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Exam Code: C2150-620 Practice test 2022 by Killexams.com team
IBM Security Network Protection (XGS) V5.3.2 System Administration
IBM Administration education
Killexams : IBM Administration education - BingNews https://killexams.com/pass4sure/exam-detail/C2150-620 Search results Killexams : IBM Administration education - BingNews https://killexams.com/pass4sure/exam-detail/C2150-620 https://killexams.com/exam_list/IBM Killexams : Best Courses for Database Administrators

Database Administrator Courses

Database professionals are in high demand. If you already work as one, you probably know this. And if you are looking to become a database administrator, that high demand and the commensurate salary may be what is motivating you to make this career move. 

How can you advance your career as a database administrator? By taking the courses on this list.

If you want to learn more about database administration to expand your knowledge and move up the ladder in this field, these courses can help you achieve that goal.

Oracle DBA 11g/12c – Database Administration for Junior DBA from Udemy

Udemy’s Oracle DBA 11g/12c – Database Administration for Junior DBA course can help you get a high-paying position as an Oracle Database Administrator. 

Best of all, it can do it in just six weeks.

This database administrator course is a Udemy bestseller that is offered in eight languages. Over 29,000 students have taken it, giving it a 4.3-star rating. Once you complete it and become an Oracle DBA, you will be able to:

  • Install the Oracle database.
  • Manage Tablespace.
  • Understand database architecture.
  • Administer user accounts.
  • Perform backup and recovery.
  • Diagnose problems.

To take the intermediate-level course that includes 11 hours of on-demand video spanning 129 lectures, you should have basic knowledge of UNIX/LINUX commands and SQL.

70-462: SQL Server Database Administration (DBA)

The 70-462: SQL Server Database Administration (DBA) course from Udemy was initially designed to help beginner students ace the Microsoft 70-462 exam. Although that test has been officially withdrawn, you can still use this course to gain some practical experience with database administration in SQL Server.

Many employers seek SQL Server experience since it is one of the top database tools. Take the 70-462: SQL Server Database Administration (DBA) course, and you can gain valuable knowledge on the subject and provide your resume a nice boost.

Some of the skills you will learn in the 70-462 course include:

  • Managing login and server roles.
  • Managing and configuring databases.
  • Importing and exporting data.
  • Planning and installing SQL Server and related services.
  • Implementing migration strategies.
  • Managing SQL Server Agent.
  • Collecting and analyzing troubleshooting data.
  • Implementing and maintaining indexes.
  • Creating backups.
  • Restoring databases.

DBA knowledge is not needed to take the 10-hour course that spans 100 lectures, and you will not need to have SQL Server already installed on your computer. In terms of popularity, this is a Udemy bestseller with a 4.6-star rating and over 20,000 students.

MySQL Database Administration: Beginner SQL Database Design from Udemy

Nearly 10,000 students have taken the MySQL Database Administration: Beginner SQL Database Design course on Udemy, making it a bestseller on the platform with a 4.6-star rating.

The course features 71 lectures that total seven hours in length and was created for those looking to gain practical, real-world business intelligence and analytics skills to eventually create and maintain databases.

What can you learn from taking the Beginner SQL Database Design course? Skills such as:

  • Connecting data between tables.
  • Assigning user roles and permissions.
  • Altering tables by removing and adding columns.
  • Writing SQL queries.
  • Creating databases and tables with the MySQL Workbench UI.
  • Understanding common Relational Database Management Systems.

The requirements for taking this course are minimal. It can help to have a basic understanding of database fundamentals, and you will need to install MySQL Workbench and Community Server on your Mac or PC.

Database Administration Super Bundle from TechRepublic Academy

If you want to immerse yourself into the world of database administration and get a ton of bang for your buck, TechRepublic Academy’s Database Administration Super Bundle may be right up your alley.

It gives you nine courses and over 400 lessons equaling over 86 hours that can put you on the fast track to building databases and analyzing data like a pro. A sampling of the courses offered in this bundle include:

  • NoSQL MongoDB Developer
  • Introduction to MySQL
  • Visual Analytics Using Tableau
  • SSIS SQL Server Integration Services
  • Microsoft SQL Novice To Ninja
  • Regression Modeling With Minitab

Ultimate SQL Bootcamp from TechRepublic Academy

Here is another bundle for database administrators from TechRepublic Academy. With the Ultimate SQL Bootcamp, you get nine courses and 548 lessons to help you learn how to:

  • Write SQL queries.
  • Conduct data analysis.
  • Master SQL database creation.
  • Use MySQL and SQLite
  • Install WAMP and MySQL and use both tools to create a database.

Complete Oracle Master Class Bundle from TechRepublic Academy

The Complete Oracle Master Class Bundle from TechRepublic Academy features 181 hours of content and 17 courses to help you build a six-figure career. This intermediate course includes certification and will provide you hands-on and practical training with Oracle database systems.

Some of the skills you will learn include:

  • Understanding common technologies like the Oracle database, software testing, and Java.
  • DS and algorithms.
  • RDBMS concepts.
  • Troubleshooting.
  • Performance optimization.

Learn SQL Basics for Data Science Specialization from Coursera

Coursera’s Learn SQL Basics for Data Science Specialization course has nearly 7,000 reviews, giving it a 4.5-star rating. Offered by UC Davis, this specialization is geared towards beginners who lack coding experience that want to become fluent in SQL queries.

The specialization takes four months to complete at a five-hour weekly pace, and it is broken down into four courses:

  1. SQL for Data Science
  2. Data Wrangling, Analysis, and AB Testing with SQL
  3. Distributed Computing with Spark SQL
  4. SQL for Data Science Capstone Project

Skills you can gain include:

  • Data analysis
  • Distributed computing using Apache Spark
  • Delta Lake
  • SQL
  • Data science
  • SQLite
  • A/B testing
  • Query string
  • Predictive analytics
  • Presentation skills
  • Creating metrics
  • Exploratory data analysis

Once finished, you will be able to analyze and explore data with SQL, write queries, conduct feature engineering, use SQL with unstructured data sets, and more.

Relational Database Administration (DBA) from Coursera

IBM offers the Relational Database Administration (DBA) course on Coursera with a 4.5-star rating. Complete the beginner course that takes approximately 19 hours to finish, and it can count towards your learning in the IBM Data Warehouse Engineer Professional Certificate and IBM Data Engineering Professional Certificate programs.

Some of the skills you will learn in this DBA course include:

  • Troubleshooting database login, configuration, and connectivity issues.
  • Configuring databases.
  • Building system objects like tables.
  • Basic database management.
  • Managing user roles and permissions.
  • Optimizing database performance.

Oracle Autonomous Database Administration from Coursera

Offered by Oracle, the Autonomous Database Administration course from Coursera has a 4.5-star rating and takes 13 hours to complete. It is meant to help DBAs deploy and administer Autonomous databases. Finish it, and you will prepare yourself for the Oracle Autonomous Database Cloud Certification.

Some of the skills and knowledge you can learn from this course include:

  • Oracle Autonomous Database architecture.
  • Oracle Machine Learning.
  • SQL Developer Web.
  • APEX.
  • Oracle Text
  • Autonomous JSON.
  • Creating, deploying, planning, maintaining, monitoring, and implementing an Autonomous database.
  • Migration options and considerations.

Looking for more database administration and database programming courses? Check out our tutorial: Best Online Courses to Learn MySQL.

Disclaimer: We may be compensated by vendors who appear on this page through methods such as affiliate links or sponsored partnerships. This may influence how and where their products appear on our site, but vendors cannot pay to influence the content of our reviews. For more info, visit our Terms of Use page.

Thu, 21 Jul 2022 16:35:00 -0500 en-US text/html https://www.databasejournal.com/ms-sql/database-administrator-courses/
Killexams : The autism advantage - why businesses are hiring autistic people

Autism is known as a spectrum disorder because every autistic person is different, with unique strengths and challenges.

Varney says many autistic people experienced education as a system that focused on these challenges, which can include social difficulties and anxiety.

Many autistic children found education focused on their deficits rather than their strengths.Credit:Rodger Cummins

He is pleased this is changing, with recent reforms embracing autistic students’ strengths.

But the unemployment rate of autistic people remains disturbingly high. ABS data from 2018 shows 34.1 per cent of autistic people are unemployed – three times higher than that of people with any type of disability and almost eight times that of those without a disability.

“A lot of the time people hear that someone’s autistic and they assume incompetence,” says Varney, who was this week appointed the chair of the Victorian Disability Advisory Council.

“But we have unique strengths, specifically hyper focus, great creativity, and we can think outside the box, which is a great asset in workplaces.”

In Israel, the defence force has a specialist intelligence unit made up exclusively of autistic soldiers, whose skills are deployed in analysing, interpreting and understanding satellite images and maps.

Locally, organisations that actively recruit autistic talent include software giant SAP, Westpac, IBM, ANZ, the Australian Tax Office, Telstra, NAB and PricewaterhouseCoopers.

Chris Pedron is a junior data analyst at Australian Spatial Analytics, a social enterprise that says on its website “neurodiversity is our advantage – our team is simply faster and more precise at data processing”.

He was hired after an informal chat. (Australian Spatial Analytics also often provides interview questions 48 hours in advance.)

Pedron says the traditional recruitment process can work against autistic people because there are a lot of unwritten social cues, such as body language, which he doesn’t always pick up on.

Australian Spatial Analytics founder Geoff Smith (right) with data analyst Chris Pedron.Credit:Glenn Hunt

“If I’m going in and I’m acting a bit physically standoffish, I’ve got my arms crossed or something, it’s not that I’m not wanting to be there, it’s just that new social interaction is something that causes anxiety.”

Pedron also finds eye contact uncomfortable and has had to train himself over the years to concentrate on a point on someone’s face.

Australian Spatial Analytics addresses a skills shortage by delivering a range of data services that were traditionally outsourced offshore.

Projects include digital farm maps for the grazing industry, technical documentation for large infrastructure and map creation for land administration.

Pedron has always found it easy to map things out in his head. “A lot of the work done here at ASA is geospatial so having autistic people with a very visual mindset is very much an advantage for this particular job.”

Pedron listens to music on headphones in the office, which helps him concentrate, and stops him from being distracted. He says the simpler and clearer the instructions, the easier it is for him to understand. “The less I have to read between the lines to understand what is required of me the better.”

Australian Spatial Analytics is one of three jobs-focused social enterprises launched by Queensland charity White Box Enterprises.

It has grown from three to 80 employees in 18 months and – thanks to philanthropist Naomi Milgrom, who has provided office space in Cremorne – has this year expanded to Melbourne, enabling Australian Spatial Analytics to create 50 roles for Victorians by the end of the year.

Chief executive Geoff Smith hopes they are at the front of a wave of employers recognising that hiring autistic people can make good business sense.

In 2017, IBM launched a campaign to hire more neurodiverse people.Credit:AP

“Rather than focus on the deficits of the person, focus on the strengths. A quarter of National Disability Insurance Scheme plans name autism as the primary disability, so society has no choice – there’s going to be such a huge number of people who are young and looking for jobs who are autistic. There is a skills shortage as it is, so you need to look at neurodiverse talent.”

In 2017, IBM launched a campaign to hire more neurodiverse (a term that covers a range of conditions including autism, Attention Deficit Hyperactivity Disorder, or ADHD, and dyslexia) candidates.

The initiative was in part inspired by software and data quality engineering services firm Ultranauts, who boasted at an event “they ate IBM’s lunch at testing by using an all-autistic staff”.

The following year Belinda Sheehan, a senior managing consultant at IBM, was tasked with rolling out a pilot at its client innovation centre in Ballarat.

“IBM is very big on inclusivity,” says Sheehan. “And if we don’t have diversity of thought, we won’t have innovation. So those two things go hand in hand.”

Eight things workplaces can do for autistic employees

  • Recruit differently. Send applicants interview questions in advance or use work trials and practical assessments
  • Offer flexible hours
  • Provide noise cancelling headphones and quiet spaces
  • Give clear and direct instructions and feedback 
  • Have mentors or a buddy system
  • Don’t make assumptions about autistic people
  • Provide managers with autism training
  • Partner with autism employment experts

Sheehan worked with Specialisterne Australia, a social enterprise that assists businesses in recruiting and supporting autistic people, to find talent using a non-traditional recruitment process that included a week-long task.

Candidates were asked to work together to find a way for a record shop to connect with customers when the bricks and mortar store was closed due to COVID.

Ten employees were eventually selected. They started in July 2019 and work in roles across IBM, including data analysis, testing, user experience design, data engineering, automation, blockchain and software development. Another eight employees were hired in July 2021.

Sheehan says clients have been delighted with their ideas. “The UX [user experience] designer, for example, comes in with such a different lens. Particularly as we go to artificial intelligence, you need those different thinkers.”

One client said if they had to describe the most valuable contribution to the project in two words it would be “ludicrous speed”. Another said: “automation genius.”

IBM has sought to make the office more inclusive by creating calming, low sensory spaces.

It has formed a business resource group for neurodiverse employees and their allies, with four squads focusing on recruitment, awareness, career advancement and policies and procedures.

And it has hired a neurodiversity coach to work with individuals and managers.

Sheehan says that challenges have included some employees getting frustrated because they did not have enough work.

“These individuals want to come to work and get the work done – they are not going off for a coffee and chatting.”

Increased productivity is a good problem to have, Sheehan says, but as a manager, she needs to come up with ways they can enhance their skills in their downtime.

There have also been difficulties around different communication styles, with staff finding some autistic employees a bit blunt.

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Sheehan encourages all staff to do a neurodiversity 101 training course run by IBM.

“Something may be perceived as rude, but we have to turn that into a positive. It’s good to have someone who is direct, at least we all know what that person is thinking.”

Chris Varney is delighted to see neurodiversity programs in some industries but points out that every autistic person has different interests and abilities.

Some are non-verbal, for example, and not all have the stereotypical autism skills that make them excel at data analysis.

“We’ve seen a big recognition that autistic people are an asset to banks and IT firms, but there’s a lot more work to be done,” Varney says.

“We need to see jobs for a diverse range of autistic people.”

The Morning Edition newsletter is our guide to the day’s most important and interesting stories, analysis and insights. Sign up here.

Fri, 05 Aug 2022 07:00:00 -0500 en text/html https://www.smh.com.au/business/workplace/the-autism-advantage-why-businesses-are-hiring-autistic-people-20220804-p5b767.html
Killexams : Telos Corporation's (TLS) CEO John Wood on Q2 2022 Results - Earnings Call Transcript

Telos Corporation (NASDAQ:TLS) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET

Company Participants

Christina Mouzavires - Investor Relations

John Wood - Chairman and Chief Executive Officer

Mark Bendza - Executive Vice President and CFO

Mark Griffin - Executive Vice President, Security Solutions

Conference Call Participants

Zach Cummins - B. Riley

Rudy Kessinger - D.A. Davidson

Alex Henderson - Needham & Company

Nehal Chokski - Northland Capital Markets

Brad Clark - BMO

Operator

Good day and thank you for standing by. Welcome to the Telos Corporation Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

Please be advised, today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Christina Mouzavires. Please go ahead.

Christina Mouzavires

Good morning. Thank you for joining us to discuss Telos Corporation’s second quarter 2022 financial results. With me today is John Wood, Chairman and CEO of Telos; and Mark Bendza, Executive Vice President and CFO of Telos.

Let me quickly review the format of today’s presentation. John will begin with brief remarks on our 2022 second quarter results and Telos’ strategic priority, and Mark will cover the financials and guidance for the third quarter and full year 2022. Then we will open the line for questions-and-answers where Mark Griffin, Executive Vice President of Security Solutions will also join us.

The earnings press release was issued earlier today and is posted on the Telos Investor Relations website where this call is being simultaneously webcast. Additionally, we have provided presentation slides on our Investor Relations website.

Before we begin, we want to emphasize that some of our statements on this call are forward-looking statements and are made under the safe harbor provisions of the federal securities laws. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

Actual results could materially differ for various reasons, including the factors described in today’s earnings press release and the comments made during this conference call and in our SEC filings. We do not undertake any duty to update any forward-looking statements.

In addition, during today’s call we will discuss non-GAAP financial measures, which we believe are useful as supplemental and clarifying measures that help investors understand Telos’ financial performance.

These non-GAAP financial measures should be considered in addition to and not as assessed to for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and on the Investor Relations portion at our website. Please also note that financial comparisons are year-over-year unless otherwise specified.

The webcast replay of this call will be available for the next year on our company website under the Investor Relations page.

With that, I will turn the call over to John.

John Wood

Thank you, Christina, and good morning, everyone. Let’s begin today on slide three. I am pleased to report that Telos over delivered again on key financial metrics in the second quarter of 2022. Mark will discuss our financial performance later in this call, but at a high level, we delivered $55.8 million of revenue in the second quarter, above our guidance range of $50 million to $54 million, up 4% year-over-year and 11%, sequentially. Gross margin was 37.5%, above our guidance range of 33% to 35%. Finally, we delivered $4.5 million of adjusted EBITDA, above the high end of our guidance range of negative $2 million to positive $2 million and $0.04 of adjusted EPS.

Now, let’s turn to slide four to discuss our recent business highlights and updates. This quarter we announced a new strategic partnership with IBM. Telos is the launch partner for the new active governance service or AGS offering with IBM Security.

Telos and IBM are teaming to provide capabilities to address the significant challenges organizations are facing with cybersecurity and risk compliance. AGS is a unique and comprehensive offering, coupling the Xacta suite of tools with IBM’s services and security expertise to significantly Improve the efficiency of clients’ approach to cyber security risk management in today’s increasingly challenging cyber environment. Target customers include large enterprise organizations in global markets such as financial services, healthcare, telecommunications and energy.

We are very excited about this opportunity to partner with IBM, a leading global organization that brings recognized thought leadership and leading capability in the cybersecurity management space. This relationship also enables us to effectively broaden our reach in the global marketplace for sales of our Xacta suite of tools to drive future growth for Telos.

Beyond the IBM partnership, we have continued to maintain momentum in the current environment. Within the Security Solutions business, Telos received Xacta renewals with several key customers, including the Central Intelligence Agency, The U.S. Department of the Interior, The U.S. Environmental Protection Agency, our U.S. Federal Reserve Bank and The U.S. Department of Energy, as well as Salesforce.

The company was also awarded new contracts with a foreign government customer, The U.S. Army Space and Missile Command, The U.S. Department of Homeland Security, Palantir Technologies and OmniHealth.

We continue to focus on the government and commercial space, and in particular, prioritizing regulated industries. The company also received an important Ghost renewal with a classified customer to continue providing support. Additionally, we were awarded up to a 10-year contract to continue and expand our aviation security practice with the U.S. Transportation Security Administration.

Our ONYX technology won first place in the Mobile Fingerprint Information Challenge posted by the National Institute of Standards and Technology.

Finally, the Secure Networks business continued to add to its backlog with new wins, including a new contract to support The U.S. Air Force SIPRNet Enterprise Modernization.

Let me turn now to some comments on the industry landscape and a number of recent initiatives in Washington, D.C., that presents opportunities for Telos. There are indications that Congress plans to boost spending above the level called for by President Biden in his proposed FY 2023 budget.

The House and Senate versions of the Annual Defense Authorization Bill provides for increasing topline defense spending, respectively $37 billion to $45 billion above the level proposed by the President.

We still have to see how the appropriations process plays out this fall to know how much funding will actually be provided for our military customers, but signs are there that the FY 2023 defense budget will see a meaningful increase.

On the non-defense side, as with defense, we will have to wait for Congress to agree on appropriations legislation. But so far, the spending bills under consideration reflect a consensus that more funding is needed for cybersecurity throughout the various departments and agencies.

A great example of this is with CISA, The Department of Homeland Security’s cybersecurity agency. CISA works to detect and mitigate the effects of cyber attacks on federal, state and local governments, and the private sector, and then manage cyber risks to our critical infrastructure. We understand that recognizing the importance of this mission, the draft Senate Appropriations Bill for DHS seeks to provide CISA a 16% increase above last year’s funding.

Congress clearly recognizes that more resources are needed by federal departments and agencies to combat challenges they face in the cyberspace. A major factor in that thinking is the Ukraine situation, which has resulted in continued warnings of potential cyber attacks against U.S. interests, including against U.S. critical infrastructure.

So far, the United States has done an excellent job in preventing what had been expected to be widespread impacts from cyber attacks in retaliation for our support for Ukraine. The policy makers and companies like ours know that the public and private sectors can’t let up and they must continue to follow cybersecurity best practices, including deploying and updating effective cyber defenses.

I will now turn the call over to Mark who will discuss second quarter 2022 financial results and our guidance for the third quarter and full year 2022. Mark?

Mark Bendza

Thank you, John, and thank you everyone for joining us today. Let’s turn to slide five. As John mentioned, we delivered a strong second quarter, with results that exceeded our guidance on key financial metrics.

We reported revenue, gross margin and adjusted EBITDA above the high end of our guidance range. We also delivered $5.4 million of free cash flow, representing a nearly four-fold increase in free cash flow year-over-year.

Before I turn the year-over-year comparison, I just wanted to remind everyone again, as I did in our last earnings call, that we had a large delivery on a lower margin program in our Secure Networks business last year that’s pulled forward from the second quarter of 2021 to the first quarter of 2021 per the request of our customer.

The accelerated delivery caused with Secure Networks contribution to total revenue to shift from 60% in the first quarter of 2021 to 40% in the second quarter of 2021 and gross margin to shift from 25.9% in the first quarter of 2021 to 42% in the second quarter of 2021, thereby skewing some of the second quarter year-over-year comparisons this year.

So I will provide year-over-year comparisons for the second quarter as usual and also for the first half overall to normalize for the accelerated shipment from the second quarter to the first quarter of last year.

Okay, with that backdrop, I will go into details. For the second quarter, total sales were $55.8 million, up 11% sequentially and up 4% year-over-year. Performance about the high end of the guidance range of $50 million to $54 million was driven by favorable timing variances and pre-existing higher margin programs in Security Solutions and strong supply chain management in Secure Networks.

Security Solutions sales were $30.8 million, up 15% sequentially and down 4% year-over-year, due to lower revenues on a classified program and the completion of the U.S. Census program, partially offset by growth in other pre-existing programs.

Secure Network sales were $25 million, up 7% sequentially and up 17% year-over-year, due to continued strong supply chain management, higher revenues on major programs and favorable year-over-year comparison due to the previously mentioned large delivery that pulled forward from the second quarter of 2021 to the first quarter of 2021.

Turning to profitability and cash flow, second quarter gross margin was 37.5%, above our guidance range of 33% to 35%, primarily due to the margin outperformance in Security Solutions.

Gross margin contracted 449 basis points year-over-year and gross profit declined 7%. The gross margin contraction was driven by a less favorable sales mix between Security Solutions and Secure Networks compared to last year, as well as gross margin contraction within Secure Networks, both of which were the result of the previously mentioned early shipments in 2021.

Security Solutions revenues as a percentage of total company revenues declined from 60% in 2021 to 55% in 2022, as Secure Networks gross margin contracted nearly 700 basis points to 18%. Security Solution gross margins held constant at 53.3%.

Adjusted EBITDA declined by approximately $700,000 due to lower gross profit, partially offset by lower below the line expenses.

Free cash flow improved nearly four-fold to $5.4 million. The improvement in free cash flow continued the trends from the first quarter of more favorable working capital dynamics compared to last year and created an opportunity to begin returning capital to shareholders.

On May 24th, we announced that our Board of Directors authorized a share repurchase program for up to $50 million of the company’s stock. During the second quarter, we deployed $3 million to repurchase over 360,000 shares at a weighted average price of $8.33 and we have continued repurchasing stock daily during the third quarter. During the third quarter till last Friday, we deployed an additional $1.1 million to repurchase nearly 143,000 shares at a weighted average price of $7.86.

Now let’s recap on the first half overall to normalize for the accelerated shipments from the second quarter to the first quarter of 2021. First half revenues declined 3%. Secure Networks revenues declined 11%, as expected, due to the headwind associated with the ongoing wind down of two large programs in 2022. Security Solutions revenues grew 5%, primarily due to the ramp up of a confidential program.

First half gross margin expanded 374 basis points to 37.6% and gross profit increased 8%. The gross margin expansion was driven by a more favorable sales mix within Security Solutions and Secure Networks, as well as gross margin expansion within Security Solutions.

Security Solutions revenues as a percentage of total company revenues increased from 50% in 2021 to 54% in 2022 and Security Solutions, gross margin expanded 638 basis points to 54.5% due to the ramp of high margin progress. Secure Networks gross margin contracted 206 basis points to 17.2%.

Adjusted EBITDA declined $1.3 million due to higher SG&A, offsetting $2.8 million of higher gross profit.

Lastly, free cash flow was $10.3 million higher due to favorable working capital dynamics, driving significantly better cash flow from operations in the first and second quarters. Overall, our first half has performed ahead of forecast and guidance, primarily due to favorable timing differences -- variances between the second half and the first half in orders and deliveries on pre-existing programs and diligent supply chain management.

Now, let’s turn to slide six to discuss our outlook for the third quarter. For the third quarter, we forecast sales in a range of $58 million to $62 million, up 4% to 11% sequentially and down 10% to 15% year-over-year.

We forecast Security Solutions revenues to be down mid- to high-teens year-over-year, primarily due to the completion of the 2020 Census Program in 2021, lower orders expected on a single pre-existing program and lumpiness of perpetual licensing.

We continue to make good progress on the TSA PreCheck program, but revenues for this program in 3Q, if any, are expected to be de minimis. We expect Secure Networks revenues to be down mid-single digits to mid-teens year-over-year due to the ongoing wind down of two large programs coming to a successful completion.

We expect gross margins to be down approximately 350 basis points to 500 basis points year-over-year, primarily due to a slightly lower weighting of revenues to our high margin Security Solutions segment and revenue within both Security Solutions and Secure Networks mixing lower in the quarter.

Below the line expenses, excluding stock compensation expense, are expected to be approximately $1 million higher due to the ramp of R&D and G&A investments during 2021. Adjusted EBITDA is expected to be $3.5 million to $5 million, representing a 6% to 8% mark.

Now, let’s turn to slide seven to discuss our updated outlook for 2022. For the full year, we have narrowed our revenue range from our prior guidance of$226 million to $257 million to our updated range of $226 million to $242 million. There is no change to the low end of the revenue.

Reduction at the high end of the range reflects lower assumption on TSA PreCheck revenues and new business in the second half, partially offset by higher revenues on pre-existing programs within Security Solutions.

We have lowered and widely narrowed our adjusted EBITDA range from our prior guidance of $21 million to $28 million to our updated range of $18 million to $24 million. The reduction at the high end of the range reflects our -- reflects lower gross profit associated with the corresponding revenue reduction, partially offset by lower than previously forecasted below the line expenses. The reduction at the low end of the range primarily reflects the impact of lower than previously forecasted gross margins on Secure Networks in the second half, including on new business.

Overall, we have performed ahead of forecast in the first half, our core business is performing well and we expect that to continue, pre-existing programs are performing well, sequential sales growth is expected to continue into the third and fourth quarters as originally planned, and we are taking a slightly more cautious approach to new business in the second half in part as a result of the more complex macro environment, which could create some headwinds for our new business growth initiatives in the short-term.

With that, I will pass it back to John who will wrap up on slide eight.

John Wood

Thanks, Mark. In summary, we delivered a solid second quarter during which we formed a new strategic partnership with IBM and outpaced guidance on our key financial metrics. We also delivered gross margin expansion and strong free cash flow in the first half of the year and have begun to return free cash flow to shareholders through share repurchases.

Our core business and pre-existing programs are performing well and we expect that to continue for the balance of the year. We are taking a slightly more cautious approach to new business in the second half of the year and are managing our forecasting expenses accordingly.

With that, we are happy to take questions.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question comes from the line of that Zach Cummins with D.A. Davidson, oh, I am sorry with B. Riley. Your line is open. Please go ahead.

Zach Cummins

Yeah. Thanks. Good morning. Hi, John. Hi, Mark. Thanks for taking my questions. Mark, I -- my question is really geared towards the updated guidance for the year. I mean can you provide a little more granularity around the assumptions you are making for TSA PreCheck and maybe why you are taking a slightly more cautious approach to new business wins here in the second half of the year?

Mark Bendza

Yeah. Sure, Zach. Thanks for your question. So why don’t I dissect that a little bit for you? So, at the high end of the guidance range, we are taking sales down by $15 million, $11 million of the $15 million is PreCheck net revenue. So we previously assumed $12 million of net revenues for PreCheck at the high end of the guidance, now we are assuming $1 million.

The PreCheck process is progressing well. Obviously, we don’t have the ATO yet and so we felt it appropriate to take that guide down, but certainly, wanted to leave revenue in there as a recognition that we still expect the ATO this year.

The balance of the $4 million, the other $4 million, is really net reductions across the rest of the portfolio, primarily driven by lower assumptions on new business in the second half. The thought there is, even though we are not seeing impact from the more complicated macro environment right now in our core business, our core business is performing very well, it’s not being impacted by the macro environment and you are seeing that in the second quarter results.

But we wanted to acknowledge at least as we scrub the forecast for PreCheck, we wanted to take a broader look at some of the higher risk items in the forecast. For example, anywhere where we are selling new solutions for pre-existing solution to new customers in new end markets, we wanted to take a slightly more cautious approach there.

So that’s the $4 million of additional net reduction. To put that in perspective, at the midpoint of the range that would represent about 80 basis points of year-over-year growth, so a very modest reduction as a nod, in part to the macro environment, but very modest nonetheless.

On adjusted EBITDA at the high end of the guidance, we are taking by $4 million. That is the reduction in the gross profit corresponding to the revenue reduction, partially offset by reduction in below the line expense.

And then at the low end, no change to sales, but what you are seeing in the $3 million of lower adjusted EBITDA is lower gross margin on Secure Networks, primarily in new business in the second half.

Zach Cummins

Understood. That’s helpful. Much appreciated and best of luck in the coming quarter.

John Wood

Thanks a lot.

Mark Bendza

Thanks, Zach.

Operator

Our next question comes from the line of Rudy Kessinger with D.A. Davidson. Your line is open. Please go ahead.

Rudy Kessinger

Hey, guys. So just following up on that question there, I guess, the $4 million reduction at the top end, I am just more conservative ex-TSA and the rest of the portfolio. I guess, I would just ask, the channel and the direct sales reps, are they meeting your expectations from, say, the start this year on pipeline build in sales production as we get into the second half year? And then, secondly, on IBM, do you have anything incremental baked into the guide this year for IBM? And I guess just bigger picture, how big of a driver or growth -- how much can IBM be, say, in maybe 2023?

John Wood

Hey, Rudy. This is John. I will take first -- I will take the second question and I will ask Mark Griffin to answer the first one. As it relates to IBM, we have a couple of hundred thousand dollars in our model for purposes of this year.

As it relates to the -- how big it can be, we think it could be quite sizable and that’s not a good number -- that’s not me able to provide you -- I am not able to provide you a modeling perspective as yet. What I can say however is that the their pipeline is filling up quite rapidly with what I would consider to be Tier 1 names, large car manufacturers, large banks, large pharmaceutical companies, countries, et cetera, places that I think would be very difficult for us to get into on our own and really what’s happened is that they have embedded Xacta as their launch partner in their advanced -- its governance solutions. So I think it’s got a lot of potential in front of us.

As we put out our guide for 2023, I am sure we will provide you much greater detail. But I am quite happy with how the -- how that relationship is really coming out in a fully blossoming way, much like I had hoped it was going to be with the cloud service providers, but they have been quite, as you are well aware slower. So here IBM is completely embraced it. They are also looking at using it internally. So I think there is a great opportunity for us with IBM in over the next five years to 10 years. And Mark, if you have a mic, can you answer the first question on the sales force?

Mark Griffin

Sure. Hello, Rudy. Mark Griffin. Commercial adoption is happening, but obviously, we took a more cautious and slower approach than initially planned. We are ongoing and continuing to fine-tune the staff, not only in the sales area, but also increase the capture and business development areas to achieve operational efficiencies and maximize our potential.

So, yes, we are seeing progress. The pipeline is increasing. We are seeing some opportunities that will close in late Q3 and in Q4. But we continue to fine-tune that staff and look for additional opportunities and growth from additional -- look across operations in the sales and Capture BD areas.

John Wood

Go ahead.

Operator

Thank you. And our next question comes from the line of Alex Henderson with Needham & Company. Your line is open. Please go ahead.

Alex Henderson

Thanks. I am going to break little bit, just ask two questions, one just why you think there’s any improvement in TSA. The primary question is on the Xacta. It’s very difficult looking at the numbers to cut through the noise and understand exactly what’s going on with the product. Can you provide us some sense of what the growth rate, based on your current guidance for Xacta on a full year basis? Is it actually producing double-digit growth, is it flat, is it up 20%? What -- can you just provide us some parameters around what the true underlying growth rate is, because it’s kind of lost in the numbers?

Mark Bendza

Yeah. Hey, Alex. It’s Mark. So on our Information Assurance business for 2022, I mean, as you know, we don’t guide at that level. But I would say, we are probably going to end somewhere in the -- we are probably going to be somewhere in the, call it, low-to-mid single digits on the year, say, mid single-digit on year, higher at the high end of the range but, call it, midpoint -- kind of mid-single digits.

Alex Henderson

And the reason for the TSA optimism that it actually was going to close, I mean, you thought it was going to close in September, then you thought it was going to close at the end of the year, now we are still thinking it’s somehow going to close and that it’s improved. What makes you think that?

Mark Griffin

Sure, Alex. This is Mark Griffin. So ultimately we follow TSA guidelines and schedule for launch. We are engaged with them extensively on a daily basis going through their launch plan and their security approvals.

We are getting to the end of that schedule and we are in this process now deploying to our enrollment sites and gearing up training and operational enrollment capabilities for those site. So every indication is we are following TSA schedule. They are positive on our results at this point and we fully expect to launch this year.

Alex Henderson

So just so I understand, when you say gearing up training, they have been instructed you to train your employees and they are -- they understand that that’s an expense you are carrying and therefore they wouldn’t stretch that…

Mark Griffin

Look…

Alex Henderson

…ask you do that it would if it wasn’t imminent. Is that the right way we should be practicing that?

John Wood

Yeah. Would you explain a little more about...

Mark Griffin

Sure.

John Wood

…if you could.

Mark Griffin

Alex, yeah, the entire program is under guidance and policy and procedures from TSA. So every aspect of the program is reviewed and approved by TSA. And so everything we do from approval of sites, to training of personnel, to our soft launch, to our security process and procedures are all controlled by TSA.

So, yes, TSA reviews every document. There are contractual delivery -- deliverables that we have to adhere to on every aspect of this launch. So, yes, TSA is the ultimate approval of when we launch, but we are meeting their schedules and we are doing everything that they are asking in the time frame they are asking for a launch this year.

Alex Henderson

Great. Thanks.

Operator

Thank you. And our next question comes from the line of Nehal Chokski with Northland Capital Markets. Your line is open. Please go ahead.

Nehal Chokski

Yeah. Thank you and congrats on the solid results and commend you, Mark, on especially a clear guidance deck. Thank you very much for that. Where are you guys in terms of percent of software billing sold on a term basis versus perpetual basis now and relative to the one, two and four quarters ago?

John Wood

That’s a good question. I would say, the majority of what we are selling now, Nehal, is subscription or term versus perpetual and that’s true in our pipeline as well that the vast majority of our pipeline are subscription oriented.

There are a couple of exceptions. There are a couple of government examples that are exceptions, but the vast majority of the remaining pipeline, whether you are talking about ACA or Ghost or you are talking about Xacta, there are going to be subscription based or term based licenses versus perpetual.

Nehal Chokski

Okay. Great. And how much of an impact does that transition have on the projection of low-to-mid single-digit growth for Xacta?

John Wood

It has a -- it definitely has an impact. I don’t know the number off the top my head. But in the past, when we would do, say, we did $6.5 million in revenue. That was all perpetual. My guess right now is we are at about 60% or 50% perpetual currently and I think going forward it’s going to be -- the vast majority is going to be term or subscription.

Nehal Chokski

And then to be clear, what is -- for every dollar of perpetual that’s capitalized into term, what the...

John Wood

Basically -- what that basically means is, if I am delivering on a $6 million number for the year and it’s all term, I have got to deliver $12 million of orders by no later than June 30th.

Nehal Chokski

Got it. Great. Thank you. And then my last question is that, Mark you alluded to in terms of a more cautious outlook on the macro being part out for the $15 million take down on the high end of the guidance, but that you are not seeing any impact yet. Why do you think you are not seeing any impact yet?

Mark Bendza

Correct. So what I am distinguishing between there is our core business. Our core business has been very strong through the first half of the year and including in the second quarter as the macro became choppier. So we are not seeing any impact there. I think it’s really just the nature of our portfolio and the customers and markets that we serve.

And then, for the second half, again, slightly outside of our core business where we are selling either new solutions or pre-existing to new end markets and customers, we just wanted to take a finer point on that forecast. And again, the net effect is only 80 basis points of year-over-year growth.

Nehal Chokski

Thank you.

Operator

Thank you. And our next question comes from the line of Brad Clark with BMO. Your line is open. Please go ahead.

Brad Clark

Hi. Thanks for taking my question. I want to ask a question about the sort of new business slowdown and how it’s in the guide and so much more of a clarification. And what I am trying to understand is, the deals out there that are sort of being pushed back either by the customers or from Telos’ perspective given the sort of proposed margin profile and it’s more not so good business at this or is it, yeah, it basically trying to understand between those two, more from the customer side or from Telos’ side to sort of push back and delay the new business? That’s it from me. Thank you.

John Wood

So, it depends on the customer’s side, Brad. The government’s side is always -- it takes longer than people think and that we have mainly built into our guide. On the commercial side, I think, we are actually having success. But what’s happening is they are starting small and building out over time.

So we landed another commercial customer in this quarter. It started out being a six-digit, if you will starting place for it, but we expect it to be more like a seven-digit plus opportunity for us per year as they rollout Xacta throughout their offerings.

So I would say that on the commercial side, there is more of a try it and buy it, they are going to buy it small and then build out over time whereas in the markets that were more well known as in the Federal Government, there is some level of doing a pilot, but it’s a much more controlled pilot and it typically has a very, very specific beginning, middle and an end. And there the customers will go to an enterprise-wide license more quickly just based on the reputation that we have.

Operator

Thank you. And we do have a follow-up question from the line of Alex Henderson with Needham & Company. Your line is open. Please go ahead.

Alex Henderson

Great. Thank you very much. So I was hoping you could talk a little bit about what’s going on with the voice-over-AWS and is your big chunk of the story when you guys came out was that those guys were going to be reselling it starting kind of in the beginning of this year and that they thought it was a big driver of acceleration of the -- their services business, yet that doesn’t seem to be materializing. Can you talk about what the environment is there and why it’s taking so long or not metastasizing?

John Wood

Metastasizing. That’s a good word. Thank you, Alex. I think it is taking longer. It is frustrating. They continue to use it internally. There are pockets of the organization that still want to build their own capabilities and it is moving but slowly, whereas on the other hand IBM made that -- made the decision not to build, but buy using Xacta as a -- as their launch partner.

And so, there we have a situation that a service provider is using us in the way that I was hoping the cloud providers are going to use us. It doesn’t mean the cloud providers aren’t going to get there. It’s just that they have not got there yet. They do continue to use us. They continue to use us more and more.

On the recent -- one of the recent awards we had that we haven’t announced the name on, it started out in the intelligence community. They see the value of the intelligence community. Now they are bringing us into their Department of Defense side of the business. And then, ultimately, we want to be in a commercial world. So each of the cloud providers has looked at it and gone about it in a little bit of a different way.

In the case of Azure, there has been quite a bit of turnover on the security and compliance side of their house. So we have had to sort of start-over in the case of Azure. And so, each cloud provider has a little bit of a story associated with it, but it is frustrating.

Alex Henderson

Similarly, can you talk a bit about the Ghost product and the progress or what’s going on there in terms of commercializing it into a product that’s used outside of the government security infrastructure play?

John Wood

Sure. And actually you made a comment that I’d like to extend a little bit. One of the things that we have learned about our Xacta is that, it’s in the language of the government. And one of the things that we have to do is we have had to really change verbiage, how we describe things that we do inside of Xacta and I will provide you an example.

There is something called a poem in the government world. Poem doesn’t mean anything to the commercial guys. Remediation is the commercial equivalent of a poem. So we had to make changes in the product itself that more reflected what it is that the commercial world want it, which was also something that we had to build in.

As it relates to the -- as it relates to Ghost, we have continued to -- we have got continued progress with JCI offering Ghost as an embedded option with their cameras. Those cameras will -- if you will be hidden on the internet and their security product sales continue to be a very healthy growing business.

We expect a small level of sales out of that to happen late this year with this offering. And again, you have had some -- not turnover but promotions over there. So getting it off the ground has just taken longer than we would have liked.

Having said that, there are other organizations that are looking to do very similar things with JCI and we are in the midst of negotiating those -- with those other players and our hope is that we will be able to roll out some other announcements about how we are building that capability inside of these other players.

Now just to remind you, what we do with advanced cyber analytics is, all of that activity is hidden behind Ghost as well. So there is a -- there are opportunities for us with Ghost, both within our existing customer set, as well as selling through other players.

Alex Henderson

Since we are going around into the second round of questions, I am going to ask one more, if it’s okay. If not then just let me know. But I was hoping you could talk a little bit about the security networking business. It sounds like some projects were pulled forward in that business into the first half and just the favorable timing comment. Does that mean that you are expecting little less in the back half of the year from Security Networks?

Mark Griffin

So not in Secure Networks, the dynamic within Secure Networks, the team there is doing a really terrific job of managing their supply chain risk. And so when we set guidance we account for their supply chain risk in guidance and they have been outperforming that risk. So the program management teams there are doing a terrific job and outperforming guidance.

The pull-forward I think that you are referencing is more or less Security Solutions side. We did have some higher margin order on one program in particular within that business that came into the second quarter that we were otherwise expecting to more so come in the second half. So that’s the favorable…

Alex Henderson

Mark, but….

Mark Griffin

…there.

Alex Henderson

But if you pulled forward the availability of supply then you deployed products sooner than expected. Doesn’t that come out of your pipeline?

Mark Griffin

I am not sure I understand the question.

Alex Henderson

You have got an order from a government agency to deploy a, I don’t know, choose a location…

Mark Griffin

Oh! I think that lapped….

Alex Henderson

… and you told you can’t deploy because you don’t have the product…

Mark Griffin

Alex I think you are ….

Alex Henderson

[Inaudible]

Mark Griffin

…referring to last year. You are talking about the pull-forward last year in 2021, the pull-forward on the Secure...

Alex Henderson

No. I am not. Mark, I am talking about the current environment. You used that as an example because they could not know specifically which projects we are involved. But you have a pipeline of business that you need to deploy gear for in order to get the revenue. If you get the parts sooner than expected…

Mark Griffin

Yeah.

Alex Henderson

… then that do reduces your pipeline into the forward period, correct?

John Wood

That assumes that the pipeline is static, Alex. So the pipeline is not static.

Alex Henderson

Okay. So there’s no erosion in the outlook for the back half of the year within that because of the pull-forward of parts?

John Wood

Not the revenue line.

Mark Griffin

Correct.

Alex Henderson

Thank you. That’s what I was looking for.

Mark Griffin

Yeah. Thanks, Alex.

Operator

Thank you. And I am showing no further questions and I would like to turn the conference back over to John Wood for any further remarks.

John Wood

Oh! Thank you very much, Operator. Well, first, I really well thank our shareholders for your ongoing support. And despite the current environment, I am pleased with our recent performance. And well, our year-to-date has progressed as we have expected. We are taking a balanced approach to the second half and we remain very focused on delivering for our customers and our shareholders. And again, I just want to say thank you to all of you for listening and to the analysts for asking questions and covering our stock. Thanks a lot everybody.

Operator

This concludes today’s conference call. Thank you for participating -- this concludes today’s conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

Tue, 09 Aug 2022 06:45:00 -0500 en text/html https://seekingalpha.com/article/4532115-telos-corporations-tls-ceo-john-wood-on-q2-2022-results-earnings-call-transcript
Killexams : Abiodun’s Bid to Turn Ogun to ICT Hub

By Bolu Adeosun

When shortly on assumption of office, the Ogun State governor, Prince Dapo Abiodun, unveiled the Ogun Job Portal to link youth in the state with opportunities in the job market, his objective was not just to fight the unemployment scourge. Unemployment being one of the most potent threats to Nigeria’s survival as a sovereign entity, any initiative aimed at addressing it would no doubt be welcome in Nigeria’s increasingly volatile space, but the governor’s aim was to let the state’s teeming youth see and key into the vast opportunities in the global digital space and to leverage on such opportunities for their future. In other words, the governor wanted them to have and to create jobs. Realising that the ICT revenue of a country like India is 20 times more than what Nigeria earns from oil, he declared that there could be no future without ICT. To manage the Ogun Job Portal, he brought on board no less a personality than Olalekan Olude, the co-founder of Jobberman Limited, the leading job site in sub-Saharan Africa; founding partner of the African Talents Company in South Africa, and co-founder and Executive Director at Rovedana Limited, a business process outsourcing company that provides employment to more than 2000 Nigerians across different industries and specialises in upscaling and placing them into employment with over 100 companies. The results have been phenomenal, and it can therefore not be surprising that in recognition of his pursuit of an ICT economy, using various initiatives which we shall mention shortly, the Daily Telegraph recently decorated the Ogun State governor as Governor of the Year in Digital Economy at a ceremony which took place at the Federal Palace Hotel, Lagos.

Among others, the organizers of the award noted the empowerment of youth in the state through the creation of the Ogun Tech Hub and Science, Technology, Engineering and Mathematics (Stem) Centre. At the centre, ICT experts and trainees deploy ICT gadgets as information technology prepares the ground for the pursuit of a digital economy. As experts have acknowledged, the centre provides fertile ground for tech-preneurs, tech-enthusiasts, innovators, creative and design thinkers, the academia and other stakeholder in the IT ecosystem to project innovative solutions to existing socio-economic issues in the state. As noted by analysts, the centre is home to the Bureau of Information Technology along with its partners in the tech space, namely 21st Century, OLARMS, Software Business Solutions Consulting (SBSC), Ogun Tech Hub Academy which has 3 sub-units viz-a-viz: Cisco Networking Academy, STEAMAcad, IBM Digital Nation Africa, Abocoders, Ogun Innovate, and GETFUNDEDAFRICA. For animation, electrical circuitry, robotics, coding and programming, capacity development on Cisco-certified courses, data analytics, on IBM-Digital Nation Africa platform, STEAM training, among others, the centre is the place to be.

As Governor Abiodun observed, the hub was conceptualised to make Ogun “the one-stop-shop for technological innovations across Africa where start-up companies will conveniently be set up. This step is firstly a result of the collaboration of tech enthusiasts and private sector players largely independent of our government.” It is an innovation hub that provides ideal conditions for entrepreneurs to collaborate, flourish and accelerate the growth of their businesses. The hub, using world class practices, tools, techniques and technology, has vital components, including the Ogun Technopreneurship Programme which has the crucial objective of nurturing high quality ideas in various industries to become tech-startups and Tech-SMEs. There is also the Ogun Innovate Startup meant to empower people in the state with essential skills needed to succeed in business, to create opportunities for entrepreneurs and to empower the unemployed.

There have been various training programmes at the hub, including EDMS training for technical support team and EDMS training for state officers from OGIRS. Capacity development has included ICT training in collaboration with Cisco Networking Academy; Cisco learn-a-thon cybersecurity training and cybersecurity training and STEM training for girls. Others include the Train the Teacher Python Programming and AI, admission and registration into the third cohorts with Aspilos’s Abocoders programme; ongoing collaboration with IBM on ICT digital toolkit for the 21st century, validation of e-government master-plan for Ogun State with the National Information Technology Development Agency (NITDA), digital literacy gap-analysis subject to the mandate from South-West Digital Literacy Implementation Commission (SW-DLIC), Ogun Investment Summit-Roadshow, solution convergence workshop on SDGs, and ICT summer camp for primary and secondary school students.

Indeed, government digital platforms dot the Ogun landscape, whether you are looking at the Billing and Payment Management System (BPMS), Ogun State Electronic tax Management System, Ogun State Land Administration & Revenue management System (OLARMS), human rights complaint portal at the Office of the Governor; Human rights Complaint Portal, Collaborative workplace platform, or the Bureau of Lands. Doing business with all ministries has been digitized, together with the Ogun State Disability Agency, Ogun State Waste Management Agency, Ogun TechHub, the E-Document Management System and the Ogun State Health Insurance Agency, among others. Part of the government’s ICT strategy is to convert all the colleges built across the state’s 20 local government areas into technology hubs for young and aspiring technologists. And among others, there is the Adire Digital Market at the June 12 Cultural Centre, Kuto, Abeokuta, advocating the promotion of Nigeria’s indigenous fabrics to the world. Given the foregoing, it is no surprise that the ICT industry accounts for more than 21 per cent of Ogun State’s GDP. This is the reason Vice President Yemi Osinbajo said the state, with its massive investment in digital infrastructure, has been positioned to become a major global site in the emerging innovation economy.

Only in October, the Ogun State government reiterated its commitment to developing young innovators that would promote Nigeria’s digital economy. Governor Abiodun’s Special Adviser on Information and Communication Technology (ICT), Mr. Dayo Abiodun, while declaring open a training organised by the Bureau of Information Technology (BIT) in commemoration of the 2021 Digital Nigeria Day, said the objective was to develop secondary school leavers seeking admission into higher institution on a career pathway, help job seekers on how to be managers of the digital economy, and welcome ideas from young innovators which would help the state government in achieving its set goals on the digital economy. The Director, Information Technology (IT), Mrs. Olatundun Adekunle, said that the training was an opportunity for participants to acquire more knowledge and showcase new innovations that would boost the digital economy of the state. The government, she said, would pick the best among the participants, encourage them financially, and recommend to the public, private and international sectors that needed their services.

Given the foregoing, it is clear that the Abiodun administration is poised to make Ogun State an ICT hub, which is why his recognition as Governor of the Year in Digital Economy was so richly deserved.

  • Adeosun contributes this piece through boluadeosun@gmail.com
Sun, 07 Aug 2022 12:00:00 -0500 en-US text/html https://www.thisdaylive.com/index.php/2021/12/06/abioduns-bid-to-turn-ogun-to-ict-hub/
Killexams : Chips bill advances to Biden's desk — Here's what's in the soon-to-be law No result found, try new keyword!The House voted 243-187 on Thursday to send the “CHIPS+” bill to Biden's desk where he has promised to sign it. It cleared the Senate Wednesday in a vote of 64-33. Thursday's ... Thu, 28 Jul 2022 07:46:13 -0500 en-us text/html https://www.msn.com/en-us/news/politics/chips-bill-advances-to-bidens-desk-heres-whats-in-the-soon-to-be-law/ar-AAZZoPh Killexams : Learning Management System Market to See Huge Growth by 2027 : Xerox, IBM, SAP

The latest study released on the Global Learning Management System Market by AMA Research evaluates market size, trend, and forecast to 2027. The Learning Management System market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.

Key Players in This Report Include:

Cornerstone Ondemand, Inc. (United States), Xerox Corporation (United States), IBM Corporation (United States), Net dimensions Ltd. (United States), SAP Se (Germany), Blackboard, Inc. (United States), Saba Software, Inc. (United States), Mcgraw-Hill Companies (United States), Pearson Plc (United Kingdom), D2L Corporation (Canada),

Download trial Report PDF (Including Full TOC, Table & Figures) @ https://www.advancemarketanalytics.com/sample-report/4918-global-learning-management-system-market

Definition:

Learning management system basically a software application for the administration, documentation, tracking, reporting, and delivery of educational courses, training programs, and many others. The learning management system highly emerges from e-Learning.

Market Trends:

Increasing Competition Among Market Players

High Adoption of Cloud-Based Solutions

Market Drivers:

Growing Awareness Towards the Adoption of Digital Learning

Rapid Inclination to BYOD Policy and Enterprise Mobility

Widespread of Government Initiatives for Growth Of LMS

Growing Implication Of E-Learning in Corporates

Market Opportunities:

Growing Demand for Gamification in LMS Delivers Strong Opportunities for LMS Providers

High Surge in Demand for Collaborative Learning in LMS to Provide High Potentials for Trainees

The Global Learning Management System Market segments and Market Data Break Down are illuminated below:

by Type (Academic, Corporate), Industry Verticals (Banking, Financial Services, and Insurance, Healthcare, Retail, Government, Manufacturing, Others), Delivery Mode (Distance Learning, Instructor-Led Training), Organizations Size (Small and Medium Size Enterprises, Large Size Enterprises), Offerings (Solution, Services)

Global Learning Management System market report highlights information regarding the current and future industry trends, growth patterns, as well as it offers business strategies to helps the stakeholders in making sound decisions that may help to ensure the profit trajectory over the forecast years.

Have a query? Market an enquiry before purchase @ https://www.advancemarketanalytics.com/enquiry-before-buy/4918-global-learning-management-system-market

Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:

  • The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
  • North America (United States, Mexico & Canada)
  • South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
  • Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
  • Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).

Objectives of the Report

  • -To carefully analyze and forecast the size of the Learning Management System market by value and volume.
  • -To estimate the market shares of major segments of the Learning Management System
  • -To showcase the development of the Learning Management System market in different parts of the world.
  • -To analyze and study micro-markets in terms of their contributions to the Learning Management System market, their prospects, and individual growth trends.
  • -To offer precise and useful details about factors affecting the growth of the Learning Management System
  • -To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Learning Management System market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.

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Major highlights from Table of Contents:

Learning Management System Market Study Coverage:

  • It includes major manufacturers, emerging player’s growth story, and major business segments of Learning Management System market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
  • Learning Management System Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
  • Learning Management System Market Production by Region Learning Management System Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
  • Key Points Covered in Learning Management System Market Report:
  • Learning Management System Overview, Definition and Classification Market drivers and barriers
  • Learning Management System Market Competition by Manufacturers
  • Impact Analysis of COVID-19 on Learning Management System Market
  • Learning Management System Capacity, Production, Revenue (Value) by Region (2021-2027)
  • Learning Management System Supply (Production), Consumption, Export, Import by Region (2021-2027)
  • Learning Management System Production, Revenue (Value), Price Trend by Type {Academic, Corporate,}
  • Learning Management System Manufacturers Profiles/Analysis Learning Management System  Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
  • Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.

Browse Complete Summary and Table of Content @ https://www.advancemarketanalytics.com/reports/4918-global-learning-management-system-market

Key questions answered

  • How feasible is Learning Management System market for long-term investment?
  • What are influencing factors driving the demand for Learning Management System near future?
  • What is the impact analysis of various factors in the Global Learning Management System market growth?
  • What are the recent trends in the regional market and how successful they are?

Thanks for practicing this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.

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Killexams : IBM Report: Data Breach Costs Reach All-Time High

For the twelfth year in a row, healthcare saw the costliest breaches among all industries with the average cost reaching $10.1 million per breach.

CAMBRIDGE, Mass. — IBM (NYSE: IBM) Security released the annual Cost of a Data Breach Report, 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.

To obtain a copy of the 2022 Cost of a Data Breach Report, visit https://www.ibm.com/security/data-breach.

Fri, 29 Jul 2022 02:16:00 -0500 CS Staff en text/html https://www.campussafetymagazine.com/research/ibm-report-data-breach-costs-reach-all-time-high/
Killexams : EdTech and Smart Classrooms Market Analysis by Size, Share, Key Players, Growth, Trends & Forecast 2027

"Apple (US), Cisco (US), Blackboard (US), IBM (US), Dell EMC (US),Google (US), Microsoft (US), Oracle(US),SAP (Germany), Instructure(US)."

EdTech and Smart Classrooms Market by Hardware (Interactive Displays, Interactive Projectors), Education System Solution (LMS, TMS, DMS, SRS, Test Preparation, Learning & Gamification), Deployment Type, End User and Region - Global Forecast to 2027

MarketsandMarkets forecasts the global EdTech and Smart Classrooms Market to grow from USD 125.3 billion in 2022 to USD 232.9  billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period. The major factors driving the growth of the EdTech and smart classrooms market include increasing penetration of mobile devices and easy availability of internet, and growing demand for online teaching-learning models, impact of COVID-19 pandemic and growing need for EdTech solutions to keep education system running.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1066

Interactive Displays segment to hold the highest market size during the forecast period

Interactive displays helps to collaborate teaching with tech boost social learning. As per a study it has been discovered that frequent group activity in classrooms, often aided by technology, can result in 20% higher levels of social-emotional skill development. Students in these classes are also 13% more likely to feel confident contributing to class discussions. Interactive display encourages the real time collaboration. SMART Boards facilitate the necessary collaboration for students to develop these skills. Creating an audience response system on the interactive display allows students to use devices to participate in class surveys, quizzes, and games, and then analyse the results in real time. A large interactive whiteboard (IWB), also known as an interactive board or a smart board, is a large interactive display board in the shape of a whiteboard. It can be a standalone touchscreen computer used to perform tasks and operations on its own, or it can be a connectable apparatus used as a touchpad to control computers from a projector. They are used in a variety of settings, such as classrooms at all levels of education, corporate board rooms and work groups, professional sports coaching training rooms, broadcasting studios, and others.

Cloud deployment type to record the fastest growth rate during the forecast period

Technology innovation has provided numerous alternative solutions for businesses of all sizes to operate more efficiently. Cloud has emerged as a new trend in data centre administration. The cloud eliminates the costs of purchasing software and hardware, setting up and running data centres, such as electricity expenses for power and cooling of servers, and high-skilled IT resources for infrastructure management. Cloud services are available on demand and can be configured by a single person in a matter of minutes. Cloud provides dependability by storing multiple copies of data on different servers. The cloud is a potential technological creation that fosters change for its users. Cloud computing is an information technology paradigm that delivers computing services via the Internet by utilizing remote servers, database systems, networking, analytics, storage systems, software, and other digital facilities. Cloud computing has significant benefits for higher education, particularly for students transitioning from K-12 to university. Teachers can easily deliver online classes and engage their students in various programs and online projects by utilizing cloud technology in education. Cloud-based deployment refers to the hosted-type deployment of the game-based learning solution. There has been an upward trend in the deployment of the EdTech solution via cloud or dedicated data center infrastructure. The advantages of hosted deployment include reduced physical infrastructure, lower maintenance costs, 24×7 accessibility, and effective analysis of electronic business content. The cloud-based deployment of EdTech solution is crucial as it offers a flexible and scalable infrastructure to handle multiple devices and analyze ideas from employees, customers, and partners.

Request trial Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1066

Major EdTech and smart classrooms vendors include Apple (US), Cisco (US),  Blackboard (US), IBM (US), Dell EMC (US), Google (US), Microsoft (US), Oracle(US), SAP (Germany), Instructure(US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements to expand their presence in the EdTech and smart classrooms market. Product enhancements and collaborations have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.

A prominent player in the EdTech and smart classrooms market, Apple focuses on inorganic growth strategies such as partnerships, collaborations, and acquisitions. For instance, in August 2021 Apple launched Mobile Student ID through which students will be able to navigate campus and make purchases using mobile student IDs on the iPhone and Apple Watch. In July 2020 Apple partnered with HBCUs to offer innovative opportunities for coding to communities across the US. Apple deepened the partnership with an additional 10 HBCUs regional coding centers under its Community Education Initiative. The main objective of this partnership is to bring coding, creativity, and workforce development opportunities to learners of all ages. Apple offers software as well as hardware to empower educators with powerful products and tools. Apple offers several applications for K-12 education, including Schoolwork and Classroom. The company also offers AR in education to provide a better learning experience. Teaching tools helps to simplify teaching tasks with apps that make the classroom more flexible, collaborative, and personalized for each student. Apple has interactive guide that makes it easy to stay on task and organized while teaching remotely with iPad. The learning apps helps to manage schedules and screen time to minimize the distractions and also helps to create productive learning environments and make device set up easy for teachers and parents. Apple has various products, such as Macintosh, iPhone, iPad, wearables, and services. It has an intelligent software assistant named Siri, which has cloud-synchronized data with iCloud.

Blackboard has a vast product portfolio with diverse offerings across four divisions: K-12, higher education, government, and business. Under the K-12 division, the company offers products such as LMS, Synchronous Collaborative Learning, Learning Object Repository, Web Community Manager, Mass Notifications, Mobile Communications Application, Teacher Communication, Social Media Manager, and Blackboard Ally. Its solutions include Blackboard Classroom, Collaborate Starter, and Personalized Learning. Blackboard’s higher education division products include Blackboard Learn, Blackboard Collaborate, Analytics for Learn, Blackboard Intelligence, Blackboard Predict, Outcomes and Assessments, X-ray for Learning Analytics, Blackboard Connect, Blackboard Instructor, Moodlerooms, Blackboard Transact, Blackboard Ally, and Blackboard Open Content. The company also provides services, such as student pathway services, marketing, and recruiting, help desk services, enrollment management, financial aid and student services, engagement campaigns, student retention, training and implementation services, strategic consulting, and analytics consulting services. Its teaching and learning solutions include LMS, education analytics, web conferencing, mobile learning, open-source learning, training and implementation, virtual classroom, and competency-based education. Blackboard also offers campus enablement solutions such as payment solutions, security solutions, campus store solutions, and transaction solutions. Under the government division, it offers solutions such as LMS, registration and reporting, accessibility, collaboration and web conferencing, mass notifications and implementation, and strategic consulting. The company has launched Blackboard Unite on April 2020 for K-12. This solution compromises a virtual classroom, learning management system, accessibility tool, mobile app, and services and implementation kit to help emote learning efforts.

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To view the original version on ABNewswire visit: EdTech and Smart Classrooms Market Analysis by Size, Share, Key Players, Growth, Trends & Forecast 2027

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Fri, 22 Jul 2022 12:57:00 -0500 text/html https://www.benzinga.com/pressreleases/22/07/ab28176563/edtech-and-smart-classrooms-market-analysis-by-size-share-key-players-growth-trends-forecast-2027
Killexams : IBM-owned SXiQ delivers migration for Bega Cheese following acquisition of rival dairy giant Lion Dairy and Drinks

IBM-owned, Melbourne-based cloud integrator SXiQ has completed migration services for Bega Cheese as part of its $560 million acquisition of rival dairy giant Lion Dairy & Drinks.

Bega bought Lion Dairy & Drinks in late 2020, which owns brands, such as Dairy Farmers, Yoplait, Big M, Dare, Masters, Juice Brothers, Daily Juice,  and Farmers Union iced coffee.

Bega Cheese chief information officer Zack Chisholm said in a statement that the Vegemite owner required Lion Dairy & Drinks’ applications, data and processes to be transitioned into its existing and expanded infrastructure.

Chisholm said that infrastructure migration and transition of 31 physical sites performing production, distribution and administration duties, had to be completed within a 12-month window with minimal disruption to the operations of both businesses. 

Bega Cheese’s IT team partnered with SXiQ on end-state design, migration planning and execution for several parts of the project - such as migration of applications, databases and associated backups, implementation of prod and non-prod AWS accounts and a landing zone to house all LD&D workloads. The work also included implementation of a continuous integration and continuous deployment toolset and workflow built on CloudFormation, Ansible, Jenkins and GitLab.

SXiQ said it also assisted Bega Cheese’s IT team with cloud cost optimisation strategies for efficient consumption of cloud resources to support the newly acquired business, and uplifting the cloud ops team to ensure Bega Cheese IT incorporated true DevSecOps into its core capability to support the new platform.

SXiQ chief executive officer John Hanna said, “our experts executed deep analysis, strategic thinking, and detailed planning to ensure the successful migration of Lion to Bega Cheese’s existing infrastructure.”

“By uplifting infrastructure, cloud management tooling and practices, SXiQ has enhanced management of Bega Cheese’s cloud assets, improving consistency, security and reducing time to deploy cloud infrastructure in the future.” 

Global tech giant IBM acquired SXiQ late last year for an undisclosed sum to bolster its Consulting’s Hybrid Cloud Services business’ Amazon Web Services and Microsoft Azure consulting capabilities.

Wed, 03 Aug 2022 00:04:00 -0500 text/html https://www.crn.com.au/news/ibm-owned-sxiq-delivers-migration-for-bega-cheese-following-acquisition-of-rival-dairy-giant-lion-dairy-and-drinks-583545
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.

60% of breached businesses studied stated they increased the price of their products or services due to the data breach

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

IBM Corporation logo. (PRNewsfoto/IBM)

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SOURCE IBM

Tue, 26 Jul 2022 19:52:00 -0500 en-US text/html https://www.wkrn.com/business/press-releases/cision/20220727NY26218/ibm-report-consumers-pay-the-price-as-data-breach-costs-reach-all-time-high/
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