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Risk Management to Account for 17.1% of Overall IT Spending in 2015

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According to a new IDC Financial Insights forecast, Worldwide IT Spending 2013–2018: Worldwide Risk IT Spending Guide, 1H15 (Doc #FI255746), worldwide risk information technologies and services (RITS) spending will reach $78.6 billion in 2015 and is expected to reach $96.3 billion by 2018 at a compound annual growth rate (CAGR) of 6.97% during the 2013–2018 forecast period.

The bi-annual spending guide is published to provide a consistent, global view of the risk technologies market while including meaningful and industry-specific forecasts relative to the technologies and services for managing credit, market, and operational risks across three primary financial services sectors: Banking, Capital Markets, and Insurance.

Key highlights from the new report include:

Total IT spending for the worldwide financial services market for 2015 is forecast to reach $458.4 billion for hardware, software, and internal and external IT services. By the end of the forecast period in 2018, this spending will reach $522.3 billion.

The components of this total market devoted to risk management will account for an average of 17.1% of overall spending by CIOs, CTOs, risk and compliance officers, and line-of-business IT executives in 2015, growing to 18.4% of total spending by 2018.

Both percentages are up slightly from the previous forecast.

The Capital Markets sector spends more on risk technology when compared with total sector spending, with over 24.5% of total IT spending allocated to risk functions by 2018.

Risk technology investments by institutions domiciled in the Asia/Pacific market will grow at a rate higher than the average, while investments by firms domiciled in the North American and European markets will grow at a slower rate.

Investments in external risk services are growing at a quicker pace than the average, while spending on internal risk IT services is growing at a slower rate through the forecast period.

The proliferation of external risk services will bring meaningful positive change to the ways in which IT is consumed and utilized.

According to Michael Versace, global research director, IDC Financial Insights, “As institutions begin to see the connection between digital strategies and risk strategies, and new innovations from 3rd Platform vendors unfold, traditional Fintech vendors will be challenged to demonstrate value in digital strategies while at the same time discover white space opportunities. To meet this challenge, Fintech vendors will require deeper insights into enterprise strategies, brand and product perceptions, unmet needs, and important buying triggers.”

IDC Financial Insights Spending Guides are designed to be a benchmark tool providing consistent, detailed market data on the corresponding industry, and a profile of the IT growth opportunities segmented by technology components, solution categories, and institution types and sizes.

These pivot table tools present spending forecasts according to current assumptions related to economic trends, end-user surveys, and IDC Financial Insights’ comprehensive segmented research expertise.

In addition, the Spending Guides provide targeted data for sales organizations with specific spending predictions and analysis correlated by institution size and type.

 


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Millions of Cyber Attacks Launched on Nigeria, Others- Reports

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There were 3.8 million malware attacks and 16.8 million Potentially Unwanted Applications (PUA) detections over a 7-month period in Nigeria, according to Kaspersky security solutions.

Millions of Cyber Attacks Launched on Nigeria, Others- Reports

Elsewhere in South Africa, there were almost 10 million malware attacks and a staggering 43 million PUA detections, showing the growing desperation of the attacks.

The company reported on 28 million malware attacks in 2020 and 102 million detections of potentially unwanted programs (pornware, adware etc.) accounted for by the beginning of August 2020.

These numbers show that it’s not only the malware that attacks users but also the “grey zone” programmes that grow in popularity and disturb their experiences, while users might not even know it is there.

Potentially unwanted applications (PUAs) are programmes that are usually not considered to be malicious by themselves.

However, they are generally influencing user experience in a negative way. For instance, adware fills user device with ads; aggressive monetising software propagates unrequested paid offers; downloaders may download even more various applications on the device, sometimes malicious ones.

calculating interim results of threat landscape activity in African countries, Kaspersky researchers noticed that PUAs attack users almost four times more often than traditional malware.

They also eventually reach more users: for instance, while in South Africa, the malware would attack 415,000 users in 7-months of 2020, the figure for PUA would be 736,000.

“The reason why ‘grey zone’ software is growing in popularity is that it is harder to notice at first and that if the programme is detected, its creators won’t be considered to be cybercriminals. The problem with them is that users are not always aware they consented to the installation of such programmes on their device and that in some cases, such programmes are exploited or used as a disguise for malware downloads,” said Denis Parinov, a security researcher at Kaspersky.

By taking a closer look at PUA, it becomes apparent that they are not only more widespread but also more potent than traditional malware.

Evaluating results over the same 7-month period in Nigeria, there were 3.8 million malware attacks and 16.8 million PUA detections – which is four times as much.

Kenyan and South African threat landscapes have been more intense. In South Africa, there were almost 10 million malware attacks and a staggering 43 million PUA detections.

Kenyan users faced even more malware attacks – around 14 million, and 41 million PUA appearances, Kaspersky said.


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Tech Giants Strike Deal with Advertisers over Hate Speech

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Web giants including Facebook have struck a deal with advertisers on how to identify harmful content such as hate speech, after an impasse over the issue which led to boycotts of the platform.

Tech Giants Strike Deal with Advertisers over Hate Speech

The agreement — which also included Twitter and YouTube — laid out for the first time a common set of definitions for hateful statements online.

In July, hundreds of advertisers including big-name consumer brands suspended advertising with Facebook as part of the #StopHateForProfit campaign, saying the social-media titan should do more to stamp out hatred and misinformation on its platform.

And earlier this month a group of celebrities — including Kim Kardashian, Leonardo DiCaprio and Katy Perry — stopped using Facebook and Instagram for 24 hours, to push a similar message.

The World Federation of Advertisers (WFA) said in a statement Wednesday: “Facebook, YouTube and Twitter, in collaboration with marketers and agencies through the Global Alliance for Responsible Media have agreed to adopt a common set of definitions for hate speech and other harmful content and to collaborate with a view to monitoring industry efforts to improve in this critical area.”

The alliance was founded by the WFA and includes other major trade bodies.

According to the WFA, key areas of agreement included applying the alliance’s common definitions of harmful content; developing reporting standards for such content; establishing independent oversight; and rolling out tools for keeping advertisements away from harmful content.

The WFA said that properly defining online hate speech would remove the current problem of different platforms using their own definitions, which it said made it difficult for companies to decide where to put their ads.

“As funders of the online ecosystem, advertisers have a critical role to play in driving positive change and we are pleased to have reached agreement with the platforms on an action plan and timeline in order to make the necessary improvements,” said Stephan Loerke, chief executive of the WFA.

Luis Di Como, executive vice-president of global media at Unilever, a major advertiser, sounded a note of cautious optimism.

He said: “The issues within the online ecosystem are complicated, and whilst change doesn’t happen overnight, today marks an important step in the right direction.”

Speaking in July, Facebook’s founder and chief executive Mark Zuckerberg said he remained adamant that the company did not want hate speech on the social network.

On Wednesday, the company’s vice-president for global marketing solutions, Carolyn Everson, said the agreement gave all parties “a unified language to move forward on the fight against hate online.”

 


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Nigeria, Others Facing ‘Millions of Cyber Attacks’ in 2020

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Nigeria, Kenya and South Africa, continues to fall victim to millions of malware attacks and Potentially Unwanted Applications (PUAs), according to the latest research from Kaspersky.

The IT security firm says its security solutions have reported on 28 million malware attacks in 2020 and 102 million detections of PUA (including pornware, adware) accounted for by the beginning of August 2020.

PUAs are programs that are usually not considered to be malicious by themselves, Kaspersky explains. However, they are generally influencing user experience in a negative way.

For instance, adware fills user device with ads; aggressive monetizing software propagates unrequested paid offers; downloaders may download even more various applications on the device, sometimes malicious ones.

By taking a closer look at PUA, it becomes apparent that they are not only more widespread but also more potent than traditional malware, according to Kaspersky.

“Evaluating results over the same seven-month period in Nigeria, there were 3,8 million malware attacks and 16,8 million PUA detections – which is four times as much. Kenyan and South African threat landscapes have been more intense.

In South Africa, there were almost 10 million malware attacks and a staggering 43 million PUA detections. Kenyan users faced even more malware attacks – around 14 million, and 41 million PUA appearances,” the company adds.

These numbers show that it’s not only the malware that attacks users but also the ‘grey zone’ programs that grow in popularity and disturb their experiences, while users might not even know it is there.

While calculating interim results of threat landscape activity in African countries, the researchers noticed that PUAs attack users almost four times more often than traditional malware. They also eventually reach more users: for instance, while in South Africa, the malware would attack 415,000 users in seven months of 2020, the figure for PUA would be 736,000.

“The reason why ‘grey zone’ software is growing in popularity is that it is harder to notice at first and that if the program is detected, its creators won’t be considered to be cybercriminals.

“The problem with them is that users are not always aware they consented to the installation of such programs on their device and that in some cases, such programs are exploited or used as a disguise for malware downloads. This is why many security solutions, including ours, flags such programs to make sure users are aware of its presence, influence on their device and activity,” says Denis Parinov, a security researcher at Kaspersky.


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