Recent News Coverage Focused on Cybersecurity Strategy, Trends, and Venture Capital Funding

May 23, 2022

The challenges surrounding cybersecurity leadership recruiting in 2022 are multi-faceted. As reflected in a recent ISACA survey, there is a severe cybersecurity talent gap in the United States, with companies and organizations often struggling to identify and secure the cyber leaders they need to successfully defend against cyberterrorists and other digital threats that have emerged in recent years. More than 60-percent of survey respondents report that their cybersecurity teams are understaffed, and 55-percent report having currently unfilled cybersecurity leadership positions. Even those companies whose cyberteams are fully staffed are having to manage additional levels of risk created by the expanding work-from-home reality brought on by the pandemic.
Addressing this problem will require an all-hands-on-deck approach. Schools need to engage more children in STEM studies at an earlier age. More universities need to follow the lead of Le Moyne College and establish cybersecurity majors and minors. Companies and organizations need to be more proactive in developing and mentoring young cyberleadership talent, and, working together with cybersecurity recruiting firms, they must deploy strategies to build larger and more diverse candidate pools from which to choose.
As one of the nation’s premier cybersecurity recruitment agencies, we are specialists in securing the most experienced and talented cyber leaders – both active and passive – to help keep your organization and its people safe.  We deliver critical team members, including Chief Information Security Officers (CISOs), Business Information Security Officers (BISOs), Chief Revenue Officers, Chief Security Officers, Chief Product Security Officers, Chief Technology Officers, and many others to organizations across myriad industries including energy, financial services, oil-and-gas, philanthropy, security detection and response, and transportation.

News coverage of the current cybersecurity landscape provides additional insights and perspectives to guide your company’s cybersecurity strategy. A compilation of recent news articles is listed below.

SC Magazine
“Ballistic Ventures launches $300 million cybersecurity venture fund”
May 17, 2022

Congrats to all the organizations that received funding during the week of May 16!

Cyscale with funding from Notion
HackerLink with funding from FTX Ventures & Liberty City Ventures
Netstar Security with funding from AA Investment
Quillion Technology with funding from Lightspeed China Partners
BEMO with funding from Fulton Capital & Gula Tech Adventures
Certora with funding from Jump Crypto
GuardRails with funding from Surge
Pangea with funding from Ballistic Ventures
Wudun with funding from Security Capital

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Health IT Security
“Tenet Healthcare Investigating Cybersecurity Incident”
April 27, 2022

"Tenet Healthcare is investigating a cybersecurity incident that occurred at an unspecified time during the week of April 18, a press release stated. The Dallas, Texas-based health system, which consists of 60 hospitals and 550 outpatient centers, said it immediately suspended user access to impacted IT applications upon discovery of the incident.”

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Security Week
“Cybersecurity M&A Activity to Continue; Growth Funding to be More Conservative”
April 26, 2022

“Venture capital financing for cybersecurity firms was high throughout 2021, resulting in numerous new unicorns. Last year, and the first quarter of 2022, were also notable for the high number of cybersecurity mergers and acquisitions; and 2022 already looks set to be a new record year for M&A activity.

“According to Progress Partners’ Market Report: Cybersecurity Q1 2022 (PDF), M&A activity leapt from $27.5 billion in 2020 to $70.4 billion in 2021. By the end of Q1 2022, it had already reached almost $27 billion.

“Cybersecurity financing activity was similarly strong in 2021 at $25.6 billion (up from $11.1 billion in 2020). The latest figures, however, show a potential leveling or slight decline for the full year 2022, currently standing at $5.4 billion for Q1 2022.”

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Help Net Security
“Strengthening the ability of public companies to combat cybersecurity threats”
April 21, 2022

“The National Association of Corporate Directors (NACD), SecurityScorecard and the Cyber Threat Alliance released a report that examines the U.S. Securities and Exchange Commission’s recently proposed rules and amendments on cybersecurity reporting requirements for public companies. The report concludes that the proposed rules, if enacted as currently drafted, would strengthen the ability of public companies, funds and advisors to combat cybersecurity threats and implement risk mitigation processes.”

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CPO Magazine
“Why We Need a Holistic Approach to Cyber Resilience”
April 18, 2022

“Bolstering resistance to devastating electronic attacks requires organizations to take a resilience-oriented approach to cybersecurity. Much as enhancing the sustainability of a business demands the consideration of a multitude of factors from production to supply chain to labor, improving an IT environment’s resilience requires an approach that goes beyond technology purchases. Though the ‘people, process, technology’ mantra may sound like the 2000s calling, it remains relevant to guiding technology-related efforts in 2022.”

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Washington Post
“Forcing Companies to Diversify Their Boards Works”
April 14, 2022

“California has become the focus of a battle over how companies should address the lack of diversity on their boards: Should they actively seek out directors who aren’t White males, or should they simply seek to treat all candidates equally? A Superior Court judge has ruled in favor of the latter approach, declaring unconstitutional a law requiring publicly traded companies based in the state to add as many as three board members from under-represented groups.

“This is unfortunate, because the law was actually working.”

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Middle Market Growth
“Private Equity Takes a More Targeted Approach”
April 18, 2022

“Dealmaking in private equity was red hot in 2021, resulting in an excessively busy time for buyout firms across the middle market. In girding themselves for another active year—if one not so frenzied as the previous—finance executives are reestablishing in-person investor connections while diving into data and analytics to better track robust opportunities.

“’The M&A environment is going to remain active in 2022,’ says Bassem Mansour, co-CEO of Cleveland-based private equity firm Resilience Capital Partners. ‘Obviously, the year has started off with economic challenges highlighted by the invasion of Ukraine and rising interest rates. But there’s way too much dry powder with both private equity funds and public company borrowing capacity to think it will be a slow or even modest environment.’”

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Crunchbase News
“Cybersecurity Funding Remains High Even As Venture Cools Off”
April 6, 2022

“Funding to venture-backed cybersecurity startups continues at an impressive clip—although significantly off the record high set last quarter.

“Venture dollars invested into cyber startups hit almost $6 billion in the first quarter, according to Crunchbase data. That marks a nearly 50 percent increase from the first quarter of last year—and would put it on pace to break the all-time high for one year set last year with more than $20 billion poured into the space.”

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Security Magazine
“Top reasons why cybersecurity professionals leave their jobs”
April 1, 2022

“Organizations are struggling more than ever with hiring and retaining qualified cybersecurity professionals and managing skills gaps, according to ISACA’s new survey report, State of Cybersecurity 2022: Global Update on Workforce Efforts, Resources and Cyberoperations.

“The eighth annual survey features insights from more than 2,000 cybersecurity professionals around the globe and examines cybersecurity staffing and skills, resources, cyberthreats and cybersecurity maturity.”

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Security Magazine
“How to create a security-first culture”
March 21, 2022

“Organizations are struggling more than ever with hiring and retaining qualified cybersecurity professionals and managing skills gaps, according to ISACA’s new survey report, State of Cybersecurity 2022: Global Update on Workforce Efforts, Resources and Cyberoperations.

“The eighth annual survey features insights from more than 2,000 cybersecurity professionals around the globe and examines cybersecurity staffing and skills, resources, cyberthreats and cybersecurity maturity.”

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MITSloan
“How to build a culture of cybersecurity”
March 15, 2022

“Investment in cybersecurity technologies and training and awareness programs has soared the last few years as the threat landscape grows. Yet those efforts don’t go far enough in fully mitigating cybersecurity risks, according to Keri Pearlson, executive director of Cybersecurity at MIT Sloan, or CAMS.  This is because the weak link is typically people and behavior — a problem that is only resolved through a combination of technology investment and culture change.”

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Harvard Business Review
“7 Pressing Cybersecurity Questions Boards Need to Ask”
March 7, 2022

“For every new technology that cybersecurity professionals invent, it’s only a matter of time until malicious actors find a way around it. We need new leadership approaches as we move into the next phase of securing our organizations. For Boards of Directors (BODs), this requires developing new ways to carry out their fiduciary responsibility to shareholders, and oversight responsibility for managing business risk. Directors can no longer abdicate oversight of cybersecurity or simply delegate it to operating managers. They must be knowledgeable leaders who prioritize cybersecurity and personally demonstrate their commitment. Many directors know this, but still seek answers on how to proceed.

“We conducted a survey to better understand how boards deal with cybersecurity. We asked directors how often cybersecurity was discussed by the board and found that only 68% of respondents said regularly or constantly. Unfortunately, 9% said it wasn’t something their board discussed.”

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Security Magazine
“Security’s 2022 Top Cybersecurity Leaders”
March 1, 2022

Security magazine’s 2nd annual Top Cybersecurity Leaders program highlights enterprise information security executives and professionals and aims to inspire the next generation of cybersecurity executives with their stories. This year’s nominees influence peers, colleagues and other organizations with their day-to-day work, leadership, research and industry involvement.

“The goal of the Top Cybersecurity Leaders program is to spotlight cybersecurity professionals who are making a difference in their organization and/or in the industry as a whole, and this year’s nominees didn’t disappoint. Our editorial staff was blown away by the caliber of this year’s nominations. We received an overwhelming number of nominees with years of experience, industry impact and cybersecurity leadership.”

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InfoSecurity Magazine
“Why Diversity Is Crucial to Bringing Cybersecurity Recruitment Into the 21st Century”
February 16, 2022

“The pandemic’s impact on the way organizations operate has exposed a series of cybersecurity frailties that many business leaders are struggling to deal with. This is leading to a demand for cybersecurity professionals that can’t be met. Recent figures suggest the staff shortfall is widening in every region around the world apart from Asia-Pacific. This severe shortage of expertise means businesses are struggling to retain talent and find the people with the experience to tackle today’s cybersecurity issues.

“… As security teams are under greater pressure due to the increased frequency and complexity of attacks, stress and burn-out are undoubtedly a challenge. Still, much of the issue is down to some fundamental self-imposed cultural problems within the industry that would be so easy to change.

“Despite it being 2022, we’re still seeing organizations post job adverts that belong in the 1980s, which use boilerplate wording, and seem to be written by someone that has little idea what the job should be, nor what the job seekers in our industry look for. Unconscious bias, poorly written job descriptions and preconceived notions of what is required are driving skills shortage. These factors are also creating a diversity shortage.”

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CIO Review
“Recruiting and Retaining Talent in a Zero-Percent Unemployment Market”
February 15, 2022

“Cybersecurity leadership professionals have experienced two very different sides of the growth and demand in security jobs. On one side, we’ve benefitted from increasing salaries…. That’s the positive side of the cybersecurity job market – leaders are well paid. The other side is the challenges we face in recruiting and retaining top talent.”

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Beta News
“Modern mentorships: Fixing the cybersecurity skills gap”
February 13, 2022

“With job vacancies currently outweighing the number of people available to fill them, a career in cybersecurity offers almost limitless opportunities. The 2021 Cybersecurity Workforce Study from (ISC)² estimated that there were 4.19 million cybersecurity professionals worldwide -- an increase of more than 700,000 from the year before.

“While this illustrates an industry undergoing major growth, there remains a workforce gap of 2.72 million people which represents a very serious problem for organizations faced with a growing volume and sophistication of security threats.”

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