Open banking remains a closed book for most consumers
Open banking first began to roll out in 2018, following the introduction of the PSD2 legislation in the UK, but five years on new research finds that most consumers still don't understand what it is, and the vast majority don't believe that it's safe.
The study from NTT DATA shows 58 percent of UK consumers still don't understand what open banking is, while just 16 percent believe that it's completely safe.
Metaverse? Meh!
A large majority of consumers in the UK say they have never heard of or are bored by Web3 (89 percent) and the Metaverse (84 percent), according to a new study.
Research from digital agency Studio Graphene surveyed 2,000 UK adults and finds technologies that hit the market more than a decade ago have high levels of consumer understanding and use, but this drops off sharply when looking at more recent innovations.
67 percent of UK IT decision makers are concerned about supply chain issues
A new survey of UK IT decision makers from cybersecurity company WithSecure looks at global supply chain issues, with 67 percent of respondents believing that these issues will either remain the same (28 percent) or get worse (39 percent) within the next year.
As issues around inflation and supply shortages remain high in the news agenda, 43 percent believe they are very knowledgeable in their understanding of supply chain issues. However, few are confident of quick fixes to these global issues, and 60 percent of respondents believe that they will last for two years or more.
Geopolitical tensions make security precautions critical for UK business
Geopolitical tensions are on the rise around the world and global economic structures continue to evolve as a result. Political disruption and unrest can have a far-reaching impact on the rest of the globe. This impact can be seen most clearly in the ripple effects that the current ongoing Ukraine-Russia war has had on the rest of the world in terms of economic volatility, food insecurity, and dramatic price increases.
Businesses are, of course, hyper-focused on ensuring their resilience to geopolitical risk, fragmentation, and uncertainty, which according to McKinsey’s latest Economic Conditions Outlook is at the top of the agenda for CEOs. But, if businesses want to safeguard their resilience during this disruptive time, organizations will need to prioritize their security.
UK sees one case of fraud every 85 seconds
A new study finds that £95 ($105) is lost to fraud every second in the UK. This is according to analysis by fraud prevention specialist Outseer of all the reported incidents of fraud to Action Fraud -- the UK's national reporting center for fraud and cybercrime -- between 1st July 2021 to 30th June 2022.
The data shows one case was reported to Action Fraud every 85 seconds and reported losses totalled over £3 billion ($3.31 billion) during the 12-month study period.
UK sees boost in AI adoption
Use of AI technology in the UK has stepped up since 2016, with 41 percent of companies adopting AI between 2016 and 2019, compared to just a fifth over six years ago.
A new study from Peak shows this puts the UK above the global average of 39 percent for this period, though it's since dropped back closer to the average, and represents an almost fourfold rise in the last ten years, compared to just 2.5 times in the US and three times in India.
PayPal backs down over Free Speech Union account
The latest development in the ongoing 'PayPal-gate' story is that the fintech giant has now reversed its decision and apologized for closing the Free Speech Union's account.
The FSU tweeted news of the decision yesterday evening following several days of people closing down their accounts and the stirring up of a political storm with questions asked in the UK parliament.
PayPal faces UK backlash over account closures
As we reported last week, PayPal has cancelled the accounts of a number of campaigning organizations in the UK, citing its Acceptable Use Policy but without providing a specific reason.
On Friday The Times reported that the fintech giant was poised to back down in the case of parents' group UsForThem, which campaigned for schools to be kept open during the pandemic.
PayPal cancels customers it doesn't like
In the past 48 hours or so PayPal’s UK arm has canceled the accounts of a number of campaigning organizations including the Free Speech Union, legal campaigners Law or Fiction, parents group UsForThem, and even the personal account of the FSU's founder journalist Toby Young.
The only reason the company has given for these actions is to cite its Acceptable Use Policy. And, as Young wrote in his column in The Spectator, PayPal also decided it would hang onto his money for up to 180 days while deciding whether to extract 'damages' before refunding it.
A third of cybersecurity professionals are kept awake by stress
A new survey of over 300 UK security professionals shows 32 percent of respondents say they are kept awake by job stress, 25 percent by lack of opportunity, but only 22 percent by their organization suffering a cyberattack.
The study from The Chartered Institute of Information Security (CIISec) says organizations have been slow to adopt industry standards. Almost half (49 percent) don't follow the UK Government's Cyber Essentials practices, which provide basic best practice; and just 20 percent have formally adopted the NCSC's 'Ten steps to cyber security' guidance.
Cybercriminals attack the wrong water company in bungled extortion attempt
On Monday, hacker group ClOp claimed to have gained access to 5TB of data from UK water supplier Thames Water and said it could change the chemical composition of the company's water supply.
Thames Water denied the reports and said it hadn't faced a cyber attack. Today it emerges that an attack has taken place but on a different company, South Staffordshire plc, the parent company of South Staffs Water and Cambridge Water.
More than a third of UK government tech workers still not using open source
The UK government committed itself to using more open source software in its Technology Code of Practice published in 2021, but 38 percent of government tech workers in a new study say they still don't use any open source software in their department.
On a more positive note the research from data management company Aiven shows 71 percent of UK government tech workers report the Government is now using more open source software compared to five years ago.
Hackers invade British Army's social media accounts
The British Army confirmed yesterday that its Twitter and YouTube accounts had been breached by hackers.
The Army's YouTube channel was changed to feature videos on cyptocurrency and images of billionaire businessman Elon Musk under the account name ArkInvest, while its official Twitter account was used to re-tweet several posts relating to NFTs and had its name changed a number of times.
5G could boost the UK economy by billions but more investment is needed
The benefits of 5G could be worth up to £7bn ($8.5bn) a year to the UK economy by 2030, but more needs to be done to ensure the country doesn't miss out on the benefits.
Research from Vodafone shows that while the 5G rollout has so far focused on major cities, towns and smaller cities are at risk of losing out.
Supply chain delays leave enterprises at risk
Continuing global supply chain disruption caused by the pandemic and the war in Ukraine is putting enterprises at increased risk from things like ransomware attacks, according to new research from Citrix.
The survey of 200 UK IT decision makers carried out by OnePoll finds 80 percent of security leaders believe that supply chain issues or delays have put their organization at increased risk from ransomware -- for example, by being unable to replace unsupported hardware.
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