Enables Companies to Better Manage Entire Vendor, Supplier and Business Associate Risk Management Lifecycles, Improving Compliance and Risk Management
DENVER – Optiv Security, a market-leading provider of end-to-end cyber security solutions, today announced the general availability of its technology-enabled third-party risk managed service. Leveraging Optiv’s proven Software-as-a-Service based third-party risk management platform, Evantix, this service enables companies to better manage the complete third-party risk management lifecycle, resulting in improved compliance and risk management. The addition of this offering to Optiv’s suite of services makes Optiv the first and only company to offer a holistic solution that can help organizations better plan, develop and manage all aspects of their third-party risk management programs, including vendors, suppliers and business associates.
.@Optiv Launches Tech-Enabled Third-Party Risk MSS; Industry's Only Holistic Third-Party Risk Management SolutionTweet this
Optiv’s third-party risk managed service handles the process and reporting required for clients to determine the inherent risk, assess the controls and drive remediation with their vendors and partners. Optiv delivers this service through consultants with extensive expertise in building third-party risk programs and performing third-party risk assessments combined with the Evantix SaaS platform, currently in its fourth generation. This powerful technology solution includes standardized, on-demand risk score reports and customizable scoring technology to provide corporate risk managers and IT security professionals with quick, accurate and cost-effective visibility into the potential risk associated with outside service providers. Optiv’s innovative approach leveraging people, process and technology to deliver its third-party risk managed service helps companies better manage the entire third-party risk management lifecycle, which includes due diligence, assessment, validation and remediation.
“Organizations are increasingly turning to third parties to perform key business functions. That brings an increased risk of exposure to businesses as most companies lack visibility into where their data is stored or how it is handled by a third party,” said Tim Hoffman, executive vice president of client solutions for Optiv. “Today’s businesses require strong third-party risk plans that extend beyond traditional IT, yet most lack the necessary resources to create and execute on those plans. Optiv has the capabilities to help clients address and manage their vendor and partner risk through a comprehensive approach that includes people, process and technology.”
“The Optiv third-party risk managed service provides clients with a method to automate processes and reduce their staff’s major workload related to tracking and assessing the organization’s vendors and partners,” said James Christiansen, vice president of information risk management for Optiv. “Also, our Evantix platform’s advanced analytics provides third-party risk intelligence information to help clients make informed and consistent risk decisions related to vendor, supplier and business associate relationships.”
Optiv’s comprehensive suite of third-party risk management offerings help organizations understand the breadth of third parties in their environment, categorize relationships by risk to the organization, conduct risk assessments aligned to specific industry standards and develop the compliance criteria vendors must meet to do business with the organization.
About Optiv Security
Optiv is a market-leading provider of end-to-end cyber security solutions. We help clients plan, build and run successful cyber security programs that achieve business objectives through our depth and breadth of cyber security offerings, extensive capabilities and proven expertise in cyber security strategy, managed security services, incident response, risk and compliance, security consulting, training and support, integration and architecture services, and security technology. A Blackstone (NYSE: BX) portfolio company, Optiv maintains premium partnerships with more than 300 of the leading security technology manufacturers. For more information, visit www.optiv.com or follow us at www.twitter.com/optiv, www.facebook.com/optivinc and www.linkedin.com/company/optiv-inc.
WOBURN, Mass. – Kaspersky Lab today released new research which reveals that on average, a single cybersecurity incident now costs large businesses a total of $861,000. Meanwhile, small and medium businesses (SMBs) pay an average of $86,500. To assess the state of the security landscape in the U.S. and across the world, Kaspersky Lab looked at the attitudes toward security, the cost of data breaches and the losses incurred from incidents.
“The survey proves that reaction time post-breach has a direct impact on financial losses”Tweet this
These findings are from a new Kaspersky Lab report, “Measuring the Financial Impact of IT Security on Businesses,” based on the 2016 Corporate IT Security Risks survey1. According to the survey results, nearly half (49 percent) of U.S. businesses, and over half globally (52 percent), assume that their IT security will be compromised at some point. Although businesses may not want to admit it, the research uncovers that many companies have already experienced security threats.
Over the past 12 months, more than a third (34 percent) of U.S. businesses have been affected by viruses and malware causing a loss of productivity and 32 percent have experienced inappropriate IT resource use by employees. When asked about the number of breaches that they have experienced over the past 12 months, 77 percent of U.S. businesses admitted that they have suffered between one and five separate incidents of data loss, leakage or exposure (compared to 82 percent globally).
Although the most frequent cost of a cyberattack is due to the need for additional staff wages, businesses reported significant spending due to lost business opportunities and improvement in IT security. Some major findings from the survey include:
- 27 percent of companies in the U.S. admitted that they have experienced the physical loss of devices or media containing data.
- A third (30 percent) of respondents claim the physical loss of mobile devices has exposed the organization to risk.
- 14 percent of U.S. businesses have lost access to critical business information for a week (compared to 10 percent of businesses globally), with 13 percent being prevented from trading completely for more than one week.
- For one in ten (10 percent) U.S. businesses it can take up to a year to discover that a breach has occurred.
This lack of awareness and preparation is alarming for what nearly half of U.S. businesses see as an inevitable consequence of the complex technology landscape. Currently 73 percent of companies surveyed in the U.S. say that they are spending less than 20 percent of their IT budget on security. As more and more businesses begin to fear the financial, operational and reputational losses as the result of a cyberattack, more emphasis is being placed on IT security plans to protect the platforms and infrastructures they depend on. This change of perception has seemingly affected three quarters of the respondents in the U.S. (75 percent) who expect to increase their IT security spending over the next three years.
“The survey proves that reaction time post-breach has a direct impact on financial losses,” said Vladimir Zapolyansky, Head of SMB Marketing, Kaspersky Lab. “This is something that cannot be remedied via budget increases. It requires talent, intelligence and an agile attitude towards protecting one’s business. As a security vendor, our goal is to provide tools and intelligence for businesses of all sizes, keeping in mind the difference in ability to allocate security budgets.”
The full report titled, “Measuring the Financial Impact of IT Security on Businesses,” is available at Kaspersky Lab’s website here.
About Kaspersky Lab
Kaspersky Lab is a global cybersecurity company founded in 1997. Kaspersky Lab’s deep threat intelligence and security expertise is constantly transforming into security solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection and a number of specialized security solutions and services to fight sophisticated and evolving digital threats. Over 400 million users are protected by Kaspersky Lab technologies and we help 270,000 corporate clients protect what matters most to them. Learn more at www.kaspersky.com.
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1 Corporate IT Security Risks is the annual survey conducted by Kaspersky Lab in cooperation with B2B International. In 2016 we have asked more than 4000 representatives of small, medium and large businesses from 25 countries on their views on IT Security and real incidents they had to deal with.
CHICAGO – Fitch Ratings has affirmed the ratings for Hewlett Packard Enterprise Company (HPE), including the 'A-/F2' Long- and Short-Term Issuer Default Ratings (IDR) , on HPE's spin-merger of its software businesses (SW). Fitch's actions affect $20.5 billion of total debt, including the undrawn $4 billion revolving credit facility (RCF). The Rating Outlook is Stable. A full list of ratings follows at the end of this release.
Fitch believes the SW spinoff further reduces scale and diversification, particularly within the context of HPE's pending spinoff of the Enterprise Services (ES) segment announced May 25, 2016 and HPE's focus on accelerating Technology Solutions (TS) business amidst a lower growth hardware demand environment. Nonetheless, pro forma for both SW and ES transactions, HPE's scale will remain significant with approximately $28 billion of annual revenue, higher operating EBITDA margins and only modestly lower annual free cash flow (FCF).
HPE's SW portfolio consists mainly of disparate on-premise offerings with secular new license growth headwinds but solid maintenance and support recurring revenue and cash flow. Nonetheless, Fitch believes filling product gaps, achieving scale and building a significant as-a-service (aaS) business would require significant investments and likely debt-financed acquisitions adversely impacting HPE's credit profile. HPE will spinoff the Applications Delivery Management, Big Data, Enterprise Security, Information Management & Governance and IT Operations Management businesses and retain assets related to the software-defined and cloud business, including OneView and Helion cloud platform.
The spinoffs enable HPE to focus on its strategy of optimizing customers' hybrid cloud environments but Fitch believes the transactions reduce HPE's headroom for operational shortfalls. The company's strategy is underpinned by the TS business, which grew organically in the quarter ended July 31, 2016 for the first time since 2012. HPE is holding share in industry standard servers (ISS), although demand within non-hyperscale markets is muted. HPE's smaller but fast growing all-flash array and software-defined storage (SDS) are providing some offset to the continuation of secular decline for traditional storage solutions. The company's Aruba acquisition continues driving growth in networking, as HPE gains share in campus branch and emerging edge markets. Pro forma for the separations, Fitch expects profitability will remain consistent with growth in higher margin TS and restructuring initiatives offsetting competitive pricing in hardware markets, particularly servers.
On Sep. 7, 2016, HPE announced it will spinoff the SW businesses (SpinCo) and subsequently merge SpinCo into U.K. software provider, Micro Focus. The total transaction value is approximately $8.8 billion. HPE shareholders will retain a 50.1% ownership in the new combined company, valued at approximately $6.3 billion, and SpinCo will make a $2.5 billion cash payment in the U.S. to HPE in connection with the spinoff. HPE will incur $700 million of separation costs related to the SW spinoff, the vast majority of which will be incurred in fiscal 2017. HPE expects to complete the transaction by the second half of fiscal 2017, pending customary regulatory approvals.
HPE also recently closed the sale of Mphasis for approximately $825 million of pre-tax proceeds and will use the vast majority of proceeds for share repurchases. Fitch also expects HPE will use the majority of proceeds from the SW and Services spinoffs, $2.5 billion and more than $1 billion of cash and debt transfers, respectively, for share repurchases. Fitch expects debt levels will decrease by $1.9 billion in connection with the Services spinoff and core leverage (which excludes debt and profitability related to HP Financial Services) should remain roughly at 0.6x - 0.7x, versus 0.6x for the trailing-12-months (TTM) ended July 31, 2016.
KEY RATING DRIVERS
Intensified Hardware Exposure: Fitch believes HPE's transactions increase concentration to slower growing and, in certain cases, commoditizing hardware markets. Pro forma for the spinoffs, hardware sales will represent roughly two-thirds of total revenue but less than 25% of operating profit. Fitch expects ISS to remain a mixed demand market with meaningful pricing pressures. Fitch expects secular headwinds for legacy storage products will continue, constraining growth and profit margins. Networking remains a bright spot with secular campus branch and edge growth, although Fitch expects intensifying competition from a variety of players, including networking market leader, Cisco Systems, Inc.
Recurring revenue and FCF: Fitch expects significant recurring revenue and FCF, pro forma for the spinoffs. Maintenance and support sales represent approximately 30% of total revenue and 60% of operating profit, resulting in substantial recurring FCF. Execution on HPE's optimizing customers' hybrid cloud environments will drive a higher mix of TS sales and recurring revenue growth and cash flow.
Significant Shareholder Returns: Fitch expects shareholder returns will remain significant, particularly considering the vast majority of cash and majority of cash flow (a Fitch estimated two-thirds) is offshore and would give rise to tax liabilities upon repatriation. Fitch expects HPE will continue returning at least 100% of pre-dividend FCF to shareholders. The company will fund nearer-term shareholder returns with domestic cash flow, proceeds from spinoffs and other divestitures and some tax efficient repatriation. Over the longer-term, however, Fitch believes HPE will need to borrow to sustain similar shareholder return levels.
Conservative Leverage: Fitch expects HPE's core leverage will remain conservative through the intermediate-term. Fitch expects core leverage below 1x through the nearer-term forecast period and that management will curtail shareholder returns to maintain core leverage below 1.5x through the intermediate-term.
Significant Installed Based: Fitch expects HPE's significant installed base will provide the aforementioned maintenance and support streams but also growth opportunities. TS's advisory and consulting practices should enable customers to migrate workloads across on-premise and cloud environments, both public and private, and attach additional HPE hardware and maintenance and support services. TS' revenue will represent roughly 25% of total revenue and was approximately $7.7 billion for fiscal 2015 with $2.5 billion of operating profit and meaningfully higher than corporate-wide 33% operating profit margins.
Potential Debt-Financed Acquisitions: Fitch expects ongoing acquisitions to strengthen HPE's hybrid cloud environment strategy. Given Fitch's expectations for the continuation of shareholder returns equal to 100% of pre-dividend FCF and that a Fitch estimated two-thirds of pre-dividend FCF is offshore, Fitch believes acquisitions likely will be debt financed, potentially straining credit protection measures through the subsequent intermediate-term.
Fitch's key assumptions within the rating case for HPE include:
--HPE completes the spinoffs of the Services and SW businesses in fiscal 2017;
--Low-single digit organic constant currency revenue growth through the intermediate-term;
--Operating EBITDA margin expands to the high teens from the spinoffs, restructuring and growth in higher margin TS;
--HPE separates $1.9 billion of debt and $3.2 billion of operating leases and pension liabilities in connection with the Services spinoff;
--HPE will use $4 billion cash dividends from the spinoffs ($1.5 billion from Services and $2.5 billion from SW) to support domestic liquidity, likely emphasizing share repurchases.
The ratings could be downgraded if Fitch expects:
--Negative constant currency organic revenue growth, likely from weaker than expected performance in TS or share losses or intensified pricing pressures in HPE's hardware businesses;
--HPE will not sustain operating EBITDA margin in the high teens, pressuring FCF and core leverage; or
--Shareholder returns intensify, requiring incremental debt to support domestic liquidity and resulting in core leverage above 1.5x.
The ratings are unlikely to be upgraded in the absence of Fitch's expectations for:
--Sustained positive low single digit or greater organic constant currency revenue growth, driven by clear technology leadership;
--Annual FCF will more than double and become less transactional in nature, providing the company with greater visibility and enhanced financial flexibility to fund acquisitions and invest in next generation offerings and
--Commitment to maintaining core leverage below 1x.
Fitch believes HPE's liquidity is strong as of July 31, 2016 and supported by:
--$10.1 billion of cash and investments, excluding cash related to HPFS. The vast majority of HPE's cash is located outside the U.S.;
--An undrawn $4 billion RCF that fully backstops CP programs in the U.S. and Europe.
More than $1.5 billion of annual FCF also supports liquidity.
Total debt was $16.1 billion at July 31, 2016 but core debt, which excludes excluding debt associated with FS, was roughly $8 billion.
Fitch affirms the following:
Hewlett Packard Enterprise Co.
--Long-Term IDR 'A-';
--Short-Term IDR 'F2';
--Commercial Paper (CP) Rating 'F2;
--Senior unsecured RCF rating 'A-';
--Senior unsecured debt rating 'A-'.
Hewlett-Packard International Bank PLC
--Short-Term IDR 'F2';
--CP at 'F2'.
Electronic Data Systems LLC
--Long-Term IDR 'A-';
--Senior unsecured debt 'A-'.
Date of Relevant Rating Committee: Sept. 7, 2016
Summary of Financial Statement Adjustments - Fitch backs out profitability and debt, representing a 7:1 leverage ratio of finance assets, related to the HPFS to calculate core EBITDA and core debt, ultimately arriving at core leverage. This reflects Fitch's focus on HPE's true operating results that are comparable across its peer group.
Additional information is available on www.fitchratings.com.
MOUNTAIN VIEW, Calif. – Veritas, the leader in information management, and Red Hat, Inc. (NYSE: RHT), the world’s leading provider of open source solutions, today announced a collaboration aimed at supporting business critical enterprise applications on OpenStack. Building on their long history of technology collaboration focused on business continuity, storage management and data protection solutions for Red Hat Enterprise Linux and Red Hat Virtualization, the two companies plan to work together to offer predictable quality of service to OpenStack applications and workloads, regardless of scale.
“Red Hat OpenStack Platform is a leading production-ready OpenStack distribution for enterprises for their private cloud infrastructure. We are working with Red Hat so that organizations can confidently adopt OpenStack for their most demanding enterprise workloads”Tweet this
Red Hat OpenStack Platform is a highly scalable Infrastructure-as-a-Service (IaaS) solution that enhances OpenStack with advanced features needed for cloud environments. It is a co-engineered solution that integrates the proven foundation of Red Hat Enterprise Linux with Red Hat's OpenStack technology to form a stable, high-performing and production-ready cloud environment. Veritas has selected Red Hat OpenStack Platform to build OpenStack solutions that provide a highly predictable quality of service to meet the requirements of business critical workloads with cost-effective direct-attached storage (DAS) using Veritas storage management technologies. Through the collaboration, Veritas aims to bring the ability to execute data protection tasks through integration with backup software without impacting production operations to Red Hat OpenStack Platform environments.
“Red Hat OpenStack Platform is a leading production-ready OpenStack distribution for enterprises for their private cloud infrastructure. We are working with Red Hat so that organizations can confidently adopt OpenStack for their most demanding enterprise workloads,” said Mike Palmer, Senior Vice President, Solutions for Data Insight and Orchestration, Veritas.
OpenStack has quickly gained traction as a cloud platform framework of choice for customers seeking agile, cost-effective and open source solutions. Indeed, the platform has seen increased penetration, with the 2016 OpenStack User Survey indicating production use of OpenStack at 65%, up from 33% two years ago. Yet organizations can still face challenges when it comes to executing their traditional, Mode 1 enterprise workloads on OpenStack due to the high performance and reliability requirements. Effective storage management that offers the necessary quality of service—regardless of scale—is a key part of successfully adopting OpenStack for these enterprise production workloads.
“Red Hat OpenStack Platform is in production across hundreds of customers, spanning multiple verticals. We are delighted to collaborate with Veritas to bring enterprise customers more choice and draw on their long legacy of enterprise storage management, resiliency and data protection to help our customers address the performance and reliability requirements of traditional tier 1 workloads running on Red Hat OpenStack Platform,” commented Radhesh Balakrishnan, General Manager, OpenStack, Red Hat.
“The quality of service or ‘noisy neighbor’ challenge is one of the key issues enterprises face as they look to deploy workloads on OpenStack. Veritas’s ability to address this can give customers the confidence to deploy their mode 1 apps on OpenStack knowing that they can have the performance and resiliency they need,” Scott Sinclair, Senior Analyst, ESG.
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About Red Hat, Inc.
Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to provide reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As a connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more at http://www.redhat.com.
About Veritas Technologies
Veritas Technologies enables organizations to harness the power of their information, with information management solutions serving the world’s largest and most complex environments. Veritas works with organizations of all sizes, including 86 percent of global Fortune 500 companies, improving data availability and revealing insights to drive competitive advantage. www.veritas.com
Veritas, the Veritas logo, and NetBackup are trademarks or registered trademarks of Veritas Technologies LLC or its affiliates in the U.S. and other countries. © 2016 Veritas Technologies. All rights reserved.
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Red Hat and Red Hat Enterprise Linux are trademarks of Red Hat, Inc. in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries. The OpenStack Word Mark is either a registered trademark/service mark or trademark/service mark of the OpenStack Foundation, in the United States and other countries, and is used with the OpenStack Foundation's permission. Red Hat is not affiliated with, endorsed or sponsored by the OpenStack Foundation, or the OpenStack community.
AVON, Ohio – Jenne, Inc., a leading value-added distributor of technology products and solutions focusing on voice, video, data networking, premise security and the cloud, is partnering with TelAgility, a leading provider of hosted platforms, to bring a new Avaya cloud offering to its value-added resellers. Hosted UC-Powered by Avaya IP Office is a Unified Communications as a Service (UCaaS) solution that delivers all of the tools necessary for a reseller to leverage the capabilities of Avaya IP Office and IP Office Contact Center but with the ease of a monthly subscription.
Jenne,and @TelAgility, have partnered to bring a new Hosted UC-Powered by Avaya IPOffice cloud solution to resellersTweet this
Hosted UC-Powered by Avaya IP Office is a turnkey solution that provides end-users the opportunity to migrate to an operating expense (OpEx) model. It also includes detailed compliance and taxation functionality which is attractive to solution providers as a value-added service as they bundle in their own services for delivering a comprehensive solution to their customers.
“Our Jenne Avaya Partners look for diverse offerings for their end users, and we are excited to bring a new solution to their portfolio,” said John Kruszka, director of Avaya solutions at Jenne, Inc. “This offer will allow partners to have a CapEx or OpEx option for an industry leading product. TelAgility’s cloud solution is a strong alternative to the traditional IP Office and IP Office Contact Center products.”
“I couldn’t be happier about partnering with Jenne,” said Adam Cole, CEO of TelAgility. “TelAgility has developed a unique product which will redefine the future for telecom resellers. With Jenne’s commitment to excellence in distribution, service, training and support, this partnership will allow us to bring economic sustainability to resellers, enabling them to thrive in the UCaaS marketplace with a highly profitable, recurring revenue stream.”
For more information on this product, contact Jenne Sales at 800-422-6191.
TelAgility, located in Annapolis, Md., makes UCaaS delivery profitable. The company was founded by telecom reseller who sought to create a level playing field in the UCaaS delivery model. With a team of telecom engineers and two years in research and development, TelAgility’s product was finalized with the potential of unlimited profitability for resellers. It is currently deployed with partners and resellers across North America. Through simplification of the delivery process and enabling its partners to overcome the complexity, cost and risk challenges associated with delivering UCaaS, TelAgility is redefining the future for telecom resellers.
About Jenne, Inc.
Jenne, Inc., headquartered in Avon, Ohio, is a leading value-added distributor of technology products and solutions focusing on voice, video, data networking, premise security and the cloud, including equipment and software for the Enterprise and SMB markets. Since the company's founding in 1986, Jenne has been committed to providing value added resellers with a broad product selection, competitive pricing, on-time accurate delivery, outstanding technical support plus ongoing sales and technical training through Jenne University. More than 165 major manufacturers partner with Jenne including Avaya, ADTRAN, Digium, Extreme Networks, Konftel, Mitel, Lifesize, Panasonic, Plantronics, Spectralink, VTech and Yealink.