Milan Shetti, President and CEO, Rocket Software.
With the rising popularity of cloud-based solutions over the last decade, a growing misconception in the professional world is that mainframe technology is becoming obsolete. This couldn’t be further from the truth. In fact, the results of a latest Rocket survey of over 500 U.S. IT professionals found businesses today still rely heavily on the mainframe over cloud-based or distributed technologies to power their IT infrastructures—including 67 of the Fortune 100.
Despite the allure surrounding digital solutions, a latest IBM study uncovered that 82% of executives agree their business case still supports mainframe-based applications. This is partly due to the increase in disruptive events taking place throughout the world—the Covid-19 pandemic, a weakened global supply chain, cybersecurity breaches and increased regulations across the board—leading companies to continue leveraging the reliability and security of the mainframe infrastructure.
However, the benefits are clear, and the need is apparent for organizations to consider modernizing their mainframe infrastructure and implementing modern cloud-based solutions into their IT environment to remain competitive in today’s digital world.
Overcoming Mainframe Obstacles
Businesses leveraging mainframe technology that hasn’t been modernized may struggle to attract new talent to their organization. With the new talent entering the professional market primarily trained on cloud-based software, traditional mainframe software and processes create a skills gap that could deter prospective hires and lead to companies missing out on top-tier talent.
Without modernization, many legacy mainframes lack connectivity with modern cloud-based solutions. Although the mainframe provides a steady, dependable operational environment, it’s well known that the efficiency, accuracy and accessibility modern cloud-based solutions create have helped simplify and Strengthen many operational practices. Mainframe infrastructures that can’t integrate innovative tools—like automation—to streamline processes or provide web and mobile access to remote employees—which has become essential following the pandemic—have become impractical for most business operations.
Considering these impending hurdles, organizations are at a crossroads with their mainframe operations. Realistically, there are three roads a business can choose to journey down. The first is to continue “operating as-is,” which is cost-effective but more or less avoids the issue at hand and positions a company to get left in the dust by its competitors. A business can also “re-platform” or completely remove and replace its current mainframe infrastructure in favor of distributed or cloud models. However, this option can be disruptive, pricey and time-consuming and forces businesses to simply toss out most of their expensive technology investments.
The final option is to “modernize in place.” Modernizing in place allows businesses to continue leveraging their technology investments through mainframe modernization. It’s the preferred method of IT professionals—56% compared to 27% continuing to “operate as-is” and 17% opting to “re-platform”—because it’s typically cost-efficient, less disruptive to operations and improves the connectivity and flexibility of the IT infrastructure.
Most importantly, modernizing in place lets organizations integrate cloud solutions directly into their mainframe environment. In this way, teams can seamlessly transition into a more efficient and sustainable hybrid cloud model that helps alleviate the challenges of the traditional mainframe infrastructure.
Modernizing In Place With A Hybrid Cloud Strategy
With nearly three-quarters of executives from some of the largest and most successful businesses in agreement that mainframe-based applications are still central to business strategy, the mainframe isn’t going anywhere. And with many organizations still opting for mainframe-based solutions for data-critical operating systems—such as financial management, customer transaction systems of record, HR systems and supply chain data management systems—mainframe-based applications are actually expected to grow over the next two years. That’s why businesses must look to leverage their years of technology investments alongside the latest tools.
Modernizing in place with a hybrid cloud strategy is one of the best paths for an enterprise to meet the evolving needs of the market and its customers while simultaneously implementing an efficient and sustainable IT infrastructure. It lets companies leverage innovative cloud solutions in their tech stack that help bridge the skills gap to entice new talent while making operations accessible for remote employees.
The integration of automated tools and artificial intelligence capabilities in a hybrid model can help eliminate many manual processes to reduce workloads and Strengthen productivity. The flexibility of a modernized hybrid environment can also allow teams to implement cutting-edge processes like DevOps and CI/CD testing into their operations, helping ensure a continuously optimized operational environment.
With most IT professionals in agreement that hybrid is the answer moving forward, it’s clear that more and more businesses that work within mainframe environments will begin to migrate cloud solutions into their tech stack. Modernizing in place with a hybrid cloud strategy is one great way for businesses to meet market expectations while positioning themselves for future success.
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The average cost of a data breach rose to $4.4 million this year, according to a new report from IBM Security.
More than half of the companies surveyed for the report admitted to passing on those higher costs to customers in the form of higher prices.
Data breach costs keep going up, and consumers are likely paying for them.
The average cost of a data breach rose to an all-time high of $4.4 million this year, according to the IBM Security report released Wednesday. That marked a 2.6% increase from a year ago and a 13% jump since 2020.
More than half of the organizations surveyed acknowledged they had passed on those costs to their customers in the form of higher prices for their products and services, IBM said.
The annual report is based on an analysis of data breaches experienced by 550 organizations around the world between March 2021 and March 2022. The research, which was sponsored and analyzed by IBM, was conducted by the Ponemon Institute.
The cost estimates are based on both immediate and longer-term expenses. While some costs like the payment of ransoms and those related to investigating and containing the breach tend to be accounted for right away, others such as regulatory fines and lost sales can show up years later. On average, those polled said they accrued just under half of the costs related to a given breach more than a year after it occurred.
Case in point,to settle a class action lawsuit filed by customers over a data breach revealed nearly a year ago that exposed the personal information of an estimated 76.6 million people.
Pending judicial approval that could come before the end of the year, T-Mobile will pay $350 million to settle the customers' claims and an additional $150 million to upgrade its data protection. The breach, disclosed in August, exposed information such as customer names, Social Security numbers, phone numbers, addresses and dates of birth.
Many of the highest-cost breaches analyzed in the IBM study involved critical infrastructure within the financial services, industrial, technology, energy, transportation, communication, healthcare, education and public-sector industries.
Those breaches had an average cost of $4.8 million, about $1 million more than the average cost paid by organizations outside of critical infrastructure, IBM said.
Part of that stems from the particularly high costs of health care industry breaches. Healthcare, which is considered to be critical infrastructure, had the highest average per-breach cost of $10.1 million, up from $9.2 million in 2021.
Critical infrastructure has become an increasingly tempting target for both nation-state attackers and cybercrime gangs in latest years. Last year, ransomware attacks againstand meat processor shut down both companies for days, even though they both paid the equivalent of millions of dollars in ransom to get their data unlocked.
The shutdowns sparked panic buying among consumers, causing both gasoline and meat prices to spike in parts of the US.
Cybersecurity and government officials also warn that the risk of cyber attacks against critical infrastructure in the US and other countries supporting Ukraine could increase if Russia's war against that country continues to drag on.
Eleven percent of the data breaches analyzed in this year's study stemmed from ransomware attacks, up from 7.8% in 2021. Almost a fifth of the breaches were the result of stolen or compromised credentials. Another 16% stemmed from phishing attacks.
The findings also showed that many of those surveyed were concerned that the pandemic has triggered a rise in cyberattacks against Canadian enterprises. According to the research, more than a third, or 36%, of businesses believe that the volume of cyber incidents has increased because of COVID-19, up 29% from when CIRA conducted the survey at the onset of the coronavirus outbreak in 2020.
“[In 2021, the] adoption of cybersecurity insurance is growing in parallel with the growing number of cyberattacks,” CIRA wrote in its analysis of the survey results. “At the same time, expenses are soaring due to hefty ransoms paid to hacker groups and massive fines paid to regulators policing the storage and transfer of personal information online.”
Read more: Top eight cybersecurity risks Canadians are facing
According to CIRA’s analysis of the survey results, the spike in cyber insurance applicants and their perceived levels of risk have created a situation where “the insurance providers can be pickier about who they cover and what requirements they can ask of their clients.” These requirements include having cybersecurity measures in place and these being regularly audited by third-party specialists.
The study also revealed that most businesses reported their brokers making at least one change in their cyber insurance policies in the past year. Increased premiums topped the list of these changes at 35%, followed by “requests for new forms of proof/verification of cybersecurity measures being in place” at 34%, and revised eligibility requirements for obtaining or renewing coverage at 29%. About a quarter of respondents also said that the reimbursement amounts for ransomware attacks were reduced.
“Stepping back and taking a wider perspective of the cybersecurity insurance picture shows an industry that’s still emergent and still agreeing on the standards,” the organization explained. “The increased risk environment puts the power in the hands of insurers, who can demand higher premiums from customers while putting more escape clauses in their contracts.
“That leaves some companies either wondering if it’s worth it to buy cybersecurity insurance, or if it’s worth it to continue paying rising premiums. Considering the potential impacts of a cybersecurity attack against the difficulty in securing it and the costs of recovery might help factor into the calculus of buying a policy.”
Read more: Five factors impacting cyber insurance costs in Canada
In its cyber liability insurance guide, the Insurance Bureau of Canada (IBC), pointed out the importance of having sufficient coverage against cyber risks for businesses across the nation.
“We live in a time when many organizations do all of their activities electronically, and the majority of their assets are in the data they collect,” the bureau explained. “There have been several high-profile personal information breaches that have compromised tens of millions of records and cost the affected companies millions of dollars.
“Organizations that rely on an online presence and use e-commerce as a distribution method or have employees who carry electronics that hold customers’ personal, commercial, or financial information should contact their insurance representatives, who can help them find coverage to best protect themselves.”
According to the IBC, a good cybersecurity policy provides a range of coverage, including:
Read more: What Canadian businesses should be looking for from cyber insurance
Several studies have been conducted to determine the industries that are most vulnerable to cyberattacks. The results vary depending on which organization did the research, but one common denominator is that the sectors found to be most at risk were critical infrastructure providers.
IBM Security’s X-Force Threat Intelligence Index 2022, for instance, revealed that manufacturing was the most attacked industry last year, registering nearly one in three cyber incidents. This is above the global average of one in four. The sector unseated financial services, which dropped to a tie for third, at the top of the list.
Energy-related businesses, meanwhile, climbed to second place, accounting for 21% of all cyberattacks in 2021. The industry surpassed healthcare and financial services, which include insurance, with each sector taking up 16% of all attacks against Canadian businesses.
These findings reflect those of a ransomware trend report published by the Communications Security Establishment (CSE) – Canada’s foreign signals intelligence agency – at the end of last year showing that the energy, healthcare, and manufacturing industries are particularly prone to this type of attack.
Of the 235 ransomware attacks against Canadian organizations the agency recorded between January and November 16, 2021, more than half of the victims were from these sectors.
Meanwhile, in PwC’s Canadian Cyber Threat Intelligence report, the telecom and technology sector topped the list of industries that are vulnerable to cyberattacks, experiencing 14.1% of all incidents. This was followed by healthcare at 11.9% and government agencies and other public entities at 11%. Retail, finance, and manufacturing rounded up the top six sectors in the accounting giant’s list.
‘Given its ability to boost innovation, productivity, resilience, and help organizations scale, IT has become a high priority in a company’s budget. As such, there is every reason to believe technology spending in the B2B space will continue to surpass GDP growth,’ says IBM CEO Arvind Krishna.
A strengthening IT environment that is playing into IBM AI and hybrid cloud capabilities means a rosy future for IBM and its B2B business, CEO Arvind Krishna told investors Monday.
Krishna, in his prepared remarks for IBM’s second fiscal quarter 2022 financial analyst conference call, said that technology serves as a fundamental source of competitive advantage for businesses.
“It serves as both a deflationary force and a force multiplier, and is especially critical as clients face challenges on multiple fronts from supply chain bottlenecks to demographic shifts,” he said. “Given its ability to boost innovation, productivity, resilience, and help organizations scale, IT has become a high priority in a company’s budget. As such, there is every reason to believe technology spending in the B2B space will continue to surpass GDP growth.”
[Related: IBM STARTS ‘ORDERLY WIND-DOWN’ OF RUSSIA BUSINESS]
That plays well with IBM’s hybrid cloud and AI strategy where the company is investing in its offerings, technical talent, ecosystem, and go-to-market model, Krishna said.
“Demand for our solutions remains strong,” he said. “We continued to have double-digit performance in IBM Consulting, broad-based strength in software, and with the z16 [mainframe] platform launch, our infrastructure business had a good quarter. By integrating technology and expertise from IBM and our partners, our clients will continue to see our hybrid cloud and AI solutions as a crucial source of business opportunity and growth.”
Krishna said hybrid clouds are about offering clients a platform to straddle multiple public clouds, private clouds, on-premises infrastructures, and the edge, which is where Red Hat, which IBM acquired in 2019, comes into play, Krishna said.
“Our software has been optimized to run on that platform, and includes advanced data and AI, automation, and the security capabilities our clients need,” he said. “Our global team of consultants offers deep business expertise and co-creates with clients to accelerate their digital transformation journeys. Our infrastructure allows clients to take full advantage of an extended hybrid cloud environment.”
As a result, IBM now has over 4,000 hybrid cloud platform clients, with over 250 new clients added during the second fiscal quarter, Krishna said.
“Those who adopt our platform tend to consume more of our solutions across software, consulting, and infrastructure, [and] expanding our footprint within those clients,” he said.
IBM is also benefitting from the steady adoption by businesses of artificial intelligence technologies as those businesses try to process the enormous amount of data generated from hybrid cloud environments all the way to the edge, Krishna said. An IBM study released during the second fiscal quarter found that 35 percent of companies are now using some form of AI with automation in their business to address demographic shifts and move their employees to higher value work, he said.
“This is one of the many reasons we are investing heavily in both AI and automation,” he said. “These investments are paying off.”
IBM is also moving to develop leadership in quantum computing, Krishna said. The company currently has a 127-qubit quantum computer it its cloud, and is committed to demonstrate the first 400-plus-qubit system before year-end as part of its path to deliver a 1,000-plus-qubit system next year and a 4,000-plus-qubit system in 2025, he said.
“One of the implications of quantum computing will be the need to change how information is encrypted,” he said. “We are proud that technology developed by IBM and our collaborators has been selected by NIST (National Institute of Standards and Technology) as the basis of the next generation of quantum-safe encryption protocols.”
IBM during the quarter also move forward in its mainframe technology with the release of its new z16 mainframe, Krishna said.
“The z16 is designed for cloud-native development, cybersecurity resilience, [and] quantum-safe encryption, and includes an on-chip AI accelerator, which allows clients to reduce fraud within real-time transactions,” he said.
IBM also made two acquisitions during the quarter related to cybersecurity, Krishna said. The first was Randori, an attack surface management and offensive cybersecurity provider. That acquisition built on IBM’s November acquisition of ReaQta, an endpoint security firm, he said.
While analysts during the question and answer part of Monday’s financial analyst conference call did not ask about the news that IBM has brought in Matt Hicks as the new CEO of Red Hat, they did seem concerned about how the 17-percent growth in Red Had revenue over last year missed expectations.
When asked about Red Hat revenue, Krishna said IBM feels very good about the Red Hat business and expect continued strong demand.
“That said, we had said late last year that we expect growth in Red Hat to be in the upper teens,” he said. “That expectation is what we are going to continue with. … Deferred revenue accounts for the bulk of what has been the difference in the growth rates coming down from last year to this year.”
IBM CFO James Kavanaugh followed by saying that while IBM saw 17 percent growth overall for Red Hat, the company took market share with its core REL (Red Hat Enterprise Linux) and in its Red Hat OpenShift hybrid cloud platform foundation. Red Hat OpenShift revenue is now four-and-a-half times the revenue before IBM acquired Red Hat, and Red Hat OpenShift bookings were up over 50 percent, Kavanaugh said.
“So we feel pretty good about our Red Hat portfolio overall. … Remember, we‘re three years into this acquisition right now,” he said. “And we couldn’t be more pleased as we move forward.”
When asked about the potential impact from an economic downturn, Krishna said IBM’s pipelines remain healthy and consistent with what the company saw in the first half of fiscal 2022, making him more optimistic than many of his peers.
“In an inflationary environment, when clients take our technology, deploy it, leverage our consulting, it acts as a counterbalance to all of the inflation and all of the labor demographics that people are facing all over the globe,” he said.
Krishna also said IBM’s consulting business is less likely than most vendors’ business to be impacted by the economic cycle as it involves a lot of work around deploying the kinds of applications critical to clients’ need to optimize their costs. Furthermore, he said. Because consulting is very labor-intensive, it is easy to hire or let go tens of thousands of employees as needed, he said.
For its second fiscal quarter 2022, which ended June 30, IBM reported total revenue of $15.5 billion, up about 9 percent from the $14.2 billion the company reported for its second fiscal quarter 2021.
This includes software revenue of $6.2 billion, up from $5.9 billion; consulting revenue of $4.8 billion, up from $4.4 billion; infrastructure revenue of $4.2 billion, up from $3.6 billion; financing revenue of $146 million, down from $209 million; and other revenue of $180 million, down from $277 million.
On the software side, IBM reported annual recurring revenue of $12.9 billion, which was up 8 percent over last year. Software revenue from its Red Hat business was up 17 percent over last year, while automation software was up 8 percent, data and AI software up 4 percent, and security software up 5 percent.
On the consulting side, technology consulting revenue was up 23 percent over last year, applications operations up 17 percent, and business transformation up 16 percent.
Infrastructure revenue growth was driven by hybrid infrastructure sales, which rose 7 percent over last year, and infrastructure support, which grew 5 percent. Hybrid infrastructure revenue saw a significant boost from zSystems mainframe sales, which rose 77 percent over last year.
IBM also reported revenue of $8.1 billion from sales to the Americas, up 15 percent over last year; sales to Europe, Middle East, and Africa of $4.5 billion, up 17 percent; and $2.9 billion to the Asia Pacific area, up 16 percent.
Sales to Kyndryl, which late last year was spun out of IBM, accounted for about 5 percent of revenue, including 3 percent of IBM’s Americas revenue.
IBM also reported net income for the quarter on a GAAP basis of $1.39 billion, or $1.53 per share, up from last year’s $1.33 billion, or $1.47 per share.
The MarketWatch News Department was not involved in the creation of this content.
Jul 29, 2022 (Alliance News via COMTEX) -- New York (US) - Key Companies Covered in the Public Cloud Infrastructure as a Service Market Research are Amazon Web Services, Rackspace, Google, Microsoft, Tecent, Alibba Group, Kingsoft, China Telecom, IBM, Fujitsu and other key market players.
The global Public Cloud Infrastructure as a Service Market is expected to reach US$ Million by 2027, with a CAGR of $$% from 2020 to 2027, based on Report Ocean newly published report. The demand for Internet-of-Things (IoT) technology and services are growing globally, especially around applications within the healthcare, energy, transport, public sector, and manufacturing industries. Many countries have led to the emergence of IoT/smart city projects.
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The U.S. accounted for the major share in the global landscape in technology innovation. As per the World Economic Forum's 2018 Global Competitive Index, the country's competitive advantage is owing to its business vitality, substantial institutional pillars, financing agencies, and vibrant innovation ecosystem.
As of 2021, the U.S. region garnered 36%of the global information and communication technology (ICT) market share.Europe and China ranked as the second and third largest regions, separately accounting for 12%of the market share.The U.S. economy has held its global leadership position despite only a cumulative growth in wages from US$ 65 per hour in 2005 to US$ 71.3 per hour in 2015.
The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this field evaluate their business approaches. Also, this report covers market segmentation by major market verdors, types, applications/end users and geography(North America, East Asia, Europe, South Asia, Southeast Asia, Middle East, Africa, Oceania, South America)
Disaster Recovery as a Service (DRaaS)
Compute as a Service (CaaS)
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Desktop as a Service (DaaS)
Application hosting as a service
Storage as a Service (STaaS)
Mobile Phone Industry
Key Indicators Analysed
Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2016-2027 & Sales with a thorough analysis of the markets competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
Global and Regional Market Analysis: The report includes Global & Regional market status and outlook 2016-2027. Further the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast. With detailed analysis by types and applications.
Market Trends:Market key trends which include Increased Competition and Continuous Innovations.
Opportunities and Drivers:Identifying the Growing Demands and New Technology
Porters Five Force Analysis: The report provides with the state of competition in industry depending on five basic forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and existing industry rivalry.
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60% of breached businesses raised product prices post-breach; vast majority of critical infrastructure lagging in zero trust adoption; $550,000 in extra costs for insufficiently staffed businesses
CAMBRIDGE, Mass., July 27, 2022 /PRNewswire/ -- IBM (NYSE: IBM) Security today released the annual Cost of a Data Breach Report,1 revealing costlier and higher-impact data breaches than ever before, with the global average cost of a data breach reaching an all-time high of $4.35 million for studied organizations. With breach costs increasing nearly 13% over the last two years of the report, the findings suggest these incidents may also be contributing to rising costs of goods and services. In fact, 60% of studied organizations raised their product or services prices due to the breach, when the cost of goods is already soaring worldwide amid inflation and supply chain issues.
The perpetuality of cyberattacks is also shedding light on the "haunting effect" data breaches are having on businesses, with the IBM report finding 83% of studied organizations have experienced more than one data breach in their lifetime. Another factor rising over time is the after-effects of breaches on these organizations, which linger long after they occur, as nearly 50% of breach costs are incurred more than a year after the breach.
The 2022 Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches experienced by 550 organizations globally between March 2021 and March 2022. The research, which was sponsored and analyzed by IBM Security, was conducted by the Ponemon Institute.
Some of the key findings in the 2022 IBM report include:
"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:
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.
IBM Security Communications
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
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Organisations are passing costs onto customers as the price of data breaches has hit an all-time high, the latest research from IBM Security has found.
Around 60% of studied businesses raised their product or services prices post-breach, as the global average cost of a data attack hit a record $4.35 million, according to the firm’s 2022 Cost of Data Breach Report.
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Sponsored by IBM Security and conducted by the Ponemon Institute, the report is based on an in-depth analysis of data breaches experienced by 550 organisations around the world between March 2021 and March 2022.
It found that 83% of them have experienced more than one data breach in their lifetime, while the after-effects of such attacks appear to linger over the long term – with almost 50% of costs incurred more than a year after the initial breach.
In terms of zero trust, critical infrastructure has been found wanting. The report discovered that 80% of critical infrastructure organisations studied do not adopt zero trust strategies, equating to an average breach cost of $5.4 million – a $1.17 million increase over those that do.
Ransomware and destructive attacks represented 28% of breaches amongst these critical infrastructure organisations, with threat actors seeking to fracture the global supply chains that rely on these organisations, IBM said.
Those that paid the ransom found little success, either. Victims that opted to deliver in to the attackers’ demands saw only $610,000 less in average breach costs when compared to those that did not pay, not including the cost of the ransom.
When factoring in the high cost of ransom payments, IBM noted that the financial toll “may rise even higher”, rendering the strategy of paying up not very effective.
Muddying the waters further, 43% of organisations were found to be in the early stages of or had not yet started applying security practices across their cloud environments, adding an average of $660,000 in breach costs.
By contrast, those fully deploying security and AI automation incurred $3.05 million less costs on average compared to organisations that did not utilise the technology, making it the biggest cost save in the study, IBM revealed.
Additionally, the data showed phishing to be the costliest breach cause, leading to £4.91 million in average costs for responding organisations. It was also the second most common cause (16%), just behind compromised credentials (19%).
Charles Henderson, global head of IBM Security X-Force, said businesses need to “put their security defenses on the offense” to better protect against attackers.
“It’s time to stop the adversary from achieving their objectives and start to minimise the impact of attacks,” he said. “The more businesses try to perfect their perimeter instead of investing in detection and response, the more breaches can fuel cost of living increases.
“This report shows that the right strategies coupled with the right technologies can help make all the difference when businesses are attacked.”
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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.