Technology Insider: September Edition

What's New at Expera: Recent and Upcoming Events

Upcoming Events

• What Business Leaders Need to Know About AI: A Virtual Keynote
• Artificial Intelligence and the Future of Commercial Real Estate: A talk at TCN Worldwide, September 24th

Recent Events

• Insights from the Blockchain Futurist Conference
• A Finance Executive's Guide to Managing Cyber Risk: A Talk at The ONE 2024 National Conference in partnership with CPA Alberta, September 11th

The Future of Work

• Adapting to the Future of Work: Building a Winning Culture in a Remote/Hybrid World
• Driving AI Adoption In Your Organization

Complimentary Resources in This Issue

• Cyber Risk Assessment
• The 2024 Security Checklist

Key Articles

• Hackers are Zeroing In on Small Construction Firms and Other Invoice-Heavy Businesses
• VPNs are Not an Invisibility Cloak (Don't Use Them Like One)

What's New at Expera?

Get AI-Ready in Our Upcoming Virtual Keynote

Over the past few months, our team has been all-in on helping our clients and business leaders get AI-ready. Our next event is a virtual keynote for business leaders and anyone interested in quickly and effectively implementing AI for their organization.

Click here to get notified when all of the details are announced!

We've heard a lot about business leaders' concerns surrounding AI—? whether it's a fear of Skynet happening, the creation of misinformation, or concerns about data leakage within or outside of your organization. If there's a concern you want addressed, leave a comment to let us know!

Upcoming Talk: AI and the Future of Commercial Real Estate

On September 24th, our CEO and Founder Vince Fung will be discussing the impact of AI on Brokerage at the TCN Worldwide Fall Conference in Calgary.? We're excited to deliver this presentation and share insights on how AI is transforming the industry.

View the event agenda and get more info here!

Recent Events

Getting a Glimpse of the Future at the Blockchain Futurist Conference

The Blockchain Futurist Convention is Canada’s largest blockchain event, bringing together investors, thought leaders, and innovators from around the world to discuss Blockchain, cryptocurrencies, DAOs, DeFi, NFTs, and AI.

It was a great opportunity to connect with visionaries and architects of the future!

Talking Cybersecurity at The ONE National Conference

In partnership with CPA Canada, this conference brings together over 2k industry experts and leaders from across the country.

Our talk, A Finance Executive's Guide to Managing Cyber Risk, highlighted how financial executives can effectively protect their organization. If you weren't able to attend, but are interested in learning more, get in touch or book your own complimentary assessment with our team below.

Adapting to the Future of Work: Building a Winning Culture in a Remote/Hybrid World

?The New Reality of Remote Work

The world of work has changed, and business leaders must accept this new reality. We are in the midst of a hybrid workplace revolution, and it’s time to reimagine the workplace. One of the first steps is transforming company culture: approaches that enabled success four years ago aren't necessarily the best path forward today. Employees have different expectations, the work environment has changed, and technology has evolved.

Fostering engagement is more important than ever: a 2023 Gallup survey showed that only 32% of employees are engaged at work. Even worse, 18% are actively disengaged, which can contribute negative work that others may need to rework. In some cases, in-person connections, which foster engagement, have been lost. To combat this, it’s essential that business leaders take steps to keep the culture in their remote/hybrid environment strong and ensure everyone feels like part of something bigger.

To learn more, watch the full webinar on demand.

Building a Culture of Teamwork

A key way to create culture of teamwork is to create and foster environments where people can collaborate more effectively. For example, business leaders can host virtual events, have informal meetings, and build trust within the team. Patrick Lencioni’s book, The Five Dysfunctions of a Team, emphasizes the importance of vulnerability-based trust. This means admitting mistakes, calling out unproductive behavior, and giving feedback to help each other improve.

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Foster In-Person Connections Annual Summits and Team Building

To foster in-person connections, business leaders can create opportunities for employees to mix and get to know each other on a personal level, fostering a sense of belonging and teamwork. Examples can include annual summits, team-building activities, and more.?

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Gain Greater Flexibility with the Team of Teams Model

The Team of Teams model is an approach that was applied in US Special Forces, and provided greater agility, flexibility, and faster decision-making than the traditional command-and-control model. This approach empowers each team to act quickly and communicate better, and has been adopted by organizations to make faster decisions and operate more efficiently in a remote world.

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Effectively Navigate Generational Differences

For the first time in history, we have five generations actively working together: Traditionalists, Boomers, Generation X, Millennials, and Gen Z. Each generation has different beliefs, work styles, goals, and communication preferences, and business leaders must understand these nuances to foster collaboration and build a winning culture.

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Support Your Hybrid and Remote Teams with the Right IT Solutions

A 2023 article in the Harvard Business Review showed that employees want solutions that make collaboration easier. The survey noted, “Employees are looking for tools that enable collaboration seamlessly, automate repetitive work, and guide with insights, and that can be customized for specific business challenges.” Additionally, 85% of employees cited collaboration tools as one of the most critical areas of focus.

If you haven’t already, check out our recent blog on embracing Microsoft 365 for streamlined collaboration. With Teams at its core, and solutions like co-editing, AI and automation solutions, and tools to promote wellness, these solutions can help set your team up for success.

When it comes to remote and hybrid work, it’s also essential to ensure that you have the right security measures in place, as well as training, to ensure that sensitive data and business information is properly protected.

By transforming company culture, fostering teamwork, understanding generational differences, and implementing the right solutions, organizations can thrive in this new environment.

Driving Continued AI Adoption in Your Organization

Implementing artificial intelligence (AI) in any organization isn't just about technology—it's about leadership and strategy. In a recent webinar, our team emphasized the continued steps that businesses can utilize, after the pilot phase, to continue to drive AI adoption. This blog rounds up a few key insights.

Leadership Buy-In and Pilot Project

This underscores the importance of leadership buy-in for overcoming resistance to change and fear of new technologies, especially among long-term employees. Expera CEO Vince Fung notes, "Adoption really needs to come from the top. If your executive level doesn't believe in AI, you're probably not going to get the rate of adoption that you want."

Once initial resistance is addressed, starting with pilot projects becomes crucial. These projects serve as proving grounds to showcase AI's benefits and gather valuable feedback Once you've collected this valuable feedback from your pilot group, then it's time to extend it.

This iterative process allows organizations to fine-tune their approach and measure the return on investment (ROI) before expanding AI tools across the board.

Empowering Teams With Effective Training

Effective adoption also hinges on robust training programs that empower employees to leverage AI tools effectively. Driving adoption involves creating a training strategy to teach team members how to get started and how to leverage the power of AI tools.

The shift from traditional keyword-based queries to conversational AI prompts requires a change in mindset and skills, including prompt engineering.

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Measuring Success and Scaling Up

Data-Driven Insights

Tools like Microsoft Copilot offer insights into usage patterns, allowing organizations to see who's using it and what the most powerful uses of artificial intelligence are within your organization.

This data-driven approach informs decisions on expanding AI usage and optimizing its impact.

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Transforming the Organization

Beyond efficiency gains, the true potential of AI lies in transforming organizational strategies. We recommend creating a high-level enterprise-wide business strategy around how AI is going to impact the way that we do business in the future.

This forward-thinking approach involves identifying new opportunities and reshaping how organizations engage with customers, analyze data, and operate.

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Looking Ahead

While tools like Microsoft Copilot are valuable starting points, the future of AI adoption lies in diversifying and expanding the AI toolbox, "...expanding the usage of AI beyond Microsoft's Copilot into other areas where you can really leverage the power of these tools."

By embracing AI across various facets of business operations, organizations can position themselves as leaders in their industries, driving innovation and sustainable growth.

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Take The Next Steps Toward AI Adoption

While AI adoption presents challenges, it also promises transformative benefits when embraced strategically and supported across the organization. As organizations navigate this evolving landscape, fostering a culture of innovation and learning will be key to unlocking AI's full potential.

Download the Business Leader's Guide to AI Adoption

Hackers Are Zeroing in on Small Construction Firms and Other Invoice-Heavy Businesses

?From 2023 to 2024, cyberattacks on construction companies have surged, now accounting for 6% of all incidents Kroll responds to, according to their latest Cyber Threat Landscape report. The rise in attacks may be linked to the way the industry operates: teams juggle multiple vendors, often work remotely via mobile devices, and are under pressure to meet tight deadlines—sometimes at the expense of security. This combination creates a perfect storm for cybercriminals.

Why Construction Companies Are a Target

Business Email Compromise (BEC) is the leading method hackers use to infiltrate these companies. BEC attacks—where fake emails trick employees into revealing sensitive information or making unauthorized payments—account for 76% of cyber incidents in the construction industry, according to Kroll. These emails often mimic document-signing requests or invoices, making them appear legitimate.

Here’s why smaller construction companies are particularly vulnerable:

• Numerous Vendors: Construction companies typically collaborate with a wide range of suppliers, each a potential weak link. If a hacker gains access to a vendor’s email, they can send convincing fake invoices, duping companies into transferring money to the hacker’s account. With multiple vendors, the risk multiplies.
• Mobile Accessibility: Construction workers are always on the move, relying on mobile devices to sign into accounts and stay in touch. This convenience comes with a downside—mobile devices are often less secure than traditional desktops or laptops, making them easier targets for attackers.
• High-Pressure Environment: In construction, delays can be costly. This urgency means employees might rush through invoice approvals or transactions without thoroughly checking their legitimacy—a vulnerability that hackers are all too eager to exploit.

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Your Industry Could Be Next

It’s not just construction companies that are facing increased threats. Small manufacturing firms, higher education institutions, and healthcare providers—businesses that often lack the comprehensive security defenses of larger organizations—are also seeing a spike in cyberattacks.

These industries, much like construction, handle numerous vendors and face tight deadlines, making them attractive targets for BEC and invoice fraud.

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How to Defend Against BEC and Invoice Fraud

1. Implement Multifactor Authentication (MFA) MFA adds an extra layer of security, making your accounts 99% less likely to be compromised, according to the Cybersecurity and Infrastructure Security Agency. Even if attackers get hold of your login credentials, they can’t access your accounts without a second form of verification, like a mobile device or biometric scan.
2. Always Verify Supplier Information A simple but effective defense is to verify the authenticity of invoices and supplier details. Set up a process where employees must double-check any financial transactions directly with the supplier, using a known and trusted communication method—like a phone call.
3. Keep Employees Trained on Common Attacks Regular training is a cornerstone of strong cybersecurity. Equip your team with the know-how to recognize social engineering and phishing attempts, and stress the importance of following verification protocols. The Information Systems Audit and Control Association recommends cybersecurity training every four to six months—after that, employees may start to forget what they’ve learned.
4. Maintain Strong Cybersecurity Practices Cybercriminals often exploit outdated software to breach systems. Keep your defenses up by ensuring all software is current, and invest in reliable antivirus and anti-malware solutions to detect and prevent attacks before they reach your systems.

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You're a Target, But You Don’t Have to Be a Victim

Small, invoice-heavy industries like construction, manufacturing, and healthcare are increasingly in the crosshairs of hackers. But by understanding the tactics behind these attacks and bolstering your cybersecurity measures, you can shield your business from becoming an easy target. Using MFA, maintaining up-to-date security practices, verifying supplier details, and training your team are key steps in staying safe.

Don't let cyber threats derail your construction business. Partner with our experienced team, who has over 25 years of experience in securing construction companies like yours. Contact us today to book a risk assessment and fortify your defenses and stay ahead of cybercriminals.

VPNs Are Not an Invisibility Cloak (Don’t Use Them Like One)

A virtual private network (VPN) is a fantastic tool for today’s work environment. It’s like a secure, encrypted bridge between your device and a remote server, letting you work from anywhere while keeping your data safe. VPNs are also becoming a go-to for personal browsing, as they route your Internet traffic through a remote server to mask your IP address. Imagine it as a private tunnel only you can use—handy for accessing region-restricted content or keeping your data secure when you’re on public WiFi.

But it's important to recognize that a VPN is not an invisibility cloak. Read the full story here.

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