Based on the most recent consumer study by impact.com , people who spend more are more thoughtful than they ever have before, but they’re also willing to splash out in order to receive the perfect incentives. 

These are the five most important insights which can allow you to reach your customers more effectively and gain the top spot on their lists of wants by 2024.

Insightful Consumer Shopping Trends

The year 2023 was the first time American customers discovered the brands must be more strategically oriented to make budget-conscious choices. Customers are changing their buying behavior, with discretionary purchases reserved during sales season. However, these changes present unanticipated potential for retail stores. With four out of five Americans having embraced more affordable brand names and higher deals, they’ve an increased amount of cash and are prepared to spend greater than they did in previous years. But, companies must convince consumers that their products are worth investing in.

With the current economic environment partnership agreements give less well-known companies the opportunity to be competitive with household brands through increasing their visibility through trustworthy partners while reducing risks by providing discount coupons. To take advantage of this new trend, brands need to be aware of the changing consumer behavior and determine the most efficient strategies to take advantage of these trends.

2023 Consumer Trend Benchmark research study conducted by impact.com analyzes the consumer’s spending patterns across 2023 and 2022. This research provides brands with the necessary data to appeal to today’s money-conscious consumers by implementing a solid partnership strategy this year.

Methodology

The impact.com Data Science team carried out the study in the month of January to study the most prominent trends in consumer shopping for 2023. The study compared the performance of partnerships, including Average Order Value (AOV) and clicks sales, conversion rates, advertising spend and spending by consumers. The researchers tracked these KPIs by comparison of same-store and year-over-year (YoY) results from brands who actively utilized the impact.com platform between 2022 as well as 2023.

5 Key Insights on the behavior of consumers in 2024’s consumer spending

1. When Prices Increase, Shop habits shift

It was common for people to continue the trend of shopping less by purchasing 7% less by 2023. Since shoppers are preparing to invest more in essentials like gas and groceries and other necessities, they cut down on discretionary spending. The uncertainty has led to decreases in transactions through the majority of 2023 in comparison to 2022 which was only noticeable in December, with an increase of 6% in sales YoY.

People who spent their money waited for discounts during major holiday seasons like Mother’s Day, Memorial Day or Cyber Week. The availability of multiple payment options could encourage more spending discretionary since inflation is expected to stay at a steady pace in 2024.

2. Window Shopping is Out But Intentional Shopping is in

Window shopping and consumer research was different in the past year. Brands experienced an increase of 32% in conversion rates even though they saw a decrease of 29% in clicks by 2023. Sale events that are popular around Mother’s Day, Father’s Day as well as Easter saw less clicks than in the previous year.

The data shows that consumer purchasing intentions were higher in 2023. In general, consumers made less purchases in 2023 and spent less time looking or making impulse purchases. Instead, they concentrated on securing deals for products that were already on their lists. The partnerships may have helped them organize their lists prior to when sales started, thereby saving the effort and time of going to the store.

3. Inflation drives up Cart Values

Although shoppers who are budget conscious trimmed their purchases, the average purchase value (AOV) was still increasing. A mere 2% annual growth in AOV is a sign of the possibility that inflation in prices is making cart prices rise, not as if people were spending more money on items. People who had to purchase additional items might have trimmed their expenditure by seeking alternative ways to save money.

These changes could explain this is the reason AOV decreased more than it usually is and also experienced some slight decline during Q4’s busy sales season. People were looking for methods to reduce their spending in the purchasing of essentials during the entire time, but also indulged in areas like art and entertainment.

4. Strategic Splurging Provides Consumers with the opportunity to enjoy luxury

Prices haven’t stopped 40% of people from deciding to make certain purchases, like expensive food items, or even trips. Although overall spending on consumer goods fell 5 percent YoY, a few segments saw a sudden increase in expenditure.

The slowdown in consumer spending over the third quarter suggested that shoppers may have been preparing themselves to take advantage of the huge discounts they’ve grown accustomed to in holiday events, retail and sales. Companies may consider offering massive discounts throughout the year instead of focusing on special events like shopping and holidays.

5. A slight increase in Advertiser spending Add to

Although the patterns of advertising spending were generally consistent, companies moderately increased the commission rate of their partners during 2023. This extra expenditure was rewarded with increased conversion rates in certain products.

When advertising expenses rise companies may look to boost ROI using the use of performance-based marketing, for example partnership. Due to the changing behavior of buyers, partnership can be an effective way to boost the visibility of brands, increase the likelihood of buying, and encourage even the most cautious buyers to purchase.

Are You Ready to Begin Your Partnership Program?

Meet with our expert team on partnership and ask for a demonstration to ensure that you are on the people’s wish lists through collaborations. The shopping habits of last year’s shoppers reveal that the savvy consumer of today is willing to spend more in a way that brands don’t expect. Partnerships based on performance allow companies to connect with new clients, get more clicks, boost sales, and make money based on the outcomes.

2024 is the Year of Opportunity for Retail Partnerships

An urge to save money on everyday necessities drives people towards new brands, providing the chance to meet potential customers. Partnerships aren’t just “nice-to-have” anymore. They’re the most effective way for companies to generate profits in the current tumultuous economic environment. Find out how partnerships can help to maximize your ROI now.

In a time that is driven by convenience and food delivery apps are a must, they have changed the way we consume. Recent research conducted by LocalCircles reveals an unsavory aspect of these dining experiences on the web with hidden costs that the customers do not know about. The phrase “basket sneaking” is used to refer to these unplanned costs which can transform a basic food order into an expensive experience.

Based on the study the survey found that 87% of those who took part reported having the sneaky basket. The hidden costs can be found in diverse forms, including charges for delivery, surcharge cost, and even packaging fees. Some customers believe that the additional charges aren’t easily disclosed during the order procedure. Instead, they are displayed right after checkout, and catch people off guard.

The majority of customers of around 43% thinks that the concealed charges are not fair. They believe that transparent pricing is vital and food delivery services should be able to clearly declare all possible costs upfront. A customer shared that “I often find myself paying much more than the listed price of the food. It’s frustrating because the charges seem to pop up out of nowhere.”

This survey also pointed out the lack of uniformity in prices across various platforms. As an example, a similar dish may be priced higher in one application than the other because of different service charges and delivery fees. It is difficult for customers to make educated choices about the best place to buy from.

“Basket sneaking” isn’t the sole issue people face. There are also complaints about the quality of the food as well as the length of time it takes for the food to reach their homes. However, the ease of using food delivery services keeps them popular, particularly in cities in which busy lives make cooking at home more practical.

To tackle these issues Certain experts have suggested tighter rules for food delivery applications. They could require greater open pricing, as well as assure that additional charges are clearly stated before the consumer places the order. Some believe that competition between apps is bound to result in better practices when companies try to maintain customer loyalty.

As a result of the study, various food delivery services have announced they’re working hard to increase transparency and improve user experience. They recognize the necessity of building confidence with their clients and realize that hidden fees may undermine confidence.

The main conclusion of the LocalCircles study is the necessity for more transparency and clarity regarding how food delivery applications provide their price. Since consumers have become cognizant of the dangers of “basket sneaking,” they expect clearer pricing models. At present, the most effective suggestion for customers is to check every charge before placing the purchase and also to check the prices on different sites to ensure that they are receiving the most value.

While food delivery services offer unbeatable convenience, it’s crucial to be alert to hidden costs. In this way customers are able to enjoy their food without having to worry about any financial shocks.

Have you started thinking about your future? 

Americans are saving more money to retire than ever before, however the idea of a secure retirement is still unattainable to many. Vanguard’s annual “How America saves” report offers some encouraging developments, but it also reveals some significant issues.

In 2023 the median account balance of retirement accounts for Vanguard members was $35,286, a massive 29% improvement from the decrease in 2022. In addition, the average balance was up by about 3% by $134,128, which is up 19% higher than the previous year. This increase is due to higher contributions as well as improvements both in bond and equity markets, as per Vanguard. The large disparity between the median and average accounts suggests a concentrated accumulation of wealth within a couple of big accounts, which elevates the amount of money.

In spite of this, a lot of Americans remain far from the savings they want to save for retirement. Northwestern Mutual’s study shows that the “magic amount” to retire — that is, the amount U.S. adults believe they require to comfortably retire –is now $1.46 million. It’s a substantial rise of more than 53% over $951,000 as of 2020. This is a sign of increased expectations, as well as the increasing expenses associated with retiring.

2023 was a year marked by worries about inflation, as well as a general negative outlook in the minds of consumers, but the outlook for retirement savings was positive. Vanguard’s study found that plans’ savings and participation rates reached records. A staggering 82% of workers enrolled with their employer’s non-compensation savings plan last year with a steady 5 percentage point rise over the last decade.

A significant percentage of the participants in plans made proactive efforts to increase their savings. Around 43% of plan participants have increased their contributions via automatic increases or through manual adjustments to their contribution. The average is that Vanguard plan members made a record 11.7 percent of their income to retirement savings plans and this figure is inclusive of both employee contributions and employer matching. The figure has remained steady over the last record, which was set in 2022. It is an increase of 0.4 percent over the year 2019. The employees alone contributed an average of 7.4 percent.

The research shows that Americans tend to be more focused on investing in retirement savings but the path to an enjoyable retirement can be a rocky one. A rise in account balances is good news, but most people stay away from the $1.46 million they consider essential for retirement security. life. Since economic uncertainty and inflation persist to affect savings, a focus on increasing contributions and greater involvement in pension plans is essential.

New findings from the IBM Institute for Business Value revealed that banking and financial markets (BFM) CEOs are facing workforce and culture and challenges as they act quickly to implement and scale generative AI across their organizations.

The findings are part of an annual global cross-industry study that surveyed more than 3,000 CEOs from over 30 countries and 26 industries, which included 297 BFM CEOs representing retail, corporate, commercial and investment banks and financial markets.

The survey found that generative AI is perceived as the key to unlocking competitiveness. 57% of BFM CEOs surveyed stated that gaining a competitive advantage in the sector will depend on who has the most advanced generative AI.

The findings also revealed that CEOs are navigating complex issues around culture in the era of AI. 59% of surveyed BFM CEOs stated that cultural change within a business is more important than overcoming technical challenges when becoming a data-driven business, with 65% also believing success with AI will depend more on people’s adoption than the technology itself.

Despite this, 60% of surveyed BFM CEOs say they are pushing for AI adoption more quickly than some employees might find comfortable. Yet 43% acknowledged that their employees do not fully understand how strategic decisions impact them.

Skills also proved to be an area of focus for the CEOs. While 60% of surveyed BFM CEOs say their teams have the skills and knowledge to incorporate generative AI, more than half (53%) of respondents say they are already struggling to fill key technology roles. In addition, 50% of these CEOs said they are hiring for roles that did not even exist this time last year due to generative AI, showing the rapid shift occurring in the workforce.

“Our research reflects the tremendous pressure CEOs are under to keep their competitive edge. Alongside profitability and productivity, getting the right skills remains a persistent challenge, with CEOs now hiring for roles that did not exist until recently,” said Shanker Ramamurthy, Global Managing Partner Banking & Financial Markets, IBM Consulting. “Workforce needs are shifting rapidly in the financial services sector and CEOs must ensure that upskilling programs are prioritized as an important element of any financial institution’s enterprise strategy for scaling generative AI.”

In addition, 66% of BFM CEOs surveyed stated that the potential productivity gains from automation are so great that they would accept significant risks to stay competitive, with 67% saying they would risk more than their competitor to maintain competitive edge.

However, BFM CEOs recognized that trust cannot be sacrificed for innovation. 64% of surveyed BFM CEOs agreed that maintaining customer trust will have a greater impact on success than any specific product or service, and 83% acknowledged that transparency around adopting new technologies was critical for fostering trust among customers and employees.

“CEOs in the banking and financial markets sector are keenly aware of the competitive benefits that generative AI will bring and are eager to move quickly,” said John Duigenan, Distinguished Engineer & General Manager, Global Financial Services Industry at IBM. “In their enthusiasm to embrace the benefits of this potent new technology, it’s critical that financial services leaders ensure their institutions are taking steps to engineer trustworthy AI designed to reduce risk and win the confidence of their customers, employees and regulators.”

Key Study Findings

BFM CEOs are hedging their bets on generative AI to stay competitive and are willing to take risks to achieve this.

• 57% of respondents believe that competitive advantage will depend on who has the most advanced generative AI.
• Two-thirds (66%) of those surveyed agreed that the potential productivity gains from automation are so great that they would accept significant risks to stay competitive and 67% said they would take more risk than their competitors to maintain a competitive advantage.
• However, customer trust was not a sacrifice CEOs are willing to make. 64% surveyed agreed that maintaining customer trust will have a greater impact on success than any specific product, and 83% acknowledged transparency in adopting new technologies is critical for fostering trust among customers and employees.

The workforce is shifting rapidly.

• 50% of CEOs surveyed said they are hiring for roles that did not even exist last year due to the rise of generative AI.
• Yet, more than half (53%) of respondents say they are already struggling to fill key technology roles.
• 60% of respondents said their current team has the knowledge and skills to incorporate new technologies like AI.
• Only 40% of respondents have assessed the potential impact of generative AI on their workforce.
• Surveyed CEOs say 34% of their workforce will require retraining and reskilling over the next three years – up from just 7% in 2021.

Financial institution leaders recognize it takes a cultural shift to scale AI successfully but face collaboration and adoption challenges within their organizations.

• 64% of CEOs surveyed say their organization’s success is directly tied to the quality of collaboration between finance and technology, yet half (50%) say competition among their C-Suite executives sometimes impedes collaboration.
• 59% agree that cultural change is more important to becoming a data-driven business than overcoming technical challenges.
• 65% of BFM CEOs say that succeeding with AI will depend more on people’s adoption than the technology itself.
• At the same time, 43% acknowledge that their employees do not fully understand how strategic decisions impact them.
• 60% of surveyed CEOs say they push for AI adoption more quickly than some might find comfortable.
• 64% of surveyed BFM CEOs say to win the future, they must rewrite their organizational playbook.
• 72% plan to maintain or accelerate their organization’s pace of transformational change in 2024

Productivity is a top priority but focusing on short-term targets may hinder long-term progress.

• BFM CEOs ranked tech modernization as their highest priority for the next three years.
• Productivity, profitability, and scalability were identified as the biggest challenges facing BFM CEOs over the next three years, with 46% agreeing that generative AI will be one of the most useful tools in helping them overcome these challenges.
• However, BFM CEOs identified the focus on short-term performance as their top barrier to innovation.

IBM is a leading provider of enterprise AI, hybrid cloud architecture, security and ESG insights to the global financial services sector. Its deep industry expertise, extensive portfolio of services and solutions, and its robust ecosystem of fintech partners, empower collaboration, innovation, and creation with clients. As a trusted partner to banks, insurers, capital markets and payments providers, IBM guides financial institutions on all stages of their digital transformation journeys through IBM Consulting and delivers the proven infrastructure, software, and services they need through IBM Technology. For more information, visit www.ibm.com/industries/banking-financial-markets

Methodology

The IBM Institute for Business Value, in cooperation with Oxford Economics, conducted interviews with 3,000 CEOs from over 30 countries and 26 industries from December 2023 through April 2024 as part of the 29th edition of the IBM C-Suite Study series. These conversations focused on business priorities, leadership, technology, talent, partnering, regulation, industry disruption and enterprise transformation.

The IBM Institute for Business Value, IBM’s thought leadership think tank, combines

global research and performance data with expertise from industry thinkers and leading academics to deliver insights that make business leaders smarter. For more world-class thought leadership, visit http://www.ibm.com/thought-leadership/institute-business-valuewww.ibm.com/thought-leadership/institute-business-value

Source: IBM

The highly anticipated 2024 Jack Henry Strategy Benchmark results are in!

Jack Henry’s sixth annual study uncovers key insights and valuable takeaways from bank and credit union CEOs to help you capitalize on market shifts and new opportunities, refine your strategic plan, and compete successfully in 2024 and 2025.

Below are the key takeaways from the 2024 study.

Growing deposits is the top strategic priority for all financial institutions in 2024 and 2025. In fact, 72% of bank CEOs say growing deposits is paramount. As expenses put downward pressure on net income, banks rolled into 2024 with greater urgency around improving operational efficiency – the second top priority.

The top concerns for banks over the next two years are:

• Net interest margin (NIM) compression
• Deposit attrition/displacement
• Talent acquisition and retention

80% of all financial institutions plan to increase technology spend over the next two years, with fraud detection/mitigation, digital banking, and data analytics expected to be the top three technology investments in 2024 and 2025.

Plus, 92% of financial institutions plan to embed fintech into their digital banking experiences.  plan to embed payments fintech, with banks specifically looking to fintechs for help with small and medium-sized business (SMB) services and treasury management.

Plans for launching Banking-as-a-Service (BaaS) business lines (to embed banking into third-party, non-bank brands) has been significantly tempered by increased regulatory scrutiny and related compliance costs introduced in 2023. In fact, only 30% of financial institutions cite BaaS plans in 2024 and 2025.

90% of financial institutions plan to serve a niche market over the next two years.

• Banks (86%) will target businesses.
• 78% of all respondents plan to expand services for SMBs (including payments, business credit/lending, and merchant services).

Most financial institutions (96%) plan to add payment services within the next two years. FedNow® Service is the top priority followed by digital card issuance, contactless cards, and same-day ACH. The percentage of bank CEOs planning to add real-time payments from The Clearing House has doubled this year.

97% of respondents plan to enhance their lending capabilities, with banks focusing on automated workflow and custom/automated financial spreading.

Although fraud is the leading technology investment planned for 2024 and 2025, all financial institutions agree check fraud is the biggest fraud threat, followed by romance/investment scams and account takeovers. Respondents cite social engineering of employees and data breaches as their top cyber threats this year and next.

In 2024 and 2025, strategic priority and technology investment plans mimic the market at large, as financial institutions are pressured to increase profitability and address non-interest income concerns while fighting to remain relevant through rising competition and turbulent market conditions.

The need to automate expensive and manually intensive processes is top of mind and top of budget for financial institutions as we round out 2024 and head into 2025. To this end, enterprise workflow, robotic process automation (RPA), Machine Learning (ML), and AI are in demand – not to mention strategic agility in the open-banking era of data-driven financial services.

Banks that proactively take advantage of market shifts are better positioned to capture upside potential and mitigate downside risk – no matter how the economy unfolds in 2024 and 2025.

Download the 2024 Strategy Benchmark to help you your strategy and compete more effectively.

Corporate treasury departments are going paperless, and sooner than you might think, according to a new survey of more than 200 treasury executives conducted by Citizens. In fact, 94 percent of respondents who use checks today expect their company to transition to exclusively digital payments within the next five years.

While most mid-size businesses still use some form of paper payment for tasks such as paying employees, vendors and contractors, significantly fewer financial leaders view physical cash and checks as critical or important payment methods than did a year ago. Treasury executives also see distinct advantages to digitization. During the pandemic, companies who were more digitally advanced experienced far less disruption than those who were not. Nearly all respondents agree that digital treasury processes have helped with cash flow forecasting (97 percent), enhanced their financial visibility and control (96 percent) and positively impacted their company’s bottom line (91 percent).

“Mid-size companies are embracing digital payment methods and the pace of adoption will only accelerate from here,” said Michael Cummins, executive vice president and head of treasury solutions, Citizens. “As digitization takes hold, Citizens is focused on helping our clients navigate the landscape by providing customized payments solutions that are seamless, secure and convenient.”

The Citizens survey of 202 treasury executives at mid-size businesses ($50 million to $1 billion annual revenue) was conducted in February 2024. The survey assessed the adoption of various payment types and how businesses are continuing to adapt to the shifting payment technology landscape. Other key findings include:

• Adoption of digital payment methods continues to grow. Adoption of nearly all digital payment methods included in the survey increased year over year. For example, 84 percent of respondents report using business-to-consumer (B2C) payment alternatives (such as Venmo or Zelle), up from 58 percent a year ago, while 77 percent report using instant payments, up from 62 percent a year ago. On average, companies are using four different payment methods, the most common of which are B2C payment alternatives, instant payments, credit cards and Automated Clearing House (ACH) payments.
• With fraud risk top of mind, companies are trusting banks for payments support. According to the survey, perceived fraud and security risks are the number one factor holding companies back from leaning in on digitization. Further, even though less than one-third of respondents were impacted by fraud in 2023, 91 percent said they were concerned about it. With fraud risk top of mind, companies are increasingly choosing banks for payments support over third-party providers like fintechs. In fact, a higher proportion of respondents are relying on banks for support with their transactional needs compared to last year.
• Instant payments are increasingly important to companies. Seventy-seven percent of respondents report using instant payments, up from just 62 percent a year ago. Notably, 92 percent of respondents report using the real-time payments (RTP) network and 77 percent report using FedNow, indicating companies are using both channels as instant payment adoption grows.

Source: Citizens Bank

Nubank and Mastercard released findings from a study measuring the financial inclusion impact on individuals, including some who have historically been on the margins of the traditional banking system in Brazil. The study provides a view of customers’ experiences accessing and using financial solutions and tools, and the impact of those experiences on their ability to advance toward financial security and health. The four-part framework used in the study – access, usage, security, health – illustrates the holistic, non-linear journey of financial inclusion. While the study was developed in Brazil, the methodology allows the insights to potentially be applied in other countries around the world.

The study, which analyzed consumer behaviors and needs through pseudonymized and aggregated quantitative data and qualitative surveys with Nubank’s customers and non-customers, suggests that Brazil stands out in Latin America for being at a stage of growing financial inclusion, with 70% card penetration (i.e. individuals owning a debit or credit card, according to the World Bank Global Findex), 55% card usage and a high level of real-time payments usage. The elimination of typical infrastructure barriers to financial inclusion makes Brazil an advantageous market for studying the process and impact of financial inclusion independent of those barriers.

The data revealed that providing the unbanked and underbanked (i.e. those who lack access to credit and rely heavily on cash) populations access to financial services can potentially generate significant economic and social impact. Sixty percent of Nubank’s customers moved from financial access to usage in 24 months and 40% within 12 months, regardless of income level. The study also suggests that making payments with prepaid cards can be a stepping stone to accessing advanced financial products. More than three-quarters (80%) of people who used a prepaid card used it as their first financial product, 67% went on to access loan products, and 36% progressed to make investments.

While barriers to access remain, it is essential that those who do have access are reaping the full benefits from their financial accounts. In Brazil, 84% of adults have access to financial accounts, but they may lack financial education to progress along the inclusion journey. Active financial product usage may also increase familiarity and trust, leading to accelerated financial inclusion.

“Since Nubank was founded, financial education has always been one of our pillars and it is also present in the design of our products and services in order to empower consumers to make the best decisions for their lives and have control over their money,” says Cristina Junqueira, co-founder and Chief Growth Officer from Nubank. “Although access to financial services in and of itself has had a major impact, advancing the literacy journey on these topics brings greater and more sustainable benefits not only to individuals, but to the community as a whole.”

Providing digital payment tools accompanied by financial education (e.g., according to Nubank, its “Money Boxes” are designed to offer financial planning in combination with interest-bearing savings accounts), encouraging responsible use of credit, and investing in micro, small and medium enterprises can be key ways to bring more people into the digital economy and help accelerate their journey to long-term, sustainable financial health. By applying the findings from this study, innovative solutions can be designed and deployed with the potential to empower people and power economies in Brazil and beyond.

“The journey to financial security and health is non-linear and full of obstacles – the only way to accelerate this journey is by understanding the barriers and then building and deploying inclusive digital solutions,” said Mastercard’s Marcelo Tangioni, division president, Brazil. “Through this study, we have clear evidence that frequent, consistent and responsible use of digital payment tools is critical to building trust and putting people on a path towards a more sustainable financial health.”

Source: Mastercard

Thousands of parents with children at schools across Tyneside have been sent a warning issued by Northumbria Police.

One parent, who we are calling Mandy to protect her child’s identity, said her 12-year-old daughter had viewed sexual images, racism and swearing that “no child should be seeing”.

WhatsApp owner Meta said all users had “options to control who can add them to groups”, and the ability to block and report unknown numbers.

Schools said pupils in Years 5 and 6 were being added to the groups, and one head discovered 40 children in one year group were involved.

The BBC has seen screenshots from one chat which included images of mutilated bodies.

Mandy said it took some coaxing, but eventually her daughter showed her some of the messages in one group, which she found had 900 members.

“I immediately removed her from the group but the damage may already have been done,” she said.

“I felt sick to my stomach – I find it absolutely terrifying.

“She’s only 12, and now I’m worried about her using her phone.”
Northumbria Police said it was investigating a “report of malicious communications” involving inappropriate content aimed at young people.

“We would encourage people to take an interest in their children’s use of social media and report any concerns to police,” a spokesperson said.

‘Playing on their mind’

The WhatsApp messaging app has more than two billion users worldwide.

It recently reduced its minimum age in the UK and Europe from 16 to 13, while the NSPCC said children under 16 should not be using it.

The charity said experiences like Mandy’s daughter’s were not unusual.

Senior officer for children’s safety online, Rani Govender, said content promoting suicide or self-harm could be devastating and exacerbate existing mental health issues.

“It can impact their sleep, their anxiety, it can make them just not feel like themselves and really play on their mind afterwards,” she added.
Groups promoting harmful content on social media have featured in high-profile cases, including the death of Molly Russell in 2017.

An inquest concluded the 14-year-old ended her life while suffering from depression, with the “negative effects of online content” a contributing factor.

Her father, Ian Russell, said it was “really disturbing” there was a WhatsApp group targeting such young children.

He added the platform’s end-to-end encryption made the situation more difficult.

“The social media platforms themselves don’t know the kinds of messages they’re conveying and that makes it different from most social media harm,” he said.

“If the platforms don’t know and the rest of the world don’t know, how are we going to make it safe?”
Prime Minister Rishi Sunak told the BBC that, as a father of two children, he believed it was “imperative that we keep them safe online”.

He said the Online Safety Act was “one of the first anywhere in the world” and would be a step towards that goal.

“What it does is give the regulator really tough new powers to make sure that the big social media companies are protecting our children from this type of material,” he said.

“They shouldn’t be seeing it, particularly things like self-harm, and if they don’t comply with the guidelines that the regulator puts down there will be in for very significant fines, because like any parent we want our kids to be growing up safely, out playing in fields or online.”

If you have been affected by any of the issues raised in this story you can visit BBC Action Line.
Mr Russell said he had doubts about whether the Online Safety Act will give the regulator enough powers to intervene to protect children on messaging apps.

It was “particularly concerning that even if children leave the group, they can continue to be contacted by other members of the group, prolonging the potential danger”, he said.

He urged parents to talk to even very young children about how to spot danger and to tell a trusted adult if they see something disturbing.
Mandy said her daughter been contacted online by a stranger even after deleting the chat.

“She also told me a boy had called her – as a result of getting her number from the group – and had invited ‘his cousin’ to talk to her too,” she said.

“Thankfully she was savvy enough to end the call and reply to their text messages saying she was not prepared to give them her surname or tell them where she went to school. ”

‘Profits after safety’
Mr Russell said parents should never underestimate what even young children are capable of sharing online.

“When we first saw the harmful content that Molly had been exposed to before her death we were horrified,” he added.

He said he did not think global platforms would either carry such content or allow their algorithms to recommend it.

“We thought the platforms would take that content down, but they just wrote back to us that it didn’t infringe their community guidelines and therefore the content would be left up,” he said.

“It’s well over six years since Molly died and too little has changed.

“The corporate culture at these platforms has to change; profits must come after safety.”

Source: BBC

For people living with serious mental illness like schizophrenia or bipolar disorder, standard treatment with antipsychotic medications can be a double-edged sword. While these drugs help regulate brain chemistry, they often cause metabolic side effects such as insulin resistance and obesity, which are distressing enough that many patients stop taking the medications.

Now, a pilot study led by Stanford Medicine researchers has found that a ketogenic diet not only restores metabolic health in these patients as they continue their medications, but it further improves their psychiatric conditions. The results, published March 27 in Psychiatry Research, suggest that a dietary intervention can be a powerful aid in treating mental illness.

“It’s very promising and very encouraging that you can take back control of your illness in some way, aside from the usual standard of care,” said Shebani Sethi, MD, associate professor of psychiatry and behavioral sciences and the first author of the new paper.

Making the connection

Sethi, who is board certified in obesity and psychiatry, remembers when she first noticed the connection. As a medical student working in an obesity clinic, she saw a patient with treatment-resistant schizophrenia whose auditory hallucinations quieted on a ketogenic diet.

That prompted her to dig into the medical literature. There were only a few, decades-old case reports on using the ketogenic diet to treat schizophrenia, but there was a long track record of success in using ketogenic diets to treat epileptic seizures.

“The ketogenic diet has been proven to be effective for treatment-resistant epileptic seizures by reducing the excitability of neurons in the brain,” Sethi said. “We thought it would be worth exploring this treatment in psychiatric conditions.”

A few years later, Sethi coined the term metabolic psychiatry, a new field that approaches mental health from an energy conversion perspective.

In the four-month pilot trial, Sethi’s team followed 21 adult participants who were diagnosed with schizophrenia or bipolar disorder, taking antipsychotic medications, and had a metabolic abnormality — such as weight gain, insulin resistance, hypertriglyceridemia, dyslipidemia or impaired glucose tolerance. The participants were instructed to follow a ketogenic diet, with approximately 10% of the calories from carbohydrates, 30% from protein and 60% from fat. They were not told to count calories.

“The focus of eating is on whole non-processed foods including protein and non-starchy vegetables, and not restricting fats,” said Sethi, who shared keto-friendly meal ideas with the participants. They were also given keto cookbooks and access to a health coach.

The research team tracked how well the participants followed the diet through weekly measures of blood ketone levels. (Ketones are acids produced when the body breaks down fat — instead of glucose — for energy.) By the end of the trial, 14 patients had been fully adherent, six were semi-adherent and only one was non-adherent.

The participants underwent a variety of psychiatric and metabolic assessments throughout the trial.

Before the trial, 29% of the participants met the criteria for metabolic syndrome, defined as having at least three of five conditions: abdominal obesity, elevated triglycerides, low HDL cholesterol, elevated blood pressure and elevated fasting glucose levels. After four months on a ketogenic diet, none of the participants had metabolic syndrome.

On average, the participants lost 10% of their body weight; reduced their waist circumference by 11% percent; and had lower blood pressure, body mass index, triglycerides, blood sugar levels and insulin resistance.

“We’re seeing huge changes,” Sethi said. “Even if you’re on antipsychotic drugs, we can still reverse the obesity, the metabolic syndrome, the insulin resistance. I think that’s very encouraging for patients.”

The psychiatric benefits were also striking. On average, the participants improved 31% on a psychiatrist rating of mental illness known as the clinical global impressions scale, with three-quarters of the group showing clinically meaningful improvement. Overall, the participants also reported better sleep and greater life satisfaction.

“The participants reported improvements in their energy, sleep, mood and quality of life,” Sethi said. “They feel healthier and more hopeful.”

The researchers were impressed that most of the participants stuck with the diet. “We saw more benefit with the adherent group compared with the semi-adherent group, indicating a potential dose-response relationship,” Sethi said.

Alternative fuel for the brain

There is increasing evidence that psychiatric diseases such as schizophrenia and bipolar disorder stem from metabolic deficits in the brain, which affect the excitability of neurons, Sethi said.

The researchers hypothesize that just as a ketogenic diet improves the rest of the body’s metabolism, it also improves the brain’s metabolism.

“Anything that improves metabolic health in general is probably going to improve brain health anyway,” Sethi said. “But the ketogenic diet can provide ketones as an alternative fuel to glucose for a brain with energy dysfunction.”

Likely there are multiple mechanisms at work, she added, and the main purpose of the small pilot trial is to help researchers detect signals that will guide the design of larger, more robust studies.

As a physician, Sethi cares for many patients with both serious mental illness and obesity or metabolic syndrome, but few studies have focused on this undertreated population.

She is the founder and director of the metabolic psychiatry clinic at Stanford Medicine.

“Many of my patients suffer from both illnesses, so my desire was to see if metabolic interventions could help them,” she said. “They are seeking more help. They are looking to just feel better.”

Researchers from the University of Michigan; the University of California, San Francisco; and Duke University contributed to the study.

The study was supported by Baszucki Group Research Fund, Keun Lau Fund and the Obesity Treatment Foundation.

Source: Stanford University

Only three percent of organizations across the globe have the ‘Mature’ level of readiness needed to be resilient against modern cybersecurity risks, according to Cisco’s  2024 Cybersecurity Readiness Index. Released today, the Index highlights that readiness is down significantly from one year ago, when 15% of companies were ranked mature.

The 2024 Cisco Cybersecurity Readiness Index was developed in an era defined by hyperconnectivity and a rapidly evolving threat landscape. Companies today continue to be targeted with a variety of techniques that range from phishing and ransomware to supply chain and social engineering attacks. And while they are building defenses against these attacks, they still struggle to defend against them, slowed down by their own overly complex security postures that are dominated by multiple point solutions.

These challenges are compounded in today’s distributed working environments where data can be spread across limitless services, devices, applications and users. However, 80% of companies still feel moderately to very confident in their ability to defend against a cyberattack with their current infrastructure – this disparity between confidence and readiness suggests that companies may have misplaced confidence in their ability to navigate the threat landscape and may not be properly assessing the true scale of the challenges they face.

2024 Cisco Cybersecurity Readiness Index: Underprepared and Overconfident Companies Tackle an Evolving Threat Landscape

The Index assesses the readiness of companies on five key pillars: Identity Intelligence, Network Resilience, Machine Trustworthiness, Cloud Reinforcement, and AI Fortified, which are comprised of 31 corresponding solutions and capabilities. It is based on a double-blind survey of more than 8,000 private sector security and business leaders across 30 global markets conducted by an independent third party. The respondents were asked to indicate which of these solutions and capabilities they had deployed and the stage of deployment. Companies were then classified into four stages of increasing readiness: Beginner, Formative, Progressive and Mature.

“We cannot underestimate the threat posed by our own overconfidence,” said Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco. “Today’s organizations need to prioritize investments in integrated platforms and lean into AI in order to operate at machine scale and finally tip the scales in the favor of defenders.”

Findings

Overall, the study found that only three percent of companies are ready to tackle today’s threats, with two-thirds of organizations falling into the Beginner or Formative stages of readiness. Further:

• Future Cyber Incidents Expected: 73% of respondents said they expect a cybersecurity incident to disrupt their business in the next 12 to 24 months. The cost of being unprepared can be substantial, as 54% of respondents said they experienced a cybersecurity incident in the last 12 months, and 52% of those affected said it cost them at least US$300,000.
• Point Solution Overload: The traditional approach of adopting multiple cybersecurity point solutions has not delivered effective results, as 80% of respondents admitted that having multiple point solutions slowed down their team’s ability to detect, respond and recover from incidents. This raises significant concerns as 67% of organizations said they have deployed ten or more point solutions in their security stacks, while 25% said they have 30 or more.​
• Unsecure and Unmanaged Devices Add Complexity: 85% of companies said their employees access company platforms from unmanaged devices​, and 43% of those spend one-fifth (20%) of their time logged onto company networks from unmanaged devices. ​Additionally, 29% reported that their employees hop between at least six networks over a week.
• The Cyber Talent Gap Persists: Progress is being further hampered by critical talent shortages, with 87% of companies highlighting it as an issue. In fact, 46% of companies said they had more than ten roles related to cybersecurity unfilled in their organization at the time of the survey.
• Future Cyber Investments Ramping Up: Companies are aware of the challenge and are ramping up their defenses with over half (52%) planning to significantly upgrade their IT infrastructure in the next 12 to 24 months. This is a marked increase from just one-third (33%) who planned to do so last year. Most prominently, organizations plan to upgrade existing solutions (66%), deploy new solutions (57%), and invest in AI-driven technologies (55%). Further, 97% of companies plan to increase their cybersecurity budget in the next 12 months, and 86% respondents say their budgets will increase by 10% or more.

To overcome the challenges of today’s threat landscape, companies must accelerate meaningful investments in security, including adoption of innovative security measures and a security platform approach, strengthen their network resilience, establish meaningful use of generative AI, and ramp up recruitment to bridge the cybersecurity skills gap.

Source: Cisco