target audience: TECH SUPPLIER Publication date: Jul 2024 - Document type: IDC Survey Spotlight - Doc Document number: # US52450124
Security and Fraud Are Top Priorities in Industry Ecosystems
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Abstract
This IDC Survey Spotlight highlights the results of IDC's May 2024 Future Enterprise Resiliency and Spending Survey, Wave 5. As the world moves toward tighter collaboration between disparate industries in the name of customer journeys, something IDC refers to as industry ecosystems, priorities are emerging with regard to the sharing of data, applications, and operations between industry players. Industry ecosystems include a set of partners, customers, suppliers, service providers, industry organizations, governmental entities, experts, and competitors within and outside each industry that can dynamically collaborate and innovate with as necessary. In IDC's May 2024 Future Enterprise Resiliency and Spending Survey, Wave 5, executives across all industries were asked about their top initiatives in establishing and operating in industry ecosystems. Ranked above every other initiative, sharing data and insights to ensure security and fraud reduction was listed by 38% of all industry respondents. Unsurprisingly, financial services, as a highly regulated entity, also chose the same goal as the top focus, with 44% of financial institutions citing it as their top initiative.
"The financial services industry is uniquely positioned to provide security, compliance, risk management, and governance to all participants in industry ecosystems," says Jerry Silva, program vice president of IDC Financial Insights. "In addition to being active business participants in these ecosystems, financial institutions can lead the orchestration of these critical, table stakes aspects of data, operations, and application sharing."