UK firms ‘still failing to prepare for cyber attacks’
UK organisations are still failing to prepare effectively for cyber attacks, new research from PwC has found. The survey shows that the cyber security risk to UK organisations continues to increase in both severity and impact, but nearly one in five (17 per cent) admitted that they do not prepare or drill for cyber attacks, and fewer than half (49 per cent) conduct penetration tests to examine their defences.
UK government invests £6m in data innovation
Innovate UK is providing £6 million over three years to the Open Data Institute (ODI), to advance knowledge and expertise in how data can shape the next generation of public and private services, and create economic growth. Now in its sixth year, the ODI aims to build a strong, fair and sustainable data ecosystem by helping businesses and governments around the world get data to people who need it. The money will be used to enable the UK to build on its strengths in data and data analytics, break new ground in creating value from data across industry, and ensure that the UK remains at the forefront of data innovation globally.
Societe Generale hires new UK head of innovation
Anthony Wooley has been announced as the new head of innovation for the UK arm of Societe Generale. In his new role, Wooley will be responsible for strengthening connections between Societe Generale and the FinTech sector in order to accelerate the adoption of emerging technologies across the organisation and to leverage the bank’s financial services expertise with industry innovations in financial technology.
UK to become third biggest e-commerce market
The UK will be the world’s third biggest market for e-commerce in 2021, growing by an average of almost 10 per cent over the next five years, according to new data from Worldpay. In its annual Global Payments Report, Worldpay found that UK e-commerce will be worth £203 billion by 2021, putting the country behind only China and the USA in terms of the value of e-commerce transactions.
Esso rolls out new mobile payments app
Esso has launched a new mobile app that allows customers to securely pay for their fuel at the pump station. Customers can simply drive up to an Esso fuel pump, open the app from the comfort of their car, select the pump number and authorise the payment (up to a maximum limit) before filling-up. When the customer replaces the nozzle back on the pump, the app confirms the amount paid and automatically emails them a digital receipt.
Banks set for major Open Banking investments
All but one of 100 payments executives at large banks said they plan to make major investments in Open Banking initiatives by 2020, according to a new Accenture study. Open Banking is an emerging service model that allows customers to share access to their financial data with non-bank third parties. Banks can also use the Open Banking platform to offer plug-and-play financial products to third parties, such as retailers or FinTech companies, ultimately expanding their reach to new customers.
UK government ‘urged to boost AI industry’
The UK government is being urged to boost the UK’s artificial intelligence (AI) industry, a move which could unlock £630 billion for the UK economy. An independent industry-led review has set out a number of proposals for how industry and government can boost the UK’s AI industry in order to boost productivity, advance health care, improve services for customers and unlock billions of pounds for the UK economy.
IoT set to transform the agriculture sector
With pressure on land and food resources set to increase, the Internet of Things (IoT) will play an increasingly important role in helping the agriculture sector become more efficient, productive and sustainable, new research suggests. The study, commissioned by mobile satellite company Inmarsat, found that spending on IoT is set to rocket over the next five years within agritech.