Business Global Survey Quantifies Exploding Cybersecurity Initiatives Published 3 years ago on October 12, 2015 By Lester Coleman Cybersecurity represents one of the fastest growing industries in the world, if not the fastest, as Internet commerce expands, and online data becomes more exposed to cyber attack. The cost of cybersecurity is estimated to be in the billions of dollars. PriceWaterhouseCoopers (PwC) LLP quantified the business and government investment in cybersecurity in a recent survey, Global State of Information Security 2016. The survey examines cybersecurity initiatives by business and government organizations in the last few years. The survey is a global initiative of PwC, CISO, and CSO. It was conducted online from May 7, 2015 to June 12, 2015. The report is based on responses from more than 10,000 CEOs, CFOs, CIOs, chief information security officers (CISOs), chief security officers (CSOs), vice presidents and directors of IT and security organizations from 127 nations. The study includes charts on cybersecurity incidents, investments, safeguards, leadership and other results. A snapshot of the state of corporate cybersecurity. Investment Takes Many Forms Business and government organizations are undertaking numerous initiatives to improve cybersecurity systems. Online security risks are causing business and government to adopt new technologies such as cloud-enabled cybersecurity, “Big Data” analytics and advanced authentication measures. Collaborative approaches include sharing intelligence on threats and response techniques. Organizations are reconsidering key executive and board of director roles to provide more resilient and proactive security measures. The vast of survey respondents, 91%, use a risk-based cybersecurity framework. Most said they follow ISO 27001 guidelines, the U.S. National Institute of Standards and Technology (NIST) Cybersecurity Framework and SANS Critical Controls. Such guidelines enable organizations to identify and prioritize threats quickly and reduce risks. By adopting a risk-based framework, organizations can better communicate and collaborate on security measures both internally and externally. Such a framework can help an organization design and measure goals. An even larger majority, 96%, use cloud-based cybersecurity services. Providers have invested in advanced technologies for privacy, data protection, network security and identity management. Many have also provided capabilities to enable intelligence gathering. This allows them to better prevent attacks and improve response. Sixty-nine percent of the respondents have cloud-based security to protect data and better ensure privacy. They further entrust a range of services to the cloud such as real-time monitoring/analytics, identity and access management, and advanced authentication. How Big Data Plays a Role Fifty-nine percent of respondents leverage Big Data to improve cybersecurity. Big Data analytics can model and track cybersecurity threats. The analytics also allow organizations to respond to incidents and yield audit data to better understand how data can be used. A data-based approach can transfer cybersecurity from perimeter-based defenses. This can enable an organization to use real-time data to predict incidents. Data-based approaches enable organizations to better comprehend anomalous network actions and respond faster. Some organizations combine Big Data with existing security and event management systems to create a better view of activity within their networks. Others use data analytics to identify and track employee use patterns and improper access. Also read: The top five cybersecurity vulnerabilities for businesses Collaboration Becomes More Important Sixty-five percent of survey respondents collaborated with other parties in 2015 to improve cybersecurity, marking a significant gain over 2013 when 50% noted doing this. Organizations taking this action cite specific benefits. Most say such collaboration gives them more actionable data from peer organizations, in addition to information from law enforcement and government agencies. Many say such sharing improves awareness of threats. Organizations that do not collaborate cite a lack of a data-sharing framework and data formats that are compatible. Another vulnerability cited by these organizations is not communicating updates at network speed. Security Executives Assume A Bigger Role A positive finding the survey cited is that top security executives and board members are playing more prominent roles in organizations. Fifty-four percent have a CISO to oversee security while 49% have a CSO. Top security executive roles have expanded. The CISO of today should have expertise in risk management, corporate governance and business in addition to security. This year marked a double-digit increase in board of director involvement in data security. Such involvement improves cybersecurity measures. Forty-six percent of respondents noted the board participates in security budgets. Outcomes attributed to this involvement include higher security spending, key risk identification, fostering a culture of security, and closer alignment of data security with business goals and risk management. Financial Services Takes Center Stage One of the more positive findings is that financial services respondents reported slightly fewer cybersecurity incidents in 2015. At the same time, these organizations increased data security budgets over the prior year. The study examined how financial services companies address challenges such as third-party partners’ security capabilities, growing use of apps and mobile devices, and an increase in foreign nation-state attacks, organized crime and hackers. Such companies are upgrading security systems with cloud-based services, biometrics, advanced authentication and Big Data analytics. These firms ranked security capabilities of third-party service providers as a leading challenge in data security measures. Some financial sector companies are upgrading cooperation with third party providers through risk-based frameworks. Such guidelines can enable organizations to exchange information more easily with third party partners and can relay concerns about services. The use of apps and mobile devices for consumer banking has increased, and to better secure these interactions, respondents cited security of mobile devices as a top 2015 spending priority. One way they are addressing this risk is through advanced authentication. Financial sector companies noted organized crime groups and foreign nation states are working together on cyber attacks. Many financial companies are using Big Data analytics to monitor covert threats to better comprehend security risks. Cybersecurity Impacts Many Industries Other industry sectors impacted by cybersecurity include: retail and consumer; life science and pharmaceuticals; power and utilities; automotive; entertainment, media and communications; health care payers and providers; industrial products; oil and gas; public sector; technology; and telecommunications. Findings include: • In 2015, there were 38% more security incidents than in 2014. • Theft of “hard” intellectual property grew 56% in 2015. • Survey respondents increased information security budgets in 2015 by 25%. • 58% of respondents have an information security function. • 53% have an employee training and awareness program. • 52% have third party security base-line standards. • 49% do threat assessments. • 48% have active monitoring and analysis of security intelligence. • 59% have cybersecurity insurance. Images from Shutterstock and PricewaterhouseCoopers. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Lester Coleman 3.9 stars on average, based on 8 rated postsLester Coleman is a veteran business journalist based in the United States. He has covered the payments industry for several years and is available for writing assignments. Follow @HackedCom Feedback or Requests? Related Topics:CISOPWC Up Next U.S. Startups Set to Get a Boost with a $400 Million Chinese Seed Fund – CSC Upshot Don't Miss LogMeIn Acquires Password Manager LastPass for $110 Million You may like As Alternative Assets Grow, It’s Time to Recognize Cryptocurrency as a Viable Investment Option Exchange Traded Funds Hit Record $2.865 Trillion In April; May Reach $5.9 Trillion By 2021 Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Business Uber: $120 Billion IPO? Published 3 days ago on October 16, 2018 By Sam Bourgi Uber Technologies Inc., the global ride-hailing giant, is reportedly eyeing an initial public offering (IPO) worth as much as $120 billion. According to The Wall Street Journal, the IPO could take place early next year, giving investors ample time to prepare. More Valuable than the Auto Giants The $120 billion value proposal was delivered to Uber last month by Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), two of Wall Street’s largest banks. The banks were presumably advising Uber on how to position stock offerings to potential investors before underwriting the IPO. The new valuation far exceeds the one Uber received from Toyota Motors Co (TYO), which priced the ride-sharing service at %72 billion. At $120 billion, Uber would be worth more than the General Motors Co (GM), Ford Motor Co (F) and Fiat Chrysler Automobiles (FCA) combined. The Detroit auto giants have seen their valuations rise in the wake of the financial crisis, buoyed by a prolonged recovery and increased appetite for automobiles. However, their growth has paled in comparison to Uber’s, which was founded in 2009. Uber’s expansion hasn’t been without growing pains. The company has been mired by regulatory bottlenecks, workplace scandals and the alleged theft of trade secrets from Alphabet Inc. (GOOGL), Google’s parent company. It is not entirely clear what metrics the Wall Street banks used to evaluate Uber’s potential value. The company reportedly told Morgan Stanley it won’t be profitable for at least another three years, though annual revenues are expected to reach up to $11 billion this year. That’s a marked rise over the $7.78 billion generated in 2017. While there’s no guarantee that Uber will go public in the proposed timeframe, it must issue a public offering by the end of 2019, according to WSJ sources. That’s the agreement it has in place with investor SoftBank Group Corp. Uber by the Numbers Uber’s startling growth over the past nine years can be represented by a few statistics. As of May 8, 2018, the company had 19,000 employees. This doesn’t include the more than 3 million drivers who are getting paid through the ride-hailing service. Since inception, Uber drivers have completed some 10 billion rides. This averages out to about 15 million rides each day. Gross bookings in 2016 alone amounted to $20 billion. As of June, 75 million riders were using the Uber app. In the U.S. alone, adult users are projected to reach 48 million by the end of 2018. The Uber app is installed on 21% of U.S. adult Android devices. Currently, Uber owns up to 87% of the U.S. ride-hailing market. The growth and widespread adoption of the service has opened the door to other competitors, with Lyft being the biggest. Founded in 2012, Lyft is available in about 220 cities across the U.S. as well as in major cities across Asia. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (2 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Sam Bourgi 4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts. Follow @HackedCom Feedback or Requests? Continue Reading Business Argo Mining as a Means of Diversification Published 5 days ago on October 14, 2018 By William Bartlett Buying Bitcoin (or any cryptocurrency) is something we talk about a lot, but earning crypto is just as interesting. There are many ways to earn crypto that allow for arbitrage-like opportunities, but the focus of this piece is on mining companies. More specifically, Argo Mining, which is the first cryptocurrency mining company to IPO. That might not sound like a big deal, but it gives Argo a critical competitive advantage over other companies. The Mining Industry One thing is clear right now, the mining industry is still very opaque. Users are constantly worried about being scammed, which is very similar to how it was when trading exchanges were popping up left and right. There are numerous options out there for companies that will help you mine cryptocurrency, but it isn’t always clear what the best choice is. You can go one of two routes: have a mining application operate on your computer, or pay for a rented service. Honeyminer is an example of a native application that works well and pays out cryptocurrency, and Argo is an example of a “shared service”. Argo operates much like Amazon Web Services does. You pay to rent computational capabilities, but your goals end up being slightly different. The business models are sound, but very different. Where Argo’s Advantage Comes From Argo is the first mining company to IPO, which adds a level of trust that no other company can currently command. There are so many potential risks for users that they tend to shy away from these companies. They are worried about their payment information being ripped off, withdrawal of the coins, and the costs being greater than the revenues. By raising $32 million in their June 11th IPO, Argo has alleviated many of these worries, and added a degree of trust to their brand. They started off mostly mining altcoins such as Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash, but have recently announced Bitcoin mining packages as well. The overall goal of Argo, as stated by their CEO, Jonathan Bixbay, is to democratize mining so everyone can participate. Right now, most of the mining is done by a select few of the elites, and Argo is enabling the wealth to be spread here. Can Argo Actually Make You Money? The big question to answer about Argo is whether you can actually make money doing this. The costs per month could potentially be higher than the value of the crypto you mine. Sure, you don’t have to pay trading fees on them, but it is important to calculate exactly how much you are coming out ahead. It depends on the package, but you could potentially end up paying more for the fees than you earn. The trick is to remember that the crypto market isn’t like other markets – it isn’t perfectly efficient – and there are always arbitrage opportunities if you look hard enough. An Alternate Route to Being Long Crypto With much of crypto mining currently being done by elites because of the massive investment involved, it is clear that Argo has tapped a massive market. The company had a waitlist of 50,000 in September, and with the funds from the IPO, they can finally finance the expansion of their operations in a way that will speed up the number of people they can bring online. If you believe Bitcoin (or cryptocurrencies in general) is coming out of a rut soon, then this is a good way to diversify into the market. Do your own tests and make sure that you are coming out ahead after the fees, but it should be a simple way to make some extra money in what is currently an inefficient market. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... William Bartlett 4.1 stars on average, based on 41 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Ripple Price Analysis: XRP/USD at Risk of September Bull Run Being Completely Deflated Published 1 week ago on October 9, 2018 By Ken Chigbo Ripple’s native token XRP is at large danger of totally giving back the big September bull run gains. XRP/USD is capped to the upside at $0.6000. Vital near-term support seen tracking from $0.4550-0.4350. Ripple’s native token XRP price has further been sent down to the burning south. This comes after the chunky and excessive bull run observed at the back end of September. XRP/USD had run higher by some 190%, from lows of around $0.27. Bulls managed to see a spike up, just short of $0.8000, within the early $0.7900 territory. Since this initial big trek to the north, up to mentioned highs, the price has dropped around 40%. September Recap There was not one catalyst behind the rocket move of around 195% in September for Ripple’s XRP. A few developments are worth recapping. Fintech heavyweight in Japan, SBI Holdings, announced their plans to launch a Ripple-powered mobile payment application known as MoneyTap. Elsewhere, London-based firm TransferGo announced they are using Ripple’s blockchain. This will be to facilitate digital currency transfer from Europe to India. Furthermore, the litigation between R3 and Ripple Lab announced that they have reached a settlement of all outstanding litigation between the parties. To top all the above, there was huge anticipation ahead of the xRapid product launch. This is now live, available for commercial use, allowing both individuals and businesses to access instant liquidity and low fees, using Ripple’s XRP. This trumps the traditional process of a 2-3 day wait. A sense of buy on the rumor sell on the fact was definitely observed here. Technical Review XRP/USD is on its journey south, looking to completely give back September’s run higher. Starting off with resistance, as can be seen the price upside has been capped at $0.6000. There hasn’t been enough momentum since the exhausted rally, to clear this chunky supply cap. Firm rejections have been observed at the mentioned resistance block since the bull run. If life kicks back into the bulls, they will need to comfortably settle around $0.7500, before then conquering $0.8000. Ripple’ XRP is still a long way away from of reclaiming the big psychological $1.00, with much supply even seen within the early to mid $0.9000 region. XRP/USD 4-hour chart Given current downside momentum, near-term support is now eyed from a range of $0.4550-0.4350. This is a demand zone, having proven to be the case during the fall on 25th September. The price managed to receive a bid within this area, moving back towards the $0.6000 resistance, before again faltering. Should the demand zone fail to hold, there will likely be a very fast move, back down to 0.2700-0.2500 area. XRP/USD had been within consolidation mode, for much of September, it was floating around this territory. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (3 votes, average: 2.33 out of 5)You need to be a registered member to rate this. Loading... Ken Chigbo 4.5 stars on average, based on 32 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets. Follow @HackedCom Feedback or Requests? 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