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3 Ways to Prevent IT System Failure in Banking

As is with other sectors, when banking and financial services are scaling their IT components, their investment into IT service continuity must scale too. The lack of robust IT framework and internal controls is in too many cases the reason to cause failure to operational efficiency. Banking and financial services thus, are more often vulnerable to IT system disruptions. 

In recent years, Bank of Ireland had hard times with their IT systems resulting in penalties worth $27.8 millions. The internal breach into IT service continuity services continued to remain activated over 4 years and led to regulatory breaches. Their ignorance to effectively pay attention to this critical matter might have raised the issue. 

With the emergence of advanced digital technology, consumers would prefer concentrated and digitally-controlled banking services. More than often, there are big and small IT incidents in financial firms. Customer inconvenience and their distress account for huge loss of money due to failure of transactions. With IT services enabling the majority of functionalities, it is critical for banking services to adopt a critical event management platform in facilitating operational resilience and continuity. 

In ensuring banking resilience and intolerance to service disruption, Zsuite, a CEM technology has a role to play by identifying risk and enabling crisis communication during IT incidents. Zsuite 

 

IoT-tied Alerts Builds Cyber Resilience 

IT incidents could be as harmful as other critical events like floods, and earthquakes in deteriorating business operations. With the growing utility of digital applications and tools, follows the vulnerability of cyber threats/cyber-attack or cyber frauds.

IT impacts are a big threat that exposes customer information to ransomware or other bad actors. Other banking activities that happen through connected entities, many of which comprise of vendors, suppliers, and customers that provide direct or indirect services. Telecommunication network providers, cash management providers, card transaction acquirers include these portfolios.

Threats are easy to creep through these channels.

Barclays, despite being a premier provider of financial services and a huge advocate of security assurance, was shattered by phishing attacks. For them, it was a familiar technical issue that exposed pin numbers of customers to the wrong doers. The incident put around 90,0000 customers to risk of money laundering risks way back in 2017. They promised to refund unauthorized transactions, but by then, it had unleashed a lot of damage to Barclays prestige.

 

These IT incident-borne events are phenomenal in recent times, and cyber resilience is the answer to this. 

Enterprise incident management comprises this critical competency to ensure cybersecurity resilience, which means giving banking leaders the ability to remain adaptable and proactive to continue operations and deliver customer service.

 

By leveraging IT service management capabilities in Zsuite, IT incident responders can gauge the critical threats caused to their cyber security and harness better understanding to reduce its impacts. Simply put, Zsuite improves mean time to know (MTTK) and  mean time to respond (MTTR), helping financial services organizations tackle critical incidents early and prevent costly repairs and damages.

 

In addition, Zsuite users can effectively use its IT incident response tool which ensures accuracy and context using IoT sensors. IoT-backed IT incident alerts streamline restoration processes without any delay and bring emergency response teams back to work in mitigating cyber event impacts.

 

 

Data Center Operations Scale with Situational Awareness 

The bank data centers always need to be performing to allow connected IT systems to work 24×7. But, a single moment of downtime or outage could be detrimental to critical operations.

 

 

If banks are susceptible to outage due to data center failure,  every piece of tool is unable to help in operational efficiency. The scenario needs the support of incident communications so that the status of the current situations are visible to emergency responders in real-time.

Businesses using a critical event management tool easily make quick strides in connecting with on-call responders and help minimize the impact of outage.

 

To keep up with data center operation management, stakeholders, partners, and emergency response team can tap Zsuite, enabling them to utilize its IT alerting solution to communicate at scale. The solution is convenient in populating IT alerts across different channels, ensuring them to build a rapid conference bridge while avoiding opportunities that could result in critical information being overlooked.

 

This efficiency gives leaders real-time visibility into what is happening around the site, thus making it easily traceable to detect threats and improve the restoration process.

 

 

Visual Risk Intelligence into IT Service Management 

 

When a data center is underperforming, the entire IT Service Management tool is not capable of handling operational efficiency. Sometimes, however, a data center perfectly works with one of the IT tools performing with its low capacity.

 

The situation that goes unnoticed is never desirable during wee hours at banks as it needs all of its tools to be able to serve their customers without a glitch.

 

Zsuite delivers a capability that syncs intelligently with the banking ITSM infrastructure, building a network to help pull IoT data and to enable end-to-end visibility into the entire IT systems. 

When an incident occurs due to the failure of any of the IT tools, Zsuite detects that threat before it could turn the situation into an unmanageable event.

Helping on-call responders to tap visual risk intelligence, Zsuite scales the competencies of situational awareness of the event in real-time and increases the effectiveness of incident response. This results in on-call personnel acting ahead of time to reduce threats to IT systems.

 

Financial deals are a 24×7 operation today that propose thousands of progressive ways for customers to leverage the benefits of innovative banking solutions. Banking users however, have an elevated need for a ceaseless service, much of which depends on the ceaseless operational efficiency of IT systems. Even a minor IT incident can put the entire banking operations at stake, leading to loss of profits and damage to reputation for banking institutions. The inability to manage this risk is an opportunity for competitors to drive customers into their own system and impact the growth.

 

For operational resiliency into IT systems, Zsuite is an intelligent CEM tool that harnesses AI tools to determine efficiency across all IT systems. 

With powerful combinations of features, including IT alerting, visual risk intelligence, IoT-powered incident alerting, and common operating pane, Zsuite provides a robust CEM platform to help you make your emergency preparedness efficient and empowering. 

To build a banking solution that is scalable, reliable, and efficient; Zsuite CEM platform is critical to ensuring cost-savings, risk management, and operational efficiency, while encouraging customers to embrace your services and expedite your growth.

 

Want to leverage AI-powered Zsuite? Schedule a demo today.  

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Find Why Is a CEM Tool Critical for Employee Safety in Banking? 

Working with the banking and finance sector remains a sensitive area with exposure to workplace health and safety risks. Now, with the pandemic-related health threats, the existing threats are another level of crisis for employees which is unlikely to die down for stakeholders and leaders, prompting extra length of employee security and safety procedures. 

In most cases, the most usual employee threats can impede decisions to open a new bank operation. In this kind of scenario, bank robberies are a leading threat to employees’ life and security. Other man-made risks that encompass fire incidents, terrorism attack, or active shootout have drastic outcomes on people’s safety for banking operations. The best way for banking and financial operations to ensure safety for its employees is to use a robust critical event management tool. 

With multi-faceted capabilities built within the CEM architecture of Zsuite, the software helps banks with workplace health and safety compliance. It means a CEM is a suitable platform, making it flexible for the emergency management team to implement employee safety and security. Like many Zsuite users, banks can also optimize the CEM technology from its portfolio and build trust and confidence for employee safety. 

Combating man-made risks

Banking and financial personnel never know when they are exposed to threats as the concern for man-made risks are increasingly growing at scale. With bank robberies being one of the common threats to bank employees, the best way to keep emergency responders informed and get appropriate resources to mitigate life-threatening risk is to use AI-based MNS software. 

During any emergency, emergency communications are key to making progress with getting help and risk mitigation. The cutting-edge technology is the powerhouse for Zsuite, helping leverage fast and scalable mass notification systems. Zsuite enhances the message delivery capability, which escalates in real-time for people in harm’s way and anyone who needs information to keep people safe. 

Other than making information fast reach, it also ensures zero tolerance for information overload. It is end-to-end visual risk intelligence built in Zsuite that anticipates threat landscape and sends alerts to the MNS so that it can only relay information which is contextual and provides situational awareness. 

The other way around, by capturing location details of employees using its geo-location capabilities, emergency responders are able to reach the right people who need the right information to react and respond to threats in the most effective manner. 

Multimodal message delivery powered by a contact center is a unique feature of Zsuite that helps detect the right person in danger and helps reduce panic, thereby helping build a safe workplace for banks and financial institutions. 

Also , when orchestrated right upon the emergency  tools, Zsuite helps leaders maximize its emergency notifications or alerts during active shootings, bank robberies, and a minor situation like employee harassment.

 

Real-time connectivity in extreme weather 

As banks look at ways to work incessantly, employee safety comes as a major growth objective for banks. Situations are unpredictable more than ever now with extreme weather conditions, natural disasters, storms, or floods turning out to be real threats. 

Situations like these always seek for end-to-end monitoring into what and how things are happening. With high-alerts making it to each corner of the extreme environment, emergency leaders at banks also determine their emergency communications work at scale in keeping people safe and informed. 

Built-in real-time visual risk intelligence provides real-time status of the situations, enhancing threat monitoring and enabling targeted and timely alerts to improve response and risk mitigation.

When people are at work, the complexity only increases as banking leaders need support for their safe return back to home. Simultaneously, it is also important to make sure they have no life risk at work environments too. To build defense against weather-related risk, emergency alerts and geo-fencing assist in ensuring safety and security for employees. 

Mapping safe zones at the workplace is easy with Zsuite CEM. Leaders gain actionable insights into safe places so employees can operate safely and avoid any uncertainty of risks. 

Beyond the work territory, Zsuite also provides capabilities to reduce travel-related risks. Opt-in portal is a safe way to be in contact with continuous monitoring through the command center. GPS-tracking and two-way communication model keeps employees informed and aware of risk ahead of their way. Ultimately, employees who can use fast and secure information can respond to rescue procedures quickly and move to a safe zone. 

End-to-end wellbeing monitoring 

As things look to settle down from the phase of the pandemic, the COVID-19 threat does not seem to die down soon. When leaders are aware of the fact, which makes it mandatory to maintain compliance with the government policy for employee health and safety from COVID-19 risks, Zsuite helps. 

Banks can leverage location intelligence and opt-in survey portals, designed specifically for making handling of infections and employee safety convenient.

 

When employees sign up with opt-in survey portals, they give consent to sharing private and confidential COVID-related feedback. With the contact center working in sync with the opt-in portal, Zsuite makes it easy to trace the right employee with symptoms of infection and restrict movement and close contacts with other employees. 

Also, it speeds up the isolation procedures as well as sanitation work to improve and help compliance monitoring. 

In curbing threats to spread to other locations, leaders can find location intelligence handy as the technology provides granular level visibility into contaminated spaces, and then imply restrictions until further notice. 

By ensuring the well-being of employees, it is never too hard for leaders to enable others to work with full confidence and continue their services without any health risks. 

Having Zsuite with the existing IT system in banking zones can help everyone build a resilient service with a robust team at work 24×7. 

When you aim to build a safe and secure environment to ensure employee safety in banking fraternity, speed and data relevance are critical to responding at scale and being able to react in real-time.

Zsuite has integrated CEM features to protect your people at any time and anywhere. 

Starting from anticipating threat severity to providing deep actionable insights through a common operating picture, Zsuite helps banking leaders harness efficient methods to minimize the impact of any threat. 

Zsuite reduces the time to train emergency responders by building an intuitive interface, which is fast and easy to learn and use before, during and after any threat to employee safety. When it comes to meeting duty of care for employees in the banking setting, Zsuite facilitates employee safety by mitigating the impacts of upcoming risks. 

Reduce mean time to respond and maximize mean time to react with Zsuite to deliver optimal performance before, during, and after any employee safety risks. 

Need assistance to adopt Zsuite? Schedule a demo today. 

 

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Bank and Supply Chain: Build Resilience for Operational Efficiencies with CEM

 

Critical event management as an option to keep operations resilient with evolving emergencies can significantly reduce the growing concern of supply chain disruptions in the banking industry.  For the industry that involves operations handling money transfers, transactions with cash or digital payment one way or the other preferably seek robust cash supply chain management processes.

 

Going forward, the cash supply chain holds similar activities as the retail supply chain does. So, the risk that retail inventory entails makes no difference for supply chain operations for banks and credit unions, forcing them to optimize operations at different levels. The effective way to maintain supply chain efficiency is by optimizing critical event management software, which ideally helps supply chain leaders boost cash flow and serve their customers. 

 

Stimulating cash flow through supply chain management 

 

The financial institutions worldwide are facing the glaring of cash handling costs, exceeding $300 per year. Leading banks are desperately in need of a way to manage their supply chain operations that would help build a strategy in restructuring their growth expenses.

 

Despite digital wallet and other sources of integrated methods, cash is still a crucial method to aid global transactions. Global supply chain management from top down encompasses a lot of devices to move cash from bank to customers. The primary sources to make cash available to customers are Automated Teller Machines (ATMs), Recyclers, Video Tellers, and Kiosks among other sophisticated technologies.

 

Unless supply chains improve their productivity to efficiently help manage, protect, transport, and process cash; optimization of these technologies is largely ineffective, increasing maintenance costs while impacting the bottom line for banks.

 

To reduce the costs of maintaining cash handling technologies, cash inventory management should scale keeping in mind the proper utilization of the network of ATMs, preventing excess cash sitting idle. The strategy is foolproof to improve cash supply chain productivity while getting competitive advantage in the market.

 

Most large retail banks are considering the strategy to optimize the cash supply chain that in other ways would help technologies to perform better and enable cost-savings. 

 

Globally, cash in circulation sees a bump in their growth. For instance, the European Central Bank and United States Federal Reserves conform to the demand of cash and currency being raised exponentially. These also encouraged the increase in cost for ATM deployment and management.

 

Overall, from central bank to customer, the cash-in-transit journey is costly for banking institutions. The demand asks for an optimized supply chain, which by and large need the support of critical event management solutions. 

 

With eagerness to build resilient supply chains for cash flows across different locations globally, banking leaders are mostly likely to improve operational efficiency of supply chain as well as optimize ATM networks.

 

Route optimization to reduce costs and encourage resilience

 

Leading organizations are applying the power of artificial intelligence to monitor end-to-end functionality across the path of supply chain operations. The strategy has effectively delivered solutions in making the supply chain resilient while meeting their ambitious goals of logistics delivery on time.

 

Retail banks also have a deep concern for their products being affected by unpredictable threats along their way to destinations. With a focus on achieving significant cost reduction, they also need a solution which helps optimize their supply chain operations for on-time logistics delivery and elevate customer experience.

 

The effective way to predict threats to their way is by gaining situational awareness into the critical events. The visual risk intelligence capability is significant in predicting risk ahead of time. By giving an effective way to supply chain leaders at banks, Zsuite helps analyze risks through a common operating picture, bringing all threat data to a single pane of glass to work through only critical threats.

 

As they identify risks to the supply chain processes, it is the easiest solution for banking leaders to optimize the logistics route. Thereby, by detecting risks much ahead of time, visual risk intelligence that builds end-to-end supply chain monitoring, helps prevent possible threats, and manage transportation costs. In addition to reducing transportation costs, Zsuite also streamlines supply chain operations while minimizing logistics costs that would otherwise meet with disruptions in absence of visualization capabilities.

 

Crisis communications in helping manage supply chain related operations 

 

 

Being able to deliver the right information during any emergency is the best thing about crisis communications. The tool built with Artificial Intelligence taps into several modes of communication networks to keep people involved in the process of cash-in-transit informed about any critical incidents.

 

Expanding its capabilities as emergency alerting or mass notifications, crisis communications can be effective during emergency situations, many of which include inclement weather, labor unrest, natural disasters, pandemic, including man-made disasters. 

 

Different forms of scenarios resulting from critical events impact cash-in-transit services. As a result, cash supply chain processes face disruptions before they can transport the money to appropriate ATMs at designated locations.

 

In addition to 40% excess cash idling at branches, armored courier services, including the maintenance of sophisticated technologies, financial institutions have not yet optimized their efficiencies, which is another primary reason for them to shell out extra money. 

But, crisis communications enable cash inventory to move through different channels with proper strategy if leaders have real-time information. Zsuite users already utilized crisis communications before, during, and after critical events to keep their people safe and operations running smoothly at different levels.

Banking operations can also benefit from these advanced crisis communications tools to communicate information which is reliable and contextual. Without having to worry about information fatigue, emergency responders gain proactive emergency preparedness strategies, helping them to mitigate impacts that would otherwise hit the bottomline.

 

If your banking operations look at ways that could help with cash supply chain management, Zsuite gives you all the tools to enhance your supply chain productivity and save the bottom line.

By leveraging deep insights into critical events, Zsuite delivers the performance in fulfilling the building of integrated supply chain networks across the banking environments. As a result, our CEM tool helps build predictive data analytics capabilities, which discourage operation silos and foster accountability through improvement of insights accuracy. The advantage keeps everyone adaptable with the system functionality, which not only delivers ease of use, but also makes it easy for non-analytics teams to comprehend deep insights.

 

The real-time comprehension of threat is thereby helpful in mitigating vague perception of the situation and help encourage real-time decision-making. With Zsuite encompassing capabilities that align with the legacy supply chain networks, its IoT connectivity simplifies the visualization of fluctuation in demand and supply, thereby helping suggest better techniques to mitigate risks in real time.

Additionally, Zsuite provides a better opportunity to gather historical data to help banking leaders integrate risk management strategy into their contingency plans to prepare and allocate resources adequately to build a competitive advantage for future risk mitigation. 

 

Having Zsuite in your banking supply chain management network gives the ability to scale and save costs in terms of enterprise cost management through developing long-term business value. This technology is available as a SaaS-based solution, which is manageable through either onsite monitoring or virtual deployment and inspection.

 

Are you ready to adopt Zsuite to transform banking supply chain processes? Zsuite helps you leverage this capability.

Schedule a demo today.

 

 

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Prepare for critical equipment management for uninterrupted banking services

 

 

For Mizuho Bank, little did they realize that their inability to transfer data to backup devices during peak operation hours could lead to computer system glitches. What did they not understand was the possible restoration preparation in a situation where their backup function could not work. Their response and reaction were not timely calculated. The outcome of critical system failure was worsening as it impacted operations across all branches, impacting operations at all customer counters. The malfunctioning of computer systems suspended transactions. The poor experience their customers faced impacted their bottom line by and large more than over a week. . 

 

With a proactive operations resilience strategy, bank leaders can prevent recurrence of data backup failure and then computer systems failure. 

 

However, the increasing number of modern equipment and device adoption could mean business disruption at any time for the bank’s operation and management.  

 

Banking leaders can relate the scenario of Mizuho Bank to their own set of financial service and operation challenges which are in most cases unforeseen and unpredictable at different times. 

 

Using Zsuite’s AI-powered critical event management tools, leaders at banks can scale their ability to mitigate unpredictable business disruptions due to critical equipment failure. As the critical equipment use cases are evolving across banking operations day-to-day, an integrated suite of CEM software delivers operational resilience and makes business agile. There are different scenarios a CEM platform can aid banking operations in becoming more accessible to customers without disruptions. 

 

CEM technology scales operational resilience for banking services

 

Banking process failures from critical equipment failure is a glaring risk to growth, which impacts hundreds of millions of businesses in minutes.  There are hundreds of possible scenarios of critical equipment failure in banking sector 一 some of which are usual and some of which can be dreaded and novel by nature.

 

The emergency response teams are interested in utilizing a technology that helps visualize risk in real-time and reduces time to mitigate vulnerabilities to machines and equipment. Harnessing visual risk intelligence delivers efficiency in identifying future risk to critical equipment not only on-premises but also off-site. There are various advantages of a CEM platform that banking operations could leverage to restore operations while they can be more capable of preparing better for emergencies in the future.

Banking equipment susceptible to critical failures 

 

Banking leaders are adopting digital transformation to provide consistent customer experience. The rising demand for instant financial services calls for maintenance and functioning of these banking devices and equipment. With emergency response teams needing to monitor each and every set of equipment, every second matters to keep equipment or devices running.

 

Banking critical equipment or devices include 一

  • remote cash capture
  • coin and currency collector
  • automated teller machines
  • interactive teller machines
  • deal drawer
  • night depository
  • cash recyclers
  • self-service kiosk and many more devices

As digital banking cannot scale without these machines and tools, their capability to operate in full swing is also significant to promoting customer services.

 

Banking leaders seeking predictive maintenance for critical devices and tools know something more than legacy tools can help them build a robust contingency plan. Failing to conform to this strategy could mean critical equipment disruption and operation failure.

 

Visual risk intelligence improves emergency responses 

 

The challenges are diverse and ideas here for banking leaders could be more of visualizing and analyzing them in real-time and possibly offer faster resolution. 

 

Some services can easily be out of order when the bank’s data center is unable to operate after a primary piece of equipment fails. Such incidents can have a drastic impact on banking centers across different locations, probably nationwide. It results in forcing system admin to declare ‘site unavailable’ on the banks’ home page. The damage translates into checks not getting encashed, leaving the service completely suspended for several days or a week.

 

As computer systems approach this critical scenario, Zsuite’s CEM capability that harnesses AI-powered visual risk intelligence helps identify the risk ahead of time. Threat intelligence works through data collected from IoT sensors overlayed by different bank equipment pieces. Having to identify this risk helps emergency responders keep the leader in charge informed of the critical incident and prevent mistakes before it prolongs the suspension of services. In addition to mitigating the impacts of critical equipment failure, location intelligence rapidly suggests response teams to reach the affected site in real-time and initiate the maintenance or restoration work. 

 

Digital workflows for faster incident communication 

 

Banking systems always need service uptime for their critical equipment. It is not unlikely for leaders to lose track of technical processes. When it happens, customer facing issues are on the rise.  Inaccessibility to finances is a primary issue for customers. 

 

Real-time trading, check depositing, fund transfers, account information access, new account opening and funding, investment account transactions 一 and many many significant banking processes may be at stake. 

 

In Zsuite, digital workflows leverages automation to facilitate emergency communications without having to populate emergency alerting at a difficult time when every second matters.

 

Based on the historical data providing critical information about operation disruptions, Zsuite allows for development of customized messages. Their CEM technology also makes it possible to use predefined message templates and set rules to be used in different scenarios. 

 

Having the ability to predict situations in real-time, it helps derive situational awareness of the system health. If there is any abnormal behavior detected by risk intelligence, it sends threat alerts to the system. In time of any critical equipment failure, digital workflows work in sync with contact centers, identifying the right person to send alerts and helps take appropriate remedial action. 

 

Banking leaders can find Zsuite digital workflows powerful integration to their IT service management platforms for delivering the right emergency alerts at the right time to the right person in taking a data-driven approach. 

Rapid risk management and operation restoration 

 

The values of a common operating picture is phenomenal that leaders seek to visualize risks to their critical equipment. Through a single pane of glass, Zsuite brings together possible threat data in a centralized location and helps analyze severity of risk as well as root cause of machine failure. By analyzing risk at a granular level, the emergency response team can allocate resources accurately and prepare their restoration activity in real-time. 

 

The emergency response team can also share their views with the stakeholders and other team members through two-way communication channels available on multiple platforms for users. With shared insights from top leadership, the emergency response team can build a faster and powerful risk management process. As a result, they can reduce mean time to response or MTTR, while minimizing time to restore the operations. 

 

In addition, a common operating picture also provides a view into equipment health and helps schedule for predictive and preventative maintenance. The practice keeps every critical equipment in checks and reduces the possibility of failure.

 

Zsuite is a powerful critical event management tool, which helps leaders prepare for every failure on their critical assets. It means banking operations leaders can experience fewer failures and damage to their reputations.

 

The technical failures do not seem like a frequent incident as end-to-end asset monitoring keeps everyone informed about the real-time status. With fewer redundancies, Zapoj that builds Zsuite CEM platform ensures profitability for banking sectors by discouraging delayed response to operational failures. Also, stakeholders and partners are capable of reducing costs to manage risks and encouraging business resilience. This CEM solution from Zsuite is indeed a powerful tool banking leaders can leverage to build plans for a fool-proof customer experience. 

 

Learn more about how Zsuite can help manage critical equipment here. If you need the Zsuite CEM platform, schedule a demo

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Zsuite helping banking industry prevent facility disruptions

 

The global business operations are reeling under everyday challenges, many of which refer to unexpected critical events. The ongoing crisis preceded by geopolitical crises or threatening events like pandemic impact operational efficiency  for organizations at different parts of the world. From supply chain disruptions and cyber attacks to system failure and employee safety threat, facility disruptions are a usual event that require leaders to take extra precaution and business continuity measurement.

 

Banking leaders also need to consider the scenario and ramp up their emergency response for operational resiliency in their facilities. In view of ongoing crises, or maybe the usual critical threats, facility disruptions are normal. Customer experience, however, is vital to maintaining brand loyalty, and long-term growth, which is susceptible to threats due to facility disruptions.

 

As a measurement of handling facility disruptions, banking leaders can use critical event management to anticipate, respond to, and mitigate threats. It is also critical for banking institutions to assess future threats and prepare for emergencies.

 

 

Proactive initiatives to encourage operations 

 

Critical events can expose many critical operations to risks for banking facilities, bringing operation disruptions and affecting their bottom line.

 

 

Critical weather conditions, natural disasters, active shooters including fire can impede services at facilities. A situation that can damage assets, put employees at risk, and impact operations is unlikely to subside rapidly.

 

However, it is critical that other interconnected operations continue to support indirect and some crucial operations in stimulating financial services. Banking leaders are in need to utilize a plan that was prepared with stakeholders and assess the dependencies between vendor supply chain processes.

 

 

Activating the plan during a critical event calls for immediate response to decide and activate the plan for business continuity.

 

In addition, banks also decide which processes are significant to running and maintaining critical operations. The crisis communication tools are powerful assets for banking leaders to build a small war room or conference bridge, where key stakeholders, leaders, and people on-call can connect instantly to discuss strategy for business continuity. The facility in harm’s way which is unable to operate during emergencies like fire, floods, or hail storms can immediately know which part of the work process should go on so that customers’ interactions and services should not discontinue.  Zsuite provides this ability to banking leaders during the critical event and streamlines their communication processes.

 

In case, leaders do not have any plan, historical data can be useful in identifying ways to mitigate any kind of further service disruptions that started with the unpredictable facility disruptions. 

Zsuite enables data harnessing by allowing business continuity leaders to look at different data points accessible through its embedded system. It is easy for them to analyze data and derive actionable insights that build data-driven decisions with shared views. This advanced AI-based CEM technology with its ability to provide end-to-end historical data saves them time to manage complex initiatives more efficiently. 

Determine impact with visual risk intelligence 

 

Visual risk intelligence is a powerful feature that uses AI to detect threats and improves visibility into what is happening or how situations are going to evolve.

 

 

With unpredictable weather events or natural disasters being highly vulnerable to erupt and disrupt, visual risk intelligence has unique capabilities to detect and alert on-call security personnel about the upcoming threats. A real-time threat alert that pulls feed from IoT connectivity helps them assess threat severity by allowing them to build a common operating picture using thousands of data points. By gaining a situational awareness and contextual lead, emergency responders can visualize risks to their assets, people, and processes.

 

They know how their operations are going to be affected by the disruptions. Based on the threat identification process, they know how to allocate resources to use in critical times so that their operations do not stop. Besides, it also allows them to move critical assets to other safe locations, in which they know their assets are safe and secure and accessible to operate later.

In addition to natural threats, Zsuite also helps with emergencies like man-made disasters or geopolitical issues. In the affected areas, where situations can become critical to run businesses, bank leaders can prepare a robust plan, which focuses on taking steps in managing supply chain operations and vendors. The plan can be more transparent to alert third-party suppliers or service providers about the next steps in improving resilience. 

Doing this, they can prepare themselves to survive in the global threat landscape, while getting better resources to respond to and lead ahead of potential threats. At the same time, being able to monitor the global situations through a single pane of glass, the impact of threats is less likely to be worse with an emergency response team looking at the situations proactively.

 

Build resilience and long-term operational goals

 

Businesses of all sizes and kind realized that emergency preparedness plans that they had did not match how the pandemic had happened and changed its course.

When situations are not favorable and impact the bottom line for banking institutions, a long-term goal might help. 

In fight against covid-related curbs or facility disruptions, Zsuite can help banking processes to be ceaseless and effective for overall economic development. 

Zsuite’s embedded feature that allows for an opt-in portal is a tool to keep track of the health status of each member. Starting from the vaccination drive and a proper scheduling of doses to keeping a watchful eye on the victims to alerting them for the next schedule, Zsuite works in sync with the company’s database and builds transparency to avoid complexity related to COVID restrictions. 

By allowing it to gather data from location intelligence, Zsuite rapidly makes it easy to trace disease, discover employees in harms’ way, and sends across emergency messages to keep operations running.

 

At different levels, Zsuite provides a massive volume of data, which is useful to derive insights from existing incident data and build a foolproof plan. By prioritizing resilience, organizations gain the ability to eliminate risks and avoid facility disruption failures. 

Critical events are evolving every moment. Having the right CEM tool, Zsuite means banking institutions can leverage a robust emergency preparedness tool to improve their response to business continuity. 

With visual risk intelligence, multi-modal crisis communications, Zsuite provides banking leaders with the ability to scale and mitigate risks at the earliest possible. As a result, before an incident turns into a grave situation, banks can handle the situations in real-time and promote cost-effectiveness. 

Overall, by protecting facility operations from probable threats, banking organizations are able to deliver excellent customer service, helping them build a long-term customer relationship, ensure profits, and build long-term sustainability. 

If your banking operations need to ensure uninterrupted business operations in facilities, Zsuite must feature in your existing IT infrastructure. 

Want Zsuite? Schedule a demo today

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Why CEM platform for operational resilience in banking?

 

Overview 

With the increasing rise of global critical events, banking operations are undeniably susceptible to disruptions. A CEM or critical event management platform plays a key role in minimizing operational risks and boosting emergency preparedness that helps promote operational resilience. 

Key Takeaways:

  1. Situational awareness backed by a common operating picture clarifies visibility into the evolving threat landscape and accelerates risk mitigation efforts.
  1. Location intelligence provides granular-level mapping and tracing of critical assets, people, and processes to pivot rescue operations as well as restoration of operations. 
  1. Crisis communications bring the fastest mode of communication and collaboration with on-call responders and stakeholders for shared views and data-driven decisions. 

 

 

Providing banking services the ability to achieve operational efficiency is the core responsibility of leaders, who also ensure that financial services are always functioning at the top level after disruptions. They aim for operational resilience so that bouncing back to normal operations does not prolong and impede economic growth.

The critical events are increasingly growing at an alarming rate compared to how they looked previously. For banking leaders, building a plan for contingencies with mission-critical business continuity ambitions is the most effective way to minimize impacts from events ranging from pandemic flu to man-made disasters including severe weather patterns up to floods. Enterprise-level operations have already stepped up to leverage the AI-powered CEM platform or critical event management tool to assist with business continuity and mitigation of disruptions.

 

 

To strengthen the resiliency of the financial and banking operations, leaders can make arrangements for their contingency plans with a CEM tool, and protect their processes and assets against unpredictable external shocks. In protecting people in harm’s way, CEM provides agility, speed, and performance at scale.

 

 

Situational awareness matters when promoting operational resilience 

 

When Hurricane Katrina swept through Houston and flooded its streets, bankers had the toughest days continuing their operations. They had facility disruptions, which brought their locations to several feet down under the water. With prolonged power outages and inaccessibility, employees and customers were scattered across different locations. Banks were facing raging disruptions for several weeks.

 

Critical events are nowhere to go though. Bankers need to see these disruptions as a learning experience, absorbing key elements that could help them build operational resilience into their processes. 

 

The increasing overhaul of digital payments and other associated financial functionalities could have drawn a huge customer base, but without the banking working at the core level, facilities are denied, resulting in economic trade-offs.

 

In any circumstance, the service deliveries must continue. As is with the growing need to support the economy to scale, banking leaders become concerned with operation continuity temporarily when struck with floods, bad weather, or any critical weather conditions. 

 

Situational awareness of the evolving situations improves visibility and helps emergency teams step up their capabilities to allocate resources and find a location suitable to resume operations. Pulling large data feeds from different touchpoints makes understanding better and improves decision-making with accuracy. To fuel recovery processes and restore operations, situational awareness gives banking leaders an opportunity to withstand the impacts of disasters and meet customer needs.

 

 

A similar approach to using situational awareness is the best way to determine the threat landscape, and anticipate the upcoming vulnerabilities to processes and assets. 

 

It is not unusual for banking institutions to have their IT systems located on the ground floor. Situational awareness provides the capability of predictive analytics and helps anticipate the rate of damage to their IT systems. With real-time and contextual information from the situational awareness feed, it becomes possible for emergency personnel to prevent

IT system failure

. 

 

Location intelligence to identify risks to assets 

 

Location intelligence accurately gives information by ingesting data and analyzing it using geospatial or geofencing capabilities.

 

Today, location intelligence builds powerful communities and businesses, helping leaders meet the need of protecting critical assets. Some of the leading use cases that location intelligence provide include optimizing sites in threat-hit areas to make them operational,  managing assets in real-time, as well as maintaining critical IT infrastructure. 

With the growing interest to use location intelligence in different enterprise operations, banking operations are critical services that can tap the potential of this AI-based technology. 

 

With an enormous of devices being connected to the Internet of Things (IoT), leaders are able to harness massive amounts of data to improve visualization and analysis. Using this machine learning and artificial intelligence-based powerful capability, they can gain a competitive advantage during critical events and prepare a holistic plan to help anticipate and mitigate the impacts of the vulnerabilities. 

 

As a part of a threat mitigation effort, leaders can predict the severity of the threat to their assets through a single pane of glass, where the database clearly points at threat zones and identify evolving risks in real-time.

 

Critical equipment failure is an incident, which can occur due to a number of critical events encompassing severe weather conditions, man-made disasters, fire, or active shootouts. To take out of this crisis and continue banking operations, leaders can take tap into location intelligence and track assets to keep them safe.

 

 

Supply chain disruption is more likely to occur due to vulnerabilities of critical weather, public unrest, or terrorist attacks. A granular view into the map dashboard builds transparency and visibility into how supply chain operations are facing disruptions and assists leaders with resources to prevent disruptions. 

 

Location intelligence thus represents better visualization of threats in real-time and enhances the ability of leaders to mitigate threats to their assets and processes.

 

 

Crisis communications improve response and recovery 

 

To maintain business continuity, any organization depends on crisis communications. Emergency communications are key to communicating critical information to the right people when a crisis happens. 

 

As the banking leaders know their outdated systems lack scalability and agility, they look at powerful ways of leveraging crisis communications and not on the outdated systems. 

 

Crisis communication is integral and significant part of a critical event management tool, which is built on modern architecture to deliver multimodal message delivery capabilities.

 

Leveraging its extended features of instant messaging, voice calls, social media interaction, and email among others, leaders can ensure messages reach the right audience. Escalated by emergency triggers, and crisis communications alerts and get the right activation team onboard to handle the crisis. 

 

The effective way to leverage crisis communications during critical events is to ensure

employee safety. Combining location intelligence and multimodal message delivery capabilities, crisis communications can reach the right person in harm’s way, helping them keep informed and safe.

 

 

Why is Zsuite an invaluable partner to help build operational resilience for banking operations? 

 

The scale of critical events impacting banking operations needs an advanced and modern architecture of a critical event management platform to maintain operational efficiency. 

 

Zsuite is a leading CEM tool, orchestrated on a single platform to help bankers leverage a multifaceted suite of critical tools to anticipate, respond to, and react proactively to mitigate the impacts of vulnerabilities. 

 

Zsuite features all the capabilities, including situational awareness, visual risk intelligence, location intelligence, and crisis communication. Using this wide variety of powerful tools, emergency activation teams at banks can accomplish critical operations. They can identify threats ahead of time before they could turn out to be a major threat; prepare better, gain capabilities to respond, and recover as early as possible. 

 

In essence, by leveraging Zsuite CEM tools, banking leaders gain the ability to build operational resilience, while achieving operational risk management so as to prepare better and learn to improve their response to critical threats. 

 

So, with the right strategy to prevent critical event threats, banks can bolster their incident management program, build an enhanced communication plan, and implement robust business continuity management. 

 

As they gain an advantage in promoting operational resilience, cost-efficiency is seamlessly integrated while they allocate resources for methods to prevent disruptions. Last but not least, banking leaders are more agile in building customer trust, and thus, pushing forward to sustainable growth. 

 

Need to build an operational resilience framework for your banking operations? Zsuite can help.

Schedule a demo today.

 

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Insurance and Their Processes:

Manage with CEM and Fight Critical Equipment Failure 

 

The insurers plunging into digital transformation are showing their interest to automate about 50-60% of their back-office operations. The adaptation to the digital arena undoubtedly makes operations seamless and efficient.

 

 

Chief financial officers or financial managers, however, have another level of challenges with digitalization. Critical equipment failure or machine disruption is a major concern for them. As a survey by FM Global, 94% of financial institutions find critical equipment failure disastrous to business disruptions for financial institutions.

 

 

The same report also pointed to property-related losses due to critical equipment failures.

 

 

In order to mitigate critical equipment failure or machine disruptions, insurance leaders are realizing the benefits of preventative maintenance measures. A critical event management provides enhanced predictive maintenance capabilities to prevent the impacts of equipment failure, while helping business leaders mitigate financial losses.

 

IT events are diverse and critical for financial organizations to handle. Zapoj having ingested an orchestrated architecture with CEM features and capabilities provides solutions to prevent machinery disruptions.

MTTR 一 an important step to mitigating critical equipment failure 

A small span of equipment disruptions could mean billions of dollars of losses for financial industries.

In equipment failure or critical machine disruption, MTTR ensures the success of the disaster recovery process and restoration of the services in fewer times. A high MTTR means delayed response from the emergency teams and prolonged duration into fixing the equipment fallout. Irrespective of how IT events occur and where they occur, Zapoj gives you a deep understanding of IT incidents and helps you reduce mean time to repair or MTTR.

Leaders and their human resources can experience different sides to critical equipment failure. Some findings say that

  • Maintenance callousness leads to equipment breakdowns
  • Some repairs or fixes can fail immediately 
  • Human element impact causes equipment breakdowns 

 

Industry leaders improve equipment lifecycle instead of paying for costly repairs or prolonged losses in overall revenue. They need credible information for the company’s preparedness for the next equipment failure. Real-time onsite and offsite IT event failure information is key to predictive analytics and handling the situations better. Zapoj helps fetche real-time threat information using its sensor-based IoT capabilities, thus simplifying the incident mitigation processes for leaders to tackle them.

As soon as Zapoj detects incidents, MTTR starts working. Using its predictive analytics capabilities, critical IT alerting starts populating and reaches the right person to mitigate the situations before it turns out to be a major hit. The emergency response team receives and acknowledges critical notifications during

  • A major system failure
  • A delayed identification of IT incidents 
  • Improper IT incident detection
  • A minor IT equipment failure 

A quick identification of incidents and rapid transmission of critical information enhance response time and resolution. This is how effectively and efficiently MTTR works and helps financial organizations to find solutions to failure immediately.

As is with MTTR, financial leaders most often overlook failures even after repairs. Mean time between failure or MTBF could impact business operations, which is an important part of MTTR. Neglecting this critical aspect can be detrimental to customer experience, and business growth.

Zapoj can suit your IT incident recovery strategy, and help you manage risks better.

Get end-to-end visibility across your critical equipment and tools 

Financial leaders can know when and how your IT systems become susceptible to disruptions in real-time. They can get continuous real-time data about the systems’ performance by building visibility across the facilities on-site and off-site.

Zapoj fetches a continuous stream of data from IoT-enabled systems and overlays them upon visual command center. Visualizing the trends and patterns of threats, emergency responders can localize the systems to be impacted with the failure in a specific location. 

For example, if a system or an application fails, Zapoj efficiently helps uncover the root cause of the breakdown and initiates immediate reaction through crisis communications or emergency alerting.

Automated digital workflows to execute incident management 

Automation is the best solution to reduce workforce dependency and handle critical situations better, while reducing the duration of MTTR.

Digital workflows are excellent examples of automation and helping simplify incident remediation processes. Zapoj supports digital workflow automation which is easily customizable. Leaders can set their own rules to define incident types, alerting conditions, and severity of alerting. With automated workflows in place, any critical equipment failure that is about to occur can reach the right person without affecting the entire workforce. 

Emergency managers thus can use resources required to mitigate and initiate repair work or replacement as per the severity of failure.

Analyze incidents and prevent at scale 

If an incident has occured, financial managers must know why equipment failure occurs. Post-mortem report is a rich source of information for them to find out what caused the failure and help prepare better for the upcoming critical equipment failure with proper resources.

Zapoj collects data in its system, giving leaders a better understanding into the incidents and likelihood of their recurrence in future. As a result, leaders are better prepared for mitigating risks and preventing financial losses from lost productivity, business disruptions, and customer grievances. 

The ability to identify equipment breakdown causes helps leaders take action to replace or find a permanent solution for future business problems. Frequent equipment failure, minor maintenance issues are some of the issues that they can identify easily using Zapoj AI-powered predictive analytics, location intelligence, and situational awareness.

Insurers need to move along with the business challenges and find out quick solutions that help them reinstate operations as fast as  possible without hampering customer experience. They can have the flexibility to use Zapoj with their existing system, and build extensive monitoring across all tools and equipment, and prevent critical event failure much before they create massive losses to the business. Zapoj follows an architecture that enables every business leader to prevent critical events, keep up with business continuity, and encourage cost-effectiveness.

To schedule a demo, visit us here.

 

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Get CEM to Offer Enhanced Employee safety in The Insurance Sector

 

Real-time emergency information is an important catalyst when employees experience critical events at work. Insurance sectors take up a major responsibility to protect their people following a devastating critical event or upcoming threats. Business continuity can be at stake if emergency response teams cannot speed up the rescue work immediately. 

 

The workplace safety team in the insurance sectors are aware of their duties of care for their employees. With real-time safety alerts, emergency responders or their security team can keep their employees safe. 

 

Leaders also take into account that they have to deal beyond usual or typical incidents and they need an integrated tool, which must have critical features, including emergency notifications and deep threat detection capabilities. The best practice to protect employees and manage a better workplace safety is to utilize a critical event management tool. Let us discover how we can ensure and establish the best employee safety in the insurance industry.

 

Assessing risk environment for employee travel safety 

Insurance needs staff to travel to far-flung areas to take their business ahead of the competition.  It is not business travel every time to handle client communication to discuss new insurance policies and their coverage benefits. Their employees fly out of their office to attend an international workshop, seminar, and research and development for discovering new avenues that help them scale. 

When company employees travel abroad, specific emergency responders have the responsibility to ensure they are safe in the space where they are traveling. It is part of their duty of care.

 

Assessing risk to their travel itinerary helps them reach the employee in harm’s way in real-time and offer enhanced safety. When their people are on the road, they can use location intelligence embedded in a CEM tool to know where they are and how they are going to face critical situations. 

By offering location intelligence capabilities and real-time notification systems, Zapoj simplifies the process of data harnessing from the associated region and territory. The safety and security team can access real-time alerts from Zapoj when an expected inclement weather approaches or unpredictable active shootout occurs. 

 

Zapoj has an integrated contact center. Leaders can utilize this repository to store employee information and their travel itineraries. The opt-in member portal gives their employees an easy way to sign up for the emergency alerts.  With contact information accuracy, the emergency and safety response teams know they can track and reach their employees in real-time. 

 

If the situation appears more concerning, the safety team can easily share the detailed risk report to their stakeholders and call off the trip.

 

 

When it comes to travel safety for employees, the growing threats from the COVID-19 can expose their employees to health risks. In order to determine the severity of the COVID-19 risk, they assess the infection ratios in the adjacent localities and territories. Based on their findings on the criticality, they can arrange preventive measures such as arranging return flights for their employees before they could be hit by massively imposed travel restrictions.

 

 

Building trust for employee engagement and productivity 

Employees know what could be the probable outcomes to work in harsh winter nights. The conditions would turn out to be even murkier when coupled with the terrible freezing temperatures. 

 

Emergency responders in the insurance sectors can handle the situations when they have critical information about the disasters. But, the unpredictability of sudden floods or earthquakes is damaging to the safety of their people. 

In this critical situation, they need to react with immediate action. What they could do is find out where their employees are serving right at this moment. In context to the severity of the critical events, the team rapidly checks with the contact center and traces their presence. 

 

Zapoj contact center is a ready-to-use and up-to-date employee information center. So, responders can have real-time employee information to reach them. The emergency notifications reach out to every employee stuck in the grave situation and offer help so that they can speed up the rescue efforts. Without any conflicts in the emergency communications and location tracing, rescue teams can avoid information fatigue while they efficiently manage their operations to protect their employees. 

 

The advancements of two-way communications keep their employees informed about how the rescue operations are progressing and what support their staff can also provide to efficiently reduce the chance of collapse. 

 

Knowing their employers have allocated the best arrangements for their safety, employees are more eager to be productive and engaged in their work. Additionally, insurance operations also never see any disruptions in productivity due to employee inactivity.

 

Minimizing minor to severe impacts to employee safety through COP 

Any critical event that erupts has different evolving situations with the changing time. From HR teams to emergency teams responsible to provide a safe workplace or safety to employees, they need real-time information and end-to-end visibility for this particular situation. 

 

Zapoj helps them build a common operating picture to overlay threat data into the system and derive actionable insights into the future threat landscape in real-time. With contextual information and situational awareness into the situations, leaders could know how they can restrict risks to their people and processes and help keep everything in proper order. 

 

To maintain business continuity in the insurance sector, leaders can also make great use of a common operating picture to coordinate with the COVID-19 responses. As Zapoj offers opt-in survey options to track real-time disease infection, the COP offers better visibility into employees being infected and suggests better health safety precautions. The process helps manage a safe workplace that does not expose any employee to infections while promoting social distancing measurement efficiently. 

 

Zapoj uses cutting-edge technology to efficiently provide the best means to prevent the impacts of critical events for the insurance industry and help manage the business operations.

 

 

With multilingual capabilities that provide user flexibility and ease of use, Zapoj scales its service offerings as the situation evolves. This is an advanced reason why Zapoj as a CEM scales to offer massive usability for different situations. Its location intelligence, visual risk intelligence, situational awareness are best-in-class technologies to help the stakeholders in insurance industry to react to critical events and mitigate their impacts in real-time. This gives business leaders powerful tools to manage risks and continue their business operations by providing a better workplace for employees. 

 

With Zapoj in your emergency preparedness plan, leaders can empower their employees and foster business continuity.

 

 

Take your business risk detection to the next level. Schedule a demo to install Zapoj

 

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IT System Failure in Insurance: Preventing with CEM Technology

 

The traditional insurance business model has long adopted digitalization. The transition proved profitable for them given the context in which they can produce satisfied customers through 24-hour access to products and services, and quick insurance claims.
Higher customer satisfaction driven by IT systems improves customer retention. But, the massive adoption of IT systems in day-to-day work processes and its different operational processes that insurers use to satisfy customer demand play bad actors for them. Data centers and dedicated servers that run thousands of application software for the insurance organizations could fail with the power outage.

This alone does not interrupt the rapid and significant insurance processes. There are more pains over the leaf.

Leaders are more concerned about the growing  challenges of IT system failure. Looking at a solution which can be agile and powerful to mitigate the risk to their IT system operations much ahead of time is paramount for business continuity.

Combining the best of breed technologies of AI and ML, a critical event management tool proves highly effective in mitigating the ever-increasing threats for business continuity and customer service in the insurance industry. Critical event management has multi-faceted sides to help insurers tackle from minor to severe IT system failures.

Automated critical event notifications for IT system failure 

Critical events are common. The random infiltration of bad actors in the cloud networks, internal software suites, and private applications results in IT system failure. Additionally, network outages, cyber attacks, and ransomware are growing at scale. Insurance companies with modernization of their systems are at higher risk of system failure.

Crippling threats to the insurance industry 

In most cases for ransomware attacks, the insurance industry has experienced that the payout for the settlement is huge. According to Palo Alto Networks, a nearly 171% increase in ransom negotiations was disclosed in 2020.

One of the largest insurance companies in the U.S. experienced ransomware attacks on their networks. The settlement cost them $40 million to resume their operations after overhaul of their networks.

The cyber attack to their networks caused the policyholder data, including coverage limit, to be exposed to the hackers.

There is a year over year rise in cyber attacks on banks and other financial institutions. In 2019, data theft cost insurance companies in 40 countries about $100 million.

Today, hackers ask for anything between $50 million and $70 million as ransom demand.

Preventative measures are always better in managing threats to insurance services and its people. Using critical event management tools, insurers can develop a robust disaster recovery plan to respond and recover from all types of IT system failures in real-time.

Real-time IT incident alerting 

A critical event management system like that of Zapoj delivers consistency in escalating the right and contextual notifications. Leading insurance companies are already using data and high-quality analytics to know risks to value to their customers. In a similar way, they want to have access to more insightful insights about the upcoming risks to their IT system. Situation awareness improves their oversight of the situations and they act accordingly. To improve contextual awareness and prevent information overload for the response team, Zapoj pulls data from social media channels, weather feed, IoT-connected devices to reveal data and assess the risk type. Based on the threat analysis, automated IT alerting notifications escalate.

For example, if an insurer’s legacy system is weak, or they need to undertake an upgrade, the conditions can be an easy stepping stone to infiltrate personal data of the customers.

There are cases in which insurers are forced to opt for forensic analysis to resolve the issues in exchange for hefty amounts. On the other hand, a simple denial of the ransom could mean a denial of service attack, leading to the crashing down of the systems.

he predictive analytics capabilities that Zapoj harbors helps insurers leverage real-time IT alerting and keep the response team notified. Critical notifications are powerful solutions to prevent the impacts of IT system failure and also financial loss.

COP to accentuate IT incidents and remediate the situations

The global operations are one more complicated matter that insurers look towards as a big threat to seamless customer services.  Minor to severe attacks to the IT systems can impede their ability to serve their customers.

The interconnectedness between one office to another needs real-time collaboration and communication support that helps people get information in real-time and serve without any restrictions.

When insurance operations rely on hundreds of applications, a simple form of power outage could result in inaction for several hours, and if not a week. An unprecedented situation like power outages can easily affect the performance of a server and prevent insurance brokers’ abilities to work seamlessly.

In this particular situation, when an office becomes paralyzed, other offices also know some particular forms of work processes cannot progress until they have adequate information or data from their coordinated team mates.

IoT-connected devices that gather data into threat can communicate with Zapoj and notify about the critical situations. Zapoj takes it further by pulling in more data from different sources like surveillance videos, security systems, or IT systems to create a common operating picture, and then helps build a single  pane of glass. The process helps leaders work together and reveal key information related to threats on a visual command center. A deep insight into the evolving matter of how their IT systems could slowly cripple towards dysfunction helps leaders prevent critical issues to the IT systems before they emerge as a big threat.

Location intelligence is a value added feature of Zapoj that identifies where exactly and which IT system is likely to face major disruption or even a minor disruption. The geographical information fetches the accurate and real-time information about the location, which saves time and effort in mitigating IT system risk.

Insurance operators in different locations do not need to wait for several days for the IT system operations to come back to normal operations. Therefore, the objective of business continuity planning is well maintained for them in a fast paced insurance environment.

IT system operations are critical to any business growth and customer satisfaction. Predicting and detecting the cause of the IT system failure and reinstating their services are the primary objectives of Zapoj. Its features and tools that leaders use are reliable and effective in assessing the risk to IT systems, and optimizing resources to help reduce the impact of IT system disruptions for insurance leaders.

The effectiveness of having a robust CEM technology like Zapoj easily brings you the best value for money. It not only takes care of IT system disruption prevention and remediation, but also leaders can ensure long-term customer relationships, and business growth. The cost-effectiveness comes handy as leaders are more quick to remediate situations and restore the normal operations, resulting in prevention of lost productivity hours and customer service interruptions.

Insurance industry is looking to adopt a robust technology to prevent risks to IT systems and Zapoj helps them ensure their business objectives.

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Mitigate Impacts of Supply Chain Disruption to Strengthen Insurance Processes

Global supply chain operations have been crippling under the effects of the COVID-19 pandemic. The cross-border restrictions, travel ban, and piles of cargo sitting at the ports that started for supply chain disruptions continues still today. The reduced workforce impacted its performance. Every industry is facing the ripple effects of the supply chain failure on a global scale. Insurance industry is one such sector which is also facing the heat. Insurers need to be flexible to provide the best customer experience to insureds in order to help them cope with the global disruptions with ease. Supply chain disruption could shrink the operational capacity of the suppliers, but being able to identify the risk factors with their supply chain services can help insurers improve their service levels by improving the mitigation efforts. 

Most insurance companies already have mitigation plans to deal with supply chain threats in place, but they are mostly designed to mitigate the effects of localized events. When critical events evolve beyond the usual earthquakes, floods, storms 一 they have disaster mitigation issues with no preparedness plans easily available handy. 

It just shows that insurers or financial leaders need to have well thought supply chain disaster recovery tools like a critical event management tool. The CEM platform basically focuses on  the deep understanding of the future threat scenario to help locate the threat picture and come out with faster resolutions. 

Cybersecurity threats and their remediation to insurance processes 

Insurance supply chain processes pass through multi-layered communication channels between varied user touchpoints. When it comes to progressing with one particular insurance project, it involves data transfer between parties that include, insurers, third-parties agents, insureds, and back to third-parties again. Between data transfers, one single delay in the data transfer can impede processes, impacting customer experience. 

Larger insurance industries have invested in tools to protect their data. However, their third-party suppliers, and vendors deal with supply chain communications upon systems which are low on cybersecurity strength. Hackers find this opportunity as a swift ground for cyber attacks and demand ransomware.

Vulnerabilities to one network can lead to risks for all parties involved. So, if one insurance supply chain process is linked with too many networks, each one will be at risk. 

 

Cybersecurity risks that occur within the supply chain network in the insurance industry look similar to other industries. The threat involves data leaks, malware attacks, customer data thefts. Cybersecurity threats in the supply chain can lead to operation disruptions for insurance processes.

 

 

As  part of the insurance response plans and cybersecurity mitigation processes, the adoption of IoT sensors-backed CEM software tool opens up ways to mitigate supply chain risks. Instead of being thwarted by the prolonged disruption, Zapoj enables leaders to have better visibility into the threat landscape, get better resources to get complexity out of their operation zones and restore operations sooner. 

Situational awareness gives everyone a better insight into what is happening to complex supply chain networks and how critical vulnerabilities can impact major operational performance. Threat mitigation leaders can react faster and collaborate with the right contingency team. Together with the stakeholders, business leaders, and partners, business owners in the insurance industry know effective and efficient ways to utilize resources at optimal level and reduce the impacts of cybersecurity threats before they pose a serious threat to whole business operations. 

 

Setting up the threat mitigation system with Zapoj creates a robust CEM tool that helps you with cyberattack recovery. 

 

Supply chain risk analysis and disruption mitigation 

 

A layered network of supply chains when connected through IoT-connected devices, it is useful for the insurance industry to develop a common operating picture and get a close view, or more accurately to say a common view. Zapoj has integrated tools to pull data and overlay feeds into a single pane of glass, which reduces the gap into information silos, and provides clarity for risks and disruptions. 

Embedded with location technologies, Zapoj is instrumental in identifying the right supply chain network that is under threat or approaching risk. This is an intelligent solution to reduce time and effort as emergency teams are at minimizing business operation risks. With data from disparate tools, Zapoj ensures that insurance leaders can handle crises by planning and managing disruptions properly. So, leaders who want to build resilience into the supply chain to make insurance processes robust and frictionless can achieve their mission-critical business objectives with the Zapoj CEM software tool.

 

Business continuity and supply chain resilience 

 

Provided the critical and unpredictable characteristics of critical events 一 wildfires, floods, storms, COVID-19, and man-made disasters, leaders need to predict and view critical threats as source of supply chain disruptions. Insurance companies are having major concerns to mitigate these usual risks upon their business operations and maintain supply chain resilience. 

Zapoj gives contingency teams to utilize location technology and predictive analytics to detect and prepare for risks based on the threat trends. Smart maps and advanced analytics provide insights and improve cognizance about a wide-spectrum of threats at scale. Localized or regional threats could mean different types of resources to handle their impacts on the supply chain disruptions, and get the ability to manage risks with better understanding.

Supply chain operations in the insurance industry is a significant process to improve business operations and performance. The operational efficiency helps insurance leaders improve customer service, and manage business growth and scalability.

 

With critical events on supply chain services threatening its operation capability, supply chain management could be at stake any time. Leaders can never know when their supply chain operations are vulnerable to a variety of threats. Zapoj helps them discover threat sources and have better contingency plans and mitigate supply chain risks. Being a critical event management tool, Zapoj uses AI-powered capabilities to detect and offer better threat mitigation support to remain stable and resilient even in most critical situations. To build resilience into your supply chain operations and make your insurance services more user-centric and immune to vulnerability, schedule a demo today