Wipro and IBM announce digital transformation alliance
IT and consulting firm Wipro said that, in collaboration with IBM, it would develop hybrid cloud offerings for businesses to move workloads and applications to secure public and private clouds.
An innovation centre, the Wipro IBM Novus Lounge, located in Wipro’s Kodathi campus in Bengaluru has also been established, offering businesses innovation tools to help drive digital transformation, with solutions ranging from cloud to artificial intelligence to machine learning and internet of things capabilities.
In a press release, Ramesh Nagarajan, Senior Vice President – Cloud Services, Wipro Limited said: “Wipro empowers customers across industries to re-imagine their cloud journey with its business-first strategy and industrialized solutions approach. Wipro IBM Novus Lounge will allow us to showcase hybrid multi-cloud and open source solutions even more comprehensively and support our customers’ continuous business transformation journey.”
Wipro said its customers would have access to IBM and Red Hat solutions and cloud offerings, as well as industry solutions for banking and financial services, energy and utilities, retail, manufacturing and healthcare.
Gaurav Sharma, Vice President – Cloud and Cognitive Software, IBM India said: “As companies across the world continue to drive digital transformation, decision-makers must rethink radically on how to leverage the combined power of data, cloud and open source technologies to become industry leaders. Wipro IBM Novus Lounge brings together Wipro’s expertise across industries and IBM’s open source technologies, designed to be secure and scalable across hybrid cloud, Data and AI, all running on Red Hat OpenShift promoting the journey to Cloud and journey to AI.”
As all company’s worldwide, Wipro’s operations have been impacted by the ongoing COVID-19 pandemic. In a blog post outlining itrs response, the company said it had committed $154mn to frontline medical and service workers.
Report: Financial institutions face cloud-based threats
Over one year into the pandemic, different financial institutions report costly consequences to falling short of protecting their data storage from cloud-based attacks and network disruptions. The report is based on more than 800 responses from IT professionals working in the financial services industry in North America, Latin America, Europe, and the Asia-Pacific region.
- Data breaches are an increasingly significant cost burden for the industry: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organisations hit hardest at $4.7 million in estimated losses.
- Network outages also result in costly burdens: Institutions lose an estimated $3.2 million on average with Asia-Pacific followed by European institutions carrying the heaviest losses at $4.3 million and $3.1 million respectively.
- The industry remains a popular target for cloud-based attacks: Over half of all organisations (54%) surveyed suffered a data breach in the last 12 months with 49% plagued by a cloud malware attack as well.
- Cloud and network-based attacks will continue to be a major threat vector: More than 50% of respondents expect to face a combination of IoT attacks, cloud vulnerabilities including misconfigurations, and data manipulation attempts over the next 12 months.
- Threat resolution teams are embracing network visibility for security hygiene: Globally, network monitoring (76%), threat intelligence (64%), and threat hunting (57%) are considered the most effective mitigation tactics against these threats.
Even before the pandemic, tech companies were increasingly seeking moves to the cloud. The COVID-19 crisis has accelerated the adoption of cloud computing by the financial sector as part of its process of digitalisation. As companies transition and move data, there can be a lack of protection due to a number of factors such as undertrained staff and insufficient firewalls.
“The financial services sector has long been a target for bad actors who are following the cyber money trail into the cloud,” said Anthony James, VP of Product Marketing at Infoblox. “As the pandemic pushed IT infrastructures to rely on remote work, cloud-based technologies that enabled digital transformation also created soft spots for cyber criminals to exploit.”
“This report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves,” James continued.