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(Pixabay)

Cybersecurity has always been a concern for every type of organization. Even in normal times, a major breach is more than just the data economy’s equivalent of a ram-raid on Fort Knox; it has knock-on effects on trust, reputation, confidence, and the viability of some technologies. This is what IBM calls the “haunting effect”.

A successful attack breeds more, of course, both on the same organization again, and on others in similar businesses, or in those that use the same compromised systems. The unspoken effect of this is rising costs for everyone, as all enterprises are forced to spend money and time on checking if they have been affected too.

But in our new world of COVID-19, disrupted economies, climate change, remote working, soaring inflation, and looming recession, all such effects are all amplified. Throw in a war that’s hammering on Europe’s door (with political echoes across the Middle East and Asia) and it’s a wonder any of us can get out of bed in the morning.

So, what are the real costs of a successful cyberattack – not just hacks, viruses, and Trojans, but also phishing, ransomware, and concerted campaigns against supply chains and code repositories?

According to IBM’s latest annual survey, breach costs have risen by an unlucky 13% over the past two years, as attackers, which include hostile states, have probed the systemic and operational weaknesses exposed by the pandemic.

The global average cost of a data breach has reached an all-time high of $4.35 million – at least, among the 550 organizations surveyed by the Ponemon Institute for IBM Security (over a year from March 2021). Indeed, IBM goes so far as to claim that breaches may be contributing to the rising costs of goods and services. The survey states:

Sixty percent of studied organizations raised their product or services prices due to the breach, when the cost of goods is already soaring worldwide amid inflation and supply chain issues.

Incidents are also “haunting” organizations, says the company, with 83% having experienced more than one data breach, and with 50% of costs occurring more than a year after the successful attack.

Cloud maturity is a key factor, adds the report:

Forty-three percent of studied organizations are in the early stages [of cloud adoption] or have not started applying security practices across their cloud environments, observing over $660,000 in higher breach costs, on average, than studied organizations with mature security across their cloud environments.

Forty-five percent of respondents run a hybrid cloud infrastructure. This leads to lower average breach costs than among those operating a public- or private-cloud model: $3.8 million versus $5.02 million (public) and $4.24 million (private).

That said, those are still significant costs, and may suggest that complexity is what deters attackers, rather than having a single target to hit. Nonetheless, hybrid cloud adopters are able to identify and contain data breaches 15 days faster on average, says the report.

However, with 277 days being the average time lag – an extraordinary figure – the real lesson may be that today’s enterprise systems are adept at hiding security breaches, which may appear as normal network traffic. Forty-five percent of breaches occurred in the cloud, says the report, so it is clearly imperative to get on top of security in that domain.

IBM then makes the following bold claim :

Participating organizations fully deploying security AI and automation incurred $3.05 million less on average in breach costs compared to studied organizations that have not deployed the technology – the biggest cost saver observed in the study.

Whether this finding will stand for long as attackers explore new ways to breach automated and/or AI-based systems – and perhaps automate attacks of their own invisibly – remains to be seen. Compromised digital employee, anyone?

Global systems at risk

But perhaps the most telling finding is that cybersecurity has a political dimension – beyond the obvious one of Russian, Chinese, North Korean, or Iranian state incursions, of course.

Concerns over critical infrastructure and global supply chains are rising, with threat actors seeking to disrupt global systems that include financial services, industrial, transportation, and healthcare companies, among others.

A year ago in the US, the Biden administration issued an Executive Order on cybersecurity that focused on the urgent need for zero-trust systems. Despite this, only 21% of critical infrastructure organizations have so far adopted a zero-trust security model, according to the report. It states:

Almost 80% of the critical infrastructure organizations studied don’t adopt zero-trust strategies, seeing average breach costs rise to $5.4 million – a $1.17 million increase compared to those that do. All while 28% of breaches among these organizations were ransomware or destructive attacks.

Add to that, 17% of breaches at critical infrastructure organizations were caused due to a business partner being initially compromised, highlighting the security risks that over-trusting environments pose.

That aside, one of the big stories over the past couple of years has been the rise of ransomware: malicious code that locks up data, enterprise systems, or individual computers, forcing users to pay a ransom to (they hope) retrieve their systems or data.

But according to IBM, there are no obvious winners or losers in this insidious practice. The report adds:

Businesses that paid threat actors’ ransom demands saw $610,000 less in average breach costs compared to those that chose not to pay – not including the ransom amount paid.

However, when accounting for the average ransom payment – which according to Sophos reached $812,000 in 2021 – businesses that opt to pay the ransom could net higher total costs, all while inadvertently funding future ransomware attacks.”

The persistence of ransomware is fuelled by what IBM calls the “industrialization of cybercrime”.

The risk profile is also changing. Ransomware attack times show a massive drop of 94% over the past three years, from over two months to just under four days. Good news? Not at all, says the report, as the attacks may be higher impact, with more immediate consequences (such as destroyed data, or private data being made public on hacker forums).

My take

The key lesson in cybersecurity today is that all of us are both upstream and downstream from partners, suppliers, and customers in today’s extended enterprises. We are also at the mercy of reused but compromised code from trusted repositories, and even sometimes from hardware that has been compromised at source.

So, what is the answer? Businesses should ensure that their incident responses are tested rigorously and frequently in advance – along with using red-, blue-, or purple-team approaches (thinking like a hacker, a defender, or both).

Regrettably, IBM says that 37% of organizations that have IR plans in place fail to test them regularly. To paraphrase Spinal Tap, you can’t code for stupid.

Wed, 27 Jul 2022 12:00:00 -0500 BRAINSUM en text/html https://diginomica.com/cybersecurity-whats-real-cost-ask-ibm
Killexams : These Standards Could Protect Your Data From Quantum Computer Attacks

US government agency on Tuesday named four technologies it expects will keep computer data secret when quantum computers are mature enough to crack today's encryption tech. It's a key step in securing computers against the potentially revolutionary new technology.

Scientists showed all the way back in 1994 that quantum computers could break mainstream encryption technology if the progress in quantum computers could be sustained long enough. Since 2016, the US Commerce Department's National Institute of Standards and Technology has overseen a hunt to design and test post-quantum cryptography tech to protect that data.

Of the four technologies that the national institute picked, two are expected to be more widely used. 

One, called Crystals-Kyber, is for establishing digital keys that two computers need to share encrypted data. The other, Crystals-Dilithium, is for signing encrypted data to establish who sent the data. It'll likely take two years for the approaches to be standardized enough for incorporation into today's software and hardware.

Quantum computers have been steadily progressing, but it will likely still take years of work to create machines that are reliable and powerful enough to crack encryption. Regardless, shoring up encryption now is an urgent issue. It takes years to find new encryption methods, ensure they're safe and install them widely. And government agencies and hackers can harvest today's sensitive information with the expectation they'll be able to crack it later when the data will still be valuable.

"We believe 10 to 15 years is a commonly held viewpoint on the time scales for attack," said Duncan Jones, head of cybersecurity for quantum computer hardware and software maker Quantinuum. "But with the possibility of 'hack now, decrypt later,' the attacks may have already begun."

Although quantum computers remain immature today, a host of startups and tech giants like Google, IBM, Microsoft, Amazon and Intel are pouring research dollars into development and making steady if incremental progress. Experts expect quantum computers to augment the ability of classical machines with new specialist abilities in tasks like finding new materials and medicines from the molecular level and optimizing manufacturing.

Ordinary folks probably need not worry too much right now about the threat of quantum computers later decrypting their data, said 451 Group analyst James Sanders.

"What's the value of your sensitive information 1, 5, 10, 20, or more years down the road? For companies or government, this is more of a pressing concern, but for everyday people, things like credit card numbers are rotated frequently enough that this risk isn't severe enough to care," he said.

Quantum computers also could undermine cryptocurrencies, which also use today's cryptography technology.

The National Institute of Standards and Technology picked four technologies for standardization in part because it wants a diverse set for different situations and because a wider variety helps protect against any future weaknesses that are discovered. To protect against some of those possible weaknesses, many experts recommend hybrid encryption that uses both conventional and post-quantum methods.

A chart shows experts' expectations for when quantum computing will be a problem for today's encryption

The Global Risk Institute surveyed 47 quantum computing experts in 2021 about when they thought quantum computing would become a problem for conventional RSA 2048 encryption.

Global Risk Institute

"Ideally, several algorithms will emerge as good choices," NIST post-quantum encryption leader Dustin Moody said in a March presentation. It's evaluating some other candidates right now.

NIST has been gradually narrowing the list of post-quantum candidates for years, consolidating some with similar approaches and rejecting others with problems. One technology for digital signatures called Rainbow made it to the third round before an IBM researcher figured out this year it could be cracked in a "weekend on a laptop."

Slower performance of post-quantum cryptography

One hurdle for post-quantum cryptography is that it's not as fast in some situations.

"Quantum-safe digital signatures will incur a slightly higher cost," adds IBM cryptography researcher Vadim Lyubashevsky.

Google sees a slowdown in the range of 1% to 3%, said Nelly Porter, a quantum technology expert at the company. That may not sound like a lot, but it is for a company with as much network traffic as Google, which is why it'll require hardware acceleration to use post-quantum encryption. Google has extensively tested different post-quantum technology to try to spotlight problems like worse communication latency. 

"At our scale you would not be able to turn it on by default for everything," Porter said. 

NXP is developing an accelerator chip to speed things up using the technologies that NIST has begun standardizing and expects to ship them when the standards themselves are finished by 2024. Hardware acceleration will be required in particular for devices with limited processing power and memory, said Joppe Bos, NXP's senior principal cryptographer.

Embracing post-quantum encryption

Although NIST is only now naming its first standards, several companies already have begun developing, using and offering post-quantum encryption in products:

IBM's latest z16 mainframes support both Crystals-Kyber and Crystals-Dilithium, technologies IBM itself helped develop.

Google has tested several post-quantum encryption technologies and expects to adopt them to protect internal and external network traffic. Its tests revealed some incompatibilities that business partners have addressed, it said Wednesday.

The NATO Cyber Security Centre has begun testing post-quantum encryption technology from a British company called, fittingly, Post-Quantum.

Amazon Web Services, an enormously widely used foundation for many other companies' computing needs, offers Kyber encryption technology support.

Infineon offers a chip used to protect devices from firmware updates otherwise vulnerable to quantum computers that could sneak malware onto devices.

Sat, 09 Jul 2022 23:26:00 -0500 See full bio en text/html https://www.cnet.com/tech/computing/these-4-standards-could-keep-quantum-computers-from-cracking-encryption/
Killexams : Can an AI personality finder revolutionize the retail experience?

(Source – Shutterstock)

Over the years, the retail experience online continues to see innovations in many ways. Be it on an e-commerce app or retail website, the experience provided to consumers is often the most important aspect for any business.

Artificial Intelligence (AI) has been a game changer for the retail experience. In fact, according to a study by Mordor Intelligence, AI has been driving faster business decisions in marketing, e-commerce, product management, and other business areas by decreasing the gap from insights to action.

When it comes to AI in retail, organizations in the retail industry use machine learning and deep learning technology to offer a more personalized experience to the end-users and provide an interactive environment for them. A study by IBM Corporation also showed that the adoption of AI in retail and consumer products industries is expected to leap from 40% of companies currently to more than 80% in three years.

As such, customers today want to be able to get all the information they can about a product when shopping online, This includes avoiding the need of going out to physically test a product out. For example, when it comes to clothing, some apps have now enabled augmented reality (AR) technology whereby users can see how the product looks on them before making a purchase.

For products that do not support virtual try-ons, like facial products, some platforms have opted for shoppertainment, whereby the product is demonstrated live via video by a brand ambassador or even just normal consumers. While shoppertainment has led to a boost in sales for such products, it still lacked the personalization consumers really desired.

Interestingly enough, this may soon change thanks to enhancements in AI for facial recognition. Perfect Corp, a leading AI and AR beauty and fashion tech solutions provider, has unveiled its AI Personality Finder.

retail experience

(Source – Perfect Corp)

The AI Personality Finder is a groundbreaking addition to its comprehensive suite of AI and AR SaaS solutions. The first-of-its-kind solution features precision AI, powered by Perfect Corp’s patented AgileFace technology, to deliver a more personalized product matching experience to consumers. The solution pairs state-of-the-art AI-powered facial features mapping with psychological big data in order to identify key personality traits, and provide consumers with personalized product recommendations across beauty, fashion, and fragrance.

With that said, the retail experience when it comes to facial products may soon be revolutionized by this new recognition technology. Anchored in The Big Five Personality Traits, a gold standard in psychology, which comprises extroversion, conscientiousness, openness, agreeableness, and neuroticism, the advanced AI engine categorizes facial features and detects up to 65 types of unique facial attributes. The AI-powered solution then identifies key personality traits based on this analysis and offers personalized product recommendations best fit the customer’s unique personality.

To ensure the accuracy of the results, the AI Personality Finder leverages big data sourced from over one million face practicing results and integrates with facial detection technology to generate personalized analysis. The accuracy of the AI Personality results has been clinically proven to be highly precise.

According to Alice Chang, Perfect Corp. Founder, and CEO, “As consumer demands evolve, personalization has become a top priority, and brands must provide immersive shopping experiences that match each consumer with their perfect-fit product. Our new AI Personality Finder allows brands to enhance their shopping journey with personalized product recommendations powered by advanced AI tech and personality insights.”

Perhaps in the future, the AI Personality Finder can be adapted to other use cases as well, providing consumers the best insights they need.







Sun, 24 Jul 2022 12:00:00 -0500 Aaron Raj en-US text/html https://techwireasia.com/2022/07/can-ai-personality-finder-revolutionize-the-retail-experience/
Killexams : Narrowing AI: A Useful Context for AI Innovation, Opportunity, and Investment

I was asked recently if there was a meaningful analog to AI – its pervasiveness, its transformative potential, its power – in the annals of technology, and I answered with a straight face: “Yes. The Wheel. The Printing Press. Electricity. The Internet.”

I truly believe AI is going to be that big, if not bigger, because it is not only going to create new efficiencies and help solve a lot of problems (in fact, it is already), it’s going to shake the very foundations of how work itself – and businesses, the orchestrators of work – are organized.

Already hundreds of smart startups are building applications on top of AI to solve specific business problems. This is key. While it’s easy to be seduced by the massive processing and reasoning power of IBM Watson-like AI systems, I’m less enthralled with “AI will cure cancer” homilies than I am by the laser focus of the best of today’s AI solutions and the business value they are creating.

AI needs to be uniquely tuned to specific enterprise capabilities. In other words, with AI, the narrower the application the better.

It is through this lens of narrowness that I’d like to examine three categories of AI applications that stand out today for their high growth potential and current utility:

1. Visual AI
2. HR AI
3. Enterprise ‘Applification’ AI

Visual AI

My fascination with “Visual AI” is rooted in a monumental demographic shift – the number of people already online and the large underserved population that will soon be. According to We Are Social and Hootsuite’s latest Digital 2019 report, nearly 4.4 billion of the world’s 7.5 billion+ people have Internet access, with that number growing by more than 1 million per day since January 2018. As more of the underdeveloped world gains Internet access, expect these numbers to increase.

This means businesses of all kinds need to invest in the digital presentation and delivery of their services, whether informational or commercial, spanning e- and m-commerce. The digital front door to all these services is the UI, or user interface.

Prior to AI, UI quality and compliance testing was done manually. When a global brand developed its e-commerce site, the protocol would be sending it to staff overseas to QA check the site’s look, feel, navigation, and operation.

That may have been good enough when 20 percent of a brand’s customers interacted with it online, but now with 80 percent or more caring about – and depending on – that digital experience, a better quality certain is needed. Visual AI can look at the same website and instantly detect a defect with 99 percent accuracy when compared to the model, determining whether a visual interface measures up to human needs, regardless of language. And it can scale, working to ensure the UI is visually perfect across any device, operating system, or screen.

Visual AI also improves upon the current “if you like this, then you might like that” e-commerce norm, a.k.a. behavioral modeling. Say you are looking at a blue shirt on your favorite retailer’s web site. Visual AI sees the shirt for what it is – its color, print, texture, sleeve length, all its characteristics – and populates your view with precise visual equivalents of that shirt.

In short, behavioral click-stream data is being replaced by visual AI techniques, enabling “visual search.” This delivers a more personalized and engaging online experience, resulting in documented conversion-rate increases of 6-10 percent.

HR AI

Moving from e-commerce to human resources may not seem the likeliest transition, but, remember, when looking at AI narrowly, there are many ways and places in which it can deliver business value. So let’s discuss how AI is making it easier for job seekers and hiring companies to find each other, and in some cases changing the rules of engagement altogether.

One West Coast firm has inverted the model of hiring, putting the candidate in control. Its thesis is if it can provide a platform that attracts the best and brightest data scientists, marketers, and technologists from all around the world, then the Amazons, PayPals, and Capital Ones of the world who are desperately seeking that talent will actively hire from it.

It’s the first marketplace that enables candidates to self-guide and self-progress. It’s also the first marketplace that allows for full geographic transparency of available jobs. AI works constantly behind the scenes to make the product better, and the product is the candidate. So AI detects the delta between a candidate’s capabilities and the hiring company’s needs, proactively suggesting courses and tests for the candidate to complete in order to clear the hurdles to attracting Uber or eBay.

A different kind of HR AI application is turning an East Coast startup into a rising superstar. In this case, the company uses AI to morph the candidate’s experience on the websites of large hiring companies. The system learns as it goes, seeing where a given candidate spends most of his or her time during their site visit, directing them to jobs that candidates with similar interests exhibit.

Here the AI engine is figuring out what makes a given candidate tick based on where they go and how long they spend on the site and customizes their experience accordingly. The more the candidate is on a given site, the more the application learns about them, closing the gap between what they want and what the hiring company needs. The beauty of this system is that it works equally well for a company’s existing workforce, ensuring more qualified employees see in-house opportunities that are right for them before they churn.

In this case, AI has taken the back-office process of recruiting and enhanced it to enable companies to hire and retain the best talent.

Enterprise ‘Applification’ AI

The last AI vector I’d like to discuss focuses on what I call enterprise “applification.”

For decades, applications were rooted in a database paradigm. The database was literally the “base” upon which enterprise applications were built. You bought popular database software, added some screens on top of it, and out came an application that solved a business problem.

Today AI is enabling a different kind of application development, and one untethered from the database, where AI and the data it and other enterprise applications produce will become the new substrate from which a new and exciting class of applications will be built.

For example, one leader in this space takes all the data in a CRM application such as Salesforce and ingests it into an AI layer. It then runs algorithms on this data and predicts customer issues, best-path-of-resolution, and product-support intelligence, resulting in net new applications that enable its clients to better compete in a Subscription Economy where customers will churn unless taken care of with white gloves.

At its heart then, I see AI changing application development altogether, enabling a new class of AI-fueled applications that can supercharge business performance.

* * *

Even as I write this article, startups are innovating with AI in new and exciting ways beyond the scope of what I have just outlined. But that’s the point. Approached narrowly, there is room for many, many upstarts to focus and unleash the power of AI, creating net new markets and business value.

At the same time, not every company in this red-hot category will be a winner. Traditional investment principles still apply – great people, great teams, and great ideas are all needed. And so is great technology. In AI not all algorithms are created equal. No one wants a self-driving car that is just 80 percent accurate.

Tim Guleri is a Managing Director at Sierra Ventures, a Silicon Valley firm that has invested $1.9 billion in enterprise and emerging technology companies over three decades.

Trending on Xconomy

Thu, 14 Jul 2022 12:01:00 -0500 Tim Guleri en text/html https://xconomy.com/san-francisco/2019/07/15/narrowing-ai-a-useful-context-for-ai-innovation-opportunity-and-investment/
Killexams : GovCon Wire

JOB DESCRIPTION: The individual will help establish standards, procedures, and guidance for various elements in responds to foreign activities. Develop

According to the Department of Defense, “L-3 Communications (NYSE: LLL) is being awarded a $14, 000, 000 ceiling-priced undefinitized contract

According to the Department of Defense, “Booz Allen Hamilton was awarded a $23, 639, 890 contract which will provide integrated

Fri, 05 Aug 2022 12:00:00 -0500 en-US text/html https://www.govconwire.com/category/news/page/2551/
Killexams : Average cost of data breaches hits record high of $4.35 million: IBM

The global average cost of data breaches reached an all-time high of $4.35 million in 2022 compared with $4.24 million in 2021, according to a new IBM Security report. About 60% of the breached organizations raised product and services prices due to the breaches.

The annual report, conducted by Ponemon Institute and analyzed and sponsored by IBM Security, is based on the analysis of real-world data breaches experienced by 550 organizations globally between March 2021 and March 2022. 

According to the report, about 83% of the organizations have experienced more than one breach in their lifetime, with nearly half of the costs reported to be incurred more than a year after the breach.

Cloud and critical infrastructure remain at high risk

The report revealed that ransomware and destructive attacks represented 28% of breaches among critical infrastructure organizations studied, indicating threat actors specifically targeting the sector for disrupting global supply chain. The critical infrastructure sector includes financial services, industrial, transportation, and healthcare companies.

The report also noted that in the US, even a year after the Biden administration issued a cybersecurity executive order mandating federal agencies to adopt a zero-trust security model, only 21% of critical infrastructure organizations surveyed have done so, raising costs by $1.17 million for those who did not. Seventeen percent of the critical infrastructure breaches were caused due to a business partner being initially compromised.

Cloud computing infrastructure is an even easier target because of the security immaturity it suffers, according to the report. “Forty-three percent of studied organizations are in the early stages or have not started applying security practices across their cloud environments, observing over $660,000 on average in higher breach costs than studied organizations with mature security across their cloud environments,” it added.

Copyright © 2022 IDG Communications, Inc.

Thu, 04 Aug 2022 03:42:00 -0500 en text/html https://www.csoonline.com/article/3668655/average-cost-of-data-breaches-hits-record-high-of-435-million-ibm.html
Killexams : IBM Report: Consumers Pay the Price as Data Breach Costs Reach All-Time High

60% of breached businesses raised product prices post-breach; vast majority of critical infrastructure lagging in zero trust adoption; $550,000 in extra costs for insufficiently staffed businesses

CAMBRIDGE, Mass., July 27, 2022 /PRNewswire/ -- IBM (NYSE: IBM) Security today released the annual Cost of a Data Breach Report,1 revealing costlier and higher-impact data breaches than ever before, with the global average cost of a data breach reaching an all-time high of $4.35 million for studied organizations. With breach costs increasing nearly 13% over the last two years of the report, the findings suggest these incidents may also be contributing to rising costs of goods and services. In fact, 60% of studied organizations raised their product or services prices due to the breach, when the cost of goods is already soaring worldwide amid inflation and supply chain issues.

The perpetuality of cyberattacks is also shedding light on the "haunting effect" data breaches are having on businesses, with the IBM report finding 83% of studied organizations have experienced more than one data breach in their lifetime. Another factor rising over time is the after-effects of breaches on these organizations, which linger long after they occur, as nearly 50% of breach costs are incurred more than a year after the breach.

The 2022 Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches experienced by 550 organizations globally between March 2021 and March 2022. The research, which was sponsored and analyzed by IBM Security, was conducted by the Ponemon Institute.

Some of the key findings in the 2022 IBM report include:

  • Critical Infrastructure Lags in Zero Trust - Almost 80% of critical infrastructure organizations studied don't adopt zero trust strategies, seeing average breach costs rise to $5.4 million - a $1.17 million increase compared to those that do. All while 28% of breaches amongst these organizations were ransomware or destructive attacks.
  • It Doesn't Pay to Pay - Ransomware victims in the study that opted to pay threat actors' ransom demands saw only $610,000 less in average breach costs compared to those that chose not to pay - not including the cost of the ransom. Factoring in the high cost of ransom payments, the financial toll may rise even higher, suggesting that simply paying the ransom may not be an effective strategy.
  • Security Immaturity in Clouds - Forty-three percent of studied organizations are in the early stages or have not started applying security practices across their cloud environments, observing over $660,000 on average in higher breach costs than studied organizations with mature security across their cloud environments.
  • Security AI and Automation Leads as Multi-Million Dollar Cost Saver- Participating organizations fully deploying security AI and automation incurred $3.05 million less on average in breach costs compared to studied organizations that have not deployed the technology - the biggest cost saver observed in the study.

"Businesses need to put their security defenses on the offense and beat attackers to the punch. It's time to stop the adversary from achieving their objectives and start to minimize the impact of attacks. The more businesses try to perfect their perimeter instead of investing in detection and response, the more breaches can fuel cost of living increases." said Charles Henderson, Global Head of IBM Security X-Force. "This report shows that the right strategies coupled with the right technologies can help make all the difference when businesses are attacked."

Over-trusting Critical Infrastructure Organizations
Concerns over critical infrastructure targeting appear to be increasing globally over the past year, with many governments' cybersecurity agencies urging vigilance against disruptive attacks. In fact, IBM's report reveals that ransomware and destructive attacks represented 28% of breaches amongst critical infrastructure organizations studied, highlighting how threat actors are seeking to fracture the global supply chains that rely on these organizations. This includes financial services, industrial, transportation and healthcare companies amongst others.

Despite the call for caution, and a year after the Biden Administration issued a cybersecurity executive order that centers around the importance of adopting a zero trust approach to strengthen the nation's cybersecurity, only 21% of critical infrastructure organizations studied adopt a zero trust security model, according to the report. Add to that, 17% of breaches at critical infrastructure organizations were caused due to a business partner being initially compromised, highlighting the security risks that over-trusting environments pose.

Businesses that Pay the Ransom Aren't Getting a "Bargain"
According to the 2022 IBM report, businesses that paid threat actors' ransom demands saw $610,000 less in average breach costs compared to those that chose not to pay - not including the ransom amount paid. However, when accounting for the average ransom payment, which according to Sophos reached $812,000 in 2021, businesses that opt to pay the ransom could net higher total costs - all while inadvertently funding future ransomware attacks with capital that could be allocated to remediation and recovery efforts and looking at potential federal offenses.

The persistence of ransomware, despite significant global efforts to impede it, is fueled by the industrialization of cybercrime. IBM Security X-Force discovered the duration of studied enterprise ransomware attacks shows a drop of 94% over the past three years - from over two months to just under four days. These exponentially shorter attack lifecycles can prompt higher impact attacks, as cybersecurity incident responders are left with very short windows of opportunity to detect and contain attacks. With "time to ransom" dropping to a matter of hours, it's essential that businesses prioritize rigorous testing of incident response (IR) playbooks ahead of time. But the report states that as many as 37% of organizations studied that have incident response plans don't test them regularly.

Hybrid Cloud Advantage
The report also showcased hybrid cloud environments as the most prevalent (45%) infrastructure amongst organizations studied. Averaging $3.8 million in breach costs, businesses that adopted a hybrid cloud model observed lower breach costs compared to businesses with a solely public or private cloud model, which experienced $5.02 million and $4.24 million on average respectively. In fact, hybrid cloud adopters studied were able to identify and contain data breaches 15 days faster on average than the global average of 277 days for participants.

The report highlights that 45% of studied breaches occurred in the cloud, emphasizing the importance of cloud security. However, a significant 43% of reporting organizations stated they are just in the early stages or have not started implementing security practices to protect their cloud environments, observing higher breach costs2. Businesses studied that did not implement security practices across their cloud environments required an average 108 more days to identify and contain a data breach than those consistently applying security practices across all their domains.

Additional findings in the 2022 IBM report include:

  • Phishing Becomes Costliest Breach Cause - While compromised credentials continued to reign as the most common cause of a breach (19%), phishing was the second (16%) and the costliest cause, leading to $4.91 million in average breach costs for responding organizations.
  • Healthcare Breach Costs Hit Double Digits for First Time Ever- For the 12th year in a row, healthcare participants saw the costliest breaches amongst industries with average breach costs in healthcare increasing by nearly $1 million to reach a record high of $10.1 million.
  • Insufficient Security Staffing - Sixty-two percent of studied organizations stated they are not sufficiently staffed to meet their security needs, averaging $550,000 more in breach costs than those that state they are sufficiently staffed.

Additional Sources

  • To obtain a copy of the 2022 Cost of a Data Breach Report, please visit: https://www.ibm.com/security/data-breach.
  • Read more about the report's top findings in this IBM Security Intelligence blog.
  • Sign up for the 2022 IBM Security Cost of a Data Breach webinar on Wednesday, August 3, 2022, at 11:00 a.m. EThere.
  • Connect with the IBM Security X-Force team for a personalized review of the findings: https://ibm.biz/book-a-consult.

About IBM Security
IBM Security offers one of the most advanced and integrated portfolios of enterprise security products and services. The portfolio, supported by world-renowned IBM Security X-Force research, enables organizations to effectively manage risk and defend against emerging threats. IBM operates one of the world's broadest security research, development, and delivery organizations, monitors 150 billion+ security events per day in more than 130 countries, and has been granted more than 10,000 security patents worldwide. For more information, please check?www.ibm.com/security, follow?@IBMSecurity?on Twitter or visit the?IBM Security Intelligence?blog.

Press Contact:

IBM Security Communications
Georgia Prassinos
gprassinos@ibm.com

1Cost of a Data Breach Report 2022, conducted by Ponemon Institute, sponsored, and analyzed by IBM
2 Average cost of $4.53M, compared to average cost $3.87 million at participating organizations with mature-stage cloud security practices

Photo - https://mma.prnewswire.com/media/1865847/IBM_CODB.jpg

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Tue, 26 Jul 2022 18:03:00 -0500 de text/html https://www.finanznachrichten.de/nachrichten-2022-07/56648776-ibm-report-consumers-pay-the-price-as-data-breach-costs-reach-all-time-high-008.htm
Killexams : NCR, Hasbro rise; IBM, Signature Bank fall

NEW YORK — Stocks that traded heavily or had substantial price changes Tuesday:

Hasbro Inc., up 56 cents to $79.98.

The toy maker beat Wall Street's profit forecasts with strong showings from Magic: The Gathering and other tabletop games.

Shopify Inc., up $1.83 to $34.37.

YouTube is teaming up with the e-commerce platform to make it easier for merchants who use Shopify to link to and manage products.

NCR Corp., up $3.68 to $32.78.

The Wall Street Journal reported that the private equity firm Veritas Capital is in talks to buy the maker of ATM machines.

International Business Machines Corp., down $7.25 to $130.88.

IBM's profit margins fell short of some forecasts amid concerns about the strong dollar's effect on overseas revenue.

Signature Bank, down $8.84 to $187.28.

The New York-based commercial bank reported a decline in deposits.

Johnson & Johnson, down $2.54 to $171.69.

The health care giant reported better-than-expected earnings, but exchange rates again pinched its 2022 forecast.

Lockheed Martin Corp., up $3.10 to $390.38.

The defense contractor reported results that fell short of Wall Street's forecasts and lowered its outlook for the year.

Silvergate Capital Corp., up $14.55 to $79.60.

The owner of Silvergate Bank reported earnings that came in ahead of what analysts were expecting.

Tue, 19 Jul 2022 08:39:00 -0500 text/html https://www.startribune.com/ncr-hasbro-rise-ibm-signature-bank-fall/600191448/
Killexams : Midday Movers: Twitter, IBM, Lockheed Martin and More

By Liz Moyer

Investing.com -- U.S. stocks jumped on Tuesday as more earnings rolled in. Here are the midday movers for July 19:

Twitter Inc (NYSE:TWTR) shares jumped 4% after a Delaware Chancery Court judge set an October trial date in Twitter's fight with Elon Musk over the billionaire's attempt to walk away from his $44 billion deal for the social media company.

International Business Machines (NYSE:IBM) shares fell 6.7% despite beating expectations on revenue and profit. Its free cash flow outlook, which will be affected by its exit from Russia and the strong dollar, was weighing on the shares.

Lockheed Martin Corporation (NYSE:LMT) shares fell 0.7% after the defense contractor said fighter jet sales fell and cut its outlook for 2022 earnings and revenue.

Hasbro Inc (NASDAQ:HAS) shares rose 0.7% after the toymaker said profit beat expectations for the quarter, though revenue fell below expectations.

Boeing Co (NYSE:BA) shares rose 4.8% after the plane maker announced more orders, including for its 787 Dreamliner and 737 MAX planes.

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Mon, 01 Aug 2022 04:56:00 -0500 en-CA text/html https://ca.finance.yahoo.com/news/midday-movers-twitter-ibm-lockheed-134052074.html
Killexams : IBM Report: Consumers Pay the Price as Data Breach Costs Reach All-Time High

IBM Report: Consumers Pay the Price as Data Breach Costs Reach All-Time High

60% of breached businesses raised product prices post-breach; vast majority of critical infrastructure lagging in zero trust adoption; $550,000 in extra costs for insufficiently staffed businesses

CAMBRIDGE, Mass., July 27, 2022 /PRNewswire/ -- IBM (NYSE: IBM) Security today released the annual Cost of a Data Breach Report,1  revealing costlier and higher-impact data breaches than ever before, with the global average cost of a data breach reaching an all-time high of $4.35 million for studied organizations. With breach costs increasing nearly 13% over the last two years of the report, the findings suggest these incidents may also be contributing to rising costs of goods and services. In fact, 60% of studied organizations raised their product or services prices due to the breach, when the cost of goods is already soaring worldwide amid inflation and supply chain issues.

The perpetuality of cyberattacks is also shedding light on the "haunting effect" data breaches are having on businesses, with the IBM report finding 83% of studied organizations have experienced more than one data breach in their lifetime. Another factor rising over time is the after-effects of breaches on these organizations, which linger long after they occur, as nearly 50% of breach costs are incurred more than a year after the breach.

The 2022 Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches experienced by 550 organizations globally between March 2021 and March 2022. The research, which was sponsored and analyzed by IBM Security, was conducted by the Ponemon Institute.

Some of the key findings in the 2022 IBM report include:

  • Critical Infrastructure Lags in Zero Trust – Almost 80% of critical infrastructure organizations studied don't adopt zero trust strategies, seeing average breach costs rise to $5.4 million – a $1.17 million increase compared to those that do. All while 28% of breaches amongst these organizations were ransomware or destructive attacks.
  • It Doesn't Pay to Pay – Ransomware victims in the study that opted to pay threat actors' ransom demands saw only $610,000 less in average breach costs compared to those that chose not to pay – not including the cost of the ransom. Factoring in the high cost of ransom payments, the financial toll may rise even higher, suggesting that simply paying the ransom may not be an effective strategy.
  • Security Immaturity in Clouds – Forty-three percent of studied organizations are in the early stages or have not started applying security practices across their cloud environments, observing over $660,000 on average in higher breach costs than studied organizations with mature security across their cloud environments.
  • Security AI and Automation Leads as Multi-Million Dollar Cost Saver – Participating organizations fully deploying security AI and automation incurred $3.05 million less on average in breach costs compared to studied organizations that have not deployed the technology – the biggest cost saver observed in the study.

"Businesses need to put their security defenses on the offense and beat attackers to the punch. It's time to stop the adversary from achieving their objectives and start to minimize the impact of attacks. The more businesses try to perfect their perimeter instead of investing in detection and response, the more breaches can fuel cost of living increases." said Charles Henderson, Global Head of IBM Security X-Force. "This report shows that the right strategies coupled with the right technologies can help make all the difference when businesses are attacked."

Over-trusting Critical Infrastructure Organizations
Concerns over critical infrastructure targeting appear to be increasing globally over the past year, with many governments' cybersecurity agencies  urging vigilance against disruptive attacks. In fact, IBM's report reveals that ransomware  and destructive attacks represented 28% of breaches amongst critical infrastructure organizations studied, highlighting how threat actors are seeking to fracture the global supply chains that rely on these organizations. This includes financial services, industrial, transportation and healthcare companies amongst others.

Despite the call for caution, and a year after the Biden Administration issued a cybersecurity executive order that centers around the importance of adopting a zero trust approach to strengthen the nation's cybersecurity, only 21% of critical infrastructure organizations studied adopt a zero trust security model, according to the report. Add to that, 17% of breaches at critical infrastructure organizations were caused due to a business partner being initially compromised, highlighting the security risks that over-trusting environments pose.

Businesses that Pay the Ransom Aren't Getting a "Bargain"
According to the 2022 IBM report, businesses that paid threat actors' ransom demands saw $610,000 less in average breach costs compared to those that chose not to pay – not including the ransom amount paid. However, when accounting for the average ransom payment, which according to Sophos reached $812,000 in 2021, businesses that opt to pay the ransom could net higher total costs - all while inadvertently funding future ransomware attacks with capital that could be allocated to remediation and recovery efforts and looking at potential federal offenses.

The persistence of ransomware, despite significant global efforts to impede it, is fueled by the industrialization of cybercrime. IBM Security X-Force discovered the duration of studied enterprise ransomware attacks shows a drop of 94% over the past three years – from over two months to just under four days. These exponentially shorter attack lifecycles can prompt higher impact attacks, as cybersecurity incident responders are left with very short windows of opportunity to detect and contain attacks. With "time to ransom" dropping to a matter of hours, it's essential that businesses prioritize rigorous testing of incident response (IR) playbooks ahead of time. But the report states that as many as 37% of organizations studied that have incident response plans don't test them regularly.

Hybrid Cloud Advantage
The report also showcased hybrid cloud environments as the most prevalent (45%) infrastructure amongst organizations studied. Averaging $3.8 million in breach costs, businesses that adopted a hybrid cloud model observed lower breach costs compared to businesses with a solely public or private cloud model, which experienced $5.02 million and $4.24 million on average respectively. In fact, hybrid cloud adopters studied were able to identify and contain data breaches 15 days faster on average than the global average of 277 days for participants.

The report highlights that 45% of studied breaches occurred in the cloud, emphasizing the importance of cloud security. However, a significant 43% of reporting organizations stated they are just in the early stages or have not started implementing security practices to protect their cloud environments, observing higher breach costs2. Businesses studied that did not implement security practices across their cloud environments required an average 108 more days to identify and contain a data breach than those consistently applying security practices across all their domains.

Additional findings in the 2022 IBM report include:

  • Phishing Becomes Costliest Breach Cause – While compromised credentials continued to reign as the most common cause of a breach (19%), phishing was the second (16%) and the costliest cause, leading to $4.91 million in average breach costs for responding organizations.
  • Healthcare Breach Costs Hit Double Digits for First Time Ever– For the 12th year in a row, healthcare participants saw the costliest breaches amongst industries with average breach costs in healthcare increasing by nearly $1 million to reach a record high of $10.1 million.
  • Insufficient Security Staffing – Sixty-two percent of studied organizations stated they are not sufficiently staffed to meet their security needs, averaging $550,000 more in breach costs than those that state they are sufficiently staffed.

Additional Sources

  • To obtain a copy of the 2022 Cost of a Data Breach Report, please visit: https://www.ibm.com/security/data-breach.
  • Read more about the report's top findings in this IBM Security Intelligence blog.
  • Sign up for the 2022 IBM Security Cost of a Data Breach webinar on Wednesday, August 3, 2022, at 11:00 a.m. ET here.
  • Connect with the IBM Security X-Force team for a personalized review of the findings: https://ibm.biz/book-a-consult.

About IBM Security
IBM Security offers one of the most advanced and integrated portfolios of enterprise security products and services. The portfolio, supported by world-renowned IBM Security X-Force ®  research, enables organizations to effectively manage risk and defend against emerging threats.  IBM operates one of the world's broadest security research, development, and delivery organizations, monitors  150 billion+ security events per day in more than 130 countries, and has been granted more than 10,000 security patents worldwide. For more information, please check www.ibm.com/security, follow @IBMSecurity on  Twitter or visit the IBM Security Intelligence blog.

Press Contact:

IBM Security Communications
Georgia Prassinos
gprassinos@ibm.com

1 Cost of a Data Breach Report 2022, conducted by Ponemon Institute, sponsored, and analyzed by IBM
2  Average cost of $4.53M, compared to average cost $3.87 million at participating organizations with mature-stage cloud security practices

Photo - https://mma.prnewswire.com/media/1865847/IBM_CODB.jpg

Logo - https://mma.prnewswire.com/media/95470/ibm_logo.jpg  

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