5 cyber security trends in 2020 businesses need to know

As Australian businesses continue to move their operations online, large corporations and small to medium enterprises (SMEs) alike are grappling with increasingly savvy cyber attacks. According to Business Victoria, such attacks can cost businesses an average of $276,000 to detect, recover, and repair. SMEs are particularly vulnerable, with some sources suggesting that as much as 43% of all cyber attacks in Australia target smaller businesses. Against this backdrop, it’s critical that business owners keep informed of the current cybersecurity trends and equip themselves with the tools to combat them. That’s why we’ve teamed up with cyber security experts ESET to bring you the top 5 cyber security trends Australian business owners need to know in 2020. From ransomware attacks to business email compromise scams, read on to learn cybersecurity trends in 2020 that you should be mindful of.

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Software Security

Fortinet Unveils High-Performance Switches for Modern Campus Security

Fortinet | October 11, 2023

Fortinet has announced the introduction of two new campus switches, the FortiSwitch 2000 and 600. These systems are designed with high performance and port density, ensuring they meet the requirements of modern campuses and can easily scale as connectivity demands increase. Organizations require high-performance switches that smartly manage AP traffic and prevent bottlenecks to ensure network availability and a favorable user experience. Fortinet, a leading global cybersecurity provider pioneering the integration of networking and security, has unveiled two new campus switches, the FortiSwitch 600 and 2000. These switches cater to the expanding connectivity and security requirements of campus, offering embedded intelligence, high performance, and seamless integration with FortiGuard AI-Powered Security Services and Fortinet’s AIOps management tools. The FortiSwitch 600 series is an innovative multi-gigabit secure campus access switch featuring up to 5GE access and 25GE uplinks. This switch optimizes network performance by smartly managing traffic from next-generation APs to crucial business destinations. On the other hand, the FortiSwitch 2000 series is a robust campus core switch specifically designed for larger, intricate campus setups. It aggregates high-performance access switches such as the FortiSwitch 600. Both series come with a dual power supply, ensuring the redundancy essential for today's high-performance campuses. Chief Marketing Officer and EVP of Product Strategy at Fortinet, John Maddison, stated, Fortinet has delivered secure switching solutions for 20 years, making it uniquely positioned to enable customers with a robust secure connectivity solution for the entire LAN. We’re the only vendor providing fully converged wireless and wired AI-powered security and networking through a single platform, providing security and visibility from the moment a user or device connects to the network. [Source – Globe Newswire] Numerous organizations are investing in next-gen wireless access points (APs) to offer increased connectivity as users demand more bandwidth than ever before. However, legacy switching solutions often cannot keep up. To ensure positive user experience and network availability, organizations require high-performance switches that intelligently coordinate AP traffic and prevent bottlenecks in order. Jeff Howlett, Chief Information Officer at Meredith College, said, Our campus environment supports thousands of faculty and students, and Fortinet switches assisted us modernize our infrastructure to provide the consistent connectivity and Power-over-Ethernet they require. And by managing all of our switches through FortiGate NGFWs, we consolidated point products into a unified platform that provides more visibility into potential security risks than we have ever had before. [Source – Globe Newswire] For the past two decades, Fortinet has been at the forefront of integrating networking and security in both wired and wireless LAN solutions. The newly introduced switches are the latest enhancements to its secure connectivity platform, offering complete access control, security, and unified management across the entire LAN infrastructure.

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Software Security

Okta Unveils Identity Threat Protection with Okta AI for Its Cloud

Okta | October 09, 2023

Okta, Inc. announces Identity Threat Protection with Okta AI, a new product for Okta Workforce Identity Cloud. It enables security teams and admins to constantly evaluate user risk during active sessions and respond automatically to Identity threats across the entire ecosystem. Identity Threat Protection enables organizations to mitigate risk with enhanced threat detection and response capabilities. Okta, Inc., the leading independent Identity partner, has introduced Identity Threat Protection with Okta AI, a revolutionary product within the Okta Workforce Identity Cloud. This innovative solution provides identity-based threat detection and mitigation in real-time. Identity Threat Protection goes beyond initial authentication by employing Okta AI and security infrastructure insights. It assures continuous user risk assessment during active sessions and enables automatic responses to Identity threats across the entire ecosystem. Organizations are increasingly adopting diverse cybersecurity tools to counter evolving threats. However, this leads to a flood of detailed security data, making it daunting for administrators to set up efficient policies and identify crucial threats. This fragmentation makes it challenging to track the risk of any specific user session over time and requires navigating various consoles. Okta stands out with its unified Identity deployment, offering a unique ability to evaluate risks across security domains and active user sessions. This innovative strategy solves a crucial business challenge as, according to Gartner, "By 2025, organizations that adopt a continuous adaptive trust strategy will reduce [account takeover] along with other identity risks by 30%..." President and CDO of Workforce Identity Cloud at Okta, Sagnik Nandy, said, Organizations need the ability to not only bring together risk insights at the point of login, but also to re-evaluate at any point in a user’s session. Identity Threat Protection extends Okta’s adaptive risk analysis and delivers automatic remediation and response, assisting businesses stop potential threats in real-time. [Source – Business Wire] Multi-factor authentication (MFA) is a vital tool in combating identity-based attacks. However, its effectiveness typically extends only to the login stage. Using shared signals throughout a user's active session, Identity Threat Protection equips organizations with enhanced threat detection and response capabilities, thereby mitigating risk. Initial launch capabilities include: Continuous Risk Evaluation Shared Signals Pipeline Adaptive Actions CIO at Palo Alto Networks, Meerah Rajavel, said, Our world-class threat intelligence innovations assist secure enterprises against evolving attack methods. Partnering with Okta’s Identity Threat Protection is a great opportunity to further empower enterprises with security signal sharing, assisting them to better detect changes in user risk across their tech stack. [Source – Business Wire]

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Enterprise Security

Honeywell Uses Quantum Computing Encryption to Protect Utility Data

Honeywell | September 11, 2023

Honeywell has announced that it's the first company to incorporate quantum-computing-hardened encryption keys into smart utility meters, protecting end-user data from advanced cybersecurity threats. Quantinuum's Quantum Origin provides an advantage over conventional solutions by generating keys with quantum-computing-enhanced randomness. Honeywell's new Smart Energy and Thermal Solution products powered with Quantum Origin are now available to North American and European customers. Honeywell recently made a groundbreaking announcement that it is the first company to incorporate quantum-computing-hardened encryption keys into smart utility meters, a move that provides advanced protection for end-user data against cyber threats. To achieve this, Honeywell will leverage Quantinuum's Quantum Origin technology to not only enhance data security but also contribute to building greater reliability and trust in the evolving utility sector. The enhanced security utility meters establish a new standard for safeguarding against data breaches and ensuring the uninterrupted operation of water, gas, and electricity utility infrastructure for both commercial and residential applications. Quantinuum's Quantum Origin provides an advantage over conventional solutions by generating keys with quantum-computing-enhanced randomness, thereby rendering them truly unpredictable and substantially enhancing the data security of utilities' end users. No other organizations in the smart meter market presently offer quantum-hardened encryption protection. The incorporation of this technology into Honeywell's Smart Energy and Thermal Solutions' products will assist in addressing the industry's expanding data security requirements, especially as they pertain to critical infrastructure. President of Smart Energy and Thermal Solutions at Honeywell, Hamed Heyhat, said, By integrating Quantinuum's quantum-computing-hardened encryption technology into our smart meters, we are advancing data security for our customers and helping to shape the dialogue on how the utility industries should approach cybersecurity in the quantum era. [Source – Cision PR Newswire] Hamed Heyhat emphasized the significance of continuous innovation in enabling customers to stay ahead of the ever-changing threat landscape. It was noted that such a level of protection is crucial in our progressively digital and interconnected world. Tony Uttley, President and COO of Quantinuum, mentioned, Our work with Honeywell demonstrates the importance of using the power of today's quantum computers to create a more resilient cyber infrastructure to better protect customers. [Source – Cision PR Newswire] Smart Energy and Thermal Solution products from Honeywell with Quantum Origin are now available to North American and European customers. The collaboration will strengthen Honeywell's position as an industry-leading provider of innovative and secure solutions for the utilities industry.

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