Geopolitical Impact on the Future Global Financial Sector: How Cybersecurity Providers Should Realign

R. Muru

Summary Bullets:

  • The global financial sector continues to experience exponential increases in cyber-attacks, influenced by geopolitics and the recent Russia invasion of Ukraine.
  • Cybersecurity vendors should not be complacent because of recent positive performances if they are to stay relevant and drive future growth in the financial sector.

Exponential Cyber-Attack Increases in the Financial Sector

The global financial sector has experienced an exponential rise in cyber-attacks over the last four years.  Today, this is even more of an issue both from sector and geopolitical perspectives, and Russia’s recent invasion of Ukraine further impacts geopolitical order with a high number of DDoS attacks on both Russian and Ukrainian targets, including the Ukrainian Defense Ministry and Ukrainian banks PrivatBank and Oschadbank. Continue reading “Geopolitical Impact on the Future Global Financial Sector: How Cybersecurity Providers Should Realign”

For the UK Government to Be Successful with Its New Cybersecurity Initiative, the Public Sector Needs to Change

R. Muru

Summary Bullets:

  • The UK government’s strategic announcement on its public services cybersecurity strategy is a positive, as there is a real need to address cyber threats in the public sector.
  • For the new cybersecurity strategy to succeed, key departments responsible for implementing the strategy within authorities and the public sector require operational transformation and greater agility.

Threat Level Across UK Public Sector

The UK Cabinet Office and Chancellor of the Duchy of Lancaster Steve Barclay announced on January 25 that the government will launch what it calls the “first ever government cybersecurity strategy” to counter increased cyberattacks on IT systems and associated services within public services.  The government’s strategic initiative aims to address the sheer volume of cyberattacks on the UK public sector.  Figures taken from the National Cyber Security Centre between September 2020 and August 2021 suggest that approximately 40% of cyberattacks were aimed at the public sector.  Some of the authorities believed to have been compromised include the Redcar & Cleveland, Wealden District, Gloucester City, and Hackney Councils.  Additionally, it’s believed that councils across the UK reported more than 700 data breaches in 2020 to the Information Commissioner’s Office (ICO).  This, in the context of future increased digitization of public services encompassing technologies like Internet of Things and smart cities, could be a future catalyst in the exponential increase of cyberattacks in the public sector at a local and regional level. Continue reading “For the UK Government to Be Successful with Its New Cybersecurity Initiative, the Public Sector Needs to Change”

Telefónica Empowers Service Providers to Deliver Tailored Security Solutions to Enterprises

R. Muru

Summary Bullets:

  • Telefónica delivers a strong commitment and makes its cybersecurity solutions and professional services capabilities available through partnerships to assist third-party service providers and capture new revenue streams.
  • Telefónica’s differentiated value proposition includes empowering third-party service providers with limited security capabilities to deliver bespoke security solutions in less than 12 months.

The Challenged Enterprise in the New Norm

Telefónica (Telefónica Global Solutions), together with GlobalData, delivered a webinar in October 2021 highlighting the impact of cybersecurity attacks on both small and medium-sized enterprises (SMEs) and global corporates.  To put this into context: in 2020, businesses made ransomware payments of more than $400 million in cryptocurrency, a 300% increase compared to 2019.  However, the average cost to a business in terms of financial impact, downtime, and lost opportunity is far greater, with some enterprises in the private healthcare sector, for example, highlighting post-cyberattack revenue losses in the millions and damage to brand and shareholder value. Continue reading “Telefónica Empowers Service Providers to Deliver Tailored Security Solutions to Enterprises”

The Cybersecurity Industry Continues to Struggle with Skill Shortages

R. Muru

Summary Bullets:

  • Industry estimates indicate there are around 3 million cybersecurity professionals worldwide and over 60% more are required to address the global needs of businesses and governments.
  • There are no easy short-term fixes in solving the recruitment problem in the cybersecurity sector. A concentrated effort across a number of entities, including government, industry, and education, will be required.

Exponential Rise in Cyber-Attacks as the Globe Reaches 2020 Year-End

Exponential increases in cybersecurity attacks are nothing new. In fact, if you cast your eyes back to 2017-2019, attacks like malware in mobile increased by over 50%, over 40% of commercially available IoT devices had some form of security breach, and applications like cryptocurrency coin mining quadrupled in cyber-attacks. Cybersecurity spending in countries like the U.S. also increased over $14 billion in 2019. With this in mind, as we approach 2020 year-end, the worry of going into some form of lockdown as a result of increased spikes in COVID-19 puts further fuel on increased cyber-attacks. Just in the past two months, we have seen attacks on organizations like NATO (i.e., phishing) and the International Maritime Organization (IMO), the U.N.’s shipping agency (i.e., a sophisticated cyber-attack that disabled its website and intranet). Continue reading “The Cybersecurity Industry Continues to Struggle with Skill Shortages”

Palo Alto Networks Completes Acquisition of The Crypsis Group to Strengthen Its Cortex XDR Offering

R. Muru

Summary Bullets:

  • Palo Alto Networks’ acquisition of The Crypsis Group will enable the company to successfully build and strengthen detection and prevention capability in its Cortex XDR platform and drive market growth.
  • Palo Alto will acquire a highly experienced team consisting of 150 security consultants with strong capabilities in incident response and risk mitigation.

Palo Alto Networks continues with its investment strategy with the latest acquisition of The Crypsis Group, an incident response, risk management, and digital forensics company, for $265 million. With this acquisition, Palo Alto Networks plans to strengthen its Cortex XDR platform to successfully eliminate and address cyber threats. In particular, Palo Alto will enhance functionality in its Cortex XDR platform in collecting rich security telemetry data, managing breaches, and initiating rapid response actions. The platform already has strong detection and response capabilities that natively integrate network, endpoint, and cloud data to stop sophisticated cyberattacks. It does this by continually identifying evasive threats with increased accuracy and by profiling user and endpoint behavior with analytics capabilities. The Cortex XDR also has strong machine learning (ML) capabilities to analyze data from Palo Alto’s networks as well as third parties to identify highly engineered threats targeting devices and systems. Building further enhancements on its Cortex XDR offering around prediction, prevention, and mitigation of cyberattacks – and at speed – will enable Palo Alto to differentiate in the marketplace as it moves forward with a highly effective detection and response platform that integrates endpoint, network, and cloud data. Continue reading “Palo Alto Networks Completes Acquisition of The Crypsis Group to Strengthen Its Cortex XDR Offering”

The Emergence of Central Policy Driven Network and Security Convergence

R. Muru

Summary Bullets:

• The majority of network traffic in future digitalized enterprise environments will be outside the enterprise data center.

• Network and security will converge, with central orchestration and policy controls through the ‘as a Service’ delivery model.

The last ten years have seen CIOs proactively prepare their businesses in the modern era by embracing technology. Digitalization continues to make head way as businesses rework their business models and create new services in innovative ways. These include enabling mobile devices to support new services, digitalizing processes, and making use of remote intelligent devices (with data being pushed closer to the edge device) in sectors like manufacturing. In terms of technology maturity, modern digital environments will increase the use of cloud architectures running vendor applications like Salesforce, Zoom, and Office365, enabling big data and artificial intelligence (AI) in centrally configured data centers that now sit outside the enterprise environment. In addition, the growth of any place/any device/any setting, private networks (including 5G), and edge computing, is driving data away from the enterprise data center and closer to the user/device in a distributed manner. Subsequently, from a network and security perspective traditional network and security architectures fall short. Additionally, due to the uptake of cloud applications, the majority of data traffic terminates at public cloud services and branch offices rather than in enterprise private data centers.

Continue reading “The Emergence of Central Policy Driven Network and Security Convergence”

COVID-19: Overview of Telecom Wholesale Service Provider Activities

R. Muru

Summary Bullets:

• The telecom wholesale market will remain stable in 2020, with declining roaming international revenues, and expansion of FTTx and international backbone infrastructure.

• Wholesale providers with large international foot prints, and providers offering differentiated digitized wholesale solutions will show early success in 2020.

Impact of COVID-19 on the Telecom Provider Market

Overall, telecom providers have experienced pressures on profits as a result of the COVID-19 pandemic. However, unlike other segments the telecom provider market has maintained stability due to strong voice and network connectivity demand, both at a consumer and business level as a result of the lockdown and large percentage of the workforce moving to remote working.

GlobalData has analyzed recent quarterly results of service providers and this shows limited financial impact overall during Q1 2020. Some of the key observations we highlighted previously include: Continue reading “COVID-19: Overview of Telecom Wholesale Service Provider Activities”

COVID-19: Considerations for Cybersecurity in Healthcare

R. Muru

Summary Bullets:

• Security heads must consider the right options when addressing security gaps in an organization’s IT, with a particular focus on email phishing, ransomware, DDoS, and network breaches.

• Assess vendors that have strong threat management capabilities, wide portfolio coverage encompassing cloud and endpoint security through a platform-centric approach, and flexible commercial pricing arrangements.

The global healthcare sector is being subjected to an array of cyberattacks as it deals with the COVID-19 pandemic. Criminals are attempting to cash in through ransomware and compromise the integrity of IT systems. Recent examples where GlobalData has seen cyberattacks include i) Bruno University Hospital in Czech Republic, one of the country’s COVID-19 testing centers, was struck by ransomware resulting in the postponement of surgeries, ii) the U.S. Department of Health and Human Services suffered a distributed denial of service (DDoS) attack intended to disrupt the organization’s responses to the COVID-19 pandemic, and iii) increased phishing website hacking attempts on the World Health Organization (WHO) and its partners. Continue reading “COVID-19: Considerations for Cybersecurity in Healthcare”

COVID-19: Impact on Cybersecurity

Summary Bullets:

R. Muru

• Vendors are prioritizing portfolio and marketing effort on the most common types of COVID-19 related cyber events, covering phishing and identity attacks.

• Cybersecurity vendors are reconfiguring their service and support functions encompassing remote working. Vendors face internal operational challenges in scaling up quickly with the right level of security posture.

The COVID-19 pandemic is having a huge impact globally across families and communities. In turn, this is having a massive impact on businesses of all sizes, including global multinationals. Almost all Fortune 100 and 500 companies have experienced major disruptions to their operations and markets, resulting in some economists predicting losses of more than $1.1 trillion worldwide. COVID-19 has created shutdowns and major disruptions in employee working styles and supply chains in all sectors, and in particular across government, finance, manufacturing, IT, and media. As these sectors reconfigure their operations, one of the most critical issues arising are increased cyber-attack threats as organizations become more dependent on technology. Continue reading “COVID-19: Impact on Cybersecurity”

Security Providers Should Focus Less on Selling Security and More on Selling Trust by Becoming Service-Centric

Rajesh Muru

Summary Bullets:

  • Orange Cyberdefense has an aggressive strategy to drive its cybersecurity business by capitalizing on its strengths in its home market and expanding its security portfolio.
  • Acquisition is part of its expansion strategy, with the purchase of SecureLink and SecureData. The seamless integration of these businesses will be important to its success.

The strategic growth plans laid out by Orange Cyberdefense at its recent Analyst Day in Paris were impressive and tactical. The cybersecurity business has grown since its inception, mainly because it has been able to capitalize on its strengths in the home market with a strong security offering addressing global multinationals with multi-country locations, as well as serving the midmarket. Continue reading “Security Providers Should Focus Less on Selling Security and More on Selling Trust by Becoming Service-Centric”