One company experienced a 289 per cent share price spike following a blockchain rebrand. What gives?

Lately, it is getting harder for a large corporation to make any move in the media without the involvement of  blockchain in the headline.

Russian social media giant VKontakte wants to create its own coin using the blockchain. Outside of the tech community, world-class bank JP Morgan had just created theirs. Long Island Iced Tea Corp, a beverage company specialising in long island tea (as the name suggested), had even rebranded itself to Long Blockchain Corp.

Interestingly, the move did bring a positive impact to the company as it experienced a 289 per cent hike in share prices shortly following its eccentric rebrand in 2017.

Everyone wants a piece of blockchain. However, there are many questions remain on the top of the public’s mind, with the most urgent one being: What exactly is a blockchain?

To answer the question, check out the following Blockchain Development Breakdown infographic by Follow My Vote, which has incorporated blockchain onto its online voting platform.

Also Read: HWGG Capital, VCPI to allow overseas Filipinos to transfer money using blockchain wallet

To sum it up, blockchain is the equivalent of a database storing unchanging –immutable– records of transactions. According to McKinsey, various consensus protocols are used to validate new records of information. Shared among participants, the digital ledger can record monetary exchanges, movement of shares, property transfer, fractional transfers of art pieces, and many more.

Also Read: In Photos: The launch of blockchain focussed Tribe Accelerator

Why is it termed as ‘blockchain’?

In terms of structure, data is encrypted in blocks of computer code and these blocks are strung together through cryptography. Hence, the name ‘blockchain’.

So what can blockchain do?

Imagine if corporations could issue their own bonds on the blockchain to gain accessibility to fundraising in a world-wide market.

Imagine if exchanges and clearing houses could reach near-instantaneous clearances and settlements.

Imagine if real estate ownership were more distinguishable and clearly indicated on blockchain records to avoid ownership disputes.

With the pre-written logic coded onto the blockchain, smart contracts are programmable to perform yield calculations and execute dividend returns upon a pre-agreed duration, automate clearances and settlements, as well as store records for asset ownership.

Business blockchain can diminish costs and time out of numerous processes. Rather than there being an isolated, single form of blockchain, the technology can be applied by a collective number of ways to meet commercial use cases.

Where does the effect of blockchain extend to?

Almost every industry requires data storage, followed by certain workflow execution. In the blockchain network, where each computer node holds a copy of the ledger, there is no single point of weakness in comparison to the sole point of centralisation in traditional networks. Security, an important concern for all enterprises, is provided when transactions are verified and signed with cryptography. Through the real-time visibility of transactions given to permitted participants, blockchain also supports transparency and accountability.

Simply put, blockchain’s unique features will accelerate its adoption in most industries. As a nascent technology, the options of implementation are limitless.

Also Read: The knowledge gap may be the biggest hindrance to blockchain adoption

Does anyone have a live implementation of this technology?

Initially contributed by IBM and hosted by Linux Foundation, Hyperledger Fabric had success with Walmart in traceability of the food system using blockchain, tracking more than 25 products from five different suppliers. With an open-sourced approach, its community of multi-stakeholders is committed to gather speed for its sweeping prowess towards industry-wide adoption.

Concurrently, Hashstacs holds a unique position to issue, trade, clear, settle, store and create a global marketplace for digital assets through blockchain. As a subsidiary of a regulated stock exchange (Gibraltar Stock Exchange), it has dealt with financial products and is familiar with the issues faced by the financial markets.

For this reason, Hashstacs’ proprietary Distributed Ledger Technology STACS is modeled as a public-permissioned hybrid which provides enterprise flexibility between privacy and universal marketplace access. To build a large-scale solution, STACS is also designed to interoperate with existing technical systems for industry success.

What’s next?

The value of blockchain solutions will be realised more significantly with growing networks of partnered financial institutions. Indeed, the ability to be integrated with existing technologies will be a prominent feature in gathering momentum towards blockchain’s widespread usage. Through inclusive collaboration, corporations such as IBM and Hashstacs are on a mission to shape the future of capital markets today.

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Image Credit: Emiliano Vittoriosi on Unsplash

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Let’s explore some of the trends and how these impact startups in the country and international/regional companies looking to build a home base in Southeast Asia

Going down to the practical aspects of starting and running a business can be one of the harshest realities for a startup. While a founder or team might have a marketable idea or viable product, things become complicated when there is already the need to move forward through things like registering the business, setting up an office, transacting with financial institutions, or even something as simple as applying for electric service for the office.

This is one reason why startups converge at preferred hubs. While a startup can be founded and run theoretically from anywhere, there are practical concerns that make it more ideal to start a business from places like San Francisco, Boston, Seattle, Singapore, Bangalore, and Tel Aviv. There are also more overarching concerns, like access to funding, community, and talent.

Startup hubs becoming competitive

The notion of being a preferred startup hub has been a point of competition, especially among emerging economies. In Southeast Asia, Malaysia is a rising contender, offering businesses the benefits of speedy processing, improved infrastructure, and increased accessibility.

In the recent Doing Business 2019 report by the World Bank (PDF), Malaysia is cited as having the second highest score in Southeast Asia in terms of ease of doing business. The report stresses how a “continuous and focused reform agenda keeps an economy competitive and vigilant.”

In the 15th spot, Malaysia entered into the top 20 this year for the first time, having maintained momentum in reforms like making it easy to start a business, deal with construction permits, get access to electricity, perform cross-border trade, enforce contract, and register property.

What makes a startup hub, anyway? Several factors contribute to a city or region becoming a startup hub. These can include access to tech talent, infrastructure, environment/pollution, access to local market, access to funding, the local startup ecosystem, competition, and employee attrition.

The size of funding, or the number of high-profile startups can perhaps be an indication of how a city or country has become a startup hub. In this regard, some factors like access to funding or talent depend on human-driven factors, such as whether angels or VCs have chosen to set-up shop in that particular city. In some cases, factors like infrastructure and environment can largely be influenced by local regulations and contributions by local stakeholders and regulatory bodies.

Malaysia as a rising star

In practical terms, here are some points that have helped boost Malaysia’s status not just for startups but also for entrepreneurs looking to establish small to medium businesses:

• Construction permits now only take 54 days to secure, compared to the 133 days average in the region;
• Cost of electricity is also very accessible, at 26 per cent of income per capita, compared to 625 per cent in the region on average;
• Improved electronic submission and processing for import and export documents;
• Online registration system for goods and services tax;
• Simplified registration of property;
• Reforms in resolution of insolvency.

Also read: e27 Report: Malaysia sees more startups and deals than Indonesia, but far less money

These are qualities that the Malaysia Digital Economic Corporation (MDEC) has helped to implement from its strategy for the country to become a standout nation in the global digital world. To highlight some of the important building blocks to achieve this, Norhizam Kadir, Vice President for Growth Ecosystem Development, MDEC, writes:

These building blocks, which are important drivers of a strong online ecosystem, are: high-quality infrastructure at affordable prices; tech talent development; increased cybersecurity vigilance; development of platforms and enablers such as Digital ID, open data and so on; and the legislation, policies and industry structures to support the growth of the digital economy.

Founder and CEO of Billplz, Nazroof Hakim agrees and further adds:

I would say Malaysia is the perfect launchpad to the ASEAN market especially because of its business-friendly environment. We have found hiring world-class software developers is easy and I would advise businesses to fast track their establishment by consulting with government departments and agencies such as MDEC as these are sources of various forms of support for market expansion.

MDEC has fostered digitalisation and transformative change across industries in the country. Government itself is active in nurturing Malaysia’s startup ecosystem through incentives that encourage VC activity. These include tax breaks, reduction in minimum investment requirements, as well as focus on enhancing talent through education, and more.

Malaysia, through the Malaysia Tech Entrepreneur Programme (MTEP) also supports both new and established entrepreneurs and investors from outside the country who seek to enter the ASEAN market through a one- or five-year stay in the country. MTEP won “best ecosystem initiative” in the recently concluded ASEAN Rice Bowl awards.

What this means for the startup ecosystem

In e27’s Southeast Asia Startup Ecosystem Report 2018, we cited how Malaysia – specifically Penang – has come to be known as the “Silicon Valley of the East” mostly due to its strong manufacturing and hardware background. This places Penang at an advantage in terms of competing in the hardware manufacturing and IoT space.

Also read: Malaysia’s game plan: Improving human lives through the power of tech

Ease of starting up a business does not only impact founders and entrepreneurs who seek to start, build, and scale in the region. This is also one important consideration that investors seek in a digital ecosystem, and Malaysia is rising up to the challenge of being a top startup hub not only in Southeast Asia, but also in terms of global reach.

Norhizam Kadir, Vice President, Ecosystem Development, MDEC, pointed out:

Getting the balance right between government intervention and industry collaboration to encourage innovation is a difficult challenge for all nations engaged in building their digital future. We are approaching a tipping point with our tech startup ecosystem, which is continuing to grow and is becoming increasingly vibrant, attracting entrepreneurs from more around the world. Our vision of establishing Malaysia as a tech startup hub with global appeal is a work in progress, of course, and much more needs to be done on our journey together.

To conclude, we can echo the sentiments of the World Bank’s Doing Business report: “Governments worldwide invest substantial effort in changing business regulatory frameworks to make doing business easier for entrepreneurs.” These changes, whether small or substantial, contribute greatly to improving the startup and investor ecosystem. In Southeast Asia, there is confidence in Malaysia’s trajectory toward being a big contributor to the region’s growth.

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Photo by mkjr_ on Unsplash

 

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FastGo has apologised for the incident that occurred in its Singapore office

FastGo, Vietnam-based new ride-hailing company, accidentally revealed the personal email addresses of 300 drivers right after it sent an email reminder to drivers, urging them to complete the drivers’ signup by submitting documents on last Monday, April 1.

In the email, FastGo Singapore put the email address on the “To” field, instead of the usual Blind Carbon Copy (“Bcc”) for confidentiality. All the email recipients then can see other email addresses.

Diep Nguyen, FastGo Singapore country manager said that the team is really sorry and hope that the company’s driver-partners will still continue supporting them in the future, as told to The Straits Time.

“It is an important lesson for us to learn about the issue, we promise no more mistakes will happen again as it’s affected about 300 drivers that signed up with us,” said Nguyen.

The matter was first made public when a copy of the e-mail uploaded on Facebook by netizen Stanley Raymond Oh, in which FastGo had requested nine sets of documents, including identity cards, driving licences, and bank statements. In the copy, email addresses of the recipients were partially censored.

Also Read: Malaysia’s central bank grants approval in principle to fintech startup MoneyMatch

This incident may result in a potential lawsuit over data breach under the Personal Data Protection Act, as Lionel Tan, a partner at law firm Rajah & Tann specialising in data protection laws pointed out.

“There are a lot of seemingly personal emails in the list, so it is a likely breach unless all recipients have consented that they don’t mind their email addresses being circulated,” Tan said.

The Personal Data Protection Commission is said to be looking into the matter to see whether the organisation has proper procedures in place and whether they had educated staff on how to properly handle data. Prior to this incident, SMRT-backed mobilityX also accidentally sent out a mass email revealing the personal addresses of its 500 users.

Meanwhile, financial penalties could be imposed.
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Prior to its partnership with iflix, Yoshimoto Kogyo has begun expanding its reach to Southeast Asia by establishing MCIP Holdings in Indonesia

Japanese entertainment conglomerate Yoshimoto Kogyo Co. Ltd today announced a “significant” strategic investment in Southeast Asian streaming platform iflix, which marks its first investment in overseas media.

Through the investment, Yoshimoto Kogyo aims to accelerate development of its future projects in Asia.

The two companies also announced the formation of an exclusive joint venture (JV) out of Singapore to showcase Yoshimoto Group’s most popular content across iflix’s territories in Asia, the Middle East and North Africa, and the corresponding distribution of iflix’s content in Japan.

The joint venture will also produce localised versions of proven content formats out of Japan.

The content that will be provided to iflix will be “popular” Japanese programmes that will be localised for Asian markets, from animation, drama, movies, variety shows, to comedy.

Also Read: Video streaming platform iflix confirms sale of African business unit to Econet

It also hopes to develop all-Japan original content that includes programmes and films for an Asian market.

For iflix, the JV is part of its “growing focus on developing and creating highly-engaging hyper-local programming specifically for Millennial and Gen Z generations, the majority of which come from emerging and developing markets in Southeast Asia.”

For Yoshimoto Kogyo, the partnership is part of the company’s mandate in promoting Japanese content and formats to young international audience.

In 2014, the company established MCIP Holdings in Indonesia as their base of Asian strategy and began the “Living in Asia Comedians” programme.

On April of 2018, it announced the establishment of the “Okinawa Asia Entertainment Platform,” an integrated national platform for distributing various types of content on the internet.

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Image Credit: Banter Snaps on Unsplash

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Plus, South Korea police bust US$19 million bitcoin Ponzi scheme using artificial intelligence

iflix raises funding from Japanese entertainment company and forms joint venture — [e27]

Japanese entertainment conglomerate Yoshimoto Kogyo Co. Ltd today announced a “significant” strategic investment in Southeast Asian streaming platform iflix, which marks its first investment in overseas media.

Through the investment, Yoshimoto Kogyo aims to accelerate development of its future projects in Asia.

The two companies also announced the formation of an exclusive joint venture (JV) out of Singapore to showcase Yoshimoto Group’s most popular content across iflix’s territories in Asia, the Middle East and North Africa, and the corresponding distribution of iflix’s content in Japan.

The joint venture will also produce localised versions of proven content formats out of Japan.

Grab sets sight on US$6.5 billion funding round — [e27]

Today, Southeast Asian ride-hailing giant Grab, announced plans to raise up to US$6.5 billion by the end of this year.

Explaining the move forward, Grab’s president Ming Maa shared that “In line with the tremendous transformation that South East Asia is currently undergoing, the opportunity is ripe for (Grab) to further grow in domains like healthcare, financial services amongst others”.

In a jab at rival GOJEK, which has set out to raise a $2 billion in its Series G round, Grab’s CEO Anthony Tan, said they “expect to be four times bigger than our closest competitor in Indonesia and across the region by the end of the year”.

South Korea police bust US$19M bitcoin pyramid scheme — [The Next Web]

South Korean police have arrested about a dozen people over a Ponzi scheme designed to use bitcoin to take advantage of people who have limited knowledge of the technology, according to The Next Web.

An interesting part of the arrest was that the perpetrators were collared by a special Artificial Intelligence Investigator, which was not a human being. The police taught the program to find patterns that point to a ponzi scheme.

The company, called M-Coin, were able to defraud US$18.7 million worth of payments from 56,000 people.

B Capital closes US$406 million in first tranche of new fund — [e27]

B Capital, the tech fund which was co-founded by the infamous ex-Facebook co-founder Eduardo Saverin, announced the first close of its second fundraising at US$406 million, detailed in its US Securities and Exchange Commission (SEC) filing.

According to DealStreetAsia, B Capital confirmed that it has attracted 62 investors since its launch last month with no closing date or target of funding amount detailed.

In total, this first close has given the tech fund a total amount of US$766.1 million spread within two funds. Starting with US$360 million for its first fund called B Capital Fund followed with B Capital II LP.

Raj Ganguly, B Capital’s co-founder, and partner, will manage the fund as stated in the regulatory filing.

MM Digital raises seed funding — [DealStreetAsia]

MM Digital, The Burmese IT-services provider, has raised a “six-digit” seed funding, according to DealStreetAsia.

The money will be used on hiring and building its operational infrastructure.

The company raised the money from Seed Myanmar and Theta Capital.

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Taking time to walk boosts creativity — just look at Charles Dickens, Virginia Woolf and William Wordsworth

If you’ve ever watched a professional tennis match, you’ll know how much stamina the sport requires. From thigh slaps to squats to light jumps, players will do just about anything to maintain their high energy and laser-focus.

A crucial part of the match, however, occurs in the brief pause between games: the 90-second changeover break, when players rest before switching sides.

Watch closely, and you’ll see how players make the most of these precious moments: burying their heads under a towel to meditate, changing their racquets, or fueling up on water and energy drinks.

Some players, like the great Serena Williams, have even sipped a quick coffee before returning to the court.

Whatever their method, these pro athletes understand the value of a break. A brief reprieve can provide a fresh surge of energy and motivation for the next game.

Much like a tennis match, the workday can also be a daunting mental and physical challenge, especially if you want to perform your best throughout the day.

In addition to finding your optimal work hours, taking multiple breaks can increase your productivity all day long.

I’ll repeat that for emphasis.

Taking breaks can increase productivity.

Our workaholic culture and the business epidemic tend to villainize time-wasting behaviours during work — like leisurely lunches and web browsing — but research proves that breaks can enhance your performance, on many levels.

Brief periods of distraction have been shown to improve both decision-making and creativity. On the other hand, prolonged attention to a single task can actually hinder performance. Pulling an all-nighter for one assignment? Not such a good idea after all.

There’s also evidence that waking periods of mental rest can improve memory formation.

Apparently, during rest periods, your brain reviews and ingrains what it has previously learned. Without rest, you run the risk of experiencing the old “in one ear, out the other” phenomenon.

At my company, JotForm, I incorporate intentional breaks throughout the day — and not only do I take breaks, but I try to take the right kind of breaks.

I wanted to share a few ways that help me add breaks to my workday; how to properly waste time.

How to take constructive breaks

You might be wondering, what kind of breaks should I take? Or, if you’re a manager, what kind of breaks should I encourage my employees to take?

1. Give your prefrontal cortex a breather

Generally, a good break is one that allows your prefrontal cortex to rest. That’s the part of your brain dedicated to logical thinking, executive functioning, and using willpower to override impulses.

There are many ways to do this, but it can be as simple as letting your mind wander.

Also Read: Grab wants to take Indonesia from Go-Jek with US$6.5b funding goal

One report found that daydreaming or zoning out has similar benefits as meditation. And meditation not only increases focus, but it gives your overworked prefrontal cortex a break.

2. Get your blood flowing

Taking a quick pause for physical activity can be extremely beneficial — and that doesn’t mean you have to squeeze in a SoulCycle class at lunch.

Just a 5-minute walking break every hour can improve your health and mental well-being. And mental wellness is critical on a personal and a professional level because research shows that happier workplaces are more productive.

Not only are walks good for your health, but prolonged sitting is actually bad for us. That’s one of the reasons we offer most of our 110 employees both standing and normal desks.

Walking can also boost creativity. A study from Stanford University showed that when people tackled mental tasks that required imagination, walking led to more creative thinking than sitting.

In the literary world, many accomplished novelists and poets have improved their craft by walking. Just a few of these famous walkers include Charles Dickens, Virginia Woolf, Henry David Thoreau, and William Wordsworth.

I’m one of these workday walkers, too. Whenever possible, I walk to lunch and take long strolls with new employees, so we can get to know each other better. At our San Francisco office, we take scenic walks on the Embarcadero and enjoy the calming bay views.

3. Linger by the water cooler

If taking a break is good, taking a break with colleagues may be even better.

Social breaks are important for both personal and professional well-being. For example, social breaks can reinforce bonds, improve morale, and increase opportunities for collaboration.

After observing the social habits at a Xerox corporate office, one study found that copy repair people who hung out in the coffee room were not wasting time — they were engaging in productive conversations about on-the-job challenges.

Other studies have shown that informal, casual conversations between call centre workers increased productivity by 20 per cent.

To make the most of social breaks, time management expert Laura Vanderkam recommends grabbing a coffee with a mentee or taking an afternoon walk with a direct report.

4. Go green

Trees, plants and green spaces are not only aesthetically pleasing, but taking breaks in a natural environment can significantly boost employee well-being, reduce stress, enhance innovative potential, and strengthen personal connections.

Time in nature dramatically improves our ability to think expansively and make better decisions.

It also seems to make us more helpful. For example, people who have just walked in a park or other natural environment are more likely to notice when others need help — and to provide that help.

It’s no coincidence that forward-thinking companies like Google and Facebook prioritise plant life in their office designs. In fact, Facebook’s most recent update to their Menlo Park headquarters included a sprawling rooftop garden.

In many East Asian countries, “forest bathing” has also become a popular office practice, because just a few minutes in nature has measurable benefits for our psychological well-being and our physical health.

5. Grab a bite or surf the web

Is the vending machine calling your name? That’s not necessarily a bad thing.

Snack breaks are a great way to refresh during the workday. According to the University of Roehampton researcher Leigh Gibson, your brain works best with a consistent blood glucose level: 25 grams is optimal. So don’t forget to fuel yourself throughout the day.

Even web surfing, in moderation, can have a positive effect. Researchers at the National University of Singapore found that browsing the internet “serves an important restorative function.” That mini-break spent shopping on Amazon can revive you for the next task.

6. Keep it work-related

Ultimately, almost any mental time-out is effective, as long as you’re giving your prefrontal cortex a rest. Some studies, however, do recommend that these breaks should still be work-related.

Your break should be a time to learn something new, reflect on the big picture, or make positive connections with others.

How long should my break be?

With looming deadlines and colleagues waiting for answers, forcing yourself to take breaks can be challenging. At JotForm, I pre-plan my day to include both dedicated work and constructive break times.

According to MIT Sloan Senior Lecturer Bob Pozen, you should take a time-out every 75 to 90 minutes. This is based on studies of professional musicians, who are most productive when they practice for this amount of time in a single sitting.

“Working for 75 to 90 minutes takes advantage of the brain’s two modes: learning or focusing and consolidation,” says Pozen. “When people do a task and then take a break for 15 minutes, they help their brain consolidate information and retain it better.”

Also Read: Arming small businesses with big cyber defences

Another approach, called the Pomodoro Technique recommends working for 25 minutes before taking a five-minute break. This may be a better approach when a single task requires your full focus.

By using trial and error, you can figure out which technique works best for you.

Create a break-friendly work environment

It’s tempting to shun the habit of taking breaks in your workday.

“Wasting time” can feel like a productivity killer. But when they’re done thoughtfully, constructive breaks can leave you and your employees feeling focused and re-energized.

While you can’t force others to take breaks, you can encourage them to take a breather from time to time.

Managers, for example, can schedule periodic breaks throughout the day and, if possible, your office should offer pleasant break spaces — complete with coffee, snacks and plant life. If caring for plants seems burdensome, try succulents, which require little-to-no care at all.

Try creating walking clubs and schedule walking meetings. And, remember to lead by example — give yourself breaks, too.

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Originally published on Jotform.

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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Having size where it matters — cybersecurity

Cybersecurity is the best way to protect your computer network and data from unauthorized access. With the advancement of technology, there is more risk involved in small business.

The internet allows businesses of all sizes to reach a larger customer base and work efficiently using computer-based tools. Whether you are just maintaining the website or adopting cloud computing, it’s important to include cybersecurity to avoid fraudulent activities and theft of digital information.

Cybersecurity is the practice of a technique that protects you from any kind of fraud and helps you minimise the risk of cyber attack.

Empower your small business with cybersecurity and protect your business, your customers, and their data from growing cybersecurity threats. To help you understand it better here we have listed some of the tips for small business to protect them from cybersecurity threats or cyber attacks.

Manage IoT devices for greater protection

Small businesses must know about the security threat posed by the Internet of Things (IoT) devices coming onto the corporate network. To secure IoT devices, small businesses must create a separate network, use the latest firmware, use a different password for every device, turn off the universal plug and play, track and access devices to secure sensitive data.

Do not allow people to take personal devices to work as there are a lot of potential security concerns for wearables.

Establish a cybersecurity culture

It is a must for small business to establish basic security as they are more prone to cyber threats. In fact, small businesses witness cyber attacks as frequently as any big organisation.

Since small businesses often lack cybersecurity infrastructure, it’s unsurprising that they become the direct target of a cyber attack. Hence, for any business small or big, it is mandatory to establish a cybersecurity culture. You can also establish internet use guidelines with strong passwords.

Secure the network

For any business, it is essential to secure the network and computer equipment. These involve high risks as the internet is an open door for hackers. Therefore, businesses must seal proper security protocols to avoid intrusion.

Also Read: Photographers, food loss, and mental health: Meet the winners of Startup Weekend Jakarta 2019

Use strong encryption when transmitting data between computers and other companies. Keep your network secure, encrypted, and hidden while protecting access to the router. Manage third party content while effectively validating the devices to ensure complete security.

Make use of security tools

Businesses require a multi-layered approach to avoid data breaches and fraud to immune to the problem. Small businesses can provide firewall security for the internet connection as a firewall is a set of related programs that prevent outsiders from accessing the data on a private network.

If you allow employees to work from home, make sure that their system is protected by the firewall. Get an automated tool to enable responses that can encounter threats instantly.

Use a single cloud security platform

By using a single cloud security platform you give your business a greater cyber security solution. Mitigate the risks, smaller companies with no IT support can adopt a single cloud security platform that controls user, devices and network in order to detect real-time threats.

Cyber attackers constantly target small business because of small business lack of security.

Keep all the devices updated with security patches

Small businesses often forget about keeping wireless routers and internet facing devices up to date for security patches. Unpatched routers may affect the overall business and give hackers to direct invite.

By keeping the devices up to date and providing the utmost security, you allow your people to trust and build a great reputation. If the devices you use don’t provide with a regular update, then its time to move to the one that does.

Things to know before adopting new tech

There are several technologies which can help business to save the sheer volume of data and increase growth potential. Most technologies help you mitigate the risk and allow you to deal with sensitive data.

There are some powerful technology systems like SIEM, UEBA and even security Orchestration platforms that are powerful and maintain value over time.

1. Ensure endpoint security
For any business, it’s essential to ensure data sensitivity. The endpoint can be smartphones, computers, laptop or point of sale system or any other device which can be connected to the network.

Endpoint security measures help secure small organisations from cyber attacks happening through malicious apps. With endpoint security, organisations must ensure the following things in order to provide with greater security.

• Encryption of data
• Segregation of Network
• Control File Integrity
• Monitor The Data Access
• Prevent Data Loss

2. Centralise the security management portal
To manage everything in an organisation is beyond human potential, hence, centralised management security portal is a must. It handles thousands of devices, computers effortlessly.

Also Read: Grab wants to take Indonesia from Go-Jek with US$6.5b funding goal

All you need to do is to control and manage the integrity of the network. The centralised security management portal has many benefits like:

• User-friendly Features
• Available at Affordable Price
• Fewer Security Issues
• Instant Response
• Suspicious Interference

3. Build awareness on security measures
It’s really crucial for any organisation to impose a security measure to control and maintain strategic distance. To avoid digital information theft, it’s really important how you educate your employees to secure the entire organization.

A small business must provide their employees with cybersecurity consulting services. It will help people understand the difference between authentic and malicious mail. It will help you prevent data loss and build customer trust towards your organisation.

The advancement of technology and the rise of digitisation has brought a lot of potentials for small business to grow with the right management in place. Test all the security solutions to ensure they cover what is needed by your business.

By implementing a modern, remote access solution you can monitor who has access to the company’s network and how they are using it. It helps you filter the information you wish to get.

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Image by ygrek

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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The venture capital arm of Thailand’s Siam Commercial Bank participates in Pagaya’s Series C funding

Thailand-based Digital Ventures, the VC arm of Siam Commercial Bank, has returned to join the US$25-million Series C funding of Israel-based AI-powered asset management firm Pagaya, as reported by Deal Street Asia.

This round was led by US-based venture fund Oak HC/FT and besides Digital Ventures, participating in the round were seed investor Viola Ventures, Israeli insurance firm Clal Insurance Ltd, New York-based GF Investments, and former American Express chairman and CEO Harvey Golub, all has participated in Pagaya’s Series B round in August 2018 raising US$14 million.

Pagaya said it plans to use the funding to develop its technology and pursue new asset classes such as real estate and other fixed-income assets including auto loans, mortgages, and corporate credit.

Using machine learning and big data, Pagaya manages institutional money focussing on fixed income and alternative credit like pension funds, insurance companies, and banks.

The company claims to manage US$450 million for banks, insurance firms, pension funds, asset managers, and sovereign wealth funds.

Also Read: Cryptocurrency platform Liquid.com closes the first part of Series C funding, seals unicorn status

A US$100 million actively managed asset-backed securities (ABS) was announced by the company in February. It will use AI to select and purchase individual loans for the ABS, instead of the traditional ABS mechanics of securitising a pool of previously assembled assets.
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Making the power dynamic work takes good communication, good planning and the proverbial top-down approach

This article was co-authored by Prasad Vanga (Founder & CEO, Anthill Ventures) and Ms Lim Seow Hui (Director, Startup Development Division, Enterprise Group).

Corporations today have to innovate to stay relevant. Understanding this, many global corporations run internal programs and initiatives. However, these tend to be incremental innovations, which are important but not game-changing.

To achieve more ambitious innovation goals, large organisations must have the right talent, an innovation-centric culture, and the necessary enablers and processes to fulfil these aspirations.

Startups, on the other hand, have the single-minded goal to solve specific problems through constant technological innovation. This razor-sharp focus, strong internal team alignment, and agile development allow startups to innovate with speed.

There is, therefore, a compelling reason for corporates to work with startups to co-innovate.

Consider the power dynamics between corporations and startups

On one hand, we have the corporation’s ability and vast resources to achieve scale, and on the other hand, we have the startup’s ability to create rapid and value-creating disruptions.

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While they usually view each other as David and Goliath, there exists a synergy between them and they should explore collaboration. A structured program could extract most of the innovation potential through this collaboration.

Start from the top

The proverbial top-down approach is extremely crucial to percolate the vision down from the corporate leadership to the rest of the organisation. Carefully-designed programs involving the leadership and relevant business units will help craft the vision better and achieve the desired outcomes. The corporate could work with partners that are able to facilitate the co-innovation process.

It begins with an independent innovation audit to identify gaps that need to be addressed. Those gaps must be aligned with the corporate vision and strategy, thereby maximizing strategic impact. The corporate must then embark on the process of clearly defining the problem statements and gaps.

Three phases of corporate-startup collaboration programs

The program for such corporate-startup collaboration typically has three phases: design, build and operate.

At the design phase, it’s important to plan for internal resources such as budget, staff, infrastructure, operating model, legal documentation, and governance mechanisms, as well as external resources such as mentors and other industry partners.

During the build phase, key staff members are inducted into the program who will build and detail the program aspects such as using case creation, startup sourcing process, and relevant marketing efforts.

During the operating phase, the designed plan is executed along with the startup cohort. Some programs conduct carefully-curated business interventions that are aligned with specific business gaps. Periodic audits and reviews are required to assess the cohort’s progress and administer necessary course corrections to the program.

Good communication is key

Communication – both internal and external – is key to the program success. For the corporate that is engaging the startup ecosystem for the first time, it is crucial for the leadership to pay attention to communication.

Positive reinforcement after every success during the program helps everyone to rally around the new process of collaborative innovation. Portraying the appropriate public image is also necessary to attract the right startups and partners.

As this article is not meant to be an exhaustive list of the ingredients for a successful corporate-startup collaboration, these three ingredients have been identified as most essential.

Singapore offers a good location for co-innovation

Singapore is the gateway to the rapidly developing Southeast Asia region, with a population of more than 600 million people that is relatively young. Furthermore, the startup ecosystem in Singapore is ranked highly, with more than 150 VCs and over 100 accelerators and incubators on this tiny island.

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In addition, Singapore has more than 5000 MNCs that have set up an office here and a number of them are involved in co-innovation. Enterprise Singapore supports the ecosystem through its Startup SG initiatives.

In 2018, L’Oreal launched the L’Oréal Innovation Runway, a partner competition with SLINGSHOT, a global startup competition. As a SLINGSHOT judge, L’Oreal was exposed to the many startups that took part in the competition and was able to pick out interesting startups to work with. They also piloted a co-innovation programme to work with startups based in Singapore.

Home-grown ST Engineering launched an engineering-based incubator, Innosparks, that aims to address needs in mobility, energy, and healthcare. It provides startups with up to S$500,000 (US$369,000) in funding, co-working space and includes access to ST Engineering’s expertise and networks.

With an increasing number of exciting and innovative startups in the region, a track record of corporate innovation, and the availability of partners who understand how to run co-innovation in Singapore, companies can consider Singapore as a strong base for such collaboration.

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About Lim Seow Hui:
Armed with Bachelor in Electrical Engineering from NUS and a stint in the Human Resources industry, Ms. Lim Seow Hui joined SPRING Singapore’s Industry Development Group in 2008 where she managed key SME accounts in the Electronics & Printing Industries. In 2011, she went on to head a team in the Planning Unit where she represented Singapore at international fora on SME-related policies development such as ASEAN and APEC SME Workgroups. Seow Hui is now the Director of Enterprise Singapore’s Startup Division where she works closely with partners from the startup ecosystem to further strengthen the community.

About Prasad Vanga:
Prasad Vanga is the founder & CEO of Anthill Ventures, a speed scaling platform for early growth stage startups. Within four years, Anthill has built a startup portfolio of 30 companies across India, US and SE Asia that has grown by 3X in portfolio value. In his current role, Prasad leads the strategy, fund management and venture building at Anthill. Prasad has over 18 years of experience in helping senior executives from large organizations like Symantec, Nike, Nestle, Novartis, Wachovia, HSBC, and YES Bank to drive business transformations. His expertise is to help senior leaders discover the core competence of their organizations and design a change management framework that allows them to leverage their culture to drive large transformations. Prasad also has the experience of an Entrepreneur who built a $25M company within 3 years and as an Investor, he has backed several successful companies like Medplus, Zenoti, and Tynker which provided exits of >12X.

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A solution in search of a problem has put Singapore at number one on yet another list — overreacting to fake news

In the startup world, we are familiar with the idea of creating a solution in need of a problem. We are also familiar with the idea of our solution creating a brand new problem.

This week, the Singapore government seems to be enthusiastically passing a fake news law that creates more issues than solutions.

The new law gives immense powers to individual Ministers and has led to widespread concern within Singapore (no, it’s not just international folks projecting their ideals onto the city).

Ministers can individually flag “fake news”, where it will then be arbitrated in court — a ridiculously idealistic scenario with no basis in how media works. Furthermore, it gives expediated rights to request corrections or removals and makes it nearly impossible for media to fight back in a timely manner.

Finally, the law applies to all stories about Singapore, whether or not it originated in the city-state.

It is important to mention that Singapore does not have free speech protections and never has shown any intention of embracing dissent. This new law does not particularly change anything legally, but rather it speeds up the process — and creates a situation where the article comes down first, and then is adjudicated later.

The logic is the same as the procedure behind nuclear weapons: the Executive gets carte-blanche decision-making powers because the situation moves too fast for traditional government avenues. It’s fair enough. A lie travels halfway around the world before the truth has put on its trousers.

The problem comes in the grey areas. It tilts the legal power so heavily in one direction that the process is no longer a fight for truth but just plain ol’ censorship.

What has been fascinating about the roll-out of the law is the accompanying PR blitz. We regular folk here in Singapore have been inundated with articles explaining why this is necessary — usually quoting a politician with skin in the game. It almost feels as if the government knows this is a terrible law but is trying to convince itself, and thus the constituents, otherwise.

The scary part is that law is not government policy. It will be around a lot longer than the Ministers who pass it and while this crop of lawmakers may have benevolent intentions, it is written in such a manner that it can be easily abused by a rogue Minister or a new regime with less altruistic intentions.

As pointed out in a fantastic explainer written by Cherian George, the law provides an avenue for the government to leverage pedantic errors or differences in perception to request a full takedown.

The law provides an avenue — the courts — for a journalist to challenge the takedown request, but that is an unrealistic solution. Journalists have deliberately chosen a life of low-pay and a lot of media companies can’t afford the legal fees necessary to take a fake news case to the High Court.

If the journalist loses a case they could be fined S$20,000 (US$14,800) and face a year in jail.

It also puts responsibility on tech companies like Twitter and Facebook to clamp down on fake news with fines up to S$1 million (US$740,000).

The law is wilfully placing faith in companies that have failed miserably in markets that are much more important to their bottom line. If Facebook can’t figure out fake news in America, there is no chance it will do so in Singapore.

Alan Soon, of Splice Media, pointed out on Twitter, that the law transforms tech companies into agents of government policy. It is a valid point, but as someone who watches tech closely, the reality more likely to be like the television show “Veep” whereby failures in corporate policy are defined more by incompetence than malevolence.

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The problem nobody is talking about is self-censorship, a much more serious issue than fake news. Fundamentally, when, not if, this bill passes, it is unlikely to change much of what the public sees. What it will change is what the public does not see.

Self-censorship, more than fake news, is a real problem across the globe. It is a means for authoritarian entities (often corporate) to wilfully keep their people ignorant in an effort to achieve a goal (be it power, money or fame). Even in countries that support free speech, financial and political incentives often result in stories being killed.

Fake news, on the other hand, is a peculiarity of our times; just like penny presses in the 18th century,  Yellow Journalism in the late 19th century and the rise of partisan political news at the end of the 20th century.

The public should ask itself how many stories will never threaten this law because they were killed long before they even had a chance. In a corporate media structure like SPH or Mediacorp, that number is going to be higher than we’d care to admit.

Take, fore example, the debacle around 38 Oxley Road. How would that have been handled if some intrepid reporter had the scoop instead of a Singaporean princeling? Would Mediacorp or SPH really have published that story? Maybe I am cynical, but I seriously doubt it.

As said Tim Harford in his article,“Why there is no need to panic about Fake News”:

“It is all too easy to turn legitimate concerns about false information into a situation where the government decides what can be said and who can say it. We need to be careful that the cure is not worse than the disease”

Plus, Singapore does not have a fake news problem. This is exemplified by the necessity to cite foreign cases and one (ONE!) domestic case of an article that went mildly viral and had zero actual impact on society.

(If I am going to be a real jerk about it, 1,716 shares, 754 reactions and 157 comments does not qualify for the word “viral”).

Again, a solution in search for a problem. At this point, the government might as well use blockchain to create a smart contract and make sure the law is real.

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Finally, and it is crucial to point out, the term ‘fake news’ has been bastardised (thanks largely to Donald Trump) and most people do not fully understand what it means. A project from the University of Hong Kong is working to educate the masses on what fake news actually looks like, and readers will quickly realise there is a huge gap between perception and reality.

Companies like MSNBC or Fox News tilt in certain directions, and that is problematic, but they do not traffic in fake news. Fake news, by definition, is creating a fantasy story.

Fake news is claiming Hillary Clinton was operating a human trafficking organisation out of a Pizza Parlour. It is NOT suggesting this new law is an embarrassing slip up for a country that has grown into one of the most admired cities in the world but still is still dragged down by perceptions of having an overbearing, stifling, government culture.

This is not to say that fake news is not a problem, but of all the issues that plague our modernity, it is very low on the list.

The law being tabled is the definition of, “cutting off your nose to spite your face” and Singapore is providing a model for copycat authoritarian governments across the world.

Congratulations.

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The post The world should wish the Singapore fake news law is Fake News appeared first on e27.