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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 
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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.

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SOURCE Optiv Security Inc.

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SecurityGen and NEC Team Up to Strengthen Cybersecurity Operations for Indonesian Telcos

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Harnessing future-ready solutions and expertise to safeguard Telecom networks against emerging threats

JAKARTA, Indonesia, Sept. 24, 2024 /PRNewswire/ — In a significant development for telecom cybersecurity, SecurityGen, an award-winning global leader in telecom cybersecurity, and PT NEC Indonesia, a leader in IT, network and AI technologies and a multi-vendor system integrator, have announced a partnership to strengthen telecom network defences across Indonesia. This alliance brings together SecurityGen’s cutting-edge security solutions and NEC’s extensive expertise in telecom infrastructure in a bid to combat a spectrum of increasingly advanced cyber threats.

The partnership aims to enhance the performance, reliability, and security of telecom networks throughout the region with SecurityGen providing future-ready threat-informed defence platform, comprising its Breach Attack platform and Monitoring system, and NEC offering crucial professional services to support and optimize these advanced security solutions. SecurityGen will also ensure rapid, effective deployments through comprehensive training and onboarding. By focusing on future-proofed solutions and fostering local talent, this partnership supports NEC’s vision of bolstering its security-as-a-service offering and solidifying its position as a trusted partner for Indonesian telcos.

This collaboration becomes even more vital given the speed with which telecom networks are evolving – making them increasingly complex and vulnerable. Unfortunately, traditional security measures are not effective enough anymore. By integrating advanced, AI-powered threat intelligence with automated security systems, this partnership aims to provide telco SOCs with unprecedented visibility into signalling traffic and robust validation against real-world attacks. This proactive approach, with in-built remediation, will not only mitigate breach risks but also equip security teams with the essential tools and expertise to counteract sophisticated cyber threats and maintain business resilience.

Amit Nath, Co-Founder & CEO of SecurityGen, said, “Our partnership with NEC is a crucial step towards fortifying Indonesia’s telecom sector with the expertise and tools essential for securing modern networks and operations. Together, we’re committed to building local competencies and implementing advanced, research-driven strategies to ensure the long-term security and resilience of the telecom infrastructure.”

Joji Yamamoto, President Director of NEC Indonesia said, “”In Indonesia, we have seen rapidly increasing growth of cloud services, and connected devices and subscribers for IoT use cases. NEC Indonesia welcomes the partnership with SecurityGen to join forces in advancing network security in Indonesia to protect information assets through the introduction and operation of measures against cyber-attacks.”

***

About SecurityGen
Founded in 2022, SecurityGen is a global leader in telecom security. We provide a solid security foundation to drive secure telecom digital transformations and ensure safe and robust network operations. Our extensive product and service portfolio offers complete protection against existing and advanced telecom security threats. www.secgen.com

About PT. NEC Indonesia

NEC first established its Jakarta Representative Office in 1968. Through the years, PT. NEC Indonesia recognized the importance of instituting telecommunications infrastructure for the country and has introduced several NEC technologies and solutions. This has resulted in PT. NEC Indonesia achieving the market leader position of being a total solutions provider for the Indonesian telecommunications industry.

Today, with its headquarters in Jakarta, PT. NEC Indonesia continues to play a significant role in providing total telecommunications and IT business solutions to its customers in the government and enterprise businesses. For more information, please visit http://id.nec.com/ 

 

 

 

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SOURCE PT. NEC Indonesia

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Patricia Calderon, Global Head of Water of CDP: How to drive water action across supply chains

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JAKARTA, Indonesia, Sept. 24, 2024 /PRNewswire/ — This is an article from Patricia Calderon, Global Head of Water of CDP:

Supply chains are the knots that tie our global economy together and allow it to operate as it does.

In recent years those knots have become more complex and fragile.

Major trade routes can be held up by conflict, politics, or simply a container ship running aground. The world is deeply dependent on pinch points functioning with high volumes of traffic and little to no barriers. Below that level exist smaller, more intricate threads which have built up over time, across borders and through river basins.

The fragility now baked into the system is, in part, a result of our changing climate and the unsustainable nature of supply chains. Building resilience within supply chains to adapt to frequent extreme weather events is now crucial. Lessening their environmental impact is part of the same equation.

Deep dive

New research from CDP, the global non-profit leading the world’s environmental disclosure system for companies, cities, states, and regions, has examined the problem using data directly from companies.

We looked at 3,163 large companies with an annual revenue of more than EUR/ US$250 million. These companies disclosed to CDP’s annual water security questionnaire. A total of 1,542 companies – 50% – responded that they are engaging their supply chain on water risks. This includes inserting water requirements into supplier contracts, collecting water data, raising awareness of water issues, or collaborating on innovation.

Further analysis provides a unique insight into how some of the world’s largest brands are grappling with water issues. 1 in 5 companies are facing supply chain risks which could have a substantive financial or strategic impact on their business. These risks were estimated to total US$77 billion. And according to 79 businesses, a total of US$7 billion was deemed to be at immediate risk due to urgent water scarcity, food, regulatory and reputational issues.

Stem the tide

The data is clearly telling us our water supplies are becoming ever more fragile and the financial toll is mounting up. It’s down to large companies with the biggest water impacts to take immediate action, working with their suppliers to stem the tide of water risk.

Our research points to some of the tools currently being used by responsible companies – financial incentives, stricter contracts, and closer engagement are key. A group of forward-thinking businesses are already working on the problem. 443 businesses – 14% – offer their senior leaders, including the board, incentives to improve water management across the supply chain. A smaller group provide direct financial incentives to their chief procurement or purchasing officers.

Buyers and suppliers need to collaborate to ensure sustainability is a business norm. Recognizing it as a key differentiator among suppliers will be essential going forward. If we fail to address these issues the mounting financial impact of water risks will become all too apparent.

Going beyond

The report makes a strong case for companies to take immediate action on water issues in their supply chain and offers six key steps for companies. Each one of these indicators follows from the next: assess supply chain risks and impacts; set global targets; incentivize executives to act; include water in supplier requirements; engage with suppliers; and incentivize and support suppliers.

Ensuring supply chains can build resilience, reduce water risks, and keep our economies going is within reach. But to do so quickly and comprehensively we need to go beyond voluntary measures. The bar should be raised much higher in order to close the gap between where we are now and need to be.

Stronger regulation for mandatory disclosure and transparent reporting mechanisms are imperative to drive progress. This requires a combined approach with government policy, industry standards, and stakeholder engagement all playing a role.

View original content:https://www.prnewswire.com/apac/news-releases/patricia-calderon-global-head-of-water-of-cdp-how-to-drive-water-action-across-supply-chains-302254990.html

SOURCE CDP

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J-Stories launches special page to report on largest Japan-Taiwan summit bringing together startups and investors in the region

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This year’s event in Tokyo expanded to its largest scale yet amid growing interest in Taiwan’s dominant semiconductor and AI sectors

Japan’s solutions-focused news service J-Stories is an official media partner of the 2024 Japan-Taiwan Innovations Summit. Here’s J-Stories’ special page where summit-related stories are featured in partnership with Startup Island TAIWAN, Taiwan’s national startup brand. J-Stories is run by Tokyo-based media agency Pacific Bridge Media & Consulting.

TOKYO, Sept. 23, 2024 /PRNewswire/ — The 2024 Japan-Taiwan Innovation Summit, the largest startup event to date featuring Japanese and Taiwanese aspiring to expand overseas, was held this month (Sept.17-18) in central Tokyo. Over 1,000 participants from various sectors – including politics, academia, large business and media – engaged with approximately 70 innovative startups over the two days.

The annual summit, which started two years ago, expanded further from previous years, incorporating cutting-edge industries, including AI, biomedical science, cybersecurity, digital services, fintech, defense and aerospace.

The two-day event was co-hosted by Taiwan’s National Development Council (NDC), a government body of Taiwan, and the Tokyo Metropolitan Government. Tokyo-based media agency Pacific Bridge Media & Consulting also supported the event as the official media partner, featuring various reports and videos about the event on a special online page, bridging the gap between Taiwan’s top entrepreneurs and the startup community in Japan.

Discussed among the main topics were Taiwan’s booming semiconductor supply chain and its uninhibited growth potential within the next decade. Taiwan’s leading chipmaker, TSMC, was launched as a startup more than three decades ago with the support of the Taiwanese government. Now, the international company is building factories in southern Japan, giving those in Tokyo high hopes for Taiwan’s investments in bumping up semiconductor production capabilities and building more factories in Japan.

At this year’s summit, it was not only Taiwanese entrepreneurs who took the floor, but also Japanese startups. The summit featured a significant number of Japanese participants from financial institutions, venture capitalists, and trading companies. This increased Japanese involvement is expected to strengthen the JapanTaiwan network and contribute to the development of a thriving international ecosystem.

To start Day 1, Taiwan’s NDC Minister Liu Chin-Ching (Paul Liu), the Taiwanese delegation leader for this summit, took the stage. Minister Liu stated: “We are implementing the ‘Bridge Plan’ to expand innovation internationally. While we have been advancing innovation domestically in Taiwan, our future goal is to pursue international collaboration, with Japan being our first partner.” He emphasized the significance of Japan and Taiwan’s collaborative efforts. 

A video message from Tokyo Gov. Yuriko Koike was shown following Liu’s speech. She emphasized, “Taiwan and Japan have built a strong cooperative relationship. Let’s join forces between Tokyo and Taiwan to launch significant innovation.”

Among the speakers was Kei Furukawa, an Investment Partner at UTokyo IPC, who gave a lecture titled “Innovation and Startup Development Systems at the University of Tokyo VC,” discussing the advancement of innovation and entrepreneurship through collaboration between government and universities in Japan.

Additionally, there were presentations from Japanese and Taiwanese startups and innovation companies, speeches by notable guests, and more. The summit concluded with an invitation-only opening ceremony for the Taiwan Startup Tokyo office and a gala dinner with investors.

Visit J-Stories’ special page here:
https://jstories.media/jp/specials/jtis

Event Overview:

Name: 2024 Japan-Taiwan Innovation SummitDate: September 17 (Tuesday) – 18 (Wednesday), 2024, 10:00 AM – 5:00 PMVenue: Tokyo Innovation Base (TiB) 2nd Floor (3-8-3 Marunouchi, Chiyoda-ku, Tokyo, in front of Yurakucho Station)Format: On-site participationLanguages: Chinese, Japanese, and English (with simultaneous interpretation)Organizer: Startup Island TAIWAN

For more information on the Japan-Taiwan Innovation Summit 2024, please click here:

https://togethergobig.jp/en-summit

About J-Stories:

J-Stories is an online news platform that communicates innovative ideas, products, and technologies from Japan that address global issues to audiences and investors worldwide in Japanese, English, and Chinese. As the media partner for the “2024 Japan-Taiwan Innovation Summit,” J-Stories will be publishing articles about the summit before and after the event. J-Stories is run by Tokyo-based multilingual media agency Pacific Bridge Media & Consulting.

To receive the latest articles from J-Stories, please subscribe to our newsletter by emailing: jstories@pacificbridge.jp

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SOURCE PACIFIC BRIDGE MEDIA AND CONSULTING

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