Welcome!

Cognitive Computing Authors: Yeshim Deniz, Jyoti Bansal, Elizabeth White, Carmen Gonzalez, Liz McMillan

News Feed Item

Industry Analysis Reveals Healthcare and Pharmaceutical Industry Lags in Security Effectiveness

BitSight Insights Report Rates Cyber Security Performance of Finance, Utilities, Retail and Healthcare and Pharmaceutical Industries

CAMBRIDGE, MA -- (Marketwired) -- 05/28/14 -- BitSight Technologies, the standard in Security Ratings, today released a new BitSight Insights report, which analyzed Security Ratings for S&P 500 companies in four industries -- finance, utilities, retail and healthcare and pharmaceuticals. The objective was to uncover quantifiable differences in security performance across industries from April 2013 through March 2014. The study revealed that the healthcare and pharmaceuticals sector has many of the same characteristics as the retail sector, including a high volume of security incidents and slow response times, and that both of these sectors lag behind the finance and utilities sectors in security performance.

BitSight Technologies uses publically available data to rate companies' security performance on a daily basis. Observed security events and configurations, such as communication with a botnet, malware distribution, and email server configuration, are assessed for severity, frequency and duration and used to generate objective Security Ratings. BitSight Security Ratings range from 250 to 900, with higher ratings equating to higher security performance. Industry ratings are calculated using a simple average of the Security Ratings of companies in that sector.

Key Findings
Retail's poor performance continues

  • Within the past year the security performance of the retail industry declined, ending the time period at an average of 685.
  • The number of security events observed by BitSight increased nearly 200 percent from April 2013 to March 2014.
  • Zeus and Zero Access accounted for one third of all malware in the retail industry.

Healthcare and pharmaceuticals demonstrate signs of serious illness

  • The average rating in this industry was 660. Like the retail sector, the spread in performance across the industry is large, implying that there are many companies that are seriously underperforming.
  • This sector saw the largest percentage increase in the number of security incidents observed by BitSight over the time period.
  • The average event duration, (the number of days between the first time BitSight observes an event to the last time) is longer than any other industry, at 5.3 days.

Finance tops the list

  • The average rating in the finance industry was 765, the highest of all of the industries analyzed, despite an increase in the number of observed incidents.
  • Zeus malware made up 33 percent of the identified malware that hit the finance industry.
  • The finance industry had the shortest average event duration suggesting that this sector is quicker to detect and respond to cyber threats than others.

Utilities also shine bright

  • The average rating was 751 for the utilities industry and like finance, the range of ratings within the utilities sector is relatively narrow, meaning the majority of companies are high performers.
  • Redyms, a family of trojans designed to redirect search engine results, hit this sector particularly hard, accounting for 26 percent of all observed malware.
  • Similar to finance, the generally positive security performance in this industry is likely the result of both executive-level focus on cyber risk as well as industry regulation.

Supporting Quotes
"Based on our analysis, it is clear that organizations that treat cyber security as a strategic issue perform better than those that view it as a tactical one. This partially explains the superior Security Ratings of financial institutions and electric utilities in the S&P 500 compared to retailers and healthcare companies."
-- Stephen Boyer, BitSight co-founder and CTO

"These strong Security Ratings of the electric utilities in the S&P 500 are no surprise, in my experience, large IOUs (Investor Owned Utilities) have fairly sophisticated IT security practices. Like large financial institutions, they have significant security budgets and cyber risk has executive level visibility. Although NERC CIP only applies to portions of these IOUs, it has lead to a significant shift in attitudes towards cyber security in large utilities."
-- Dave Dalva, VP of Security Science at Stroz Friedberg

"Many retailers do indeed have strong security practices, and the recent announcement from the Retail Industry Leaders Association (RILA) about the creation of a Retail Cyber Intelligence Sharing Center is certainly a step in the right direction. However, cyber security still needs greater resources and executive level attention across the industry."
-- Chris Poulin, IANS Faculty Member

"In our recent assessment of medical devices used in clinics and hospital around the country, weak encryption, lack of key management, poor authentication and authorization protocols, and insecure communications were all common findings. These gaps in security can lead to a compromise in data confidentiality and integrity. When sensitive data is compromised, it can not only create risks for patients, but also expose health care providers and device manufacturers to regulatory and business risks."
-- Chandu Ketkar, Technical Manager at Cigital

To download a full copy of the BitSight Insights report, visit http://bitsig.ht/TxGRXy. To download a ZIP file containing high resolution versions of the charts and graphs included in the report, click here http://www.bitsighttech.com/sites/default/files/BitSight%20Insights%20Vol%204%20Graphics%20Kit.zip.

About BitSight Technologies
BitSight Technologies is transforming how companies manage information security risk with objective, evidence-based security ratings. The company's Security Rating Platform continuously analyzes vast amounts of external data on security behaviors in order to help organizations make timely risk management decisions. Based in Cambridge, MA, BitSight is backed by Commonwealth Capital Ventures, Flybridge Capital Partners, Globespan Capital Partners, and Menlo Ventures. For more information, please visit www.bitsighttech.com or follow @BitSight on Twitter.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2602745

Contact:
Kristina Lanpheir
Kulesa Faul for BitSight Technologies
Email Contact
831-251-9120

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.