E-Business
IDC Reveals New State of Technology Financial Services Industry

IDC hosted its annual Fintech Innovation Summit titled, ‘The New Collaboration-Based Landscape for Financial Services’, which explored the opportunities and threats of today’s increasingly open ecosystems for technological and business partnerships.
The Summit held at the Sheraton Imperial hotel, Malaysia identified that the convergence of innovation and multi-disciplinary partnerships across industries has created an unprecedented impetus for value co-development, and Malaysia conceived many champions of its own.
In this fast-paced digital world, many enterprises are leaning on the Digital Transformation (DX) platform as a way to ensure the timely delivery of services while also minimizing the complexity and costs involved.
Today’s financial services have to innovate further, using early digital victories as foundation to push the boundaries.
Digital financial services have become part of what the customers expect from financial institutions so going beyond current digital strategy is the key to success in the next two years. For this to happen, financial institutions will need to use a new set of innovation accelerators, foster new partnerships, and embrace concepts of openness and collaboration.
IDC Financial Insights suggested that to succeed, financial institutions must develop a new strategy and set priorities that includes:
Building a new ecosystem of partners out of your industry. Financial institutions will have to re-imagine a new value chain for the customers where banking and insurance needs to interface with manufacturing, or retail, transport or telecommunications to offer a whole new proposition of products/services to the customers.
Supporting industry-focused developers and create innovation communities that are fundamentally remaking what financial services fundamentally does.
Responding to new customer segments that do not separate “banking” from other activities in their everyday lives, so that banking (or insurance) becomes integrated to your customer’s lifestyle.
Embracing partners in an era of unprecedented collaboration, so that banks, insurers, regulators, Fintech
Breaking down the barriers to ideas and innovation within your institution, recognizing that change does not come only from the top.
“Innovative incumbent banks and financial institutions are moving rapidly to embrace digital. They need to go the distance in addressing not just the strategic but also the human challenge. Beyond that, to truly transform, they need to start thinking beyond digitization and incremental improvements”, said Michael Araneta, Associate Vice President – IDC Financial Insights Asia/Pacific.
“Creating strategies need to be based on a clear understanding of how digital creates perspectives and value on consumer ecosystem. Fintech Innovation Summit 2016 was a right platform that gathered the financial leaders and practitioners who shared their experience on digital transformation journey, Araneta adds.
Fintech Innovation Summit 2016 brought together regional industry leaders and prominent financial experts across verticals in Malaysia.
The holistic insights offered at this event is not only oriented towards helping the financial leaders plan their strategy in advance to deliver solutions that meet the challenges of today’s dynamic market conditions, but also in establishing altogether-new standards in the use of IT. It will also make a stop in Bangkok and Jakarta on September 22 and October 13.
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services.
Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company.
E-Business
NDPC Commits to Balancing Data Privacy, Protection Information

Nigerian Data Protection Commission (NDPC), has expressed its commitment to balance information around data privacy and protection.

Dr. Vincent Olatunji, national commissioner, NDPC, stated this in Abuja, at the National Data Privacy Summit with the theme, “Privacy in the Era of Emerging Technologies,” organised by the commission.
Olatunji said the NDPC, at the moment, was looking at balancing information around data privacy and protection.
“What we are doing is just to look at how to balance information around privacy and protection, which is really important, because as we are innovating, at the same time, we have to consider issues around privacy and protection,” he stated.
He added that the commission has been very bold in taking risks that would bring about growth.
“Our starting point is growing at a very alarming rate, and we are not afraid of anything. We can take risks. And that is why a lot is happening in Nigeria, and this is the level of clarity,” he explained.
In his address, Dr. Aminu Maida, executive vice chairman (EVC) of the Nigerian Communications Commission (NCC), stated that Internet of Things holds promise for Nigeria’s economy.
The EVC, who was represented by Abraham Oshadami, executive commissioner, Technical Services (ECTS), noted that, “in an era in which digital assets, Internet of Things, future digital computing and other transformative technologies are key, and both a cornerstone of building trust for the adoption and a prerequisite for sustainable progress.
“Emerging technologies hold immense promise for Nigeria’s grand economy, but they also introduce complex risks to personal and individual rights.
“So, balancing innovation through post-ethical safeguards and public trust is the first step to ensuring that global digital advancement benefits all Nigerians without compromising their privacy or their security,” he added.
“As we just heard from the Nigeria Police, telecom operators have a vast amount of sensitive historical information daily, including connectivity apps and collaboration on privacy, security, and number protection, both to their and their inheritors,” he said.
Dr. Bako Shurkuk, commissioner for Science, Technology and Innovation, Plateau State, who represented Caleb Mutfwang, Governor of Plateau State, said, emerging technologies can be harnessed to attain sustainable growth.
E-Business
OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit

Open Access Data Centres (OADC) Lagos has reaffirmed its commitment to Nigeria’s data protection and digital transformation agenda through its sponsorship and active participation in the Nigeria Data Protection Commission’s (NDPC) National Privacy Week Summit.

The National Privacy Week Summit, organised by the NDPC, convened policymakers, regulators, technology providers, and industry stakeholders to promote data privacy awareness, strengthen compliance with the Nigeria Data Protection Act (NDPA), and advance conversations around data security, sovereignty, and responsible data governance.
As a sponsor of the event, OADC Lagos demonstrated its continued support for the Federal Government’s drive toward local data hosting and data domiciliation, which are increasingly critical to safeguarding sensitive information, enhancing regulatory compliance, and building trust in Nigeria’s digital economy.
Through its carrier-neutral, Tier III Design certified data centre in Lekki, Lagos, OADC provides secure, resilient, and compliant infrastructure that enables government institutions and private sector organisations to host and manage data locally while meeting international best practices.
Commenting on the engagement, Adesola Adesugba, Country Marketing Manager, Open Access Data Centres Nigeria, said: “We are proud to have supported the Nigeria Data Protection Commission through the National Privacy Week Summit and to stand alongside the government in advancing Nigeria’s digital transformation objectives.
“Strengthening local data hosting and domiciliation is fundamental to national data sovereignty, improved security, and sustainable digital growth, and OADC Lagos remains committed to enabling this future.”
OADC’s participation at National Privacy Week Summit underscores its role as a trusted digital infrastructure partner to government and enterprise, supporting secure cloud connectivity, regulatory compliance, and the long-term development of Nigeria’s digital ecosystem.
Open Access Data Centres is part of the WIOCC Group and operates open-access, world-class data centres across Africa, serving cloud providers, network operators, enterprises, and public sector institutions.
E-Business
Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals

Kaspersky’s new online tool has been specially developed for industrial organisations to assess the potential costs associated with insufficient operational technology (OT) security.

By offering detailed financial forecasts, the calculator empowers senior management to make well-informed decisions regarding security investments.
Industrial organisations increasingly depend on interconnected systems, elevating cybersecurity to a critical factor in business resilience and profitability.
According to VDC Research, over 60% of industrial companies last year reported that cybersecurity breaches had led to significant costs. Despite this, a persistent disconnect remains between security teams and executive leadership as security professionals focus on minimising risk, while executives must balance cybersecurity concerns with broader business objectives. This misalignment often results in competing priorities and underfunded security initiatives.
To bridge this gap, Kaspersky has launched the OT Cybersecurity Savings Calculator, an innovative online tool designed specifically for industrial organisations to assess the potential costs of inadequate operational technology (OT) security¹.
The primary aim of this tool is to translate cyber risks into tangible financial metrics and support strategic discussions around priorities and budget allocation. By entering details such as their sector, sub-sector, region, company size, breach history, and existing cybersecurity measures, organisations can estimate their potential cost savings and receive customised, actionable recommendations.
The calculator benchmarks performance against industry peers and highlights the company’s position within the current threat landscape.
“We believe this calculator is a powerful resource for transforming complex cyber risk data into straightforward financial insights. It enables OT leaders, security professionals, and executive teams to develop clear, data-driven business cases and recognise the value of cybersecurity investments. With actionable guidance, it promotes a comprehensive approach to resource management and strengthens overall organisational resilience,” comments Andrey Strelkov, Head of Industrial Cybersecurity Product line at Kaspersky.
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