Fear of cloud migration is holding back some IT leaders

By Sponsored by Workday | Sponsored | 8 November 2019

Over three-quarters of IT leaders believe in moving Financial and Human Capital Management applications to the cloud, according to a new report.

Computing Research found that 77 percent of respondents in a survey of 150 technology decision-makers across a diverse mix of UK enterprises see multiple benefits in shifting these business functions into a hosted environment.

The surveyed businesses included medium and large organisations in sectors such as professional services, property, law, accountancy, technology, manufacturing, engineering, and pharmaceuticals.

Main motivations

For over 81 percent of respondents, the seamless availability of new features and application capabilities is either a major or significant motivation for moving into the cloud.

Scalability was cited by just under 80 percent of respondents; agility and competitive advantage by 74 percent; IT cost reductions by 73 percent; an improved working environment for staff by 70 percent; greater cost predictability by 68 percent; and the performance and proximity of applications by 67 percent.

Also listed as important was the on-demand availability of new artificial intelligence (AI) and automation abilities, cited by 64 percent of IT leaders and promising a future of improved data analysis, predictive ability, and efficiency.

Complexity & compliance

But despite the many advantages of moving business functions such as Payments, Payroll, Accounting, and HCM into the cloud - alongside Business Intelligence, Customer Experience systems, and Enterprise Resource Planning (ERP) - senior IT professionals have concerns about the practical challenges. In some cases these are dissuading them from making the move.

Forty-two percent of respondents said that migration complexity is stopping them moving either some or all back-office functions to a cloud provider, with 32 percent citing complications with legacy hardware.

Compliance issues are a bugbear for 40 percent of IT leaders who have yet to make the move, while 17 percent mentioned a lack of relevant skills.

In free answers, some leaders said that links to internal systems in a hybrid environment are a challenge, while others admitted that on-premise investments need to be seen to be working before a move to the cloud can be contemplated.

Among those that have already moved their back-office applications into the cloud or are in the process of doing so, 43 percent said they had, or have, encountered migration complexity, 40 percent difficulties with legacy hardware and/or software, and the same number a lack of internal skills. In each of these cases, more people have encountered these problems than those who feared encountering them - although these are all minority views.

So what other migration challenges are concerning IT leaders? Computing Research found that data security is perceived as one by a significant minority of IT leaders - 42 percent, with 38 percent believing that their fears were justified having shifted some functions into the cloud.

Is the cloud more secure?

However, answers to a separate question contradicted these findings to a degree. Sixty-four percent of IT leaders said that data security has actually improved since the move, either extremely successfully or very successfully, with a further 25 percent acknowledging that some improvement has taken place.

Despite these caveats and discussion points, most IT leaders believe that, on balance, moving to the cloud is better than maintaining the status quo.

Asked on a scale of 1 to 5 (with ‘1' being ‘strongly disagree' and ‘5' being ‘strongly agree') to what extent did respondents agreed with the statement, "The advantages of migrating financial and HCM applications to the cloud outweigh the perceived disadvantages", over 47 percent chose ‘4' and nearly 30 percent chose ‘5'. Less than seven percent selected ‘2' and no one chose ‘1', meaning that well over three-quarters of IT leaders strongly believe in the advantages of cloud platforms.

Overall success

This is because there are real business benefits in making the move, according to the survey. Asked how successfully their motivations for moving into the cloud - such as better agility, scale, focus, insight, and control - have been turned into demonstrable business results, 79 percent said that scalability has been achieved either "extremely successfully" or "very successfully".

Nearly 75 percent said that cost predictability is greater against these measures; 73 percent that agility and competitive advantage have been realised; 67 percent that performance has improved; and 63 percent that costs have been reduced. Overall, that's a very positive match between hope and achievement.

Among other wins for the organisation, 69 percent said that the internal working environment has been improved either extremely or very successfully, and 63 percent that AI and automation capabilities are now significantly greater.

Whether or not organisations are right to fear some of the practical challenges of cloud migration, the key to solving them with minimal upheaval and business discontinuity is bringing onboard a provider that can act as a real partner and source of external expertise.

This article is from Computing's Cloud ERP Spotlight, hosted in association with Workday.

 

AMD's Ryzen 9 3950X will cost less than £600 when it is released on 25th November

By Graeme Burton | News | 8 November 2019
AMD’s Ryzen 9 3950X should be more competitively priced than expected

Ebuyer reveals surprisingly low UK price for Ryzen 9 3950X

AMD's delayed Ryzen 9 3950X will cost under £600 when it is released on 25 November in the UK - much less than expected.

The price was revealed in an inadvertent leak by Ebuyer, suggesting that the computer and electronics e-tailer is planning to sell the long-awaited top-of-the-range third-generation Ryzen CPU for much less than expected.

The UK price, at current exchange rates, ought to be around £690, including VAT at 20 per cent.

However, Ebuyer has listed the CPU at £588.99, although the price only appears in the search box - it doesn't appear on the product page where it's listed as "coming soon". In comparison, Overclockers has the less powerful Ryzen 9 3900X at £559.99 - discounted by £40.

If that's the price offered by Ebuyer on launch day, it's likely to have enthusiasts queueing up to buy it.

The top-of-the-range Ryzen 9 is aimed squarely at enthusiasts and gamers, in particular, who want as much compute power as their money can buy.

It offers 16 cores and 32 threads running at a standard clock speed of 3.5GHz, but capable of boosting to 4.7GHz on a single core for what AMD describes as "bursty single-core workloads". It is also unlocked for the benefit of enthusiasts who want to try and eke out more performance from the chip.

AMD claims that it will beat Intel's Core i9-9980XE in popular games like Apex Legends, Deus Ex: Mankind Divided and Hitman. Coincidentally, Ebuyer has the eight-core Core i9-9980XE listed at £569.97 - only a little less than the £588.99 it would appear to be pitching the Ryzen 9 3950X at.

Built on TSMC's 7nm fabs, it has a total Level 3 cache of 64MB - about three times the cache offered by Intel CPUs at the same price - and a total Level 1, 2 and 3 cache of 73MB. The TDP weighs in at 105 watts.

However, while it will slot-in to existing Socket AM4 motherboards, to get the most out of the Ryzen 9 3950X buyers will also want to buy a X570 motherboard that supports PCIe 4.0. They will offer much improved bandwidth for storage devices, graphics cards and anything else that buyers need to plug-in to the motherboard.

The release date of the Ryzen 9 3950X was revealed yesterday when the company unveiled its third-generation Threadripper workstation CPUs

EU Competition Commissioner: Apple Pay antitrust complaints are mounting

By Computing News | News | 8 November 2019
Apple Pay in action

Margrethe Vestager claims that the EU has received a number of competition-related complaints over Apple Pay

EU Competition Commissioner Margrethe Vestager has claimed that antitrust complaints over Apple Pay have been piling up in her office since a questionnaire was sent out to banks and rival payment system providers in August this year.

 

Vestager added that she also has "many, many concerns" over the payment technology, released in October 2014 and integrated with all of Apple's new iPhones since the iPhone 6.

 

Apple Pay has grown quickly, with the service surpassing PayPal in the company's most recent quarter, processing more than three billion transactions. Revenues have doubled compared to the same quarter last year. The company, though, is reticent to reveal precise revenues generated by Apple Pay.

 

Reuters reports that, as part of the probe instigated by the European Commission, the EU regulator is also asking online retailers whether they have been made contractually obliged to use Apple's payment system over rival services.

Speaking at nerdfest Web Summit this week, Vestager revealed that since the questionnaire was sent out, she has received a high number of complaints. 

"We've been asking quite a number of questions because we get many many concerns when it comes to Apple Pay for pure competition reasons," said Vestager, without specifying who had expressed concern.

"People see it becomes increasingly difficult to compete in the market for easy payments."

Earlier reports have suggested that the EU Commission's biggest concern with Apple Pay relates to Apple's proprietary Near-Field Communication (NFC) chip, which the service relies on to enable users to pay at stores by just holding their phones near a card reader.

Vestager has said that she is aware of reports that Apple has been limiting the use of the NFC chip to only cards included in Apple Wallet, noting that no such restrictions on NFC permissions for cards or banking apps exist on Android's alternative, branded Google Pay. Samsung also has its own payment technology, called Samsung Pay.

Apple, which last year settled an NFC-related spat with Swiss payment company TWINT, has long argued that limiting access to the NFC chip provides better security. It claims that this is one of the reasons why consumers opt for Apple Pay in the first place.

It also says that payment providers can access iPhone users using alternative technologies, like QR codes, which once scanned can trigger a payment.

Amazon patches Ring Video Doorbell vulnerability that could allow hackers to breach owner's Wi-Fi network

By Dev Kundaliya | News | 8 November 2019
A security vulnerability in Ring Video Doorbell could allow hackers to breach owner's Wi-Fi network

Ring vulnerability attributed to device's use of insecure HTTP rather than encrypted HTTPS

Amazon has released a fix for a vulnerability in its Ring Video Doorbell Pro device that enabled hackers to take control of users' Wi-Fi networks.

The vulnerability was discovered in June by security researchers at Bitdefender, who disclosed it to Ring through HackerOne bug bounty programme. A security patch for the bug was finally released by the vendor on 7th November.

According to researchers, the vulnerability stems from the fact that anyone within the range of doorbell's Wi-Fi network could cause the doorbell to drop from the wireless network by sending some "deauthentication messages" to it.

Deauthentication allows a third party to mount the attack. This process causes the Ring app to send a notification to owner, who will then initiate the common troubleshooting measures to reset the doorbell.

Once the device is reset, it starts the process of pairing itself with the owner's Wi-Fi network. Because the exchange of information between the device and the app is performed via an unsecured HTTP connection, it enables a hacker within range of the Wi-Fi network to intercept the login details.

The patch released by Ring to mitigate the vulnerability ensures that the device uses an HTTPS connection while broadcasting a Wi-Fi signal for the phone to grab. The connection is also secured through a digital certificate, signed by the firm and validated by the app.

In a statement, Ring said that "customer trust is important" for the company and that it takes "the security of our devices seriously."

"We rolled out an automatic security update addressing the issue, and it's since been patched," Ring said. 

Ring is a video doorbell maker that bought by Amazon last year for $839 million.

But this is not the first tim that security researchers have uncovered a vulnerability in Ring's devices.

In 2016, researchers at Pen Ten Partners discovered bugs in Ring's doorbell that allowed hackers to steal Wi-Fi passwords.

In February, cyber security firm Bullguard demonstrated live hacking of Ring doorbells at Mobile World Congress, which enabled Bullguard's team to view footage from the video feed of the device.

Microsoft urges users to patch Windows systems vulnerable to BlueKeep attacks

By Dev Kundaliya | News | 8 November 2019
Microsoft has noticed a spike in BlueKeep exploit attempts

BlueKeep exploit attempts are increasing, warns Microsoft, and the worst is still to come

Microsoft has warned users to patch out-of-date Windows systems as a matter of urgency attacks after noticing a spike in BlueKeep exploit attempts.

"Microsoft security signals showed an increase in RDP-related crashes that are likely associated with the use of the unstable BlueKeep Metasploit module on certain sets of vulnerable machines," Microsoft Defender ATP Research Team said in a blog post.

According to researchers, the BlueKeep attacks reported earlier this month by security researcher Kevin Beaumont were connected with a coin mining campaign that was first noticed in September and used the same command-and-control servers to carry out attacks on vulnerable systems.

Microsoft security signals showed an increase in RDP-related crashes that are likely associated with the use of the unstable BlueKeep Metasploit module

In an online post published on 3rd November, Beaumont reported that a "worldwide honeypot network" that he created to detect the development of BlueKeep exploits had experienced crashes.

Beaumont said that the first crash occurred on 23rd October, and then all remaining honeypots (except in Australia) also crashed.

Another security researcher, Marcus Hutchins (also known as MalwareTech) also confirmed that BlueKeep exploit attacks were currently undergoing.

Microsoft security researchers collaborated with Beaumont and Hutchins to investigate the crashes, and found that they were caused by a BlueKeep exploit module.

Microsoft said it had deployed a behavioural detection system for the BlueKeep Metasploit module in early September. The company noticed that starting on 6th September 2019, RDP service crashes increased from 10 to 100 per day. A similar spike in memory corruption crashes were also noticed, starting on 9th October 2019.

BlueKeep will continue to be a threat 'as long as systems remain unpatched'

BlueKeep is a wormable, remote code execution vulnerability affecting Windows XP, Windows 7, Windows Server 2003, Windows Vista, Windows Server 2008 and Windows Server 2008 R2. Indexed as CVE-2019-0708, this vulnerability is pre-authentication, meaning it requires no user interaction.

Since it is wormable, it can make any malware exploiting the vulnerability to be able to spread from one vulnerable system to another, without requiring user interaction.

The risk associated with BlueKeep forced Microsoft to release a patch for Windows XP on 14th May, its first in many years.

Many researchers suggested that BlueKeep could have a similar impact as 2017 WannaCry worm.

Nearly one million Windows systems were still vulnerable to BlueKeep flaw as of May 2019.

The attacks that were launched earlier this month did not deploy any wormable malware. Instead, the threat actors scanned the web for vulnerable machines and attacked unpatched system, one at a time. They first deployed a BlueKeep exploit and then the cryptocurrency miner.

According to Microsoft, this is just the beginning, and the worst is yet to come.

The attackers will eventually refine their attacks, and will use the BlueKeep exploit to deliver payloads much more damaging than coin miners, the researchers warned.

BlueKeep will continue to be a threat "as long as systems remain unpatched" and "overall security posture is not kept in check," according to Microsoft.

"Because BlueKeep can be exploited without leaving obvious traces, customers should also thoroughly inspect systems that might already be infected or compromised," the company added.

Why data isn't the new oil

By Stuart Sumner | News | 8 November 2019
Jason Foster, CEO and founder of data and analytics strategy consultancy Cynozure, explains that we need a new analogy for data, without some of the negative connotations of oil

Jason Foster, CEO and founder of data and analytics strategy consultancy Cynozure, explains that we need a new analogy for data, without some of the negative connotations of oil

Data isn't the new oil, contrary to what many technology experts and commentators have been saying for years, according to Jason Foster, CEO and founder of data and analytics strategy consultancy Cynozure.

Foster explained that whilst the analogy works to an extent, its negative connotations are unhelpful when considering the potential good that data can do.

"Whilst oil has given humans huge opportunity, it has also had a devastating effect on the environment. Oil spills pollute the sea. It's used to make plastics which are damaging the earth. Whereas data has the ability to reverse climate change."

He added that money made from oil tends to enrich individuals, again unlike data.

"Making money from oil is limited to a very few people and countries. Data is open, broad and available to everyone."

He continued: "Oil is a finite resource. We're running out and looking for more sustainable, renewable sources of power. Data is unlimited and growing. There is more data every day. In fact there has been more data produced this month than in the last 100 months.

"Data can be copied, shared and multiple people can get value from the same piece of data. It can be moved around the world in real time. There are violent wars in oil rich countries vying for access and control of that oil. This doesn't happen with data."

He did acknowledge however that cyber crime is war of a sort, whose purpose is often to attempt to obtain access to sensitive data.

There are also differences in the way that data is created, and its use cases.

"Data can be created today, by anyone, you turn on a watch and start tracking, or build an algorithm that creates new answers. There is no global price for a piece of data. It's not commoditised to the same degree as oil. You can't buy data by the barrel."

Foster added that there are also large differences in the way that data and oil and regulated, especially in the fines imposed for their misuse.

"The fines for misuse stack way more heavily towards oil. The largest was $18.7 billion given to BP for its oil spill in the Gulf of Mexico in 2010. Whereas the total data breach fines are $1.2 billion ever. The largest single fine for a data breach so far was around $600 million for Equifax in 2017.

However, Foster did admit that there are numerous similarities between data and oil, so the analogy does work to an extent.

"Oil is nothing until it's been extracted, refined and put to good use, just like data, so I do understand the analogy."

Looking to the future, Foster worries that data could become more like oil in its negative connotations, so what should we do to protect against that?

"We need to put policies in place to make sure data is put to good and not negative, polluting use cases. Perhaps blockchain plays a part here in making everything more transparent, open and removing the data brokers. We could also tax the use of or benefit from data in different ways, to ensure it has broader benefits to society."

Foster also explained how firms should look to build data-guided organisations in a recent Computing webinar.

Two decades on from the Matrix, AI is removing drudgery not seeking domination

By Steve Barrett | Opinion | 8 November 2019
Machines are helping us finding the glitches

No need to take the red pill just yet says PagerDuty's Steve Barrett

This year marks the 20th anniversary of the seminal science fiction movie ‘The Matrix'. I'm a fan, like many of my fellow IT professionals, so I thought it fitting to address some of the film's themes to see how they hold up today.

Ray Bradbury once described science fiction as "any idea that occurs in the head and doesn't exist yet, but soon will". Bradbury could certainly have been talking about The Matrix, which posits the future relationship between humans and machines, forged through the power of artificial intelligence (AI).

Unrealised potential

In the movie, AI is hardly a force for good, but we do have high hopes for the more benign potential of AI in its many forms.

Two decades after the film's premiere, that potential is only just starting to be realised. Voice recognition and imaging capabilities might power digital assistants, such as Siri and Alexa, and first-generation self-driving cars but they have a long way to go. The user interfaces for AI may resemble the level of sophistication presented in movies like The Matrix, but the underlying foundation is still very elementary. That's not a bad thing, but it can lead to disappointment when the actual capabilities don't match what the movies have lead us to believe they should. Try asking Alexa a more complex question or request like "start my car and map the quickest route to work" and I assure you that it won't meet your expectations.

Glitches in the matrix

For me as an IT professional, one of the more memorable elements of the film was the idea of ‘glitches in the matrix'. Who among us hasn't experienced the short periods of time when an IT incident makes system vulnerabilities all too apparent and user experience is disrupted?

These glitches may have been tolerable even a few short years ago, but today, the demands of the always-on digital business put pressure on IT professionals to manage incidents and associated data more quickly than ever before. Traditional command-and-control methods no longer make sense because they result in over-notification and process inefficiencies.

So here's where machine learning, one small subset of AI, can work for us.

When an IT incident occurs, alerts come in from multiple sources. Machine learning can be used to identify commonalities among incidents, reducing ‘alert blindness'.

Operational complexity is increasing and time is not. Triaging incidents can be particularly painful - especially when doing so from scratch. We'd prefer to know whether a similar incident has happened before and, if so, how it played out. We want to learn from historic events. Machine learning has the potential to provide us with that insight - drawing on data from both within our own organisations and thousands of others around the world. It puts context directly into the hands of those closest to the incident.

Will jobs be lost?

Will machine learning ultimately render our roles obsolete - a risk cited by some of AI's opponents? Will IT operations jobs be lost and skills atrophy from lack of use? Will machines rather than humans be on the end of that midnight support call? I doubt it. (But I'll leave it to you to decide whether that is a good thing). Humans will always be central to this notion of machine learning. I wouldn't worry about AI taking over humanity's job anytime soon.

Of course, with potential comes risk. Much has been written about the fact that data can be manipulated - either deliberately, for political or criminal gain, or unintentionally. Bias can be introduced during machine ‘training', and privacy can be invaded. But, to borrow a phrase from The Matrix, with AI and machine learning we can be confident that "the answer is out there".

Fortunately, the hellish, machine-dominated world of the Matrix - where humans have been rendered little more than a power source - remains far-fetched. 

Steve Barrett, is vice president EMEA at PagerDuty

Kew Gardens in the market for new business intelligence system

By Stuart Sumner | News | 8 November 2019
Ian McKetty, CIO at Kew Gardens

Kew Gardens CIO Ian McKetty tells Computing that all the 'front of house' systems are being replaced: EPOS, CRM and BI

Kew Gardens is replacing all of its 'front of house' systems, including EPOS, CRM and business intelligence capagilities.

Ian McKetty, CIO of Kew Gardens, told Computing that this is part of a programme to implement an improved visitor-facing systems programme.

"We're replacing all of the systems and services that touch the visitor," said McKetty. "The aim is to unify the experience, and give them a frictionless means to access Kew. It needs to be an easy way and seamless way to navigate us remotely or on site," he added.

McKetty explained that currently the organisation has no way to understand its visitors and their spending patterns.

"What we lack now is the ability to analyse the data we have. We don't have systems now that support us in generating any meaningful form of insights, so we can't dig into the data.

"So for instance a visitor might spend 20 pounds in our Orangerie. But what does that mean about the person? Where were they from, what's the demographic profile around how they interact with us? We have no means to understand that."

He stated that Kew is analysing the market now and assessing suppliers.

"We're soft market testing now. We had three potential suppliers in recently, and there are several more that will come in. We need systems that are easy to integrate. They also need to be easy to build on and pain free for our people."

McKetty also explained that whilst these systems must have certain qualities, he's not looking for best of breed.

"While it's important that they work well, they're not differentiating systems. They need to be good, but they don't need to be the best. But the ICMS, the collections management system, must be world class, because it differentiates us."

In an earlier interview, McKetty described the major project to implemented an Integrated Collections Management System, which will make the world's largest horticultural database open to anyone.

Trend Micro: 68,000 user accounts compromised by ex-employee

By Computing News | News | 7 November 2019
Trend Micro was only alerted to the compromise after customers complained about receiving scam phone calls

Trend Micro confesses to compromise that led to user account details finding their way into the hands of a criminal third party

Trend Micro has admitted that as many as 68,000 user account details were stolen and sold to a criminal third-party by one of its former employees.

In a blog post disclosing the incident, the security software company added that it only discovered the inside job after it started receiving complaints from customers about suspicious calls purporting to be from Trend Micro.

"We immediately started investigating the situation and found that this was the result of a malicious insider threat. The suspect was a Trend Micro employee who improperly accessed the data with a clear criminal intent," the company warned.

It continued: "We immediately began taking the actions necessary to ensure that no additional data could be improperly accessed, and have involved law enforcement."

It was not until the end of October 2019 that we were able to definitively conclude that it was an insider threat

The company claims that it was made aware of the incident in August 2019.

"Trend Micro became aware that some of our consumer customers running our home security solution had been receiving scam calls by criminals impersonating Trend Micro support personnel. The information that the criminals reportedly possessed in these scam calls led us to suspect a coordinated attack.

"Although we immediately launched a thorough investigation, it was not until the end of October 2019 that we were able to definitively conclude that it was an insider threat."

That investigation eventually found that a Trend Micro employee had "used fraudulent means to gain access to a customer support database" containing names, email address, support ticket numbers - meaning that the customers had all been in legitimate contact with Trend Micro - and, in some instances, telephone numbers.

However, the company claims that there are "no indications" that customer financial details of any kind was compromised. No details of business or public sector customers was compromised, the company added. Only English-speaking customers in English-speaking countries were targeted, it added.

Insiders compromising private information can generally expect harsh punishments if they are identified and convicted. Andrew Skelton, the internal IT senior auditor at Morrisons who deliberately spilled payroll information of just under 100,000 Morrisons supermarket workers was found guilty in July 2015 and won't be considered for release until January 2020.

 

HP Inc mulls acquisition proposal from Xerox

By Dev Kundaliya | News | 7 November 2019
HP Inc has held talks with Xerox about a proposed 'business combination', HP Inc admits

HP Inc is considering a 'business combination' proposal from Xerox

Xerox has held talks with HP Inc over a potential "business combination', the PC and printer maker has confirmed.

In a statement, the company admitted the approach, which had been trailed in a Wall Street Journal article on Tuesay citing 'people familiar with the matter'. However, the company will have to dig deep to make its cash-and-stock offer add up, with HP currently trading at a market value of about $27 billion, while Xerox is valued at around just $8 billion.

Xerox has received an informal funding assurance from a major bank, the WSJ claimed on Tuesday, although there is no guarantee that Xerox will actually make an formal offer for HP.

Xerox could generate up to $2 billion in annual cost savings for Xerox, the WSJ suggested, although it's not clear where these savings would come from. 

In a statement, HP admitted that the two companies had considering a "business combination" more than once in the past, and added that it had even received a proposal this week, which it is considering.  "We have great confidence in our multi-year strategy and our ability to position the company for continued success in an evolving industry, particularly given the multiple levers available to drive value creation. "Against this backdrop, we have had conversations with Xerox Holdings Corporation from time to time about a potential business combination... Most recently, we received a proposal transmitted yesterday [Tuesday]. "We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders."

HP Inc was formerly known as Hewlett-Packard, which was founded in 1939. In 2015, Hewlett-Packard underwent a demerger, separating its low margin PC and printers business, renamed HP Inc, from its enterprise business, renamed Hewlett Packard Enterprise (HPE).

HP is currently struggling with its printer business segment. The division's revenue for the third-quarter dropped five per cent year-on-year, despite the 2016 acquisition of Samsung's printer business.

Last month, the company said that it was planning to cut up to 9,000 jobs (nearly 16 per cent of its 55,000-employee global workforce) by the end of 2022. The job cuts are part of a restructuring programme intended to cut costs and boost profitability. 

The company added that it planned to shake-up its struggling printer business under a restructuring programme that will include a price hike on printers that can be used with non-HP ink cartridges.

Norwalk, Connecticut-based Xerox, best known for its copiers and printers, has a market capitalisation of just $8.05 billion, much compared to HP's $27.27 billion. The company's share of the printing and copier market has been hit in recent years by the global trend towards cloud computing and other internet services.

The company said on Tuesday that it will sell its 25 per cent share in Fuji Xerox, the joint venture between Xerox and Japan's Fujifilm, for $2.3 billion.

This deal will give Fujifilm a 100 per cent stake in Fuji Xerox. Fujifilm also agreed to withdraw a lawsuit it filed against Xerox in 2018, seeking more than $1 billion in damages after Xerox scrapped its $6.1 billion deal to merge with Fujifilm.