Growth of the Cloud PBX Market in Europe, Russia’s Largest Data Leak and Challenges of Libra
Study: cloud PBX market in Europe will grow to $ 4.58 billion by 2027
From 2018 to 2027, the cloud PBX market in Europe will grow annually by an average of 14.6%, as was forecasted in a new report on regional analysis and industry development. It amounted to $ 1.37 billion in 2018.
The main factors affecting the growth of the cloud PBX market in Europe are the demand from enterprises for effective communication, lower operating costs and an increase in the need for various forms of communication (audio, video, text messaging). Cloud-based PBX appears to be more cost-effective for businesses than local PBX.
The growth of the cloud PBX market is also supported by the emergence of an European development strategy for a single digital space in the framework of the European Cloud Initiative and the European Free Data Flow Initiative. Initiatives taken by government organizations across the region are expected to drive cloud adoption, which in turn will push the European cloud PBX market.
Media: Russia’s largest bank leaked data of 60 million credit cards
A database of Sberbank clients is being sold on the Internet, Kommersant reports citing the founder of DeviceLock, Ashot Hovhannisyan. According to the textual description of the illegal database, we can talk about Sberbank’s “leaked database”, to which an employee with administrative role could have access. Such an assumption was made by a newspaper source in the Central Bank who wished to remain anonymous.
The bank itself claims that the amount of stolen data is “impossible, since the total amount of active credit cards is several times less.” Sberbank emphasizes that stolen information will not allow attackers to withdraw money from cards, as they do not contain CVV codes.
Research: the number of non-cash card transactions in Russia increased 30 times from 2010 to 2018
The Boston Consulting Group (BCG), an analytical company, has named Russia as one of the world leaders in the number of secure tokenized transactions — payments using Apple Pay, Samsung Pay, Google Pay and etc.
According to data, the volume of payments in Russia grew by an average of 22.1% in the period from 2010 to 2018. In 2019–2028 the growth will slow to 11.8%, but it will still significantly exceed the European average.
Thanks to Russia, the East European card payment market will grow significantly faster than the West European — 7.4% versus 5%.
“Russia is fueling much of this expansion. The combination of cheap retail financing, high market concentration and large technology investments contributed to the creation of the “Russian miracle,” the BCG report said.
Media: Visa and Mastercard are close to leaving Facebook’s cryptocurrency project
The international payment systems Visa and Mastercard intend to refuse to cooperate with Facebook in the cryptocurrency project Libra. It was reported by The Wall Street Journal (WSJ), citing sources. The reason for their unwillingness to participate in the development of Libra is the criticism from the authorities of the United States and the European Union.
According to another publication, this time from Financial Times, Libra partners held a meeting the 3rd of October, which was not attended by representatives of PayPal — they were also not satisfied with criticism of the authorities.
In June, Facebook announced that 27 companies were participating in the development of the Libra cryptocurrency project, and it was planned to attract up to 100 partners to the Libra association.
Study: Data Loss Expenses Will Exceed $ 5 Trillion in 2024
According to a recent Juniper Research study, expenses related to the loss of data will increase from $ 3 trillion a year to more than $ 5 trillion in 2024. On average, these costs will grow by 11% per year during this period. This will be primarily due to new penalties for data leakage as regulation tightens, as well as the following trade losses, as enterprises become increasingly dependent on the digital transformation of business and the development of related e-commerce.
Cybercriminals are becoming more sophisticated. Juniper analysts expect them to use artificial intelligence (AI) to study security behavior, similar to how cybersecurity companies are currently using AI to detect abnormal activity.
Juniper Research expects that educating employees about online behavior will become an important part of cybersecurity practice on enterprises.