and other pharma products such as medical equipment. The FDA filed a listing request that would result in US manufacturing processes of drugs being considered equal to those of the EU. Following an audit of the FDA’s practices of ingredient imports, the new status was approved. Active pharmaceutical ingredients, or APIs, are subject to European regulations and the imports must meet guidelines. The policies aim to ensure the safety of drugs imported from other countries such as the US. Before the approval of listed status, US pharma companies were required to submit FDA documents assuring that the products were manufactured according to the Good Manufacturing Practices (GMP) of the EU. The new ruling is advantageous to the EU because imported drugs can be disseminated more efficiently and at a...

Protecting Your Data by Minimizing the ROI for Hackers

Verizon’s 2014 Data Breach Investigations Report revealed that the majority of hackers, approximately 60 percent, seek financial gain from cyber activities. Industry spying for intellectual property accounts for approximately 25 percent, and few hack merely for fun. The implication is that hacking is all about the resale value of data, which affects the return on income (ROI) for hackers. Taylor Armerding of IT News emphasizes the need for organizations to invest in security systems to the extent that it raises the cost for hackers to steal company data. The more it costs a hacker to break through your firewalls or security systems, the lower the ROI for the hacker. Multiple security levels can deter hackers who will find another, cheaper target. A company does not need the latest and greatest defense, but just enough that the possible pay-off for hackers is not worth the cost of an offensive. Hacking is big business. The value of the data that can be stolen is an indicator of the level of investment a company should consider. The following are suggestions to ensure that your organization is an undesirable target. Analyze your data and its value. Credit card data is valuable information that can be easy to sell. Email lists should be protected; email addresses are often the names of multiple accounts that can be accessed. Intellectual property is only valuable to a limited market such as competitors. If this information is hacked, it is likely that there is a pre-determined buyer. Social security numbers are a hacker’s gold, facilitating assumed identities and access to credit lines. Security precautions should be diffused and...

Can You Afford to Wait for Other Applicants?

The answer depends on the particular company and the market circumstances. If a company is hiring for the long-term, then there may be no urgency to fill a position. If the skills are required right away, delay in hiring could affect the bottom line. Similarly, trends in the labor market are a factor. According to the Department of Labor, the unemployment rate for the hospitality sector decreased by almost two percent between March and April of 2014; if you are considering hiring a hospitality professional, I would not wait. A reputable staffing firm can inform you of the environmental factors that could influence your decision. They could also advise you of the likelihood of finding another candidate. Perhaps your approach to hiring lacks precision. A staffing firm can help you to pinpoint exactly what skills you require and to craft a suitable job description that will attract better candidates. Three Points to Consider: Estimate the cost of a job not done. Is the lack of human resources affecting the bottom line? Perhaps other staff can assume additional responsibilities temporarily if motivation is provided. The additional cost of waiting now may well be less that the cost of a bad hire later. Be flexible. Analyze what is lacking in the current candidate pool. No candidate will be perfect, but some factors are more crucial to the decision than others. A bad fit in terms of corporate culture is a deal breaker because the employee will never be comfortable. However, a level of inexperience can be overcome by additional training or mentoring. You may risk losing a good candidate, if you...

Four Tips on Building Trust as a New IT Executive

In new role as an IT executive, or manager, you are charged with learning the ropes in a new organization while also attempting to gain people’s trust. Your IT and leadership expertise does not make you inured to the trials of being new and learning the machinations of a new company. Use your early days to show that you are vulnerable and that you require the support of your team. Understand the organization and the key personnel who will help you achieve business objectives. Start by building an organizational map and meeting as many personnel as you can. Only when you grasp the lay of the land, should you try to effect it. Enlist the help of your team. Invite their feedback, hold meetings, and learn. The most valuable information and ideas are often from those who work directly with clients and who experience day-to-day operations. Listening is a leader’s most powerful tool. Vanessa Merit Nornberg of Inc. reports on the ways that a casual remark can carry substantial business implications. As the listener, you receive valuable information that can be useful in formulating strategy. The speaker processes information in its delivery, which is of benefit in itself. If the listener acts on the information; mutual trust is established. According to Rich Hein of IT News, if the company is in crisis mode, quick action will not help and may cause more damage. Unless staff trust and respect you, your efforts will be in vain. If imminent action must be taken, identify those most likely to understand the situation and target them initially. Only when you have a solid...