USA News
Group Commentary
Issued on behalf of Integrated Cyber Solutions
Inc.
VANCOUVER, BC, May 13, 2024
/CNW/ -- The necessity of cybersecurity measures continues to grow
rapidly, with the costs of cybercrime soaring to an alarming
$8 trillion. According to a
report from McKinsey and Company, the global
cybersecurity market is projected to explode tenfold to between
$1.5-2 trillion in the next few
years. In response, several major M&A deals are stirring in the
sector, including Rockwell Automation, Inc. (NYSE:ROK)
acquiring Verve Industrial Protection, Honeywell
International Inc. (NASDAQ:HON)
acquiring SCADAfence, and AT&T Inc. (NYSE:T)
forming a joint venture with WillJam Ventures. As the
sector continues to grow, the market is affixed on the developments
of over up-and-coming cybersecurity firms that could be prime
targets, including Integrated Cyber Solutions Inc. (CSE:ICS)
and OneSpan Inc. (NASDAQ:OSPN).
Standing out from the emerging crowd is Integrated Cyber
Solutions Inc. (CSE:ICS) with its robust product offerings and
strategic strengths. Central to their suite is the IC360 Platform,
a comprehensive cyber command center that integrates various
cybersecurity solutions into one cohesive system, leveraging
advanced Artificial Intelligence (AI) and Machine Learning (ML) for
rapid threat detection and response.
Since going public earlier this year, Integrated
Cyber has exceled in offering a full spectrum of services,
including Managed Detection and Response (MDR), proactive
Vulnerability Management, and comprehensive Cyber Training &
Awareness programs. These offerings are designed to cater to the
unique needs of small-to-medium businesses and enterprises,
providing them with sophisticated yet user-friendly cybersecurity
solutions. Their approach not only focuses on protecting digital
assets but also emphasizes the importance of proactive defense and
employee education, positioning them as a versatile and
forward-thinking player in the cybersecurity market.
Recently, their progress has included the introduction of new
solutions catering to Small-to-Medium-Business (SMB) and
Small-to-Medium Enterprise (SME) sectors and the significant
customer renewal and expansion of services with a longstanding
client in the power, renewables, and broader energy value chain
sector.
Integrated Cyber's role in protecting
against attacks on the energy sector is timely, as these costly
events have become more commonplace. A recent example was the
cyberattack earlier in 2023 on Suncor Energy, which experts
pegged to carry a hefty price tag of millions of dollars to
resolve.
Embedded within the announcement of their latest customer
renewal, Integrated Cyber stated it had initially begun
their relationship through their "land and expand"
business model.
"While the cybersecurity companies targeting SMBs
and SMEs are nascent, they already represent billions in revenue,"
said Alan Guibord, CEO of
Integrated Cyber Solutions. "With hundreds of
thousands of targeted businesses in just the U.S. and Canada, this market yearns for premium
services—akin to those enjoyed by large corporations—but at
cost-effective prices."
Throughout the course of the relationship, Integrated
Cyber has delivered its client Managed Detection and Response
(MDR) services. Over the years since establishing the relationship,
ICS has successfully improved the client's
security profile across multiple locations, while delivering value
and growth alongside their clients. In particular, the MDR process
is part of a greater Managed Cyber Security Awareness and Training
platform, utilizing the Proofpoint platform, which private
equity firm Thoma Bravo
acquired for $12.3 billion in
2021.
In another case of an up-and-coming player in the cybersecurity
field, OneSpan Inc. (NASDAQ:OSPN) has launched its
own passwordless, phishing-resistant authentication platform
to secure the workforce, further helping to protect companies from
employee error. The latest in
OneSpan's Digipass Authenticators
product line, the new DIGIPASS FX1 BIO offering empowers
organizations to embrace passwordless authentication while
providing the utmost security against social engineering and
account takeover attacks.
"In the Web3 era, we firmly believe that a one-size-fits-all
approach to security is insufficient," said Matthew Moynahan, president & CEO at
OneSpan. " In a world where security needs to take
precedence, DIGIPASS FX1 BIO presents a solution to the challenges
faced by modern enterprises, providing a secure and user-friendly
environment for an organization's workforce."
According to the launch announcement, DIGIPASS FX1 BIO provides
a cost-efficient, adaptable, and future-proof solution that
overcomes traditional multi-factor authentication (MFA)
limitations. With DIGIPASS FX1 BIO, organizations can safeguard
employees, partners, and corporate resources while enabling a
flexible 'work from anywhere, anytime, on any device' policy
without compromising security.
Following up on its announced expanded use of SaaS-powered
industrial cybersecurity platform Claroty xDome to its global
services portfolio, Rockwell Automation, Inc. (NYSE:ROK)
recently acquired Verve Industrial Protection—which
focuses on the growing threat of cyber attacks on operational
technology (OT) and industrial control systems (ICSs).
"In today's rapidly digitizing world, providing our clients with
advanced, cloud-based OT security isn't just a value-add; it's a
necessity," said Matt Kennedy, Rockwell
Automation's vice president, Global Capabilities
and Innovation, Lifecycle Services. "Rockwell Automation
combined with Claroty xDome enables industrial organizations to
make even greater strides with their digital transformation while
keeping operations secure."
According to a joint research report, published with the
Cyentia Institute, Rockwell Automation has revealed a
significant increase in these types of attacks, with 60% resulting
in operational disruption.
"Energy, critical manufacturing, water treatment
and nuclear facilities are among the types of critical
infrastructure industries under attack in the majority of reported
incidents," said Mark Cristiano, commercial director of Global
Cybersecurity Services at Rockwell Automation.
"Anticipating that stricter regulations and standards
for reporting cybersecurity attacks will become commonplace, the
market can expect to gain invaluable insights regarding the nature
and severity of attacks and the defenses necessary to prevent them
in the future."
Setting its sights on the manufacturing sector's
deep vulnerabilities tied to the Internet of Things (IoT),
Honeywell International Inc. (NASDAQ:HON)
acquired Israel-based SCADAfence in the summer.
The deal provided Honeywell with additional technology and
expertise, and included an integrated platform meant for
manufacturers, process industries and infrastructure providers.
"SCADAfence is an ideal complement to
Honeywell's OT cybersecurity portfolio" said
Michael Ruiz, GM of Honeywell
Cybersecurity Services. "When combined with the
Honeywell Forge Cybersecurity+ suite, it enables us to provide an
end-to-end solution with applicability to asset, site and
enterprise across key Honeywell sectors."
Lastly, telecom giant AT&T Inc. (NYSE:T) announced it
is set to form a joint venture with WillJam Ventures to
provide managed cybersecurity services to enterprises. As per the
deal, AT&T will have an ownership stake and board
representation in the new joint venture, which is still yet to be
named.
"Working together we'll be uniquely
positioned to protect organizations globally and WillJam
Ventures is excited to extend our relationship with
AT&T as its preferred cybersecurity provider for
business customers going forward," said Bob
McCullen, managing partner of WillJam Ventures.
While there will be some AT&T employees who move over
to the JV, the full details of the entity have yet to be disclosed.
AT&T expects the transaction to close in the first
quarter of 2024.
Source:
https://usanewsgroup.com/2023/11/21/using-ai-and-machine-learning-to-defend-the-world-against-rising-catastrophic-cyber-attacks/
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