Source: NGA Human Resources
NGA Human Resources issued the following announcement on Jan. 14.
Hemel Hempstead, UK: NGA Human Resources, the global HR and payroll services company, has today announced a partnership with Gospel Technology. Gospel Technology was recently recognized as Salesforce Ventures’ first global investment in blockchain technology.
NGA HR’s products and services innovation team has been piloting Gospel Technology’s Enterprise Secure Data Platform with a view to integrating it into its BPO payroll services architecture. Blockchain has the potential to raise the chain of data trust in NGA HR’s services to an unprecedented level. The project runs until March and will provide NGA HR with the insights it needs to establish the proof-of-value (PoV) for the platform.
“The greatest risk to any business is a data breach. Failure to protect PII can literally ruin an organisation’s reputation overnight. It’s for this reason that we’ve spent the past year looking at the potential integration of blockchain into our BPO HR and payroll services, as well as our internal processes,” explained Andy Monshaw, CEO of NGA Human Resources.
“It’s absolutely key to our business that we can give our clients and employees the assurance they need that their data is secured in the most trusted environment possible,” continued Andy Monshaw.
The trust layer architecture within the Gospel Technology solution addresses the growing requirements of organisations stipulating ‘unlimited liability for data breaches’ from data controllers and processors in their supply chains. Andy Monshaw, CEO of NGA Human Resources, predicts this requirement will rise steadily in 2019.
In July 2018, the Ponemon Institute LLC published an update to its ‘Cost of a Data Breach Study’. This highlighted continual growth in the costs associated with data breach incidents. Respondents to the study are reported to incur an average cost of $3.86 million per breach, coupled with a 27.9% likelihood of a recurring material breach over the next two years.
Aligned to these figures, the 2018 Verizon Data Breach Investigations Report (DBIR) identified that the top asset (Database) and compromised data type (Personal) are the clear targets for cyber actors. These points clearly reinforce Andy Monshaw’s requirement to provide a secure and trusted data environment.
Built using its own distributed ledger (blockchain) technology, the Gospel Technology Enterprise Secure Data Platform ensures contextual access to Personal Identifiable Information (PII). This means data can only be accessed by people authorized to view it, and only in the context of the relevant fields of information required to complete a process. This is proven to increase service efficiencies and to reduce the possibility of human error. NGA HR is also looking at how this can enhance the user experience of employees, in particular those in heavy volume data processing roles, including help desks and call centers.
“We’re really excited by this partnership with NGA HR and believe the results will demonstrate the business efficiencies, operating cost reductions and future proofing the Gospel Technology solution for the business world. This partnership moves distributed ledger (blockchain) into enterprise use and demonstrates the real-world capability of the technology across differing vertical markets and use cases.
“In the NGA HR pilot, together we’ve proved that managing data correctly and contextually significantly reduces the attack surface of an organisation. This is because data can only be seen by the right person, for the right reason and every data transaction (attempt, read and write) is recorded within the blockchain, providing immediate visibility and response of any intent to breach. Mitigating data breach costs and reputational damage,” explained Ian Smith, CEO, Gospel Technology.
“In keeping with our business model to partner with only best-of-breed solutions, we’ve partnered with Gospel Technology. Together, we’re innovating to meet the demands and expectations of security conscious clients now and in the future. In the pilot so far, we’ve established a level of data trust that is game changing for any enterprise services business, let alone payroll service. This is a hugely exciting development for our clients and we hope to commercialize the innovation in the near future,” continued Andy Monshaw.
“The architectures of today are no longer fit for purpose, as regular high-profile security breaches demonstrate. At Gospel Technology, our vision is to secure key enterprise and personal data to build a future where trusted data collaboration is the norm and we can see a huge opportunity for NGA HR as an employer, and as a controller and processor of data,” concluded Ian Smith.
Original source can be found here.