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As we enter the final months of 2023 and help customers create their 2024 roadmaps, cybersecurity is an essential part of the conversation. For this week’s Supplier Round Table discussion, Telarus’ VP of Security, Jason Stein, discussed top trends and insights with security experts fromAT&T Cybersecurity, Thrive, and 11:11 Systems. Here’s a taste of what they shared. Be sure to check out the full call recording to get the most out of this engaging round table. 

What we learned from the call:

  1. Cybersecurity spending is on the rise, and tech advisors are well-positioned to support new initiatives:  Jason Stein, VP of Security for Telarus, cited that cybersecurity is an approximately $175 billion industry today and is set to double in 2024, with 40% of that spend in North America. “Most breaches are still in the United States. We’re one of the most heavily attacked countries in the world. There are lots of industries where we’re seeing a big uptick because there’s just not enough cybersecurity resources available. There’s still 3.5 million vacant cybersecurity jobs,” said Stein.  

This represents an exciting opportunity for technology advisors as IT leaders look for outside support to manage increasing cybersecurity-related challenges.  

“Lots of organizations still need new tech, and with this comes new security management needs. Always ask customers what endpoint they are on and make sure they have the right security measures in place.”  

– Mac McClenathan, VP of National Partner Development, 11:11 Systems

  1. New SEC requirements bring new opportunity to become a critical partner for your customers – By Dec 31, the US Securities and Exchange Commission (SEC) will enforce a new ruling for all publicly traded companies. They will have four days to disclose any material security breach. “This is a 400-page document. Companies of all sizes will need help understanding how and when to remain compliant. Cybersecurity consultants can really help with this,” said Elia Cohen, Director of Channel Sales for AT&T Cybersecurity.

“The [updated SEC cybersecurity disclosure rules] require companies to interpret hundreds of pages of guidance on what they need to do, but they have to work through their own legal team to determine how to demonstrate and report they’re in compliance with the ruling. The best way to accomplish this is to have an expert work with them, interpret what defines a material breach for that business, work through exercises to simulate how they would go through and collect the [breached] data, and then how to disclose that within the required timeframe.”  

– Elia Cohen, Director of Channel Sales, AT&T Cybersecurity 

  1. Every security conversation should include cyber insurance – Stein cited that the cyber insurance industry will be a $13 billion industry as we head into the new year. The right cybersecurity supplier can help with compliance assessment as well as company’s existing policy to see what’s missing. “60% of all organizations in North America have to have a policy, certain industries mandate it,” said Stein. But many internal security teams lack the time and resources to stay on top of evolving requirements and how to avoid sky-high premiums.Michael Dietze, VP of Channel Sales for Thrive shared an example of a 200-employee healthcare organization with a one-person IT department. “They didn’t know where they stood with requirements in their highly regulated industry. We helped them avoid insurance fraud simply by asking a few questions and identifying a few gaps. In the healthcare client’s case, we came up with a full assessment and offered a comprehensive suite of services to meet their compliance needs and ultimately lower their premiums.” 

“I always recommend technology advisors start with a few key questions about cyber insurance: Is there a gap you know about?  When is the last time you had a formal assessment? Usually this leads to loads of opportunity.”  

– Michael Dietze, VP of Channel Sales, Thrive 

  1. Cybersecurity solutions in action (customer case studies) – Stein and our featured suppliers shared several examples of how they helped customers navigate cyber insurance compliance, procedures and processes for cyber incidents, cyber awareness training, and more. Watch the call recording to learn all about their results.

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