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Security

Could AI-generated ‘synthetic data’ be about to take off in the security space?

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Synthetic data startups are spearheading a revolution in artificial intelligence (AI) by redefining the landscape of data generation that will have implications for myriad industries, including security.

That’s according to GlobalData, which says substantial venture capital investments and a clear sense of direction, these startups are transforming industries, overcoming data limitations, and propelling AI innovation to new heights,

Kiran Raj, Practice Head of Disruptive Tech at GlobalData, said: “Synthetic data startups are breaking through the shackles of data quality and regulation, becoming the trusty substitutes for AI training. As the demand for reliable, cost-effective, time-efficient, and privacy-preserving data continues to accelerate, startups envision a future powered by synthetic data, ushering a new era of machine learning progress. The continuous exploration and innovation in this space promise exciting opportunities and transformative impact on AI development in the years to come.”

Shagun Sachdeva, Project Manager of Disruptive Tech at GlobalData, added: “The bullish investment landscape, expanding use cases across industries, and the ongoing AI advancements flowing to downstream tasks signify that we are merely scratching the surface of what synthetic data can truly achieve. Ranging from financial services and healthcare to automotive and retail sectors, GlobalData expects more remarkable innovations and transformative impacts across industries in the realms of synthetic data, which bodes well for the startups working in the space.”

GlobalData’s Innovation Radar report, Startup Series – Synthetic Data – The Master Key to AI’s Future, highlights the dynamic application landscape of synthetic data by startups across sectors.

Healthcare

Synthetic data in healthcare enables privacy-preserving research, improves AI model training by augmenting real patient data, and supports simulation and training for medical professionals. It also aids in drug discovery, clinical trials, and optimizing healthcare systems for enhanced patient care. Aindo, Betterdata, and Gretel are some of the synthetic data startups addressing the needs of healthcare sector.

Financial services

Synthetic data offers significant advantages in financial services, including fraud detection, customer analytics, regulatory compliance, portfolio management, cybersecurity, and chatbot training. By harnessing the power of synthetic data, financial institutions can enhance operational efficiency, mitigate risks, personalize services, and drive innovation in a privacy-conscious manner. Clearbox, Hazy, and Diveplane are some of the synthetic data startups that offer solutions for financial service sector.

Automotive

Synthetic data plays a vital role in the automotive sector, particularly in autonomous vehicle development, virtual testing, driver assistance systems, design optimization, HMI development, and traffic simulation. By leveraging synthetic data, automotive companies can accelerate innovation, improve safety, optimize manufacturing processes, and enhance the overall driving experience. Rendered AI, Anyverse, and Sky Engine AI are some of the synthetic data startups catering the needs of automotive sector.

Retail

Synthetic data in the retail sector enables accurate demand forecasting, personalized marketing, optimized pricing, improved store layouts, fraud detection, and enhanced customer service. By leveraging synthetic data, retailers can make data-driven decisions, enhance customer experiences, and optimize operations for business growth. Betterdata, Zumo Labs, and Synthesis AI are some of the synthetic data startups that offer solutions for retail sector.

Security

It’s not difficult to see how applications of the above in the security space could have a significant impact, not just in terms of data security, but also in planning crowd control scenarios or training.

Sachdeva concluded: “Despite the considerable attention and substantial investment in synthetic data, user skepticism, dependency on real data, and lack of standards, trust and awareness can hinder the acceptance. As we closely monitor this evolving landscape, it will be interesting to watch startups within synthetic data space addressing these challenges and offering solutions that will mold the future trajectory of AI.”

Image by Brian Merrill from Pixabay

How can businesses combat easy email security mistakes?

960 640 Stuart O'Brien

It’s no secret that threats to email security are on the rise. According to a recent survey, 92% of organisations were victims of successful phishing attacks in 2022, while 91% of the respondents admitted to experiencing email data loss. By not implementing sufficient email security strategies, companies open themselves, their clients, and their customers to cyber security incidents such as phishing, data breaches, and business email compromises (BEC). It’s not just external cyber threats that businesses need to be mindful of, there is the human element to heavily consider.

With so many email-related incidents and data loss, the question arises of how businesses can do more to prevent these events. Oliver Paterson, Director Product Management, VIPRE Security Group, explores more…

The wrong email recipient

With an increase in hybrid employees, the traditional single office-based computer setup is now becoming less popular within businesses. The pressure on employees to work harder, better, and faster makes it easy to understand why they don’t always verify the validity of the email address they are sending information to, especially now that smarter technology like autofill in Outlook is advancing rapidly. But, while it might just seem like an innocent mistake, it could have far reaching consequences.

For example, that was the case with a university in the UK, where the personal medical details of a student were wrongly sent to the whole campus. Or when Australia’s Registered Organisations Commission (ROC) accidentally leaked confidential information, including a whistleblower’s identity. An employee entered an incorrect character when emailing someone with the same last name but a different first initial.

It only takes one incorrect character or autocorrect taking over for sensitive information to land in the wrong inbox. And, what if that recipient is a competitor or intercepted by a cyber criminal?

Sending email attachments to the wrong contact

Another common user error is sending the wrong attachment to the wrong person. This could put company data at risk. The release of confidential corporate information, such as unpatented new product information, to the wrong person or into the public domain can result in a major advantage for the competition or can even harm the reputation of the company beyond repair.

In addition, organisations now face severe consequences for violating data protection regulations, including GDPR and other industry-specific regulations. By investing in a data loss awareness tool that increases email security, businesses can take advantage of features such as prompting employees to confirm all internal and external recipients, and flagging attachments that contain confidential information to ensure your intended distribution list is correct.

For example, Surrey County Council was served with a penalty of £120,000 after three data breaches that involved misdirected emails. This included a staff member sending an email with the personal data of 241 individuals to the wrong email address. The information was not encrypted so was instantly accessible to the recipient and a direct breach of data protection regulations.

To BCC or not to BCC?

Adding in email recipients is a task that may seem simple, but if not done correctly, can have devastating repercussions for businesses. The misuse of CC and BCC functions could expose your entire contact database, exposing customer emails to potential hackers or competitors.

In March 2023, NHS Highland was reprimanded for a data breach which revealed the personal email addresses of people invited to use HIV services. Such a mistake is a common error when sending emails and that often go undetected or unreported in many cases. However, it is considered a data breach because none of the involved parties have consented to share their contact details with others.

Considering technology, companies should look to implement solutions that warn and educate people to use the CC and BCC fields properly. However, this problem is for more than just BCC and CC misuse; and companies should consider the issues of sending information as much broader.

The use of autocomplete, reply all, errors adding attachments, and lack of user awareness about the information contained in the body and attachments are all significant security risks that businesses with sensitive information need to be aware of.

Data breach – accident or intent? 

More than 300 billion emails are sent each day, so it’s no surprise that misaddressed emails are the largest source of data loss for organisations. Hackers can take advantage of complacency within email culture with a number of techniques. For example, disguising emails to appear as though they are an internal email, whereas they actually come from a spoofed domain that looks almost identical to the real thing. In an organisation that sends so many emails every day and work so quickly, employees may not notice this and fall victim to a malware or ransomware attack, exposing the network and sensitive information.

On the other end of the scale are data breaches conducted with malicious intent. For example, the Morrisons insider threat breach was carried out by a disgruntled former employee who stole and published payroll data of nearly 100,000 staff members online. His aim was to disparage the reputation of his former employer after a disciplinary matter. The breach reportedly cost the company £2 million to rectify.

With emails accounting for such a big part of the way we communicate professionally, particularly when working remotely, it’s important to be aware of and educated about the common email mistakes that often occur. Businesses can support their employees and reduce the risk of a data breach by implementing intuitive technology that detects and highlights errors, pointing out potential errors and threats.

Investing in technology that warns users about poor email security techniques by providing a simple safety check and prompting them to recheck a message twice before sending all without impacting employee productivity allows organisations to quickly reduce errors. These solutions can prevent organisations from revealing the wrong information to the wrong person by allowing a quick double check of the receipts of emails and attachments before sending them.

Conclusion

While foresight is essential, so is the ability to prepare a smart defence. Businesses can implement best practices to protect themselves from email threats and prevent becoming the next easy target. These best practices include:

  • Implementing a layered email security strategy
  • Training employees for better security awareness
  • Deploying email-specific security controls

The email safeguards businesses can implement today will have a broader and more lasting impact as the organisation grows. When implementing these best practices, it’s essential to partner with the right email security vendor to ensure the company’s email security solutions are tailored to the company’s size and scale with the business’ growth.

Image by Gerd Altmann from Pixabay

The transformative impact of AI on physical security

960 640 Stuart O'Brien

Artificial Intelligence (AI) is revolutionising various sectors, and one area where its impact is becoming increasingly significant is in the realm of physical security. From surveillance systems to access control, AI-powered solutions are reshaping how we safeguard our physical spaces…

Enhanced Surveillance

One of the primary applications of AI in physical security is in surveillance systems. Traditional closed-circuit television (CCTV) cameras are being upgraded with AI algorithms that enable intelligent video analysis. AI-powered surveillance systems can detect and track suspicious activities, unauthorised access, and unusual behavior patterns. Through real-time monitoring and analysis, these systems can provide early warning alerts, minimising response times and enhancing overall security effectiveness.

Facial Recognition and Access Control

AI has also ushered in advancements in access control systems through the implementation of facial recognition technology. Facial recognition algorithms can accurately identify individuals, granting or denying access based on predetermined criteria. This technology enhances security by eliminating the vulnerabilities associated with lost or stolen access cards or passwords. It also allows for efficient management of access permissions, making it easier to track and control entry to restricted areas.

Predictive Analytics

By leveraging AI and machine learning algorithms, physical security systems can now employ predictive analytics to assess potential threats and vulnerabilities. These systems analyse vast amounts of data, including historical patterns, weather conditions, and social media feeds, to identify potential risks. With predictive analytics, security personnel can proactively respond to emerging threats and allocate resources more effectively, thereby preventing security breaches.

Autonomous Security Robots

AI-driven autonomous security robots are another noteworthy innovation in physical security. Equipped with sensors, cameras, and AI algorithms, these robots can patrol and monitor large areas autonomously, relieving security personnel of routine tasks. They can detect intrusions, collect real-time data, and transmit information to a central control center. These robots not only augment security capabilities but also provide a visible deterrent to potential wrongdoers.

Intelligent Incident Response

When security incidents occur, AI can play a vital role in expediting response times and minimising damage. AI algorithms can analyse data from multiple sources, such as security cameras, alarms, and sensors, to identify the nature and severity of an incident. This real-time analysis enables security personnel to make informed decisions promptly, facilitating swift responses and appropriate deployment of resources.

The integration of AI into physical security systems is revolutionising how we protect our physical spaces. From enhanced surveillance and facial recognition to predictive analytics and autonomous security robots, AI brings numerous benefits to the field of physical security. By leveraging the power of AI, organisations can bolster their security measures, mitigate risks, and respond more effectively to threats.

However, it is essential to address ethical considerations and ensure the responsible and transparent use of AI in physical security to strike the right balance between safety and privacy. As AI continues to evolve, we can expect even more innovative applications and advancements that will shape the future of physical security for the better.

Biometric hardware shipments on course to recover to pre-COVID levels

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Total worldwide biometric device shipments fell from 4.1 million in 2019 to 3.4 million in 2021 and recovered slightly to 3.6 million in 2022, with global trends impacting usage in banking, financial services and insurance (BFSI) sectors.

According to a new report by technology intelligence firm ABI Research, geopolitical and macroeconomic events, including the conflict in Ukraine, the shortage in semiconductor supply, and downturns in supply chains, have resulted in turbulent market dynamics over the last few years.

It asserts that with a CAGR of 11.3%, fingerprint recognition will expand from 1.7 million to 2.9 million shipments in 2022 and 2027 to claim the lion’s share of the biometric modalities market.

“However, due to simplicity and the expanding use of liveness detection, facial recognition biometrics will experience the fastest growth over the same period, with a CAGR of 11.9%.” says Sam Gazeley, Digital Payment Technologies Analyst at ABI Research. “In terms of biometric hardware technology shipment share, ID/Authentication will account for 64% of the BFSI market in 2023. This is partly because, aside from smartphone-centric biometric technologies, user registration and authentication are the key use cases for biometrics in the BFSI sector.”

“Exacerbated by the increasing integration of biometrics in mobile banking apps and with more customers turning to mobile banking apps, several BFSI businesses are including biometric authentication methods like fingerprint and facial recognition in their solutions. While this applies predominantly to the smartphone industry, the BFSI market’s growing use of biometrics will encourage the deployment of biometric hardware in branches.

“The customer experience as it relates to the client authentication processes is being streamlined by deploying biometrics such as fingerprint and facial recognition, which improves the entire experience with BFSI services and combating fraud by eliminating the need for passwords.”

However, it is also important to remember that branchless banking is growing in popularity and will limit the accessible market for biometric hardware providers as we enter the forecast period, particularly regarding neo and challenger banks.

AI to drive surveillance cameras to 1.2bn installed base by 2030

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New advancements in Artificial Intelligence (AI) and edge computing for video analytics are energising the video surveillance market.

That’s according to technology intelligence firm ABI Research, which says these advancements will drive the global installed base of video surveillance cameras to 1.2 billion in 2030.

“By harnessing new advancements in AI and edge computing, all areas of a business can consider surveillance cameras as intelligent Internet of Things (IoT) devices that can gather data and issue alerts without human intervention,” said Lizzie Stokes, IoT Hardware & Devices and IoT Networks & Services Analyst at ABI Research. “The surveillance cameras on the market today are smarter and more powerful than their predecessors, prompting more companies to view cameras as accurate sensors that can predict human behavior.”

Lines of business such as marketing and HR are investing in video analytics solutions and smart cameras to bolster company profits and improve operational efficiency. These expanded use cases are increasing the business value of video surveillance cameras, once considered customary tools reserved for security and monitoring teams. Business units use AI-equipped surveillance solutions to track customer spending and satisfaction and monitor employee health and safety.

Verticals like manufacturing use smart cameras to spot defective products on the factory floor, and municipalities use video surveillance solutions to improve public safety and optimize traffic patterns. New use cases for AI video analytics are transforming the industry as more customers shift investments toward services that mine surveillance footage for operational insights. Video surveillance vendors will continue to evolve their business models and product offerings to meet new demand from verticals and lines of business. Evolutions in camera connectivity technology have introduced new form factors, like advanced body cameras for law enforcement and cellular trail cameras for hunters. These new form factors and use cases will invigorate a market experiencing lower shipment growth.

Most surveillance camera manufacturers today provide AI-equipped cameras, and these smart devices have been essential catalysts in moving cameras beyond their traditional uses in security. Key video surveillance companies include Axis Communications, Honeywell, and Bosch. Motorola has also become an important player in the market after acquiring several popular video surveillance brands, some featuring cloud product portfolios. Chinese manufacturers Hikvision and Dahua continue to be the largest and most controversial companies in the video surveillance market, as more Western governments ban or remove their products from governmental buildings out of concerns for national security.

“The video surveillance industry experienced higher growth a decade ago and has since grappled with international disagreements, privacy concerns, and the threat of increased regulation. Though the market is maturing now, it has the potential to be transformed by new, value-adding use cases and form factors,” Stokes concludes.

Data Security: Why the responsibility sits with the C-Suite

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Data has become the most valuable asset for companies of all sizes. By 2023, the big data analytics market is set to reach $103 billion

The sheer volume of data being generated and stored by businesses has increased exponentially over the past decade, leading to increased risks and vulnerabilities associated with data breaches. According to IBM, the average cost of a data breach in 2020 hit a whopping $3.86 million. This not only impacts a company’s finances but also its reputation and customer trust, and can even breach regulatory compliance. Resulting in companies seeking efficient and reliable data security to protect their assets and maintain their operations.

Below, Simon Pamplin, CTO at Certes Networks discusses just why data security needs to be at the top of the C-Suites agenda, the importance from a network and data security perspective and the repercussions of a data breach to the C-Suite and the personal ramifications should a breach occur…

Core responsibilities of the C-Suite:

The C-Suite’s responsibility sits further than just overseeing the management and operations of a company, from financial performance to strategic planning, and risk management.

According to the National Association of Corporate Directors, the core responsibilities of the C-Suite can be summarised into the following areas:

  • Strategy: Developing and approving the company’s overall strategic direction and ensuring that it aligns with the company’s values and objectives.
  •  Financial Performance: Overseeing the company’s financial performance, ensuring that it meets its financial goals and objectives, and maintaining accurate financial records.
  • Risk Management: Identifying and assessing the risks associated with the company’s operations and developing strategies to mitigate those risks.
  • Corporate Governance: Ensuring that the company adheres to ethical and legal standards, including compliance with regulatory requirements and the protection of shareholder interests.

But how does the management and security of data fall into these responsibilities and why.

Why data security sits at C-Suite level

A data breach can result in financial losses, damage to the company’s reputation, and even legal action, all of which can negatively affect the board’s ability to fulfil its responsibilities.

Theft of customer data can have serious consequences not only for the business as a whole but for the individuals responsible for the business. In most recent cases CEOs have received suspended prison sentences and lost their jobs – highlighting just how important data protection is at the board level.

So just how is a C-Suites responsibility affected when a data breach occurs:

  • Strategy: A data breach can cause serious disruptions to operations, leading to losses in productivity and revenue. Impacting the company’s ability to achieve strategic objectives and in some cases cause complete revisions in strategic direction depending on the data breach’s severity.
  • Financial Performance: With the average data breach costing millions, significant financial losses are not only at the fee for a breach but cascade to costs of incident response, investigation and further legal fees. These are the short-term affects but in the long-term these losses can continue as businesses experience loss of revenue as productivity has been impacted as well as reductions in customer base and market valve – seriously impacting the C-Suites’ financial goals.
  • Risk Management: A data breach exposes the company to regulatory fines and legal action. The board is responsible for identifying and mitigating risks, including the risk of data breaches, to ensure the company’s continued success. Holding your data team accountable for breaches is no longer enough to keep protected. Responsibility for your data sits at the top of the funnel.
  • Corporate Governance: Any media attention from legal action and regulatory fines, can hugely impact the company’s reputation and shareholder value. As well as loss of customer trust and confidence equally furthers revenue instability and market value. Responsibility for ethical and legal standards sits at the C-Suite level, including the protection of customer and shareholder data.

Too many senior leaders are still relying on the network security team to safeguard data. They are not inquiring enough to identify any potential risks to the business, which can be considered reckless. Neglecting to safeguard data is equivalent to failing to protect the company, its employees, and shareholder value. Therefore, it is imperative that the C-Suite must understand the significance of data security and the impact it has on their accountability.

The solution: Data protection across its entire journey

Traditionally, when it comes to data management the C-Suite would hire a Chief Risk Manager and a team to manage its data and the responsibility would sit with them and not be classed as a wider business issue. However, CEOs are now personally liable for failing to meet regulations, making data protection a wider business issue that requires a shift in mindset.

A crucial element of data protection sits at keeping data secure across its entire journey, from the source right the way through to its destination. Encrypting the data to keep it protected.

Encrypted security measures can shield the data from unauthorised access, rendering it useless even if a hacker gains access. This means that in the event of a breach, the company will not be held liable for data stolen, fines, reputational damage, or the personal liability of the senior team.

The responsibility of implementing the appropriate security frameworks lies with senior management, who should conduct internal audits to ensure that only authorised individuals have access to the data and that it is unusable to any other unauthorised recipient. Hence, a data-driven approach is crucial for effective securitymeasures and complete protection of the business.

The importance of investing in EDR for SMEs

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In 2022, there were over 10,000 new ransomware variants discovered in the first half of the year alone. And, as threat actors grow in number, the frequency of attacks witnessed globally will continue to rise exponentially. No organisation is immune from a breach, as demonstrated by the many cases making headlines today. So, how can SMEs combat this?

High-end, enterprise-level security tools may be perceived to be out of reach for many small businesses, but that thinking is quickly changing. For the new year, companies should look at smart endpoint detection and response (EDR) solutions that include a robust incident management portal that efficiently tracks all open threats.

Without investing in smart software, smaller organisations are underprepared, and therefore at risk, explains David Corlette, Vice President – Product Management, VIPRE Security Group…

The Heat Is On

Not only are small businesses facing more pressure to protect their company from cyber threats, but attacks are also becoming increasingly innovative, with ready-made tools available in multiple forms accessible even to casual attackers, from Ransomware-as-a-Service and Phishing-as-a-Service, to Malware-as-a-Service.

Small businesses make an average of £2.8 million per year, but average breaches cost upwards of £4.5 million. That’s a tight margin, and one with severe consequences – with one out of eight small businesses closing down due to a data breach.

Discouragingly, a recent poll revealed that most small business owners are not adequately concerned. Sixty-one percent weren’t worried about the possibility of their company becoming the target of a cyberattack in the next 12 months and only 4% put cybersecurity as the top risk facing their business. For these reasons alone, SMEs need to be more cautious – and more prepared – than ever.

Closing The Gap

In the same way that bad actors have targeted larger corporations, small businesses are increasingly becoming targets as well, but are more often victims due to their “it won’t happen to us” or “too small to hack” attitude: they lack  sufficient solutions to protect themselves. Prevention is difficult when the traditional methods – hire large IT teams, level up solutions, train existing team members – are often cost- and resource-prohibitive for smaller businesses.

However, small businesses can leverage their existing expertise to create an enterprise-grade endpoint detection and response strategy using newer Endpoint Detection and Response (EDR) technology. In terms of protecting their business, some EDR solutions make it possible for smaller companies to compete with the bigger players, as they provide the sophistication of high-performing, cloud-based solutions without the challenges that users may expect. This advanced technology provides better detection and discovery of more anomalous behaviour than users would receive from standalone antivirus file, process, and networking analysis solutions while also providing investigation and remediation tools to speed response times.

By automating much of the busy work – threat detection, remediation, and response – EDR can close the skills gap and actually put small businesses ahead. This can be more cost-effective compared to directly employing someone full-time to defend against the modern threat landscape; not only are new staff expensive to hire but they are increasingly hard to find.

Additionally, having an EDR tool that uses security automation is important to detect and stop an attack in its early stages. Using behavioural engines, security teams can track each component of the attack as it happens in near real-time. With the help of AI and Machine Learning (ML), a modern EDR can natively identify anomalous activities, such as zero-day ransomware behaviour, and automatically terminate these processes upon detection.

Looking Ahead

Experts anticipate that the growth of the market for EDR solutions will continue. By 2025, according to Gartner’s estimates, more than 60 percent of businesses will have switched from traditional antivirus software to solutions that offer endpoint protection and endpoint detection and response.

Having a modern Endpoint Detection and Response tool is a must-have in any security team’s arsenal, especially for SMEs. It provides a holistic security approach necessary to fight successful battles in the current threat landscape, as EDR solutions supply crucial and quick containment measures, stopping the breach from doing further damage to a network. But EDR solutions also offer strategic long-term benefits by strengthening security posture and enabling organisations to defend against known and zero day threats.

Now is the time for smaller businesses to make the investment in cybersecuritytechnologies, such as EDR, in order to help smaller teams meet the same securitydemands as larger corporations, and to safeguard the SME and its workers against cyberattacks. Ultimately, using the right tools can make all the difference for small business security teams in the year ahead.

Call for better training and collaboration after O2 Academy Brixton incident

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London’s Metropolitan Police have submitted an application for review of the O2 Brixton Academy’s licence to Lambeth Council and will be seeking a revocation following the crowd surge at the venue in December last year, in which two people lost their lives and put others in a critical condition.

Speaking to Total Security Briefing Kieran Mackie (pictured), Managing Director at security specialist Amulet, said that to close the iconic venue would be a shame, and that the issue lies in inadequate funding and training of security staff to be able to handle such situations.

He called for police and the venue operators to work together to restore the Academy to be the great, fun venue it has always maintained its great reputation for.

“This announcement from the MET Police is sad to hear as O2 Academy Brixton is an iconic venue,” said Mackie. “In my opinion, this is an example of why we need tighter legislation and better training of security personnel to reduce the risk of incidents like this.

“The outcome of the incident in December shouldn’t be the closing of venues through the withdrawal of licences, it should be the Police and the venue working together with the security company to provide better training, guidance, and service provision to ensure that the venue is safe rather than shutting it down all together. I am sure if correctly staffed and managed by a responsible well trained security team, the venue could be operated safely for many more years to come.

“The issue is that margins are tight in the security industry and people look to provide the minimum they can to make venues safe and keep costs low. Having the correct number of staff and ensuring that all security employees are trained correctly and briefed fully on the venue and the event should be the bare-minimum requirement, not an aspiration.”

Research highlights cybersecurity threats to travel and tourism industry

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The travel and tourism sector has become a prime focus for cyberattacks in recent times, resulting in ransomware incidents arising from data breaches. Against this backdrop, cybersecurity concerns within the industry have escalated with a 4% year-on-year (YoY) rise in 2022, reflecting the prevailing sentiment, says GlobalData.

An analysis of GlobalData’s Company Filings Analytics Database found that sentiment for airlines, travel services, and lodging rose by 6%, 4%, and 1%, respectively, in 2022 over 2021.

Misa Singh, Business Fundamentals Analyst at GlobalData, said: “Companies are consistently working on information and network security projects to set up a reliable technical protection and security management mechanism to ensure customer security and prevent data leakage. A severe data security incident can lead to operational disturbances and cause significant financial damage to the business.”

LATAM Airlines plans to have self-boarding (biometric) to advance customer experience. The company is also starting Pre-Flight check documentation where customers can send their documents digitally before boarding. China Eastern Airlines discussed establishing a sound information and security-related management mechanism.

Booking Holdings talked about SQL injection where a third party tries to insert malicious code into companies’ software through data entry fields on websites to gain control of the system using the websites as a platform. Tourism Holding updated its digital strategy and made investments in new technology and cybersecurity solutions.

H World Group and Mahindra Holidays & Resorts India Limited have set up an information security committee responsible for developing policies and procedures, offering data protection-related advice, protecting the security of customer data, and avoiding data leakage.

Singh concluded: “Failing to adopt appropriate technology leaves companies vulnerable to cyber threats that can have a detrimental impact on their operations . Investing in robust cybersecurity solutions, educating employees about cybersecurity risks, and staying up to date on cybersecurity threats can help reduce the likelihood of an attack.”

Physical security market set for 6.8% growth this decade

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The global physical security market size is expected to reach $216.43 billion by 2030, registering a CAGR of 6.8% over the next seven years.

ReseachAndMarkets’ latest study says increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential societies as well as commercial complexes and offices. Furthermore, increasing terror threats, border disputes, and refugee crises drive the adoption of stringent safety measures, thereby driving the market growth.

For instance, in February 2022, Hangzhou Hikvision Digital Technology Co., Ltd, the world’s prominent manufacturer of innovative video surveillance systems and solutions, introduced the TandemVu PTZ camera line, which combines PTZ and bullet camera capabilities into a single unit.

These cameras can monitor broad regions and zoom in on individual security incidents while simultaneously maintaining attention on both viewpoints. Further, this camera would be deployed in commercial complexes and residential societies to reduce terror threats and adopt more physical security on the premises.

The increasing convergence of IT and OT technologies have potentially increased concern towards inbuilt security operations that are added into a network. As network video recorders (NVRs) and IP-based surveillance camera are network devices, they are vulnerable to become a target vector to get into a system.

Furthermore, camera & biometrics offer robust physical security benefits. However, in a growing threat ecosystem, these devices are expected to evolve in order to enable safety for deployment in a critical infrastructure asset’s network.

Thus, securing the converged IT & OT network is emerging as one of the top priorities for several companies. For instance, in November 2021, InsightCyber Group, Inc., a company that offers physical, cyber systems to protect businesses, built an AI-driven physical security device for various industries such as transportation, manufacturing supply chain, and others.

Key highlights from the report include:-

  • Video surveillance system led the market in 2022.
  • System integration is anticipated to dominate the market through the forecast period owing to the factors such as stringent regulations and demand for the cost-effective systems
  • The residential segment is predicted to register the highest CAGR during the forecast period owing to the measures taken by the consumers to protect their assets from potential threats
  • North America dominated the market in 2022 and is estimated to remain dominant throughout the forecast period. The presence of key physical security market vendors such as Cisco Systems, Inc., Honeywell International, Inc., and Pelco is primarily responsible for the region’s market growth. Businesses across the region are increasingly deploying physical security solutions to prevent identity theft, cyber-attacks, and commercial spying, as well as to ensure data security and privacy to facilitate business continuity