Is Cloud an option for Canadian Healthcare healthcare and medical research organizations?

Yes, Canadian healthcare and medical research organizations are moving to the cloud. The cloud market is expected to grow in Canada significantly through 2027.

There are several reasons why Canadian healthcare and medical research organizations are moving to the cloud. 

• Reduce costs by eliminating the need to invest in and maintain on-premises infrastructure. 
• Enable the healthcare research community to drive their research more expediently to clinical outcomes
• Improve patient satisfaction by making it easier for patients to access their health information and communicate with their providers.
• Improve the quality of care by providing access to patient data and records from anywhere in the country. 

Overall, the transition to the cloud is a positive development for Canadian healthcare and medical research organizations. 

Canadian healthcare providers face many challenges before they can move to the cloud, such as addressing security and privacy concerns, data sovereignty issues, and ensuring interoperability. To help them overcome these challenges, it is important to provide Healthcare Data Custodians, Infrastructure Architects, and Research Leads with clear guidance on how the cloud can align with Canadian Healthcare Regulations. This will allow them to have a practical understanding of what is required to enhance their cloud journey and facilitate a smoother transition to the cloud.

iSecurity and MD+A Health are actively assisting Canadian healthcare and medical research organizations in comprehending the risks and exploring pathways to embrace the cloud. Through extensive research and analysis, iSecurity and MD+A Health have evaluated Google Cloud as a suitable platform for healthcare. Their diligent efforts have resulted in the production of comprehensive documents that detail their findings via a Threat Risk Assessment (TRA) and a Privacy Impact Report (PIA).

Why a Threat Risk Assessment? 

A threat risk assessment is a process of identifying and evaluating threats to an organization and then determining the likelihood and impact of those threats. The goal of a threat risk assessment is to identify the most serious threats and develop mitigation strategies to reduce the likelihood and impact of those threats.

A threat risk assessment typically involves the following steps:

1. Identify threats: The first step is to identify all potential threats to the organization. This can be done by brainstorming, interviewing experts, or reviewing historical data.
2. Evaluate threats: Once the threats have been identified, they need to be evaluated in terms of their likelihood and impact. The likelihood of a threat is the probability that it will occur, while the impact of a threat is the severity of the consequences if it does occur.
3. Prioritize threats: The threats need to be prioritized based on their likelihood and impact. The most serious threats should be addressed first.
4. Develop mitigation strategies: Once the threats have been prioritized, mitigation strategies need to be developed to reduce the likelihood and impact of those threats. Mitigation strategies can include things like implementing security controls, training employees, and developing contingency plans.
5. Implement mitigation strategies: The mitigation strategies need to be implemented and tested to ensure that they are effective.
6. Monitor and review: The threat risk assessment should be monitored and reviewed regularly to ensure that it is still effective.

Why a Privacy Impact Assessment?

A Privacy Impact Assessment (PIA) is a process that organizations use to identify and assess the privacy risks associated with a new or changed information technology (IT) system or project. The goal of a PIA is to help organizations protect the privacy of individuals whose personal information is collected, used, or disclosed by the IT system or project.

PIAs typically include the following steps:

1. Identifying the purpose of the IT system or project and the types of personal information that will be collected, used, or disclosed.
2. Identifying the privacy risks associated with the IT system or project.
3. Assessing the likelihood and severity of the risks.
4. Developing and implementing controls to mitigate the risks.
5. Monitoring the effectiveness of the controls.

PIAs are an important tool for organizations to help them follow privacy laws and regulations. They can also help organizations build trust with their patients, employees and the research community by demonstrating their commitment to protecting privacy.

The benefits of conducting a PIA:

• Helps organizations identify and assess privacy risks
• Helps organizations develop and implement controls to mitigate privacy risks
• Helps organizations comply with privacy laws and regulations
• Helps organizations build trust with customers and employees

Why Google Cloud?

Google Cloud is committed to providing Canadian healthcare organisations with an environment to expand both their clinical and research environments. Google Cloud has invested significant resources into building out a cloud environment based on best practices coming from Google’s experience running some of the world’s largest platforms.  

Some highlights include:

• Built-in security features that help protect your data and applications from unauthorized access, use, disclosure, disruption, modification, or destruction.
• A comprehensive security management platform that helps you assess, prioritize, and address security risks across your organization.
• A team of security experts who can help you design, implement, and manage your security solutions.
• A wide range of security training and resources to help you learn about and stay up-to-date on the latest security threats and best practices.

What do CIOs and CTOs deliver for the company? If you said “technology,” that’s just the beginning. According to their research, McKinsey found that 85% of CIOs and CTOs interviewed in the spring of 2019 said they were essential for at least two of the three most common CEO priorities—revenue acceleration, improved agility and time to market, and cost reduction.

IT modernization – including migrating to the cloud – is key to business growth and agility.

Yet, according to a recent McKinsey study, 80% of CIOs report that regardless of their level of cloud migration, they still haven’t reached their projected agility and business benefits.

Sometimes, this is because of issues like training and skills gaps in the IT workforce. Surprisingly often though, the barrier to reaching the goals is based on trade-offs that CIOs themselves feel they must make to strike a balance between the perfect and the possible.

But what if you could have it all without the trade-offs? As Will Grannis, Managing Director of the CTO Office at Google, and Arul Elumalai, Partner at McKinsey & Company discussed in our recent digital conference, many of the compromises CIOs make can be avoided with new technology, modern architectures and by encouraging a transformation mindset across the business.

In interviews, CIOs explained how they’ve leveraged the best of the cloud without compromising on security, agility, and flexibility. Here’s how these leaders avoid three of the top perceived trade-offs—both with technology and by transforming their operating model.

Trade-off #1: Developer agility vs. control and governance
Moving to the cloud offers new opportunities for speed, but 69% of organizations indicate that stringent security guidelines and code review processes can slow developers significantly.

One CISO of a multinational company mentioned that cloud development was so fast that they had to institute manual checks on their developers’ code. So much for agility. 

To overcome this trade-off and maintain both speed and security, some respondents found success in DevOps, hiring security-experienced talent and introducing automation for security and quality. Building in security into the CI/CD pipeline and increasing automation don’t just eliminate the tradeoff, they result in higher quality and faster innovation.

At Google Cloud, we’ve also observed that customers with strong DevOps practices have increased speed-to-market and product/service quality. From our own journey, we’ve learned seven critical lessons essential to adopting a DevOps model, ranging from taking up small projects and embracing open source to building an overall DevOps culture.

Trade-off #2: Single-vendor benefits vs. freedom from lock-in
CIOs perceive benefits to using the fewest number of clouds, specifically avoiding introducing multiple systems that require their teams to develop and maintain multiple skillsets. Unfortunately, 83% of the CIOs interviewed said that while they would prefer fewer clouds, the potential financial and technical lock-in drives them to multiple providers. 

Successful CIOs said that they can avoid lock-in pitfalls not just with contractual guardrails and executive and board education, but with evolving hybrid cloud technologies that provide additional choices.

Hybrid cloud platforms based on containers can further mitigate the risk of using a single cloud vendor. The key to successful hybrid architectures is the infrastructure abstraction and portability that containers create for them, enabling disparate environments to work together. 

This notion has been at the heart of our strategy at Google Cloud with Anthos, which provides an abstraction layer and an application modernization platform for hybrid and multi-cloud environments.

Enterprises can use Anthos to modernize how they develop, secure, and operate hybrid-cloud environments and enable consistency across cloud environments.

Trade-off #3: Best-of-breed tools vs. standardization and familiarity
Optimizing tool chains for different environments can improve productivity, but many CIOs believe that this means reduced functionality and tools.

While 77% of CIOs said they had to standardize to the lowest common denominator, some have found a better solution. Rather than giving up the languages, libraries, and frameworks that their teams prefer, effective leaders said that they found success by investing in training programs to upscale talent and adopting new open and vendor-agnostic solutions. Architectures that are based on open-source components have been the keys that helped remove this tradeoff, and eliminate the notion of a lowest common denominator. 

This is why we have built Anthos on open-source components like Kubernetes, Istio and Knative. Anthos gives your business the choice you need. With the ability to create code that works in most environments using the tools, languages, and systems you prefer, you can do more without major changes to how you work.

Regardless of your current cloud adoption level, check out “Unlock business acceleration in a hybrid cloud world” to discover more about McKinsey’s findings, including how CIOs drive agility, methods to make trade-offs unnecessary, and how to prepare your team for the cloud. Then, stay tuned for subsequent posts that  take a closer look at how hybrid solutions and strategies can help CIOs drive a transformation mindset across the business—without compromising on security, agility, and flexibility.

Many people start a small business that aligns with their passions, but soon discover the day-to-day running of a business is very different than anticipated. Dealing with accounting, finance, and other daily activities can quickly overwhelm even the most promising of new businesses.

Recognizing the unique challenges facing small businesses, we founded Beany. With our personalized accounting platform, small business owners can relax knowing that we will look after all their compliance and advisory needs. Business owners who use Beany also benefit because they end up freeing more time to focus on what they enjoy and do best—likely the main reasons they started their business in the first place. We prepare financial statements, minimize tax and keep an eye that our clients are paying the right amount at the right time. We also advise on business purchase and sale, valuations and forecasting for banks. In fact, we do everything that a business owner needs from their accountant, including a help desk filled with domain experts to provide free & unlimited advice and support. 

As we expand our team, we’ll continue to introduce new solutions, services, and integrations that make it even easier for small businesses to prioritize business planning, balance budgets, and keep up with ever-changing tax laws. We also plan to launch Beany in new markets and extend our global footprint beyond New Zealand, Australia, and the UK.    

Migrating and scaling Beany

Beany was initially developed and hosted on a virtual private server (VPS) with limited capabilities. As our subscriber base grew, we realized we needed a more scalable, secure solution to eliminate downtime and deliver a reliable customer experience. We also understood it would be challenging for our small engineering team to cost-effectively test and deploy new features without a more agile development environment. 

With that in mind, we chose the secure-by-design infrastructure of Google Cloud to power Beany and help us scale our innovative accounting platform. We now use Compute Engine to cost-effectively create virtual machines (VMs) that automatically select optimal amounts of processing and memory. 

In addition, we encrypt, store, and archive everything on highly secure Cloud Storage, leveraging a combination of solid-state drives (SSDs) and hard disk drives (HDDs) for hot, nearline, and coldline data. With Cloud Storage, we can replicate data between regions in under 15 minutes to enable rapid recovery and business continuity. This has been really useful moving images to data centers on the other side of the planet quickly as we primarily operate out of Sydney and London. 

We also connect, create, and collaborate on Google Workspace using Google Gmail, Docs, Calendar, and Meet. Beany smoothly integrates with Google Sheets to provide live reporting from our application direct to our sales, marketing and support staff. It also makes sharing account data with our accounting clients easy and secure.

Analyzing financial data with Google Cloud AI and machine learning

Joining the Google for Startups Cloud Program gave us immediate access to Google Cloud credits which we use to cost-effectively trial and deploy additional Google Cloud solutions. We continue to evaluate Cloud Code which will help our developers more efficiently create, deploy, and integrate applications directly on Google Cloud. We’re also exploring how Google Cloud AI and machine learning products such as Vertex AI and AutoML can further revolutionize accounting with advanced financial analyses and end-to-end automation of business processes.

We can’t wait to see what we accomplish next as we grow our team and introduce new services and solutions that enable small businesses to streamline operations, lower costs, and increase profits. It’s exciting to help small business owners manage accounting and financial planning so they can spend more time doing what they love and realize their business vision.

Beany team members

If you want to learn more about how Google Cloud can help your startup, visit our page here to get more information about our program, and sign up for our communications to get a look at our community activities, digital events, special offers, and more.

Access to the cloud has advanced the distribution and consumption of financial information on a global scale. In parallel, the global financial data landscape has been transformed by an influx of alternative data sources, including social media, meteorological data, satellite imagery, and other data. Exchanges and market data providers now find they need to include these new datasets to enrich their products and compete, which has meant they now must consider cloud-based models to keep up with the demands of their customers who expect easy, quick, flexible and cost-efficient ways to consume market data.

To address these needs, today we’re announcing the general availability of Datashare for financial services, a new Google Cloud solution that brings together the entire capital markets ecosystem—data publishers, and data consumers—to exchange market data securely and easily.

Datashare helps organize third-party financial information, making it accessible and useful to market data publishers and data consumers. We open-sourced the entire Datashare solution so market data publishers can now onboard their licensed datasets to Google Cloud securely, quickly and easily, while data consumers can consume that data as a service in tools of their preference, such as BigQuery.

Three ways to distribute and consume your data

Batch data delivery

Datashare provides a batch data delivery mechanism for data publishers to deliver their reference data, historical tick data, alternative market data sources and more via BigQuery, reducing the administrative burden on data consumers to extract insights from data. 

Real-time data streaming delivery

By using this event-based data delivery channel for rapidly changing instrument prices, tick data, orders, news and others via Pub/Sub, data consumers can reliably process individual messages or rewind to a point in time to replay a prior market scenario and test model changes.

Monetizing licensed datasets

Market data publishers can onboard their licensed datasets to Google Cloud and make them available via a one-stop-shop on Google Cloud Marketplace, enabling a new sales channel to expand market reach.

Reference architecture

Check out the diagram below to see how you can share your batch and real-time data directly to your Google Cloud customers with BigQuery and Pub/Sub.

As you can see in the above reference architecture, both publishers and consumers can derive several benefits from the solution:

Benefits for data publishers

• You no longer have to maintain your own delivery and licensing infrastructure.
• You can easily package and deliver granular data products and experiments with SQL.
• You can have a solution that scales with your business as data volumes and number of customers grow.

Benefits for data consumers

• Your data is ready for analysis and machine learning (ML)— you no longer have to maintain extract, transform, and load (ETL) pipelines to load files and transform data.
• You can avoid the expense and burden of maintaining multiple copies of large data files.
• You can be more targeted with consumption of data using BigQuery queries, improving performance, and compliance, and reducing cost.

Accessing the datasets

Google Cloud has been working with multiple industry firms on innovating in the market data space. By using Datashare for publishing, data publishers can make their entire datasets available on Google Cloud. Early adopters of Datashare include firms such as OneTick and Accern. OneTick’s datasets include reference and historical futures data (that can be accessed in our console with your login). Accern’s datasets include alternative data such as market sentiment and credit analysis data (that can be accessed in our console with your login).

To make it more helpful, we partnered with Accern to create a hypothetical scenario to describe the data acquisition and analytics process step-by-step.

Accern use case 

As a sustainability analyst, you require an economic, social and governance (ESG) dataset to determine which sector is the most widely covered ESG sector by analysts, and to also identify the sector with the lowest ESG sentiment score. Now, you can discover and acquire an ESG dataset in Google Cloud.

Step 1. Navigate to the Financial Services solutions page in the Google Cloud console:

Step 2. Click a dataset, for example Accern AI-Generated ESG Insights, then review the overview details, plans and pricing, documentation and support information. To view the available pricing tiers, click ‘View All Plans’. Once you’ve decided on a tier that you would like to subscribe to, click ‘Select’, choose a billing account and review and accept the terms of service to complete the subscription. Once the steps are complete, click ‘Subscribe’ at the bottom. An overlay window will appear, click ‘Register with Accern’ to activate and complete the subscription.

Step 3. Once activation is complete, you’ll be directed to the Datashare ‘My Products’ screen. Voila! You are now subscribed to Accern’s ESG Scores dataset and can access it in your Google Cloud instance using BigQuery. To access the data, click the hour glass icon on the corresponding ‘My Products’ record that you just purchased. An overlay will present you with the details on the dataset and/or table. Click the ‘Navigate to Table’ button to navigate through to the BigQuery console.

Step 4. Now that you have access and are in the BigQuery console, it’s time to generate data insights.

^{For this example, we’ve eliminated the company identifying information that is included as part of the subscription and aggregated company ESG in a view where each row represents a day, an industry sector, a specific identified ‘ESG Issues’ (event_group and event) and the respective ‘ESG Sentiment’ per issue.}

For example, row 1 indicates that within the ‘Healthcare’ sector, there was a ‘Social – Civil Society’ issue identified and it had a negative ESG sentiment score of -15.35.

Step 5. Generate a report by exporting it to Data Studio to build visualizations and conduct additional analysis on the ESG data.

Select ‘Export’ and ‘Explore with Data Studio’.

Step 6. Build a simple/basic report.

Now that the ESG data appears in Data Studio, you can start by building a simple chart to help you understand which industry sectors have the highest volume of discussions around ESG and the overall ESG Sentiment per industry sector.

To build the chart:

• Select the chart type ‘Table’.

• Include Entity_Sector as your dimension to aggregate results by ‘Industry Sector.’
• Include Signal_ID as a measure to count the number of ESG passages identified per ‘Industry Sector.’
• Include AVG(Event_Sentiment) as a measure to display the overall ESG Sentiment per ‘Industry Sector’ across ESG Issues.

You can see sectors that are  most discussed when it comes to ESG related topics and their corresponding ‘ESG Sentiment’ scores.

Step 7. Build your final report in Data Studio.

As a next step you can further drill into the data to understand ESG data specific to each ‘Industry Sector’ and identify positive and negative ESG practices. 

Accern has built a more complex sample dashboard and made it available publicly here. You can interact with this report and play around with the data. The dashboard can help to identify material ESG insights for each sector to inform your investment and risk processes. If you have additional questions, you can reach out to Accern directly.

Discovering, accessing and analyzing licensed datasets is quick and easy. Stay tuned for more updates on new licensed datasets.

Publishing your data via Datashare

If you are a publisher of market data, alternative, or exotic data, you can use Datashare to get it published on Google Cloud Marketplace.

Start by joining the Partner Advantage program by registering for the Partner Advantage Portal and applying for the Partner Advantage Build Model engagement. Visit our getting started guide for information to get started on publishing licensed datasets in the Marketplace. Stay tuned for a future blog post about using Datashare to publish datasets in the Marketplace.

More solutions for capital markets

Check out other Google Cloud solutions for capital markets.