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Optiv Report Shows Nearly 60% Increase in Security Budgets as Most Organizations Report Cyber Breaches and Incidents

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Cyber Pros Focusing More on AI and Machine Learning to Thwart Attacks

DENVER, June 25, 2024 /PRNewswire/ — Optiv, the cyber advisory and solutions leader, has published its 2024 Threat and Risk Management Report, which examines how organizations’ cybersecurity investments and governance priorities are keeping up with the evolving threat landscape.

Based on an independent Ponemon Institute survey, the report reveals a 59% increase in cyber budgets year-over-year. Additionally, 63% of organizations with more than 5,000 employees had an average of $26 million allocated to cybersecurity investments in 2024.

The report shows a significant rise in data breaches and security incidents, with 61% of respondents experiencing a data breach or cybersecurity incident in the past two years, and 55% of respondents experiencing four or more incidents in that timeframe. These numbers highlight the urgent need for organizations to further prioritize cybersecurity investments and strategies.

Download the full report: https://www.optiv.com/insights/discover/downloads/2024-cybersecurity-threat-and-risk-management-report

“Cyber incidents are not slowing down, which means organizations must work at a speed above those of the threat actors attacking their environments. As we see security budgets increasing, many organizations are also recognizing the need to make smart investments in process and governance assessments to ensure compliance,” says Jason Lewkowicz, executive vice president and chief services officer at Optiv. “Establishing a more consistent, strategic approach to security technology, process and people management will be essential for organizational risk management and resilience.”

Additional key findings include:

Security Tool Overload — While organizations are investing in more technologies, 40% of respondents believe they have too many, hindering overall effectiveness. By contrast, only 29% feel that they have the right number of tools. This underscores the need for a strategic approach to cybersecurity investment, focusing on streamlining existing tools and ensuring a seamless technology stack integration.Top Investment Areas — The top three areas of investment for 2024 cybersecurity budgets are internal security assessments (60%), identity and access management (IAM) programs (58%) and the acquisition of additional cybersecurity tools (51%).Lack of Formal Budgeting Practices — Despite increasing budgets, only 36% of respondents have a formal approach to determining cybersecurity budgets. This lack of formal budgeting practices can lead to inefficiencies and missed opportunities to address critical security gaps.Rising SOAR Adoption — The use of security orchestration automation and response (SOAR) technology is increasing, with 73% of respondents leveraging SOAR to automate incident response activities. This automation can help security teams respond more efficiently to threats.

Artificial intelligence (AI) and machine learning (ML) capabilities are another growing focal area for cybersecurity organizations looking for ways to accelerate their threat detection, prevention and process automation capabilities to keep up with threat actors who are also using these tools.

More companies are leveraging AI in the form of use and prevention:

44% of respondents use AI/ML to prevent cyberattacks35% purchased use-case specific tools31% use existing tools34% use automated processes and audits

Optiv’s report delves deeper into best practices employed by high-performing organizations, offering valuable insights for those seeking to strengthen their cyber defenses. It also explores additional challenges, such as the inconsistency of cybersecurity incident response plans (CSIRPs), navigating cyber insurance/governance requirements and the need for improved communication of cybersecurity risks to senior management.

“Our independent research for Optiv reveals the positive steps organizations are taking to reduce risk, while also addressing the challenges they face in the evolving cyber threat landscape,” said Dr. Larry Ponemon, chairman and founder of the Ponemon Institute. “Part of the complexity organizations continue to face in dealing with threats is due to the number of ineffective technology tools. Recognizing this, IT professionals and senior leadership are becoming more cognizant of the importance in strengthening their security posture, resulting in the increase of cybersecurity budgets and allocating funds based on proven effectiveness in reducing security incidents.”

Findings from Optiv’s report are based on responses from 650 IT and cybersecurity professionals.

For the latest news and updates from Optiv, visit https://www.optiv.com/newsroom.

Follow Optiv  
LinkedIn: www.linkedin.com/company/optiv-inc 
Facebook: www.facebook.com/optivinc 
YouTube: https://www.youtube.com/c/OptivInc 
Blog:https://www.optiv.com/explore-optiv-insights/blog

Optiv Security: Secure greatness.® 
Optiv is the cyber advisory and solutions leader, delivering strategic and technical expertise to nearly 6,000 companies across every major industry. We partner with organizations to advise, deploy and operate complete cybersecurity programs from strategy and managed security services to risk, integration and technology solutions. With clients at the center of our unmatched ecosystem of people, products, partners and programs, we accelerate business progress like no other company can. At Optiv, we manage cyber risk so you can secure your full potential. For more information, visit www.optiv.com.

About Ponemon Institute:
Ponemon Institute is dedicated to independent research and education that advances responsible information and privacy management practices within business and government. Our mission is to conduct high quality, empirical studies on critical issues affecting the management and security of sensitive information about people and organizations.

We uphold strict data confidentiality, privacy and ethical research standards. We do not collect any personally identifiable information from individuals (or company identifiable information in our business research). Furthermore, we have strict quality standards to ensure that subjects are not asked extraneous, irrelevant or improper questions.

View original content to download multimedia:https://www.prnewswire.com/news-releases/optiv-report-shows-nearly-60-increase-in-security-budgets-as-most-organizations-report-cyber-breaches-and-incidents-302178541.html

SOURCE Optiv Security Inc.

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UT Health San Antonio, UTSA researchers receive prestigious 2025 Hill Prizes for medicine and technology

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Researchers at The University of Texas Health Science Center at San Antonio and The University of Texas at San Antonio, institutions set to merge later this year, collaborated to earn prestigious 2025 Hill Prizes in medicine and technology.

SAN ANTONIO, Jan. 17, 2025 /PRNewswire-PRWeb/ — On the eve of a historic merger between The University of Texas Health Science Center at San Antonio and The University of Texas at San Antonio, researchers from the two institutions have been honored with highly prestigious 2025 Hill Prizes, in medicine and technology.

The prizes are awarded by the Texas Academy of Medicine, Engineering, Science and Technology (TAMEST), and Lyda Hill Philanthropies, which fund the awards to “propel high-risk, high-reward ideas and innovations that demonstrate very significant potential for real-world impact and can lead to new, paradigm-shifting paths in research,” according to TAMEST.

The prizes are given in six categories: Medicine, Public Health, Engineering, Biological Sciences, Physical Sciences and Technology. They recognize and advance top Texas innovators providing seed funding to advance groundbreaking science and highlight Texas as a premier destination for world-class research. Each of the six winning proposals will receive $500,000 in funding from Lyda Hill Philanthropies to accelerate their work.

The recipient for medicine is Kenneth M. Hargreaves, DDS, PhD, professor of endodontics, pharmacology, surgery, and cellular and integrative physiology at UT Health San Antonio. His co-investigator for the award is Stanton McHardy, PhD, associate professor of medicinal chemistry at UTSA.

And the technology recipient is Robert De Lorenzo, MD, president and co-founder of university tech startup EmergenceMed LLC, and professor and vice chair of research for the Department of Emergency Medicine at UT Health San Antonio. De Lorenzo’s co-principal investigator for the award is R. Lyle Hood, PhD, associate professor of mechanical engineering at UTSA, and an EmergenceMed co-founder.

“These awards will support crucial advancements in key areas of high medical need: non-opiate pain relief and emergency airway protection,” said Robert Hromas, MD, FACP, acting president of UT Health San Antonio. “They are truly collaborative team efforts and are evidence of the extraordinary biomedical development going on here in San Antonio.”

“I’m delighted to see our esteemed researchers and faculty members honored by TAMEST as 2025 Hill Prize recipients, as it speaks to the power of collaboration between the two institutions that will soon establish one, premier powerhouse for continued innovation and advancement in these impactful areas,” said UTSA President Taylor Eighmy, PhD. “This caliber of recognition speaks volumes to the incredible work our colleagues do each day to positively and significantly improve the lives of so many in our communities.”

Developing non-opioid painkillers

Hargreaves, inaugural director of the UT Health San Antonio School of Dentistry’s Center for Pain Therapeutics and Addiction Research was chosen for developing non-opioid analgesics, also known as painkillers, to reduce the use of opioids and prevent drug addiction.

Prescription opioids such as hydrocodone and oxycodone are widely recognized to be a major gateway to opioid use disorder (OUD). The drug overdose epidemic continues to accelerate, with Texas experiencing a 75% increase in death rates over the last five years.

Hargreaves and his team will use the prize funding to develop novel non-opioid analgesics and create a critical bridge to help prompt commercial development. His team identified a new approach to identify novel targets and found several potential candidates.

He will partner with McHardy and other researchers at UTSA to validate the potential novel targets identified and screen active compounds. The outcome aims to create a novel non-opioid analgesic and in turn, reduce opioid use syndrome and the epidemic of related overdose deaths.

“This Hill Award will catalyze the development of novel analgesics, thereby helping to reduce the epidemic of substance use disorder,” Hargreaves said.

Improving emergency airway management

De Lorenzo was chosen for addressing long-standing issues in airway management for emergency, critical care and surgical settings. Current endotracheal tubes (ETTs) have suffered from high failure rates, dislodgement, leakage and a lack of innovation over the past 125 years.

Prize funding will be used to partner with Hood and other researchers at UTSA to redesign the ETTs by developing a Flexible Airway Securement Tube (FAST) and then taking the design to market. The new design features innovative expanding/contracting geometries, smart materials and modular components.

“This award has arrived at a pivotal time for the effort,” said UTSA’s Hood, who serves as chief technology officer of EmergenceMed. “Our team has been exploring new materials and actuation methods for a far more user-friendly and intuitive endotracheal tube. This funding will help us achieve those improvements, broaden the patent portfolio on the technology, and engage with new partners for integrating sensors and smart systems that can respond to patient condition and first responder needs.”

This will enable better adaptability to various trachea sizes, improved fluid sealing and greater stability. This redesign promises to simplify intubation, enhance patient safety and pave the way for future AI-driven advancements in airway management.

Hood’s work has focused on medical device development, resulting in more than a dozen peer-reviewed articles from journals, and patents on the design, prototyping, characterization and field analysis for innovative portable oropharyngeal suction devices, endotracheal tubes and alternatives to the laryngoscope.

Rewarding creative collaboration

A committee of TAMEST members (Texas-based members of the National Academies) selected the recipients, and finalists were endorsed by a committee of Texas Nobel and Breakthrough Prize Laureates and approved by the TAMEST Board of Directors.

“On behalf of TAMEST, we are honored to congratulate this year’s recipients of the Hill Prizes, whose work exemplifies innovation and excellence and helps define Texas as a leader in scientific research and discovery,” said TAMEST President Brendan Lee, MD, PhD (NAM), Baylor College of Medicine. “These prestigious prizes not only recognize their remarkable research but also benefit from the critical support from Lyda Hill Philanthropies to help propel their work forward. We know their discoveries will continue to advance science in ways that will have a lasting impact on our world.”

“The Hill Prizes are designed to catalyze groundbreaking ideas and offer seed funding that bridges the gap between research and real-world impact,” said 2025 Hill Prizes Committee Chair David E. Daniel, PhD (NAE), The University of Texas at Dallas. “There is no shortage of innovation in Texas, and it was an honor to help put forward recipients whose deserving high-potential projects can now move forward thanks to Lyda Hill and her team’s support.”

The projects selected for the 2025 Hill Prizes focus on creative, collaborative approaches to some of the world’s biggest challenges, featuring top-tier, cross-disciplinary teams with leaders and researchers from multiple institutions. Principal investigators of the winning proposals will be recognized the evening of Feb. 4 at the opening reception of the TAMEST 2025 Annual Conference in Irving, Texas.

The University of Texas Health Science Center at San Antonio (UT Health San Antonio), a primary driver of San Antonio’s $44.1 billion health care and biosciences sector, is the largest academic research institution in South Texas with an annual research portfolio of $413 million. Driving substantial economic impact with its six professional schools, a diverse workforce of more than 8,500, an annual expense budget of $1.46 billion and clinical practices that provide 2.6 million patient visits each year, UT Health San Antonio plans to add more than 1,500 higher-wage jobs over the next five years to serve San Antonio, Bexar County and South Texas. To learn about the many ways “We make lives better®,” visit UTHealthSA.org.

Stay connected with The University of Texas Health Science Center at San Antonio on Facebook, Twitter, LinkedIn, Instagram and YouTube.

The University of Texas at San Antonio (UTSA) is a Tier One research university and a Hispanic Serving Institution specializing in cyber, health, fundamental futures, and social-economic transformation. With more than 35,000 students, it is the largest university in the San Antonio metropolitan region. UTSA advances knowledge through research and discovery, teaching and learning, community engagement and public service. The university embraces multicultural traditions and serves as a center for intellectual and creative resources as well as a catalyst for socioeconomic development and the commercialization of intellectual property—for Texas, the nation and the world. Learn more online, on UTSA Today or on Instagram, Facebook, X (Twitter) or LinkedIn.

UT Health San Antonio contact: Steven Lee, (210) 450-3823, lees22@uthscsa.edu
UTSA contact: John Elizondo, (210) 458-2087, john.elizondo@utsa.edu

Media Contact

Steven Lee, The University of Texas Health Science Center at San Antonio, 210-450-3823, lees22@uthscsa.edu, https://news.uthscsa.edu/

View original content:https://www.prweb.com/releases/ut-health-san-antonio-utsa-researchers-receive-prestigious-2025-hill-prizes-for-medicine-and-technology-302354499.html

SOURCE The University of Texas Health Science Center at San Antonio

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PKF O’Connor Davies Announces 2025 Partner Promotions

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Six team members elevated to leadership positions across organization

NEW YORK, Jan. 17, 2025 /PRNewswire/ — PKF O’Connor Davies, one of the nation’s largest accounting, tax and advisory practices, today announced the promotion of six employees to leadership positions within the organization. Robert Cermeli, Valerie Imondi, Krista Karabel, Christina McLoughlin, Andrew Musci and Rebecca Welnak have been elevated to the role of Partner.

“Our six new Partners embody the expertise, trust and commitment that define our organization and the value we deliver for clients,” said Kevin J. Keane, Executive Chairman at PKF O’Connor Davies. “I congratulate each of them on this well-earned recognition and wish them success in their career journeys.”

Robert Cermeli brings nearly 30 years of tax and public accounting experience to the organization’s Financial Services Tax group and specializes in all aspects of tax compliance and planning for individuals, corporations and partnerships. Leveraging more than 25 years of experience with federal and multistate tax regulations, he regularly delivers tax planning solutions for fund managers, family offices and high-net-worth individuals. He also has experience with various aspects of financial statement preparation and analysis. He is based in the organization’s New York City office.

Valerie Imondi has nearly 20 years of experience in public accounting, serving clients as part of the organization’s Business Solutions group. She provides accounting, tax preparation and estate planning services to clients in the manufacturing, commercial and farming industries, as well as private, family-owned businesses. Most recently, Valerie received the “Outstanding CPA in Chapter Service Award” from the New York State Society of Certified Public Accountants in 2024 and was honored with a “Hudson Valley’s Top Forty Under 40 Mover & Shaker” award by the Dutchess County Regional Chamber of Commerce in 2023. She is based in the organization’s Newburgh, New York, office.

Krista Karabel brings more than 10 years of experience in public accounting to her work in the organization’s audit practice. Since joining the organization in 2015, she has specialized in auditing health care organizations, including skilled nursing facilities, managed care organizations, hospitals and home health organizations. She has additional experience working with other not-for-profit entities, including higher education institutions, schools and foundations. Beyond client engagements, Krista is extremely active in her community and serves on the board of a not-for-profit organization supporting brain cancer patients and their families. She is based in the organization’s Harrison, New York, office.

Christina McLoughlin has nearly 15 years of experience in public accounting and taxation, serving clients in the organization’s Wealth Services division. She regularly provides strategic tax planning, consulting and compliance services to high-net-worth individuals and their families, partnerships, estates and trusts. She is based in the organization’s Harrison office.

Andrew Musci brings more than 10 years of experience in public accounting and auditing to the organization’s Affordable Housing and Not-for-Profit groups. He works with a wide range of not-for-profit and affordable housing entities, including charitable organizations, social services agencies that receive government funding, Low-Income Housing Tax Credit (LIHTC) limited partnerships, and not-for-profit sponsor organizations and developers. He also has specialized expertise in single audits and internal control/compliance audits. Andrew serves as the treasurer of a nonprofit organization that provides affordable housing in northern Westchester. He is based in the organization’s Harrison office.

Rebecca Welnak has nearly 20 years of tax planning and consulting experience, regularly working with businesses and their owners in manufacturing, distribution, architecture, engineering and professional services. With clients ranging from small, privately held businesses to large, complex companies, she primarily delivers federal and state tax consulting and compliance support to businesses with multistate operations and numerous state and local tax considerations. She is based in the organization’s Woburn, Massachusetts, office.

PKF O’Connor Davies continues to expand through organic growth and acquisitions on the East Coast and beyond. It has supported this growth with a strategic combination of promoting from within coupled with an ongoing focus on top-tier external hires.

About PKF O’Connor Davies

PKF O’Connor Davies is a top-tier accounting, tax and advisory practice and member of PKF Global, a global network of accountancy firms. We have a long history of serving domestic and international clients. “Know Greater Value” speaks to the confidence and guidance that our clients realize when they work with us. It reinforces our commitment to delivering the highest levels of value, expertise and service in everything we do. Our clients Know Greater Connections, Know Greater Insights and Know Greater Value. “PKF O’Connor Davies” is the brand name under which PKF O’Connor Davies LLP and PKF O’Connor Davies Advisory LLC, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. PKF O’Connor Davies LLP is a licensed CPA firm that provides attest services and PKF O’Connor Davies Advisory LLC and its subsidiary entities provide tax and advisory services.

For more information, please visit pkfod.com, and follow us on LinkedIn and X (formerly Twitter).

View original content to download multimedia:https://www.prnewswire.com/news-releases/pkf-oconnor-davies-announces-2025-partner-promotions-302354554.html

SOURCE PKF O’Connor Davies

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Supply Wisdom Broadens Client Base Across Financial Services, Technology, and Pharmaceutical Companies as Risk-Management Becomes Paramount

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Leading risk intelligence SaaS company continues momentum with client growth in financial services industry

NEW YORK, Jan. 17, 2025 /PRNewswire-PRWeb/ — Supply Wisdom, the market’s only full-stack, real-time risk intelligence SaaS platform powered by AI, today announced significant growth in its client base. This includes new partnerships with major global financial services providers, as well as multiple deal expansions from existing financial services, technology, and pharmaceutical clients. The company also announced the promotion of Jenna Wells as Chief Operating Officer, who will oversee product and all global go-to-market functions.

The company’s continued growth and satisfied customer base comes as supply chain issues, geopolitical events, and natural disasters and other crises continue to pose evolving risks to organizations. Institutions that adopt predictive AI-based risk intelligence solutions into their workflows can more proactively safeguard their business and respond to threats in real-time, making them more resilient overall.

The fourth quarter of 2024 saw significant customer wins for Supply Wisdom, representing major players across financial services industries. Notable sign-ons include:

A previous customer with revenue in the multi-billions specifically returning to Supply Wisdom’s superior platform and risk intelligence solutions, with a three-year contract that extends our global reach. Their return to Supply Wisdom allows them to focus more on core operations, supported by industry-leading infrastructure.A Fortune 500 company with operations in several countries, leveraging Supply Wisdom to better serve its core financial services customers and their families.One of the largest and most influential financial-services institutions in the world.

Supply Wisdom also expanded its contracts with more than 20 percent of its client base.

These deal expansions span clients across the financial services, communications, technology, supply-chain services, and pharmaceutical industries and represent a significant amount of additional revenue for the company. For example, one of the largest agencies in the world more than doubled the number of suppliers monitored to satisfy the requirements of the Digital Operational Resilience Act, which went into effect today.

“Our growing customer base represents not only industries’ increased interest in Supply Wisdom’s sophisticated risk management platform, but also the escalating need for real-time solutions that are sensitive to shifting realities,” said Tom Thimot, CEO of Supply Wisdom. “Just as these contracts represent Supply Wisdom’s growing share of the risk-management landscape, our customers are strengthened by our proprietary AI and full-stack platform.”

Customers will also benefit from Wells’ to Chief Operating Officer after nearly three years with Supply Wisdom. A former United States Marine Corps Captain with over 16 years in intelligence and risk management, Wells will oversee sales in North America, Europe, and the broader sales channel. Her leadership over the company’s operations will allow Thimot to focus on bigger-picture strategies for go-to-market, business, and corporate development.

To learn more about how Supply Wisdom is revolutionizing risk management for financial services organizations, visit https://www.supplywisdom.com/.

About Supply Wisdom

Supply Wisdom transforms global business with comprehensive, predictive, real-time risk intelligence. Through continuous monitoring, comprehensive intelligence reports, and real-time alerts, Supply Wisdom speeds business growth, lowers costs, increases security and compliance, and unlocks revenue opportunities. Supply Wisdom’s full-stack AI-based SaaS products turn open-source data into risk intelligence and are the market’s only software to cover all risk domains in real-time: financial, cyber, operational, ESG, compliance, Nth party, and location-based risk. Supply Wisdom clients include Fortune 100 and Global 2000 firms in the financial services, insurance, healthcare, and technology sectors, including United Healthcare, BNY Mellon, and Bank of Ireland. Supply Wisdom values diversity with a global workforce that is currently 57% female.

Media Contact

Ella Ceron, Supply Wisdom, 1 7328131150, eceron@nexttechcomms.com, https://www.supplywisdom.com/ 

View original content:https://www.prweb.com/releases/supply-wisdom-broadens-client-base-across-financial-services-technology-and-pharmaceutical-companies-as-risk-management-becomes-paramount-302353897.html

SOURCE Supply Wisdom

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