Info@NationalCyberSecurity
Info@NationalCyberSecurity

Cybersecurity Market Set to Surge Amidst $8 Trillion Threat | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware


USA News Group – The necessity of cybersecurity measures continues to grow rapidly, with the costs of cybercrime soaring to an alarming $8 trillion. According to a report from McKinsey and Company, the global cybersecurity market is projected to explode tenfold

to between $1.5-2 trillion in the next few years. In response, several major M&A deals are stirring in the sector, including Rockwell Automation, Inc. (NYSE:ROK) acquiring Verve Industrial Protection, Honeywell International Inc. (NASDAQ:HON) acquiring SCADAfence, and AT&T Inc. (NYSE:T) forming a joint venture with WillJam Ventures. As the sector continues to grow, the market is affixed on the developments of up-and-coming cybersecurity firms that could be prime targets, including Integrated Cyber Solutions Inc. (CSE:ICS) and OneSpan Inc. (NASDAQ:OSPN).
Standing out from the emerging crowd is Integrated Cyber Solutions Inc. (CSE:ICS), with its robust product offerings and strategic strengths. Central to their suite is the IC360 Platform, a comprehensive cyber command center that integrates various cybersecurity solutions into one cohesive system, leveraging advanced Artificial Intelligence (AI) and Machine Learning (ML) for rapid threat detection and response.

Since going public earlier this year, Integrated Cyber has excelled in offering a full spectrum of services, including Managed Detection and Response (MDR), proactive Vulnerability Management, and comprehensive Cyber Training & Awareness programs. These offerings are designed to cater to the unique needs of small-to-medium businesses and enterprises, providing them with sophisticated yet user-friendly cybersecurity solutions. Their approach not only focuses on protecting digital assets but also emphasizes the importance of proactive defense and employee education, positioning them as a versatile and forward-thinking player in the cybersecurity market.
Recently, their progress has included the introduction of new solutions catering to Small-to-Medium-Business (SMB) and Small-to-Medium Enterprise (SME) sectors and the significant customer renewal and expansion of services with a longstanding client in the power, renewables, and broader energy value chain sector.

Integrated Cyber’s role in protecting against attacks on the energy sector is timely, as these costly events have become more commonplace. A recent example was the cyberattack earlier in 2023 on Suncor Energy, which experts pegged to carry a hefty price tag of millions of dollars to resolve.

Embedded within the announcement of their latest customer renewal, Integrated Cyber stated it had initially begun their relationship through their “land and expand” business model.

“While the cybersecurity companies targeting SMBs and SMEs are nascent, they already represent billions in revenue,” said Alan Guibord, CEO of Integrated Cyber Solutions. “With hundreds of thousands of targeted businesses in just the U.S. and Canada, this market yearns for premium services—akin to those enjoyed by large corporations—but at cost-effective prices.”

Throughout the course of the relationship, Integrated Cyber has delivered its client Managed Detection and Response (MDR) services. Over the years since establishing the relationship, ICS has successfully improved the client’s security profile across multiple locations, while delivering value and growth alongside their clients. In particular, the MDR process is part of a greater Managed Cyber Security Awareness and Training platform, utilizing the Proofpoint platform, which private equity firm Thoma Bravo acquired for $12.3 billion in 2021.

In another case of an up-and-coming player in the cybersecurity field, OneSpan Inc. (NASDAQ:OSPN) has launched its own passwordless, phishing-resistant authentication platform to secure the workforce, further helping to protect companies from employee error. The latest in OneSpan’s Digipass Authenticators product line, the new DIGIPASS FX1 BIO offering empowers organizations to embrace passwordless authentication while providing the utmost security against social engineering and account takeover attacks.

“In the Web3 era, we firmly believe that a one-size-fits-all approach to security is insufficient,” said Matthew Moynahan, president & CEO at OneSpan.” In a world where security needs to take precedence, DIGIPASS FX1 BIO presents a solution to the challenges faced by modern enterprises, providing a secure and user-friendly environment for an organization’s workforce.”
According to the launch announcement, DIGIPASS FX1 BIO provides a cost-efficient, adaptable, and future-proof solution that overcomes traditional multi-factor authentication (MFA) limitations. With DIGIPASS FX1 BIO, organizations can safeguard employees, partners, and corporate resources while enabling a flexible ‘work from anywhere, anytime, on any device’ policy without compromising security.

Following up on its announced expanded use of SaaS-powered industrial cybersecurity platform Claroty xDome to its global services portfolio, Rockwell Automation, Inc. (NYSE:ROK) recently acquired Verve Industrial Protection—which focuses on the growing threat of cyber attacks on operational technology (OT) and industrial control systems (ICSs).

“In today’s rapidly digitizing world, providing our clients with advanced, cloud-based OT security isn’t just a value-add; it’s a necessity,” said Matt Kennedy, Rockwell Automation’s vice president, Global Capabilities and Innovation, Lifecycle Services. “Rockwell Automation combined with Claroty xDome enables industrial organizations to make even greater strides with their digital transformation while keeping operations secure.”

According to a joint research report, published with the Cyentia Institute, Rockwell Automation has revealed a significant increase in these types of attacks, with 60% resulting in operational disruption.

“Energy, critical manufacturing, water treatment and nuclear facilities are among the types of critical infrastructure industries under attack in the majority of reported incidents,” said Mark Cristiano, commercial director of Global Cybersecurity Services at Rockwell Automation. “Anticipating that stricter regulations and standards for reporting cybersecurity attacks will become commonplace, the market can expect to gain invaluable insights regarding the nature and severity of attacks and the defenses necessary to prevent them in the future.”

Setting its sights on the manufacturing sector’s deep vulnerabilities tied to the Internet of Things (IoT), Honeywell International Inc. (NASDAQ:HON) acquired Israel-based SCADAfence in the summer. The deal provided Honeywell with additional technology and expertise, and included an integrated platform meant for manufacturers, process industries and infrastructure providers.

“SCADAfence is an ideal complement to Honeywell’s OT cybersecurity portfolio” said Michael Ruiz, GM of Honeywell Cybersecurity Services. “When combined with the Honeywell Forge Cybersecurity+ suite, it enables us to provide an end-to-end solution with applicability to asset, site and enterprise across key Honeywell sectors.”

Lastly, telecom giant AT&T Inc. (NYSE:T) announced it is set to form a joint venture with WillJam Ventures to provide managed cybersecurity services to enterprises. As per the deal, AT&T will have an ownership stake and board representation in the new joint venture, which is still yet to be named.
“Working together we’ll be uniquely positioned to protect organizations globally and WillJam Ventures is excited to extend our relationship with AT&T as its preferred cybersecurity provider for business customers going forward,” said Bob McCullen, managing partner of WillJam Ventures.
While there will be some AT&T employees who move over to the JV, the full details of the entity have yet to be disclosed. AT&T expects the transaction to close in the first quarter of 2024.
Source: https://usanewsgroup.com/2023/11/21/using-ai-and-machine-learning-to-defend-the-world-against-rising-catastrophic-cyber-attacks/

DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Integrated Cyber Solutions Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Integrated Cyber Solutions Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Integrated Cyber Solutions Inc. which were purchased in the open market, and reserve the right to buy and sell, and will buy and sell shares Integrated Cyber Solutions Inc. at any time without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, we currently own shares of Integrated Cyber Solutions Inc. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

Related Stories

——————————————————-


Click Here For The Original Source.

National Cyber Security

FREE
VIEW