E-Business
Gartner Predicts Enterprise Security Spending to Reach $96 Billion in 2018
Gartner forecasts worldwide enterprise security spending to total $96.3 billion in 2018, an increase of 8 percent from 2017. Organizations are spending more on security as a result of regulations, shifting buyer mindset, awareness of emerging threats and the evolution to a digital business strategy.
“Overall, a large portion of security spending is driven by an organization’s reaction toward security breaches as more high profile cyberattacks and data breaches affect organizations worldwide,” said Ruggero Contu, research director at Gartner. “Cyberattacks such as WannaCry and NotPetya, and most recently the Equifax breach, have a direct effect on security spend, because these types of attacks last up to three years.”
This is validated by Gartner’s 2016 security buying behavior survey*. Of the 53 percent of organizations that cited security risks as the No. 1 driver for overall security spending, the highest percentage of respondents said that a security breach is the main security risk influencing their security spending.
As a result, security testing, IT outsourcing and security information and event management (SIEM) will be among the fastest-growing security subsegments driving growth in the infrastructure protection and security services segments.
Regulatory compliance and data privacy have been stimulating spending on security during the past three years, in the US (with regulations such as the Health Insurance Portability and Accountability Act, National Institute of Standards and Technology, and Overseas Citizenship of India) but most recently in Europe around the General Data Protection Regulation coming into force on 28th May 2018, as well as in China with the Cybersecurity Law that came into effect in June 2016. These regulations translate into increased spending, particularly in data security tools, privileged access management and SIEM.
Gartner forecasts that by 2020, more than 60 percent of organizations will invest in multiple data security tools such as data loss prevention, encryption and data-centric audit and protections tools, up from approximately 35 percent today.
Skills shortages, technical complexity and the threat landscape will continue to drive the move to automation and outsourcing. “Skill sets are scarce and therefore remain at a premium, leading organizations to seek external help from security consultants, managed security service providers and outsourcers,” said Mr. Contu. “In 2018, spending on security outsourcing services will total $18.5 billion, an 11 percent increase from 2017. The IT outsourcing segment is the second-largest security spending segment after consulting.”
Gartner predicts that by 2019, total enterprise spending on security outsourcing services will be 75 percent of the spending on security software and hardware products, up from 63 percent in 2016.
Enterprise security budgets are also shifting towards detection and response, and this trend will drive security market growth during the next five years. “This increased focus on detection and response to security incidents has enabled technologies such as endpoint detection and response, and user entity and behavior analytics to disrupt traditional markets such as endpoint protection platforms and SIEM,” said Mr. Contu.
Gartner predicts that by 2028, 75 percent of enterprise software engineers will use Artificial Intelligence (AI) code assistants, up from less than 10 percent, currently.
According to a Gartner poll of 598 global respondents conducted in the third quarter of 2023, 63 percent of organisations are now testing, deploying, or have previously implemented AI code assistants.
AI code assistants provide for more capabilities than only code development and completion, notes the research firm.
According to Gartner, the use of AI code assistants can lead to higher work satisfaction and retention, resulting in lower turnover costs.
Philip Walsh, senior principal analyst at Gartner, comments: “Software engineering leaders must determine ROI and build a business case as they scale their rollouts of AI code assistants.
“However, traditional ROI frameworks steer engineering leaders toward metrics centred on cost reduction. This narrow perspective fails to capture the full value of AI code assistants.”
Gartner notes that software engineering leaders must “reframe the ROI conversation from cost reduction to value generations”.
Walsh adds: “Calculating time savings on code generation is a good place to begin building a more robust value story. To convey the full enterprise value story for AI code assistants, software engineering leaders should connect value enablers to impacts, and then analyse the overall return to the organisation.”
National Identity Management Commission (NIMC) has said that the planned national ID card will be issued to applicants by their banks.
NIMC said it is working with the Nigerian Interbank Settlement System (NIBSS) to deliver the cards to applicants.
“The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards,” the agency said at the weekend update on its official X handle.
KEY FACTS ABOUT THE PROPOSED NEW GENERAL MULTIPURPOSE NATIONAL IDENTITY CARD
- The new National ID Card is a single, convenient, and General multipurpose card (GMPC) , eliminating the need for multiple cards—not three.
- The single GMPC has multiple use cases:…
— NIMC (@nimc_ng) April 12, 2024
It said applicants need to request their cards with their NIN “through the self-service online portal, NIMC offices, or their respective banks”.
“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS,” NIMC said.
“The card can be picked up by holders at the designated center or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” the update read.
National Identity Management Commission (NIMC) has said that the new national Identity card, powered by AfriGo Card, is a single card with multiple services.
NIMC made the clarification against the confusion and criticisms that have trailed the AfriGo Card , touted as a National Domestic Card Scheme.
NIMC is launching the AfriGo Card, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), and has had appointed SecureID, a Lagos headquartered company to manufacture the Card Scheme
Making clarification on the card, Kayode Adegoke, head of Corporate Communications of the NIMC, said the General multipurpose card (GMPC) will eliminate the need for multiple cards.
“The new National ID Card is a single, convenient, and General multi-purpose card (GMPC), eliminating the need for multiple cards—not three.
“The single GMPC has multiple use cases: Payments/Financial, Government intervention/services, travel, etc.
“The National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and financial use cases.
“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS. Applicants for the card will have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks.
“The card will be issued through the applicants’ respective banks, in line with existing protocols with the issuance of the Debit/Credit cards.
“The card can be picked up by holders at the designated centre or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” he said.
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