This week’s cybersecurity headlines spanned Yahoo’s massive data breach, growing election cyber threats and a major IoT hack. Leading up to our Capital Cybersecurity Summit on November 2-3, 2016, we’ll be sharing a weekly roundup of some of the top cybersecurity stories. Find an interesting cybersecurity article? Share it with us in the comments or Tweet us at @NOVATechCouncil

Want to learn more about NVTC’s 2016 Capital Cybersecurity Summit? Click here or watch our event video below.

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Recent data breaches – from the telecommunications and healthcare industries to the Office of Personnel Management (whose breach impacted over 4 million people) – have left no industry immune to cyber attacks. NVTC recently published a cybersecurity infographic on the rising impacts of cyber threats and the federal government and Great Washington region’s elevated response to these threats. One of the most astounding statistics highlighted in this infographic is the 2016 federal cybersecurity budget, which increased by $5 billion in the last year alone.

The National Capital region is at the intersection of innovation, policy and research and that is why NVTC is hosting the first ever 2016 Capital Cybersecurity Summit on November 2-3, 2016 at The Ritz-Carlton, Tysons Corner.

This region is THE capital of cybersecurity because it is home to:

  1. One of the most educated cybersecurity and tech workforces in the country (55% of tech openings in Virginia are in cyber!)
  2. A large number of Fortune 1000 companies
  3. An incredible number of startup tech firms and entrepreneurs
  4. U.S. Cyber Command
  5. The Department of Defense and intelligence agencies like NSA and CIA, addressing both defensive threats to our classified information and infrastructure as well as offensive cybersecurity capabilities employed against our adversaries
  6. Political and regulatory infrastructure that addresses policy issues surrounding cybersecurity
  7. Unparalleled research infrastructure through institutions like DARPA, IARPA, ODNI, ARL, AFRL (Did you know – The Internet came out of a government-focused research effort at DARPA?)
  8. World class local universities including George Mason University, George Washington University, University of Maryland, University of Virginia and Virginia Tech
  9. Leading Incubators and investors like MACH37, In-Q-Tel, Carlyle Group, Arlington Capital (46% of Greater Washington venture capital funding supported cyber solutions in 2015!)
  10. An underlying commitment to innovation among all members of our region: private companies, government organizations and universities

We’re just over ONE month to go until the Capital Cybersecurity Summit. Planning is well underway and each week we are announcing new panels and speakers. Click here for the latest agenda and to register.

 

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No industry is immune to today’s rapidly evolving cybersecurity risks. Learn how to protect your organization’s prized digital assets and become empowered against the latest cybersecurity threats by attending NVTC’s first ever Capital Cybersecurity Summit on November 2-3, 2016 at The Ritz-Carlton, Tysons Corner.

Learn more about the Summit’s keynote speakers, exciting panels with principals from leading cybersecurity companies and academics, and extraordinary networking and business opportunities in our new Summit video:

The Capital Cybersecurity Summit will provide tremendous business development and educational value for NVTC members and the entire Greater Washington technology community, helping to accelerate and promote the region’s innovation, connect people, companies and academic partners, and showcase the region’s technology assets and workforce.

We hope you’ll join us! View the latest Summit agenda and register for this inaugural event here: http://conferences.nvtc.org/

 

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NVTC has published the first infographic in its new research series. In this cybersecurity-focused piece, we’ll take a look at the data behind the compelling numbers in the infographic.

NVTC July 2016 Cybersecurity Infographic

NVTC July 2016 Cybersecurity Infographic

The Cybersecurity Workforce Capacity Gap

Federal CIO Tony Scott estimates there are currently 10,000 unfilled cybersecurity positions in the federal government alone. Fifty-five percent of NVTC members responding to a recent survey indicated they are attempting to hire cybersecurity specialists this year. This capacity gap also exists in the commercial sector as well. At a fireside chat on May 26, 2016, Virginia Governor Terry McAuliffe indicated that of the 31,000 Virginia IT openings, 17,000 are in the cybersecurity sector. While Greater Washington is likely the cybersecurity workforce capital of the world, we still face a critical shortage of qualified professionals.

The Department of Defense is attempting to upskill 6,200 cyber professionals from active military and 2,000 from the National Guard and reserve units by 2018 and offered up to $50,000 in retention signing bonuses to current military cybersecurity professionals. Further, OPM authorized the U.S. Cyber Command in 2015 to hire up to 3,000 civilian cybersecurity professionals at the highest federal pay grade outside of senior management positions.

Cybersecurity Incidents and Threat Vector Area Increasing

When we take a look at cybersecurity incidents, we find that simple employee mistakes make up a large percentage of our current risk. The March 18, 2016 Federal Information Security Modernization Act (FISMA) report to Congress cited 77,183 information security incidents over the course of Fiscal Year 2015, which represents a 10 percent increase from FY 2014. Of those incidents, 13 percent were lost, stolen or confiscated equipment; 15 percent were driven by government employee error such as internal policy violations and improper usage; 16 percent were not related to IT, such as the loss of paper records. Strikingly, only 56 percent of all incidents represented an external cybersecurity threat.

Fifty-three percent of IT decision-makers in a SolarWinds and Market Connections survey reported that unwitting insider threats – human error – is the most serious cybersecurity threat. OPM Security Operations Manager Jeff Wagner said “I will have a job until the end of time simply because I have users” at a February 2016 cybersecurity conference in Washington, D.C.

The threat vector area continues to increase as well. In a Crowd Research Partners online survey of 882 IT professionals from across the world, 20 percent suffered a security breach associated with a mobile device, 24 percent indicated that an organizational mobile device connected to a malicious server while roaming and an alarming 39 percent of those devices downloaded malware.

According to Craig Williams of Cisco’s Talos Research, an internet scan by Talos revealed approximately 2.1 million systems vulnerable to the JBoss exploit used in common ransomware attacks. And other JMX-based exploits that have been known for more than a year are waiting in the wings to strike systems based on JBoss as well as related systems such as WebLogic, WebSphere, the open source Jenkins automation server and the OpenNMS network management platform. These are cases where simply updating those systems would patch the vulnerability.

Cost of Data Breaches and Intrusions Rising

The Ponemon Institute’s 2015 Cost of Breach Study: United States indicates the average cost of a data breach rose 11 percent year-over-year, to $6.53 million, with an average cost of $217.00 for each lost or stolen record.

In an official statement on the March 2016 MedStar Health hack, an FBI official disclosed that the reported loss from ransomware attacks in 2015 was $24 million. In its 2014 annual report, the FBI’s Internet Crime Complaint Center (IC3) indicated there were 269,422 complaints filed with reported losses totaling over $800 million. IC3 reports 7,694 ransomware complaints with $57.6 million in losses since 2005.

Cybersecurity Spending and Venture Capital Funding on the Rise

The U.S. government spends more than twice as much annually on cybersecurity than the combined public and private sectors of any other nation. The administration’s 2016 budget allocated $14 billion in cybersecurity spending while the 2017 budget submission calls for over $19 billion.

The 2015-2020 federal cybersecurity market is valued at $65.5 billion. Vendor-provided cybersecurity products and services are estimated to grow from $8.6 billion in FY 2015 to $11 billion in 2020 at a compound annual growth rate of 5.2 percent.

2015 venture capital funding in the Greater Washington region reached $647.85 million for organizations with cybersecurity products or services, representing 45.78 percent of the $1.415 billion in total 2015 venture funding in Greater Washington.

Conclusion

While cybersecurity threats and breaches can be devastating, they are also galvanizing for the technology community. Now, more than ever, there is an opportunity for NVTC members to come together and deepen their commitment and influence in driving innovation and workforce development in cybersecurity. NVTC is here to provide its members with the latest cybersecurity developments through research, communications publications, webinars, conferences and advocacy efforts. Stay tuned for NVTC’s upcoming cutting-edge research series that will feature infographics, white papers and reports.

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On April 10, the NVTC Business Development, Marketing and Sales Committee held an event entitled “Lead Generation Technology Forum: How to Maximize Your Pipeline.” The event featured a distinguished panel of industry experts and end users, and offered ways to utilize automated marketing and lead generation solutions. John Beveridge, a vice chair of the committee, shares insights from the event below.


The business buying process has changed: a recent study by the Corporate Executive Board found that the average business buyer completes 57 percent of her sales process before ever contacting a salesperson. The NVTC Business Development, Marketing and Sales Committee recently held an event to help business deal with this new business reality.

Marketing executives from Deltek and Sonatype, along with industry representatives from Marketo and Vocus shared their thoughts and experiences on using marketing automation technologies to fill their pipelines and nurture their leads through the customer acquisition process.

The panel shared several insights with the audience:

  • Digital marketing is a process, not a product. Companies starting out with lead generation technology will need to transform their approach. You may need to reconfigure your team’s skills and learn new technologies to successfully implement a digital marketing process.
  • Prior to starting a digital marketing program, it’s important to know who you want to reach and to make sure you have the technology tools to accomplish your mission.
  • Digital, or inbound, marketing is based on the premise of attraction. It matches the modern buying process by providing potential buyers with educational content as they perform pre-purchase research.
  • One of the primary advantages of digital marketing is that it provides intelligence on your lead’s behaviors, which empowers sales people with information to make their outreaches more meaningful to buyers.
  • Digital marketing simplifies the marketing process by automating tasks like email marketing, lead nurturing and lead scoring.
  • Educational content like blogs, whitepapers, eBooks, webinars and videos are the fuel that runs lead generation technology. Companies considering digital marketing need to create high-quality content that educates their audiences and helps move them to a buying decision.
  • Digital marketing software lets companies measure every element of their lead generation process and optimize their process based on marketplace feedback.

Interesting in learning more about lead generation technology and other business development issues? Become a member of the NVTC Business Development, Marketing and Sales Committee.

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NVTC’s Greater Washington Technology CFO Awards ceremony is fast approaching! If you want to learn more about the event, which includes the region’s best and brightest tech professionals, check out our video below, created for us by g14media.

Last year’s awards were a blast and honored John Burton of Updata Partners with the Michael G. Devine Hall of Fame Award. Notable past honorees of the award include Steve Case and Ted Leonsis (pictured in the above video).

This year, the categories are:

  • Public Company CFO of the Year
  • Private Company CFO of the Year
  • Emerging Growth CFO of the Year (revenue less than $50 million)
  • Large Company CFO of the Year (revenue more than $1 billion)
  • Financier of the Year

Check back soon for a list of finalists, and register today!

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In Case You Missed It: Linda Hudson

February 4th, 2014 | Posted by Sarah Jones in Events - (Comments Off)

1401__titanslindahudson079webOn Jan. 30, Linda Hudson, then-president and CEO of BAE Systems, who retired just this past Saturday (Feb. 1), addressed a packed crowd of NVTC members and colleagues at The Ritz-Carlton Tysons Corner. In her keynote speech, which was her last pre-retirement public appearance, she brought attention to the STEM workforce shortage and challenged the audience to engage students from middle school on up. Read our article on the event and the full text of her script here.

One of her most thought-provoking topics was the idea that the academia is “throwing the babies out with the bathwater.” Instead of promoting an inclusive environment, engaging students and recruiting them, academic institutions are still using “weed out” classes to discourage students from continuing in STEM programs. She credited Freeman Hrabowski, president of the University of Maryland Baltimore County, for promoting the idea that we should be working to keep students in the program, not cutting them out. Check out his TED talk on the subject!

Hudson also quoted Malcolm Gladwell, who explains in his most recent book, David and Goliath, why going to an elite school may actually decrease the rate of success for STEM students. According to Gladwell, “Your odds of successfully getting a math degree fall by two percentage points for every ten point increase in the average SAT score of your peers,” meaning the more competitive the school, the less likely a student is to graduate in a STEM field. Hudson and Gladwell attribute the decrease in success to a student’s discouragement when his or her scores aren’t as high as their peers’.

In order to improve the current structure, Hudson called on the audience to understand why students, and specifically minority and female students, embark on a STEM careers less often than their peers.

So, what do you think? Should elite institutions revise their policies? Do STEM students have a better chance at a less prestigious school? How else should the industry be encouraging inclusiveness in STEM education (and the STEM workforce)? Tell is in the comments below.

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