LogRhythm: Two-Thirds of Companies Have Lost Deals Due to Security Strategy
LogRhythm, a Colorado-based security company, has released a new report illustrating the role of security in securing lucrative contracts. According to the document entitled, “The State of the Security Team 2022: Can Security Teams Meet Internal and External Stakeholders’ Requirements?”, the majority of respondents (67%) indicated their company had lost a business deal due to the customer’s lack of confidence in their security strategy.
Respondents overwhelmingly indicated that customers and partners are demanding higher standards, highlighting that security has evolved beyond internal consideration. Ninety-one percent reported that their company’s security strategy and practices must now align to customers’ security policies and standards. Partners also exert a new level of due diligence with 85% of respondents stating their company must provide proof of meeting partners’ security requirements.
While LogRhythm’s initial report in 2020 revealed significant misalignment between executives and their security teams with less than half of respondents (43%) saying they received enough executive support, the latest research found support nearly doubled over the last two years. The majority of respondents (83%) said they now receive enough support around budget, strategic vision and buy-in, suggesting an improvement in understanding between executive leadership and their security teams.
“Given the increasing complexity and severity of cyber threats organizations are experiencing, cybersecurity is now a business imperative,” said Andrew Hollister, Chief Security Officer of LogRhythm. “Security events hold the potential to significantly impact revenue, which begs the attention of executive leadership and pushes more organizations to align on expectations both internally and externally.”
When asked if employee turnover reduces the effectiveness of their security teams, the overwhelming majority agreed regardless of their role with 77% of executives, 70% of directors and managers, and 58% of security team members agreeing this has impact.
The research also found work-related stress for the security team is increasing for nearly 7 in 10 companies, with 30% reporting a significant increase, indicating many companies may be trying to do more with less amidst budget constraints.
The leading stressors for security team members include growing attack sophistication, more responsibilities and increasing attack frequency. When asked what would help alleviate their stress, 42% of respondents asked for more experienced security team members, and 41% of respondents requested more integrated security solutions.
The company surveyed 1,175 security professionals and executives across five continents The research investigated security solution capabilities, deployment strategies, gaps, and the value of tool consolidation.
Customers are increasingly expecting vendors to meet specific security requirements. The channel can play an instrumental role in delivering the required levels of security.
Cloudflare Offers Zero Trust Security to Vulnerable Critical Infrastructure
Cloudflare, a San Francisco-based cybersecurity company, has rolled out a new initiative to provide Zero Trust security at no cost to small and medium critical infrastructure organizations around the world. This new program, named Project Safekeeping, aims to protect under-resourced organizations that provide a critical community benefit but are at high risk for cyberattacks, with initial efforts focused on Australia, Germany, Japan, Portugal, and the United Kingdom.
“We know cyberattacks are on the rise and that critical infrastructure is a common target. But we know that when governments buckle down on security, that often means the largest institutions are protected, at the expense of small communities,” said Matthew Prince, co-founder, and CEO, Cloudflare. “Given the success we’ve had with our critical infrastructure program in the United States, we’re excited to bring it to more countries around the world.”
Government resources are typically allocated to the largest and most visible critical infrastructure – immense financial institutions, hospital networks, oil pipelines, and airports. However, small organizations that are the foundation of communities are also at risk, and often reliant on external support, grants, and volunteers: the neighborhood health clinic, water treatment facility, and local energy provider that fulfill fundamental needs. Cloudflare’s Project Safekeeping will build on the Critical Infrastructure Defense Program, created in response to Russia’s invasion of Ukraine to protect US infrastructure. Cloudflare will now expand support to the global community, initially focusing efforts on Australia, Germany, Japan, Portugal, and the United Kingdom. Eligible entities in these regions will gain access to enterprise-level Zero Trust cybersecurity services, as well as application security products like DDOS protection and Web Application Firewall (WAF) for free. To be eligible, Project Safekeeping participants must be nonprofit entities, local government entities, and small and medium-sized private organizations whose primary focus is providing services that are vital to their communities’ health, safety, and basic economic needs.
The initiative underscores the growing IT security risks to critical services.
Granite and Viasat Bring Satellite Internet to Businesses
Granite Telecommunications, a Quincy, Massachusetts-based provider of communications services to multilocation businesses and government agencies, is relaunching its relationship with Viasat Inc. to deliver satellite-based internet service across the U.S.
Through its arrangement with Viasat, Granite offers satellite internet service at broadband speeds to 99 percent of the country, even in rural areas, thereby positioning itself to provide coverage for most customer locations. In addition, the company offers a month-to-month option with the ability to customize plans. The service can typically become operational in three to five days from the time of purchase.
Granite President and CEO Rob Hale said, “We are excited to work with Viasat to deliver secure, reliable satellite internet service to locations throughout the country, including underserved communities where access and cost barriers have put high-speed internet out of reach. Viasat’s expansive coverage footprint supports Granite in bridging the coverage gap for those customers virtually anywhere in the U.S.”
“We’re proud to collaborate with Granite to provide satellite-based high-speed internet to businesses across the country, including hard-to-reach regions,” said Wayne Parrish, head of U.S. sales, Viasat. “Our relationship with Granite provides businesses an opportunity to take advantage of the benefits of broadband internet.”
Founded 20 years ago, Granite has grown to a $1.8 billion company providing advanced communications solutions to more than 650,000 locations, including more than two-thirds of Fortune 100 companies.
The offering provides new options to support customers with facilities in rural areas.