From sustainability in finance to Open Banking and innovation, Nordea has had a lot to say during 2017.
At the recent Sibos event in Toronto and the NextGen Banking Nordics conference in Stockholm, we put some of our experts and innovation leaders in front of the Finextra lens to discuss the hottest topics of the year.
Swix Sport AS is an internationally recognised Norwegian company that specialises in ski equipment and technical sportswear, selling to stores and distributers globally. Given the seasonal nature of their business, Swix face some related challenges such as fluctuating cash flows as well as having to account for foreign exchange rate fluctuations.
Swix products are distributed from their headquarters in Oslo and Lillehammer through subsidiaries in Sweden, Germany, the United States and Japan with sales to other markets handled through a network of suppliers.
“Where there’s snow, you’ll find Swix,” says Kjell Magne Sunde at Swix Sport. As Chief Financial Officer for a highly innovative company within the niche industry, one of the challenges Kjell Magne Sunde has to manage are deep seasonal fluxes and highly volatile FX markets. To stay on top of a fluctuating cash-flow while coping with unpredictable foreign exchange rates, the CFO needs a bank that truly understands his business – a bank he can trust, and rely on through ups-and-downs, and call whenever he wants.
Technologies are reshaping the treasury – here we outline some of the most important new terms for treasurers.
Nordea is an active participant at this year's Sibos, with our Cash Management and Trade Finance experts taking part in a range of Sibos talks, roundtables and discussions. Catch up with the latest trends from Sibos below.
In our 2017 Q3 Economic Outlook, Nordea says it expects the global economy to grow by 3.6 per cent this year, 3.7 per cent in 2018 and 3.6 per cent in 2019.
The rise of cybercrime has resulted in a robust industry of cyber security professionals, endlessly engaged in a cat-and-mouse struggle for dominance with would-be hackers. We interview two cybersecurity experts on the current trends, their expectations for the future and their advice for how companies can best protect themselves.
Andreas Bogk, a hacker and member of the Chaos Computer Club for more than 20 years, is a Principal Security Architect at HERE Technologies. Tonje Vik Jevard is a Cybersecurity Advisor at NorSIS, The Norwegian Center for Information Security, which works to promote a secure digital environment in Norway.
In June 2017, the Maersk Group was hit by the NotPetya ransomware attack, shutting down their systems for days. Some of their teams resorted to logging shipments by pen and paper, while other facilities were closed altogether. Ultimately, the disruption to their operations cost Maersk over $200 million in lost revenues.
However, despite the damage wreaked by the ransomware, the attack was not nearly as damaging as it could have been. Though NotPetya gained access to Maersk’s main operation systems, it never accessed any secure data and no sensitive information was made public.
Maersk was by no means the only victim of the NotPetya attacks. The ransomware, which originated in the Ukraine, tore through Europe, crippling many organisations. The NotPetya ransomware came on the heels of WannaCry, another ransomware attack that had a debilitating impact on the UK’s National Health Service, among others.
Cyber threats impact so many areas of both personal and professional life, it can be difficult to stay prepared. Here are 12 specific ways to improve your treasury's cybersecurity.
1. Don’t be complacent. As a treasury professional, finance employee or CFO, you are an attractive target to hackers. Everyone is a potential victim of cybercrime so be aware, take the risk seriously and stay on top of the latest trends both globally and locally. Work with your internal cybersecurity experts and ensure cybercrime is part of your department’s risk policy.
2. Plan for the worst. It has been widely stated by security experts that there are two types of companies today: those who have been hacked, and those who will be again. Ensure you have a plan in place if your systems are breached: Do you have a backup of data? Do you have a recovery procedure on a department or Group level? Do you know who to contact if you notice any breech or suspicious activity?
Bitcoin has been a financial curiosity since its rise to prominence in 2009. However, it’s become clear that the real technological advance is not the cryptocurrency itself, but the blockchain technology that underpins it. Innovators, entrepreneurs, and academics explored the potential usefulness of blockchain technology, leading to predictions that it would revolutionise entire industries with its increases in efficiency and security. However, almost eight years later, blockchain is still primarily relegated to innovation labs and conceptual models.
What happened to the technology that was hailed as an archival panacea? How has the financial industry started working with it, and what are the plans for the future?