This Frost & Sullivan analyst report reveals how the legal and threat environment, combined with BYOD and cost factors, make multi-factor, risk-based authentication the logical approach to solving the security challenges posed by threat actors.
Wilton & Bain and Kaspersky Lab were delighted to host a lively, informative and convivial evening to discuss the challenges of Cybersecurity in today’s data age. We were joined by Paul Johnson CIO at Aldermore, one of the UK’s foremost challenger bank success stories, who provided an insight into the challenges faced by industry.
The 5 Biggest Cybersecurity Trends In 2020 Everyone Should Know AboutBernard Marr
The vital role that cybersecurity plays in protecting our privacy, rights, freedoms, and everything up to and including our physical safety will be more prominent than ever during 2020.
This Frost & Sullivan analyst report reveals how the legal and threat environment, combined with BYOD and cost factors, make multi-factor, risk-based authentication the logical approach to solving the security challenges posed by threat actors.
Wilton & Bain and Kaspersky Lab were delighted to host a lively, informative and convivial evening to discuss the challenges of Cybersecurity in today’s data age. We were joined by Paul Johnson CIO at Aldermore, one of the UK’s foremost challenger bank success stories, who provided an insight into the challenges faced by industry.
The 5 Biggest Cybersecurity Trends In 2020 Everyone Should Know AboutBernard Marr
The vital role that cybersecurity plays in protecting our privacy, rights, freedoms, and everything up to and including our physical safety will be more prominent than ever during 2020.
Quick Start Guide to IT Security for BusinessesCompTIA
IT security is constantly changing, which means it can be hard for businesses to keep up. This guide from CompTIA educates IT solution providers on the importance of providing clients with up-to-date IT security, identifies the risks of inadequate or poor security, and examines the technology shifts and factors affecting security in in the workplace.
Mental Health and Crime
A PIL in the Supreme Court raises some complex questions, including how can culpability be assessed for sentencing those with mental illnesses By Professor Upendra Baxi
Many of the early adopters of cyber risk transfer were based in the US, (owing to the extremely strict legal requirement to notify all customers affected by a data breach). However recent developments are showing that cyber risks are not just a US problem. The past 18 months Aon has seen a dramatic increase in the number of companies outside the US purchasing cyber risk transfer.
Shufti Pro identified various types of identity frauds in 2020 and as per the available information, businesses can expect an increase in criminal activities this year as well.
Data Privacy Compliance (Series: Corporate & Regulatory Compliance Bootcamp)Financial Poise
All levels of society rely upon information technology systems. Network operations are pervasive and impact nearly every aspect of our society. The desire of companies to collect, use, store, and secure information about customers, employees, and other individuals is a requirement of the new economy. It is no wonder that the prevalence of electronic communications and a growing dependency on cyber structures and operations also create potential vulnerabilities to cyberattacks. It is critical to preserve information systems and address and prevent weaknesses in cyber protection efforts. This webinar examines the means for companies to reach data goals ethically, efficiently and legally. Best practices and model comprehensive privacy and cybersecurity policies are discussed. And, data breach response and related litigation, including class action litigation issues and fiduciary duty violations under corporate law, are discussed.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/data-privacy-compliance-2019/
Top 12 Cybersecurity Predictions for 2017IBM Security
No industry is immune from a cyberattack. In fact, cyber experts are predicting that we may see a rise in attacks and a spread as industries previously on the fringe now face direct hits. The question is, “What’s in store for us in 2017?”
Public Relations Campaign for SecureWorks for IMC 618: PR Concepts & Strategy. Campaign is focused on increasing brand awareness among both big and small businesses as well as potential investors.
Brochure d'information sur les programmes de baccalauréat en génie de Polytechnique Montréal, la vie étudiante, les stages, les projets intégrateurs, les avantages à étudier à Polytechnique, et plus encore!
Quick Start Guide to IT Security for BusinessesCompTIA
IT security is constantly changing, which means it can be hard for businesses to keep up. This guide from CompTIA educates IT solution providers on the importance of providing clients with up-to-date IT security, identifies the risks of inadequate or poor security, and examines the technology shifts and factors affecting security in in the workplace.
Mental Health and Crime
A PIL in the Supreme Court raises some complex questions, including how can culpability be assessed for sentencing those with mental illnesses By Professor Upendra Baxi
Many of the early adopters of cyber risk transfer were based in the US, (owing to the extremely strict legal requirement to notify all customers affected by a data breach). However recent developments are showing that cyber risks are not just a US problem. The past 18 months Aon has seen a dramatic increase in the number of companies outside the US purchasing cyber risk transfer.
Shufti Pro identified various types of identity frauds in 2020 and as per the available information, businesses can expect an increase in criminal activities this year as well.
Data Privacy Compliance (Series: Corporate & Regulatory Compliance Bootcamp)Financial Poise
All levels of society rely upon information technology systems. Network operations are pervasive and impact nearly every aspect of our society. The desire of companies to collect, use, store, and secure information about customers, employees, and other individuals is a requirement of the new economy. It is no wonder that the prevalence of electronic communications and a growing dependency on cyber structures and operations also create potential vulnerabilities to cyberattacks. It is critical to preserve information systems and address and prevent weaknesses in cyber protection efforts. This webinar examines the means for companies to reach data goals ethically, efficiently and legally. Best practices and model comprehensive privacy and cybersecurity policies are discussed. And, data breach response and related litigation, including class action litigation issues and fiduciary duty violations under corporate law, are discussed.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/data-privacy-compliance-2019/
Top 12 Cybersecurity Predictions for 2017IBM Security
No industry is immune from a cyberattack. In fact, cyber experts are predicting that we may see a rise in attacks and a spread as industries previously on the fringe now face direct hits. The question is, “What’s in store for us in 2017?”
Public Relations Campaign for SecureWorks for IMC 618: PR Concepts & Strategy. Campaign is focused on increasing brand awareness among both big and small businesses as well as potential investors.
Brochure d'information sur les programmes de baccalauréat en génie de Polytechnique Montréal, la vie étudiante, les stages, les projets intégrateurs, les avantages à étudier à Polytechnique, et plus encore!
1
2
Cyber Research Proposal
Cybersecurity in business
Introduction
Because of today's international economy, securing a company's intellectual property, financial information, and good name is critical for the company's long-term survival and growth. However, with the rise in risks and cyber vulnerability, most businesses find it difficult to keep up with the competition. Since their inception, most companies have reported 16% fraud, 37.7% financial losses, and an average of over 11% share value loss, according to data compiled by the US security. Most corporations and governments are working hard to keep their customers and residents safe from harm. There are both physical and cybersecurity risks involved with these threats. According to a recent study, many company owners aren't aware of the full scope of cybersecurity. People who own their businesses must deal with various issues daily.
Nevertheless, steps are being taken to address these issues. Customers and the company are likely to be protected by the measures adopted. Cybersecurity is one of the most pressing issues facing organizations today. Leaks of a company's intellectual property and other secrets may have devastating effects on its operations, as competitors and rivals will do all in their power to stop them. is an excellent illustration of this. This is perhaps the most talked-about security compromise of the year [footnoteRef:3]. The firm was severely damaged because of this. [1: "Database security attacks and control methods."] [2:q "Comprehending the IoT cyber threat landscape: A data dimensionality reduction technique to infer and characterize Internet-scale IoT probing campaigns."] [3: "The Equifax data breach: What cpas and firms need to know now." ]
Some individuals take advantage of clients by stealing highly important information to profit financially from their actions. For example, if the wrong individuals get their hands on your credit card information, you're in serious trouble since you might lose money. Some families lose all their resources, while others are forced to declare bankruptcy after being financially stable for a long period. Many of the findings of this study will be focused on cybersecurity and the sources of cybersecurity risks. The paper outlines a few of the issues and solutions that organizations may use to keep their operations and consumers safe from exploiting dishonest individuals.
Research question
According to the most recent study, more than 1500 companies have been exposed to some cybersecurity assault[footnoteRef:4]. This research details the specific types of attacks that have occurred. Organizational operations are affected, as is corporate governance, and the internal management of financial status is rendered ineffective due to these assaults. The question that will be investigated during the study is: [4: "Towards blockchain-based identity and access management for internet of things in enterprises."]
How doe ...
1
2
Cyber Research Proposal
Cybersecurity in business
Introduction
Because of today's international economy, securing a company's intellectual property, financial information, and good name is critical for the company's long-term survival and growth. However, with the rise in risks and cyber vulnerability, most businesses find it difficult to keep up with the competition. Since their inception, most companies have reported 16% fraud, 37.7% financial losses, and an average of over 11% share value loss, according to data compiled by the US security. Most corporations and governments are working hard to keep their customers and residents safe from harm. There are both physical and cybersecurity risks involved with these threats. According to a recent study, many company owners aren't aware of the full scope of cybersecurity. People who own their businesses must deal with various issues daily.
Nevertheless, steps are being taken to address these issues. Customers and the company are likely to be protected by the measures adopted. Cybersecurity is one of the most pressing issues facing organizations today. Leaks of a company's intellectual property and other secrets may have devastating effects on its operations, as competitors and rivals will do all in their power to stop them. is an excellent illustration of this. This is perhaps the most talked-about security compromise of the year [footnoteRef:3]. The firm was severely damaged because of this. [1: "Database security attacks and control methods."] [2:q "Comprehending the IoT cyber threat landscape: A data dimensionality reduction technique to infer and characterize Internet-scale IoT probing campaigns."] [3: "The Equifax data breach: What cpas and firms need to know now." ]
Some individuals take advantage of clients by stealing highly important information to profit financially from their actions. For example, if the wrong individuals get their hands on your credit card information, you're in serious trouble since you might lose money. Some families lose all their resources, while others are forced to declare bankruptcy after being financially stable for a long period. Many of the findings of this study will be focused on cybersecurity and the sources of cybersecurity risks. The paper outlines a few of the issues and solutions that organizations may use to keep their operations and consumers safe from exploiting dishonest individuals.
Research question
According to the most recent study, more than 1500 companies have been exposed to some cybersecurity assault[footnoteRef:4]. This research details the specific types of attacks that have occurred. Organizational operations are affected, as is corporate governance, and the internal management of financial status is rendered ineffective due to these assaults. The question that will be investigated during the study is: [4: "Towards blockchain-based identity and access management for internet of things in enterprises."]
How doe ...
Preparing today for tomorrow’s threats.
When companies hear the word “security,” what concepts come to mind
— safety, protection or perhaps comfort? To the average IT administrator,
security conjures up images of locked-down networks and virus-free devices.
An attacker, state-sponsored agent or hactivist, meanwhile, may view security
as a way to demonstrate expertise by infiltrating and bringing down corporate
or government networks for profit, military goals, political gain — or even fun.
We live in a world in which cybercrime is on the rise. A quick scan of the
timeline of major incidents (See Figure 1, Page 9) shows the increasing
frequency and severity of security breaches — a pattern that is likely
to continue for years to come. Few if any organizations are safe from
cybercriminals, to say nothing of national security. In fact, experts even
exposed authentication and encryption vulnerabilities in the U.S. Federal
Aviation Administration’s new state-of-the-art multibillion-dollar air
traffic control system
The Future of Security in Australia: a Think Tank Report by BlackBerry. This white paper from BlackBerry, the mobile-native software and services company dedicated to securing the Enterprise of Things, features the analysis and thoughts from a 10-expert roundtable late last year looking at trends in cyber and mobile security.
Not Prepared for Hacks
U.S. News & World Report Weekly.
(May 30, 2014):
From Educators Reference Complete.
Copyright:
COPYRIGHT 2014 U.S. News and World Report, L.P.. All rights reserved.
http://www.usnews.com/
Full Text:
Data breaches are up and businesses aren't ready to deal with them
By Tom Risen
Hacking increased so much this past year that approximately half of U.S.
adults had their information stolen and less than half of U.S. companies have
taken enough precautions to protect consumer data, according to two studies
released this week.
Recent months have been filled with reports about hackers stealing credit
card data, online account passwords and other personal information from
consumers. These included data breaches of networks at retailers like Target
and Michaels, along with the Heartbleed security bug that made software
vulnerable to spying and online theft. Last week, in one of the latest major
security incidents, eBay urged its users to change their passwords
"because of a cyberattack that compromised a database containing
encrypted passwords and other non-financial data."
Approximately 110 million people, or 47 percent of adults, in the United
States have had their personal information exposed by such attacks, according
to a new study from CNNMoney and cybersecurity research firm the Ponemon
Institute. Attacks will likely become more frequent as Internet and mobile
device use grows, the report cautioned.
To make matters worse, companies are lagging behind trying to protect
themselves, according to PricewaterhouseCoopers' 2014 U.S. State of
Cybercrime Survey published Wednesday. Less than half of companies in the
survey took necessary steps to protect themselves. Only 38 percent
prioritized security investments based on the risks to their businesses, and
only 31 percent have a security strategy for the rapidly growing mobile
sector.
Businesses are unprepared in part because of poor cybersecurity training at
colleges, says Alan Paller, co-chair of the U.S. Department of Homeland
Security's Task Force on CyberSkills, which advises how to train
cybersecurity professionals. Security training was not provided for new
employees at 54 percent of the businesses in the PricewaterhouseCoopers
survey. "Colleges are creating people who can tell you about security
but they cannot fix the system," says Paller, founder of the SANS
Institute cybersecurity training organization.
Many cybersecurity specialists with practical computer expertise "are
not coming out of academia," Paller adds. Rather, "they are a lot
of self ...
Graphic recording artist Kelly Kingman visualizes the key takeaways from some of the top sessions presented at the inaugural 2016 Retail Cyber Intelligence Summit.
12 Prédictions Majeures sur la Cyber Sécurité en 2017AGILLY
Après une année 2016 très mouvementée et marquée par une résurgence des Malware, que nous réserve l'année 2017? Voici 12 Prédictions Majeures sur la Cyber Sécurité en 2017, sélectionnée par IBM Security
Project 2020
Scenarios for the Future of Cybercrime -
White Paper for Decision Makers
2
Contents
1. About Project 2020 3
2. Implications for Cybersecurity Stakeholders 3
3. Cybercriminal Threats 6
4. The View from 2012 8
5. Scenario Narratives for 2020 10
a. Citizen - Kinuko 10
b. Business - Xinesys Enterprises and Lakoocha 14
c. Government - South Sylvania 19
6. Beyond 2020 24
Appendix – Scenario Method 25
3
1. About Project 2020
Project 2020 is an initiative of the International Cyber Security
Protection Alliance (ICSPA). Its aim is to anticipate the future of
cybercrime, enabling governments, businesses and citizens to
prepare themselves for the challenges and opportunities of the
coming decade. It comprises a range of activities, including
common threat reporting, scenario exercises, policy guidance and
capacity building.
The scenarios in this document are not predictions of a single
future. Rather, they are descriptions of a possible future, which
focuses on the impact of cybercrime from the perspectives of an
ordinary Internet user, a manufacturer, a communications service
provider and a government. The events and developments
described are designed to be plausible in some parts of the world,
as opposed to inevitable in all. They take their inspiration from
analysis of the current threat landscape, the expert opinion of
ICSPA members and extensive horizon scanning, particularly of
emerging technologies.
The European Cybercrime Centre (EC3) at Europol and the ICSPA
would like to express their heartfelt thanks to the Global Review
Panel of experts from governments, international organisations,
industry and academia who took the time to validate the scenarios.
This document is undoubtedly the better for it.
2. Implications for Cybersecurity Stakeholders
The scenarios presented in Section 5 raise a number of questions to
be answered by today’s stakeholders and decision makers. These
include:
• Who owns the data in networked systems, and for how
long?
• Who will distinguish between data misuse and legitimate
use, and will we achieve consistency? What data will the
authorities be able to access and use for the purposes of
preventing and disrupting criminal activity?
• Who covers (and recovers) the losses, both financial and in
terms of data recovery?
• Who secures the joins between services, applications and
networks? And how can objects that use different technologies
operate safely in the same environment?
4
• Do we want local or global governance and security
solutions?
• Will we be able to transit to new governance and business
models without causing global shocks, schisms and
significant financial damage?
If these questions remain unanswered, or the responses are
uncoordinated, we risk imposing significant barriers to the
technological advantages prom.
In today’s threat landscape, cyber security isn't just an enterprise concern, nor is it entirely a government concern. To learn what that stance is and what security challenges government agencies are facing, we spoke to retired US Air Force Colonel Cedric Leighton.
The 10 Most Influential People in Cyber Security, 2023.pdfCIO Look Magazine
This edition features a handful of the Most Influential People in Cyber Security that are leading us into a better future
Read More: https://ciolook.com/the-10-most-influential-people-in-cyber-security-2023-january2023/
the Economic and Social Council (ECOSOC)
at its Substantive Session of July 2013 adopted the recommendation of the Committee
on Non-Governmental Organizations (NGOs) to grant Special consultative status to
your organization, Organisation Internationale pour la Sécurité des Transactions
Electroniques OISTE. On behalf of all staff of the Non-Governmental Organizations
Branch, please accept our heartfelt congratulations.
Carlos Moreira Cyber Security Round-table Moderation in NY 2014 M&A Advisory Investment Summit
1. THE M&A ADVISOR SYMPOSIUM REPORT
Featuring
STALWARTS ROUNDTABLE:
CYBERSECURITY – PROTECTING FINANCIAL
PERFORMANCE
JANUARY 2015
At the M&A Advisor’s 2014 Summit, Nov. 18, 2014 at the NewYork Athletic Club, Carlos
Moreira, Founder and CEO,WISeKey, chaired a Stalwarts Roundtable discussion on
Cybersecurity.
Noting multiple recent high-profile cases of corporate and government data breaches, Moreira
raised questions for the panel on whether cybersecurity should be elevated to the C level of
management and how CEOs and Boards of Directors should address cybersecurity concerns
and requirements. More than 50 percent growth in M&A transactions in the cybersecurity
industry in first half of 2014 is directly tied to the risk of cyber-attacks on financial performance
while spending on cybersecurity is expected to top $100 billion in 2015 with a forecasted
annual growth rate of over 20 percent over the next five years.
The principle issues covered included:
• Whether the U.S. government will take action on cybersecurity threats in the private
sector.
•The need for “trusted identity” policies and technology to replace obsolete password
technology.
•The opportunities for start-ups in cybersecurity.
• Whether consolidation will play an increasing role in the cybersecurity industry.
•Threats by state actors on a global basis.
In this report, we gather the insights and reflections of four high-level Cybersecurity and M&A
experts responsible for billions of dollars of investment among them.We detail their expertise
in cybersecurity management and the direction in which the fast-growing industry is likely to
take in 2015 and beyond.
Mario Rebello
Management Consultant
Carlos Moreira
Founder and CEO
WISeKey
Gregory J. Suhajda
Senior Managing Director
Mackinac Partners
Gregory Bedrosian
CEO
Redwood Capital
Jeffrey Wells
Executive Director of
Cyber Development
Maryland Department of Business
& Economic Development
Presented by
2. Presented by
Contents
Executive summary 1
Introduction 1
From passwords to ”trusted identities” 2
Opportunities for cybersecurity start-ups 3
The threat from inside 4
Not just a technology problem 4
Cybersecurity on the M&A checklist 5
Consolidation and building trust 5
Cyber-warfare and fragmentation 6
Video interviews 8
Symposium session video 9
Contributors’ profiles 10
Report sponsor profile 12
Publisher 13
3. 1
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
Executive summary
Demand is increasing for organizational and individual cybersecurity. Destructive cyber-attacks on
high-profile companies (Target, Home Depot) and financial institutions (JP Morgan) in the past year
have heightened awareness of risks and vulnerabilities throughout the business world.These data
breaches, affecting millions of customers, increase liability on boards and CEOs, who are realizing it
is no longer enough to leave cybersecurity to the IT department. More than 50 percent growth in
M&A transactions in the cybersecurity industry in the first half of 2014 is directly tied to the risk of
cyber-attacks on financial performance. Spending on cybersecurity is expected to top $100 billion
in 2015 with a forecast annual growth rate of over 20 percent over the next five years.
Introduction
AtThe M&A Advisor’s Annual M&A Summit in NewYork in London, on November 18, 2014, a
panel of experts discussed the protection of financial performance with cybersecurity.The panel
comprised:
Carlos Moreira | Founder and CEO,WISeKey
Jeffrey Wells | Executive Director of Cyber Development, Maryland Department of Business and
Economic Development
Mario Rebello | Management Consultant
Gregory J. Suhajda | Senior Managing Director, Mackinac Partners
Gregory Bedrosian | CEO, Redwood Capital
Moderator Carlos Moreira, founder and CEO of WISeKey, a leading global cybersecurity company,
noted that the discussion by Cybersecurity Panel would continue at the World Economic Forum in
Davos in January. Moreira led the panel in a wide-ranging discussion on:
• Whether the U.S. government will take action on cybersecurity threats in the private sector.
•The need for “trusted identity” policies and technology to replace obsolete password technology.
•The opportunities for start-ups in cybersecurity.
• Whether consolidation will play an increasing role in the cybersecurity industry.
•Threats by state actors on a global basis.
Moreira opened the discussion with a question to Mario Rebello, Management Consultant, on the
outlook for legislation or government action on cybersecurity in the near term.
“The issue is real,” Rebello said, adding that the Obama administration and Congress are
discussing the situation “in real time.” But with the political gridlock in Washington, Congress and
the administration are having great difficulty in “agreeing on a baseline and on a cybersecurity
framework.” Some want to make cybersecurity measures voluntary; some want to make them
mandatory.The administration has proposed “an excellent cybersecurity framework,” Rebello said,
which is voluntary in nature, but is meeting resistance from Congressional leaders.
4. 2
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
At the state level things are different, he said; governors have been able to get some things done
because both parties were at the table, and they put politics aside on the cybersecurity issue.“At
the state level we’ve actually been able to work on it and form a coalition, whereas in Congress
it’s more difficult to find that coalition – even within a party,” Rebello said. Nonetheless, Rebello
was hopeful that, on the national level,“we will see some action very soon.”
In the private sector, business and industry leaders need to do more to bring “clarity in the
legislation,” Rebello said.“For example, the number one issue that would help us collectively is the
sharing of information on vulnerabilities and risks,” he said, but stressed that many companies are
afraid to come forward and share that information for fear that it will be held against them – thus
there is a need for a “safe harbor provision” in any legislation that will allow and encourage the
sharing of information on cybersecurity risks and solutions.“Having corporate sectors and leaders
and IT come forward and say,‘These are the threats that we are seeing coming in,’ would help
agencies and law enforcement address the issue,” Rebello said.“But there’s just hostility at times at
working together right now in Washington.”
From passwords to “trusted identities”
Carlos Moreira turned to the topic of password technology.“The password is dead,” he declared.
“We have been using passwords for more than 30 years now and the password technology
is totally obsolete.You are all using passwords to access your mobile phones, to access your
websites – and your passwords are totally unprotected.”
Moreira said that the United States is finally looking at the issue with the administration’s “national
strategy for trusted identities in cyberspace…something that we started in Europe years ago.” He
believes that “cybersecurity ground zero” is a country “first protecting its citizens.” Corporations
have ways to protect themselves but citizens are being hacked every day, Moreira said, adding that
in 2013, 18 million Americans lost their personal data, and that these numbers will keep rising. He
asked Mario Rebello to explain how the U.S. government is protecting its citizens.
“Today, we’re really not,” Rebello said.“We are, all of us in this room, we’re the low-hanging fruit
for the hackers.” Government, and business, he said, is not focused on the consumer – instead,
it is trying to protect data and networks:“The hackers are three or four steps ahead of us, but
the opportunity is for us to educate the consumers on how to apply a new standard, a new
framework, and [to ask],‘How do we protect privacy and individual identities?’”
Carlos Moreira turned next to Jeffrey Wells, Executive Director of Cyber Development from
the Maryland Department of Business & Economic Development. Because of its proximity to
Washington, D.C., and myriad government agencies, Maryland is a hub of cybersecurity in the U.S.
“Is cybersecurity a major economic growth engine for the states? Can states create jobs [and]
startups around cybersecurity? What is the strategy in Maryland?” Moreira asked.
“The State of Maryland is certainly considered the epicenter of cybersecurity with the strong
presence of the NSA and Cyber Command and the other agencies that are there,”Wells said,
“We have
been using
passwords for
more than 30
years now and
the password
technology
is totally
obsolete.”
– Carlos Moreira
5. 3
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
adding that cybersecurity is a “cool word,” but asked, what does it really mean? It’s really not about
ones and zeros,Wells said; it’s about the user:“Focusing on the technology is a quick way to make
money, but it’s not about solving the problem.”
Wells explained that Maryland benefits from its geography, its base of customers and educational
institutions, and its startup business community, and that it has evolved with a very serious focus
on providing services to customers – the U.S. government being one of its biggest customers.
Wells said the state tries to approach various sectors and ask what kind of problems they are
facing.“What can we use from what we know in the past and apply that to developing new
companies with products – whether those be software or hardware products – to address very
specific customer needs?”
Opportunities for cybersecurity start-ups
Wells further stated that cybersecurity is a great opportunity for new business models.“It’s
never going to go away. Every single person in this room, every piece of data you have, is
already corrupted,” he added. From a business perspective, he said, whether trying to maximize
an investment or solving internal issues, organizations need to realize they have “already been
invaded, and how to handle that properly.”
By the year 2020, Carlos Moreira said, more than 50 billion devices will be connected to the
Internet.“Car companies are not car companies any more – they’re software companies making
cars,” he said, further stating that these companies are morphing into information technology
platforms and must be able to secure their products:“Hacking your phone is fine but imaging
hacking your car or hacking your house or hacking your power grid or your nuclear stations?”
With this in mind, there’s a huge possibility for the United States to be a leader in cybersecurity,
Moreira said to Wells.
“There’s an incredible opportunity for business growth…to increase efficiency, to really grow
your business and to address real problems,”Wells said. But on the flip side, he said,“There is
an insurmountable number of issues that are out there, and you can’t address every single risk
in cybersecurity on a daily basis because the volume is too much.” Companies and investors
need to employ hedging strategies – identifying the biggest risks and the way to spread risks
across portfolios. They should address cyber threats “from a risk perspective rather than from a
defensive perspective,” he said.
Moreira noted that often, when he would meet with CEOs at companies concerned about their
cybersecurity, the CEOs would say “talk to the IT guy.” But now, with notorious cyber breaches
at companies likeTarget, Home Depot and, more recently, at JP Morgan, CEOs are realizing that
cybersecurity needs to be their concern.“Basically, an entire company’s valuation can be withered
by just having a bad issue of cybersecurity,” he said.
“Focusing on
the technology
is a quick
way to make
money, but
it’s not about
solving the
problem.”
– Jeffrey Wells
6. 4
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
The threat from inside
Gregory Suhajda, Senior Managing Director of Mackinac Partners (a leading financial advisory
and turnaround firm), was asked by Moreira to explain how his firm advises client companies
about cybersecurity, and answered:“This is the old corporate espionage – now with cyber threats,
you can do it from thousands of miles away, and steal proprietary information or employee
information – and there’s so many different ways to infiltrate a company. Does it still involve an
insider?Yes!”The likelihood of a cyber break-in occurring is much higher if someone on the inside
of a company is involved.
Today’s CEO must realize that cybersecurity is a team effort and not just the task of the IT
department, Suhajda said. Company executives, sales people and representatives at all levels—
often traveling with laptops and hard drives and mobile devices – are at extreme risk.“Your
reputation is on the line,” he said.“You can’t just narrow it down to the C-level, or IT, you’ve got
to try to get your arms around everything and narrow it down as best you can.”
Moreira then noted that corporations traditionally viewed themselves as fortresses:“The bad
people are outside and inside we are all good people and therefore if we buy a lot of technology
to protect at the rear we are safe.” But 99 percent of the latest cybersecurity threats happen
inside, Moreira said, because of employees bringing in an unprotected mobile phone, or because
a company has not segregated its personal data from its corporate data.“How do you advise
companies to protect against those threats?” he asked Gregory Suhajda, who said that the
foundation is a very solid set of policies and procedures, but that it carries on from there – in
other words, a company must have a layered system.An example, he said, is having an effective
policy for dealing with terminated or disgruntled employees.“All these simple things now hold a
lot of weight and can cause a lot of damage, so it might not just be a cyberthreat – it might be
sabotage that can cause a great amount of damage.”
Not just a technology problem
“You touched on something really important – this is not just a technology problem,” Jeffrey Wells
interjected.“Technology is the tool but everything in cybersecurity is a people problem, whether
it’s bad design, whether there’s a bad actor somewhere trying to do something internally. It all
comes down to people.This is an entire company’s issue, or an entire ecosystem’s issue.”
But, asked Carlos Moreira, cybersecurity technology is available.Why aren’t companies, why aren’t
people using it? Why aren’t corporations buying this technology?
“At times it’s just priorities,” said Mario Rebello, adding that, in the past, cybersecurity wasn’t
viewed as a big problem or risk. But now, withTarget, Home Depot, JP Morgan and other major
cases, he said,“it’s a major problem. It’s now reached the board level and the CEO and the board
members are liable and are even starting to lose their jobs over this.”
“Today’s
CEO must
realize that
cybersecurity
is a team effort
and not just the
task of the IT
department.”
– Gregory Suhajda
7. 5
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
Cybersecurity on the M&A checklist
Gregory Bedrosian, CEO of investment banking group Redwood Capital, said he is seeing more
and more boards elevate the cybersecurity role to the CEO, or someone at the board level with
cybersecurity expertise.This is increasingly important in the M&A processes of a company within
any sector, especially large-cap acquirers. Bedrosian said that “cybersecurity diligence is being
added to closing checklists in addition to financials, in addition to calling vendors and customers.
They don’t want a situation where it’s been ignored or under-invested in for years, and then they
acquire the business and inherit a lot of those issues,” he said.“It’s unfortunate for some of those
high-profile cases that have been all over the news, it’s unfortunate for those CEOs and those
boards. But the silver lining is that it’s created awareness at a much higher level, and there will be
more focus on that as it relates to value-building.”
“But are we investing enough in cybersecurity?” asked Carlos Moreira, noting that the revenue-
generating ability of the cybersecurity industry has been forecast to be $180 billion by 2018.
Bedrosian said statistics over past couple of years in investment in cybersecurity businesses show
that most are early-stage start-ups. Over 60 percent of the capital deployed into cybersecurity-
related companies over the past 12-18 months was in either seed or A-round investments, he
said.“What it’s saying is there is a whole younger generation of start-ups that are addressing these
emerging needs but they’re at a very early stage,” he added.The positive side is that the types
of investors that are focused on cybersecurity start-ups are some of the world’s leading venture
and private equity groups – Intel, Kleiner Perkins, Sequoia,Accel Partners,Andreesen Horowitz,
Bedrosian said.“So the smart, the high-IQ investors, the cream of the crop of SiliconValley, are
investing but they’re targeting young, smarter players.”
Consolidation and building trust
Over time that could mean a consolidation play, Bedrosian added.“Consolidation is a critical point
in cybersecurity,” noted Carlos Moreira.“My experience as a private company – when I’m trying
to sell my technology to a top 500 firm – the first question they ask me is,‘When are you going
to be public? Because I don’t trust you being a private company on cybersecurity, because there
are critical assets to protect.’”
He added:“So I guess consolidation is a solution, but we also have to educate these C’s that
cybersecurity is not like social media – that you can create a fuss about it and just collect
money…cybersecurity is a long-term process that requires a company to go through the process
of building trust – because it’s all about building trust.”
Jeffrey Wells said that, in Maryland,“…we’ve seen [in] the last 24 months a large number of
ex-government – NSA, PhDs, ex-military,” go into new cybersecurity, many of which are getting
investments by those organizations mentioned by Bedrosian.“One of the challenges again is
educating the customer base as to what the problem is that they have,”Wells added.“There is
“Cybersecurity
diligence is
being added
to closing
checklists in
addition to
financials, in
addition to
calling vendors
and customers.”
– Gregory Bedrosian
8. 6
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
no silver bullet.That’s one of the problems the C-level suites have…they just think,‘I’m going to
call my IT department, and they’ll put a box in, and that solves all my problems.’” Moreover,Wells
added, companies that have invested in legacy systems are loathe to hear that they need to invest
even more to protect them:“I heard somebody at a conference two weeks ago saying you should
be spending 20 percent of what you have to lose on cybersecurity.That’s a big number and that’s
hard for most people to swallow,”Wells said.
Cyber-warfare and fragmentation
Turning to the geopolitical arena, Carlos Moreira noted recent and recurring instances of “cyber
warfare” such as attacks on Saudi Aramco in 2012 and the nation of Estonia in 2007. [Editor’s
note: Since the 2014 Annual M&A Advisor’s Summit, Sony Pictures USA incurred a major cyber-
attack that some experts claim to have been engineered by North Korea, which has denied the
claim.] “This is going to be recurring,” Moreira said.
“This is a grave concern,” said Gregory Suhajda.“That’s why you’re seeing government agencies
gearing up. It’s incredibly challenging, incredibly difficult, and going to take time. Some companies
already know they’re going to fall victim to this so they build it into their budget.” Said Carlos
Moreira:“But the world needs leadership and needs the United States to be the leader.” He also
said Europe is hopelessly fragmented:“We have countries and companies that don’t talk to each
other.The United States should be the leader because it has the biggest companies, the biggest
budget – but you also have a major issue now, which is trust. Snowden has caused damage. How
do you rebuild it?”
“Trust is not going to be resolved anytime soon,” Mario Rebello offered.“European companies
don’t want to deal with American companies because of Snowden.” He recommended forming
joint ventures between cybersecurity start-ups, and collaboration on an individual level with key
industry players in the U.S., Europe,Asia and Brazil.“These are hotspots – but nobody’s talking
to each other, nobody’s sharing information.They’re all in their little corner doing their own thing.
What we need to do as business leaders, as political leaders, as think tanks or influential groups,
we need to bring these stakeholders and really address the trust issue by allowing them to work
together around innovation that is simple and secure. I think that’s how we overcome the trust
issue,” said Rebello.
Gregory Bedrosian said the large U.S. financial institutions “need to take a leadership role [in
rebuilding] that trust –but that’s a big leap for them.” He said he knew from personal experience
with the JP Morgan cyber-attack that the number of employee hours at all levels of the bank
dealing with customer outreach and mitigation “was enormous.”Yet,“there’s a great opportunity
for an institution like JP Morgan to turn that into a positive in terms of touching tens of thousands
of consumers across the country and across the world.”
Wrapping up the discussion with an audience Q&A, the panel agreed that the Internet is changing
dramatically, from initially an informational network to a transactional one – and is faced with
fracturing issues such as China and Brazil restricting access to data-gathering sites. Panelists also
“Trust is not
going to be
resolved anytime
soon. European
companies don’t
want to deal
with American
companies
because of
Snowden.”
– Mario Rebello
9. 7
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
agreed with a questioner who asked if electronic gamers could be an asset to cybersecurity.
“Teaching hacking as a positive thing – as a defensive gesture – can teach a generation of students
to see that there are other ways to solve problems,” said Mario Rebello.“Companies like Google
and Microsoft are actually paying bounties to hackers to help them find flaws in their products.”
10. 8
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
To watch exclusive M&A Advisor interviews with these industry experts on
‘Cybersecurity – Protecting Financial Performance’, click on the following images:
Video interviews
Carlos Moreira
Founder and CEO
WISeKey
Jeffrey Wells
Executive Director of Cyber Development
Maryland Department of Business &
Economic Development
11. 9
Presented by
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
Symposium session video
To watch Stalwarts Roundtable ‘Cybersecurity – Protecting Financial Performance’
at M&A Advisor’s 2014 Summit in NewYork, click on the following image:
Cybersecurity –
Protecting Financial
Performance
12. 10
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
Contributors’ profiles
Mario Rebello is Management Consultant and Counselor, Corporate Relations, Government
Relations, Marketing & Communications. Mario Rebello is a management consultant and public
affairs advisor with more than 20 years’ experience working with the Information Communications
Technology high-tech and manufacturing sectors, and public sector. Mario worked at Microsoft for
over 12 years managing and rebuilding government relations programs and devising new engagement
initiatives post Microsoft DOJ & EU anti-trust eras. Most recently, Mario headed GoodTechnology’s
effort to secure Common Criteria Evaluation Assurance (EAL4+) to open financial and public sector
markets in Europe & Asia; secured FIPS 140-2 certification in the US; and hosted policymakers and
ICT media from around the globe. Mario started his career at UnitedTechnologies Corporation
managing state and local government relations in Hartford, CT; and then went on to serve on the
cabinet of Rhode Island Governor Lincoln Almond as Policy & Legislative Counsel, as well as Policy
Advisor to US Senator John Chaffee (R-RI). Following these government services roles, Mario served
as Government Relations andTelecommunication Policy Counsel at AT&T. Mario has served as
President and Board member of the Portuguese American Scholarship Foundation;Advisor to the
Brookings Institute Metro Program; and supports the Boys & Girls Clubs of America and NFTE.
Carlos Moreira is the Chairman, Chief Executive Officer and Founder of WISeKey, Switzerland. Mr.
Moreira began his career as a UN expert on IT, e-security and trust models; 1983-98, he worked for
ILO, UN, UNCTAD, ITC/WTO,World Bank, UNDP and ESCAP. He was also an early stage pioneer
in the field of digital identity. In 1999, Mr. Moreira founded WISeKey. Mr. Moreira is a member of:
UN Global Compact; Global Clinton Initiative.World Economic Forum: Founding Member, Global
Growth Companies; 2007-13, New Champion; 2012-13,Vice-Chair, Global Agenda Council on Illicit
Trade; Partnering Against Corruption Initiative. Founder: Geneva Security Forum; Geneva Philanthropy
Forum. He was named one of the 300 most influential people in Switzerland for 2013.
Gregory J. Suhajda is the President of the Mackinac Partners Business Intelligence Division and
manages the Company’s service capabilities for corporate due diligence, investigations, cyber security
and business intelligence. Greg brings more than 20 years of experience within the investigative and
international intelligence community to Mackinac, where he has built a platform to service clients
across various industry sectors and business environments. Prior to joining Mackinac Partners, Greg
was the President of Rehmann Corporate Investigative Service, a global risk management and
intelligence firm based inTroy, MI. In his role as President, Greg led a team of seasoned professionals
including former agents of the Secret Service, the FBI and local law enforcement agencies to provide
a comprehensive array of global intelligence and security advisory services. Greg established a
widespread client base ranging from high net worth individuals, Fortune 500 businesses to small
size local clients. Greg’s leadership and experience solidified both the expansion of the Corporate
Investigative Services capabilities and its consistent year over year revenue growth. Greg is a graduate
of GrandValley State University where he earned a Bachelor’s of Science Degree in Business Law.
He is a Certified Fraud Examiner and a graduate ofThe Stanford University Executive Management
Program.
Mario Rebello
Management Consultant
Carlos Moreira
Founder and CEO
WISeKey
Gregory J. Suhajda
Senior Managing Director
Mackinac Partners
13. 11
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
Gregory Bedrosian is the Co-Founder, CEO & Managing Partner of Redwood Capital Group.
He is responsible for the overall strategic direction and management of the firm and takes an
active role in Redwood’s relationships across the corporate and investment communities. Mr.
Bedrosian is an award-winning and seasoned Investment Banker and Private Equity Investor, who
lived and worked in Europe for over half of his 20-plus year career, and whose experience spans
both domestic and cross-border M&A and private equity transactions across the US, Europe
and emerging markets. Prior to the formation of Redwood Capital, Mr. Bedrosian was a Co-
Founder of Renaissance Capital, a leading investment bank focused on the emerging markets of
Russia, Eastern Europe and Africa and Co-Founder and General Partner ofThe Sputnik Funds, a
$1 billion private equity firm investing in the media, communications and other growth sectors.
He has served on numerous corporate and non-profit boards across the US and Europe and he
currently sits on the Harvard Business School Alumni Board of Directors (Emeritus), the Editorial
Advisory Board of a FinancialTimes unit (ExecSense), Chairs the Investment Committee of a
$100 million NewYork-based foundation and serves on the Board of an emerging markets-
focused special situation hedge fund. Mr. Bedrosian holds an M.B.A. from Harvard Business
School and a B.S. in Economics from the Wharton School of the University of Pennsylvania.
Gregory Bedrosian
CEO
Redwood Capital
Jeffrey Wells
Executive Director of
Cyber Development
Maryland Department
of Business & Economic
Development
Jeffrey Wells is Executive Director of Cyber Development in the Maryland Department of
Business & Economic Development (DBED). Jeffrey Wells was appointed Executive Director of
Cyber Development in September of 2013. In that role, his responsibilities include utilizing his
knowledge of the commercial and federal/military aspects of Maryland’s rapidly evolving Cyber
Security industry to support growth, as well as driving the business development and strategic
marketing of Maryland’s many cyber assets. In addition to providing guidance to emerging cyber
companies within Maryland or contemplating moves to the state,Wells directs general cyber
outreach and education, particularly to the business community. He advises individual companies
in incubators, universities, federal labs and other start-up environments, connecting them with
potential investors, buyers and contractors.Wells has over 25 years of experience in providing
analysis, strategy, insight, and leadership to companies in international markets. He has devised
and facilitated profitable and sustainable business initiatives—with a focus on contributing
social value—across diverse cultures and organizations throughout North America, Europe,
Africa, Middle East and Asia. In 2007,Wells established the social business and anti-poverty
enterprise Khalakom. Khalakom used access to mobile technology as a conduit for community,
empowerment, and social change. Prior to Khalakom,Wells was Chief of Operations and Lead
Analyst for the innovation arm of Nokia, Innovent.
14. 12
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
Report sponsor profile
Mackinac Partners
Mackinac Partners is a leading financial, turnaround and business intelligence advisory and
management firm that helps clients resolve financial and operational crises and provides solutions
for business intelligence, investigations and security needs. Our team is focused on helping our
clients, both corporate and private equity, meet emerging challenges and threats.We develop
and implement strategic, financial and operational plans that result in enhanced competitiveness,
increased profitability and reduced risk. Our professionals have deep-rooted expertise in
managing financial distress and restructurings, implementing financial and operational plans, and
spearheading the purchase or sale of assets.We are a leading firm providing C-level interim
management to companies experiencing financial distress, loss of credibility and management
turmoil.While we are generally industry agnostic, we have particularly deep industry expertise
in manufacturing, real estate, hospitality, consumer products, financial services and insurance.
Our senior executives have significant experience in international operations including Europe,
Mexico and Asia.
15. 13
CYBERSECURITY – PROTECTING FINANCIAL PERFORMANCE
Publisher
The M&A Advisor
The M&A Advisor was founded in 1998 to offer insights and intelligence on mergers and
acquisitions through the industry’s leading publication. Over the past seventeen years, we have
established the world’s premier leadership organization of M&A,Turnaround and Financing
professionals.Today, we have the privilege of presenting, publishing, recognizing the achievements
of, and facilitating connections among the industry’s top performers throughout the world with a
comprehensive range of services including:
M&A Advisor Forums and Summits. Exclusive gatherings of global “thought leaders”
M&A Market Intel. Comprehensive research, analysis, and reporting on the industry.
M&A.TV. Reporting on the key industry events and interviewing the newsmakers.
M&A Advisor Awards. Recognizing excellence of the leading firms and professionals.
M&A Connects. Direct connection service for dealmakers, influencers and service providers.
M&A Links.The largest global network of M&A, Financing andTurnaround professionals.
For additional information aboutThe M&A Advisor’s leadership services, contact
lpisareva@maadvisor.com.