December 9, 2022
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3min

 




 

 

The SME Task Force of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) continued to play a catalyst role in uplifting the financial literacy among over 400 micro and small businesses in the country.

Last month, the task force organised three regional events at the district secretariats in Colombo, Galle, and Kandy to mark the Global Entrepreneurship Week, celebrated from November 14th to 20th.

During the three events, a motivational programme was conducted for the entrepreneurs. At the same time, they were also educated on the importance of the small business governance framework, financial literacy, and quality assurance, as well as branding & marketing, apart from sharing the importance of bookkeeping and product costing.

Further, the task force also launched the ‘Small Businesses Financial Literacy and Business Management Advisory Booklet’ which was authored by CA Sri Lanka Members Mr. T Dharmaraja, Mr. Jayantha Sooriyabandara and Dr. Damith Gangodawilage.

The events were conducted in collaboration with key partners, including AAT Sri Lanka, the National Entrepreneurship Development Authority, SDB Bank, Peoples Bank, and Sri Lanka Telecom Mobitel.

Among the special invitees were CA Sri Lanka SME Task Force Chairman Mr. Lakshman Abeysekara, Task Force Members Mr. Saman Sri Lal, Mr. Harsha Gunasena, Mr. Chaaminda Kumarasiri, Mr. Jayantha Sooriyabandara, Mr. Sunil Wanigabadu, Mr. Nandika Buddhipala, SDB Bank CEO, Chairman of the National Entrepreneurship Development Authority (NEDA) Mr. Sunil Jayarathne, Director of NEDA Mr. Dhanuka Liyanagamage.

 




 

 

 


March 1, 2022
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5min

 



 

 

 

Colombo, Sri Lanka/Malé, Maldives, March 1, 2022—IFC has appointed Lisa Kaestner as the new Country Manager for Sri Lanka and Maldives. Based in Colombo, Kaestner will focus on diversifying and growing IFC’s portfolio while helping strengthen private sector in both countries and promoting inclusive growth.

The appointment was announced by IFC’s Vice President for Asia and the Pacific, Alfonso Garcia Mora, who along with IFC’s Regional Director for South Asia, Hector Gomez Ang, has arrived in Sri Lanka for meetings with government and private sector representatives.

“Spurring private sector-led growth is vital to Sri Lanka’s future,” Garcia Mora said. “IFC is committed to catalyzing the private sector and has played a strong countercyclical role in the country since the onset of the pandemic in March 2020 by investing over $450 million in just 18 months, providing much needed long- term capital and trade financing to help sustain businesses and preserve jobs.”

A US national, Kaestner joined IFC in 1999 as the resident representative in Georgia, after working with several non-profit development organizations in the Caucasus region. With over 20 years of experience with the World Bank Group, Kaestner led IFC’s advisory services in Eastern and Southern Africa, supporting reforms and policy implementation for private sector-led growth across a range of sectors from agribusiness, tourism, housing, ICT, and manufacturing.

“Lisa Kaestner brings a wealth of experience and knowledge to her new role, which will prove invaluable in maximizing IFC’s continuing support and commitment to Sri Lanka and Maldives,” said IFC’s Regional Director for South Asia, Hector Gomez Ang. “Her appointment comes at a crucial time as both countries work toward a resilient recovery.”

Through her work at both the World Bank and IFC, Kaestner also supported private sector-led growth through trade development, innovation, and entrepreneurship in the Eastern Europe and Central Asia. As an economist, she contributed to IFC’s investment and advisory projects in the region, particularly in areas of strategy, economic analysis, delivering development impact.

Commenting on her new role, Kaestner said, “Sri Lanka and Maldives have demonstrated their resilience against multiple headwinds over the years. Both countries have immense potential—especially in terms of human capital. I look forward to continuing and deepening IFC’s strong partnership with the private sector and the governments of Sri Lanka and Maldives in supporting social and financial inclusion, strengthening innovation and growth-enabling sustainable infrastructure as well as in promoting a resilient recovery from the pandemic.”

Kaestner holds a Master’s degree in Public Policy and Economics from Princeton University. She succeeds Amena Arif, who has taken on a new role in IFC East Africa, after successfully serving as the Sri Lanka and Maldives Country Manager for five years.

With over 50 years of operations in Sri Lanka, IFC has played a significant role in the country’s growth story by supporting small businesses, tourism, women, including women entrepreneurs, infrastructure, trade finance, and agribusiness. IFC has invested over $1.9 billion across sectors including infrastructure, telecom, tourism, energy, and health, while providing cutting-edge solutions and expertise to diverse clients across the country.

In Maldives, IFC has been supporting the private sector since 1983—with over $200 million in investments so far.

 



 

 

 


December 22, 2021
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8min




 

Rajesh Maurya, Regional Vice President, India & SAARC, Fortinet discussed critical trends that develop as organizations grow from a small start-up to a much larger company. And the recommendations for a better way forward so smaller organizations can avoid some of the technology pitfalls experienced in their growth.

What are the Challenges with Cybersecurity that most small start-ups Face?

One clear trend is that small organizations tend to grow their security infrastructure taking a best-of-breed approach. And as a result, as new security devices are introduced, they become increasingly difficult to manage. And this problem never ends. Large Enterprises  have an average of 45 security tools in place, most from different vendors. And each incident they respond to requires coordination across 19 different solutions.

Now obviously, small businesses don’t have nearly this many security vendors in place. But the problems related to vendor and solution sprawl can ratchet up pretty fast. Because small companies with more than four security vendors report that troubleshooting issues between products is a significant challenge. And isolated security systems can’t see and actively share threat intelligence, correlate data to find indicators of compromise, or automatically launch a coordinated response to a detected threat. As a result, cybercriminals often operate their attack chain without much interference—breaching networks, establishing a foothold, escalating privilege, moving laterally, launching malware, and extracting data. Complexity is why the average time to detect malicious activities is now measured in months.

But many smaller companies making security purchases don’t see the impact their decisions may have down the road. And by the time they do understand, they have built themselves into a corner.

How have start-up organizations ended up creating complexity in their cybersecurity?

Most enterprise organizations have size, advanced security ecosystems, and large teams of seasoned IT professionals on their side. But because their security environments grew over time, even those organizations suffered from vendor sprawl, much of it left over from when they were smaller and weren’t thinking down the road. One of the most common complaints we hear is about the challenge of managing such a complex security environment. And in fact, that complexity is often the real source of a lot of their problems, such as their inability to see or respond to threats. But at that point, it was way too late to rethink their security strategy without spending a lot of time and money fixing a problem they had inadvertently created. The best approach is to nip this in the bud.

Today’s business growth is tied to technology. And fortunately for small businesses, advanced technologies traditionally out of their reach are now readily available. But rather than having cohesive infrastructure development strategy smaller organizations tend to purchase new security products on top of old ones and just build workaround upon workaround. That may work when you only have a couple of solutions in place. But fast-forward a few years, when you’re approaching enterprise size, and the single issue that consumes the biggest share of your time will be trying to manage the complex network of disparate vendors you have in place.

What are the lessons learnt from security vendor sprawl?

Today, as we interact with start-ups, we frequently hear them share their belief that their business isn’t ready for a fully integrated and scalable security strategy. And that they’ll upgrade later when it is. It’s probably the same argument their enterprise peers made when they were that size. The ones who now complain about complexity. And on the surface, I can see their point. Resources are limited, and the best option may seem to be, buy what you need now and worry about tomorrow. But the fact is, upgrading later is rarely an effective strategy, especially with how fast technology is changing and organizations are expanding.

Small businesses don’t consider the gaps that lie between expectations and reality. Development plans simply don’t keep pace with business needs or technology adoption. Most organizations at the lower end believed their technology would support them for two to four years. But in fact, they ended up adding new products every one to two years to fill gaps. And they then had to build workarounds to support their previous investments. Keep doing this across multiple vendors, and suddenly the dream of a streamlined, integrated, automated system is gone. As a result, we found that companies with more than ten security vendors spend between 40% and 50% of their time troubleshooting interoperability.

What kind of security products or strategy will work for start-up and small businesses?

Fortinet is the only vendor to truly deliver a single security platform where almost everything is built using the same underlying code. And that matters because without a lot of customization and adding “helper products”—solutions used to fill feature gaps or connect isolated point products—you just don’t get the integration and automation you need to effectively stop modern attackers. Even vendors with a broad portfolio of products—even those who had initially taken an organic growth approach—lose that “native” integration advantage as they begin to grow through acquisition without the necessary integration. Eventually, they just become a single source for the same complexity you used to buy from multiple vendors. And customers invariably suffer.

As smaller businesses adopt new technologies and business strategies, they need the same protection as their larger counterparts. Their challenge is that they don’t have the same access to resources as their enterprise competitors. Cybersecurity should be more affordable and small businesses should be able to get everything they need from a single vendor, and not at the price of losing performance, interoperability and functionality as they grow.




 


December 12, 2021
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4min

With around seventy-three per cent of workers around the globe affirming that they prefer flexible remote work options, hybrid work will inevitably be the norm going forward
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JOHANNESBURG, South Africa, December 2, 2021  — Liquid Intelligent Technologies (www.Liquid.Tech), a business of Cassava Technologies, a pan-African technology group, is proud to be the launch partner for the new Microsoft Teams Essential offering. A solution that brings the Teams collaboration platform into an affordable package targeting small, medium and micro-enterprises across the continent.

With around seventy-three per cent of workers around the globe affirming that they prefer flexible remote work options, hybrid work will inevitably be the norm going forward. Teams Essentials expands on the success of Microsoft Teams by providing an affordable entry point for remote collaboration that small businesses in particular, can take advantage of. This solution enables teams to seamlessly meet, chat, call, and collaborate irrespective of the device or location. The new offering maximises value while minimising costs for businesses by centralising onto a single platform their collaboration tools at less the cost of a full Microsoft Suite.

According to David Behr, CEO of Liquid Cloud and Cyber Security, “Teams Essentials is an entry level focused version of the Microsoft Office Suite that extends the Teams platform to medium and small businesses, typically twenty-five users and below. Liquid is proud to partner with Microsoft to deliver this affordable solution that supports the collaborative nature of small businesses, promoting enterprise in Africa”.

To enable seamless collaboration Microsoft Teams Essentials gives users access to its Microsoft online tools, i.e., Word, Excel, and PowerPoint. Users will be able to connect to Teams Essentials using 3rd party email provider.

Teams Essentials is another offering that Liquid is proud to launch across the continent. This is part of its strategic repositioning as an intelligent technology provider serving its customers’ rapidly evolving communication requirements across Africa.
Distributed by APO Group on behalf of Liquid Intelligent Technologies.

For more information contact: Angela Chandy Email: Angela.chandy@liquid.tech

About Liquid Intelligent Technologies:
Liquid Intelligent Technologies is a pan-African technology group present in more than 20 countries, mainly in sub-Saharan Africa. Liquid has firmly established itself as the leading provider of pan-African digital infrastructure with an extensive network covering over 100,000 km. Liquid Intelligent Technologies is redefining network, Cloud and Cyber Security offerings through strategic partnerships with leading global players, innovative business applications, smart cloud services and world-class security on the African continent. Liquid Intelligent Technologies is now a comprehensive, one-stop technology group that provides customised digital solutions to public and private sector companies across the continent under several business units including Liquid Networks, Liquid Cloud and Cyber Security and Africa Data Centres. www.Liquid.Tech

SOURCE : Liquid Intelligent Technologies

 



 

 


August 31, 2017
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2min

From L to R: Arthur Galindo, Operations Analyst, IFC; Dinesh Warusavitharana, Investment Officer, IFC; Rukshila Gooneratne, Associate Investment Officer, IFC; Victor Antonypillai, Country Officer, IFC Sri Lanka and Maldives; Renuka Fernando, Director/ CEO, NTB; Indrajith Boyagoda, DGM Treasury, NTB; Ajith Akmeemana, Chief Financial Officer, NTB; Chamila Sumathiratne, Acting Chief Risk officer, NTB; Kushlani Allis, Chief Manager - Management Reporting & Planning, NTB; Yamuna Silva - Chief Manager Legal, NTB



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Lanka Business News is amongst the leading online Business News portals in Sri Lanka, unique for its focus on contemporary business news relevant across multiple industries operating in the country. We present not only the news, but a perspective based on observations and possible implications of a prevailing news item. LBN also provides an insight to the impact of a global economic or industrial development, thus helping stakeholders make informed and calculated decisions.




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