Day: April 24, 2023

Organizations taking a best-of-breed, point product approach to security were more likely to be attacked by ransomware in the last year

SUNNYVALE, Calif., April 24, 2023 (GLOBE NEWSWIRE) — RSAC 2023

John Maddison, EVP of Products and CMO at Fortinet
“According to the Fortinet research released today, though three out of four organizations detected ransomware attacks early, half still fell victim to them. These results demonstrate the urgency to move beyond simple detection to real-time response. However, this is only part of the solution as organizations cited the top challenges in preventing attacks were related to their people and processes. A holistic approach to cybersecurity that goes beyond investing in essential technologies and prioritizes training is essential.”

News Summary

Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today unveiled its 2023 Global Ransomware Report. The report is based on a recent global survey conducted by Fortinet and explores cybersecurity leaders’ perspectives on ransomware, particularly how it impacted their organizations in the last year, and their strategies to mitigate an attack. Key findings from the global survey include:

• The global threat of ransomware remains at peak levels, with half of organizations across all sizes, regions and industries falling victim in the last year.
• The top challenges to stopping a ransomware attack were people and process related, with many organizations lacking clarity on how to secure against the threat.
• There are a range of technologies viewed as essential to prevent ransomware, with an overwhelming majority prioritizing an integrated approach to security.
• Despite the global macroeconomic environment, security budgets will increase in the next year with a focus on AI/ML technologies to speed detection, centralized monitoring tools to speed response, and better preparation of people and processes.

A Growing Disconnect Between Ransomware Preparedness and Prevention

Fortinet’s research revealed there was a large disconnect between respondents’ level of preparedness with existing strategies and their ability to stop a ransomware attack. Although 78% of organizations stated they were “very” or “extremely” prepared to mitigate an attack, the survey found 50% fell victim to ransomware in the last year, and almost half were targeted two or more times. Specifically, four out of the five top challenges to stopping ransomware were people or process related. The second largest challenge was a lack of clarity on how to secure against the threat as a result of a lack of user awareness and training, and no clear chain-of-command strategy to deal with attacks.

More Organizations are Paying the Ransom, Despite Industry Guidance

The survey also found that despite most (72%) detecting an incident within hours, and sometimes minutes, the percentage of organizations paying ransoms remains high, with almost three-quarters of respondents making some form of ransom payment. When comparing across industries, organizations in the manufacturing sector received higher ransoms and were more likely to pay the fee. Specifically, one quarter of attacks among manufacturing organizations received a ransom of $1M or higher. Finally, while almost all organizations (88%) reported having cyber insurance, almost 40% didn’t receive as much coverage as expected and, in some cases, didn’t receive any because of an exception from the insurer.

Security Budgets will Increase Despite Economic Uncertainty

With concerns about ransomware still high and despite a challenging global economic environment, nearly all organizations (91%) expect increased security budgets in the next year. Based on the technologies viewed as most essential to secure against ransomware, organizations were most concerned with IoT Security, SASE, Cloud Workload Protection, NGFW, EDR, ZTNA, and Security Email Gateway. When comparing to 2021, the number of respondents citing ZTNA and Secure Email Gateway increased by nearly 20%. Given email phishing remained the most common attack entry method for the second time, it was promising to see respondents view Secure Email Gateway (51%) with higher importance, however, other essential protections, such as Sandboxing (23%) and Network Segmentation (20%) remained low on the list.

In the future, top priorities for respondents will be investing in advanced technology powered by AI and ML to enable faster threat detection and central monitoring tools to speed response. These investments will help organizations combat a rapidly evolving threat landscape as cyber attackers become more aggressive and deploy new elements into attacks.

Enhancing Ransomware Protection Through a Platform Approach

In addition, the report found that organizations using point products were the most likely to fall victim to an attack in the last year, while those who had consolidated to a smaller number of platforms were the least likely to be a victim. Further, almost all respondents (99%) viewed integrated solutions or a platform as essential to preventing ransomware attacks. These findings underscore the importance of leveraging a unified platform approach to defend against ransomware.

Fortinet supports organizations looking to improve their processes and advance cybersecurity skills by providing services such as Incident Readiness Assessments and Tabletop Exercises, Ransomware Readiness Assessments, SOC-as-a-Service, and SOC Readiness Assessments, as well as comprehensive training from one of the largest programs in the industry, the Fortinet Training Institute. With its industry-leading Security Fabric of over 50 natively integrated, enterprise-grade products, Fortinet continues to be the leading vendor helping organizations consolidate their point products into a unified cybersecurity platform. This platform approach, with open APIs and a robust Fabric-Ready technology alliance ecosystem, enables CISOs and security teams to reduce complexity, increase efficacy in the prevention and detection of ransomware, and speed incident triage, investigation and response.

Learn More about the Fortinet Security Fabric in the Fortinet Booth at RSA 2023

Fortinet is a Platinum Sponsor at this year’s RSA Conference and will be showcasing live demonstrations of its Security Fabric and cybersecurity solutions at booth #5863. Stop by the booth for a range of interactive discussions on how to protect your business from ransomware and learn more about Fortinet and its presentations at RSA in this blog post.

Report Overview:

• The survey was conducted among 569 cybersecurity leaders from 31 different locations around the world, including the United States, United Kingdom, France, India, and Japan, among others.
• Survey respondents came from a range of industries, such as manufacturing (29%), technology (19%), transportation (12%) and healthcare (11%).

Additional Resources

• Read the blog for key takeaways from Fortinet’s 2023 Global Ransomware Report, including a breakdown on how ransomware has impacted regions across the globe.
• Learn more about how the Fortinet Security Fabric brings end-to-end security to organizations of all sizes to prevent ransomware across all points of entry.
• Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs.
• Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.
• Learn more about Fortinet’s FortiGuard Security Services portfolio.
• Read about how Fortinet customers are securing their organizations.
• Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.

About Fortinet

Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

FTNT-O

Copyright © 2023 Fortinet, Inc. All rights reserved. The symbols ® and denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

GlobeNewswire Distribution ID 8813162

The world’s leading insurance industry and technology minds gather in Orlando, FL, May 8-10, 2023

Boston, April 24, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces major sponsors, partners, and presenters joining the leading insurance technology decision makers for its upcoming marquee customer conference, Formation ’23. The event is being held May 8 through May 10, 2023, at Signia by Hilton Orlando Bonnet Creek in Orlando, Florida.

With a focus on cultivating a world-class event experience filled with rich content, industry networking opportunities and unforgettable activities, Formation ‘23 is all about “BUILDING TOGETHER.” Duck Creek will welcome the leading insurtech minds and industry professionals of all levels from across the globe in a high-energy environment with ample educational and networking opportunities focused on the latest trends and innovations empowering the insurance industry. Duck Creek is delighted to be joined on stage and in sessions by customers who will share their personal stories and first-hand experiences implementing Duck Creek and partner ecosystem innovations. Notable carriers presenting include Australia-based general insurers Argyle and Hollard, as well as Berkshire Hathaway Specialty Insurance, EMC Insurance Companies, GAINSCO Auto Insurance® (GAINSCO), Great American Insurance Group, Indigo Insurance Ltd., and Munich Reinsurance America, Inc.

“This year we have a record number of sponsorship commitments from more than 60 members of our partner ecosystem, including diamond sponsors Glia and LTIMindtree; platinum sponsors Coforge and EY; and gold sponsors Accenture, Aggne Global, Capgemini, Cognizant and Quadient,” said Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies. “This is a testimony to the robust partner ecosystem Duck Creek has built to benefit our customers worldwide. We maintain strong relationships with industry leaders to provide complementary, distinct solutions and services to get our joint customers to market quickly.”

Notably, several influential industry analysts from Aite-Novarica Group (Aite-Novarica), Celent, Everest Group, Forrester, International Data Corporation (IDC) and ReSource Pro Consulting, will participate in various sessions as guest speakers. In particular, Aite-Novarica, Celent, and Forrester will come together to speak in a panel, “Building the future together,” to share how insurers must utilize technology to win in today’s market.

Attendees will get first look at Duck Creek’s latest product vision, strategy, and roadmap. “Duck Creek is committed to providing great products that enable insurers and their customers to thrive,” said Chief Product & Technology Officer Jess Keeney. “We believe great products are personal – delivered and supported through the research and development of humanized experiences. Insurance is more complex with more regulations than ever, and we provide our customers with better data and more technology to manage increased distribution channels and shifting demographics.”

The agenda and speaker line-up are now available on the conference website. For more information on Formation ‘23 or to register now for the year’s must-attend event, please visit https://www.duckcreek.com/formation/.

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Carley Bunch
Duck Creek Technologies
+1-201-962-6091
carley.bunch@duckcreek.com

GlobeNewswire Distribution ID 8813214

Barring exercise of warrants, securities registered in F-1 will not cause dilution to existing holders of ordinary shares

LONDON, April 24, 2023 (GLOBE NEWSWIRE) — Gorilla Technology Group Inc. (“Gorilla” or the “Company”) (NASDAQ: GRRR) made an announcement regarding its resale registration statement on Form F-1 (the “Registration Statement”), which went effective on March 30, 2023. Gorilla wishes to clarify that the purpose of filing the Registration Statement was not for a new issuance of ordinary shares by the Company and will not result in dilution to its ordinary shareholders (barring the exercise of the Company’s outstanding options or warrants).

As of the date of filing of the Registration Statement, the Company had 68,629,774 ordinary shares outstanding (excluding treasury shares). Notwithstanding the cover page of the prospectus in the Registration Statement and the securities registered therein, no additional ordinary shares were outstanding following its effectiveness and there are no securities currently outstanding which may cause the number of ordinary shares outstanding to increase other than (1) employee stock options and (2) warrants (all of which have an exercise price of $11.50).

While the Registration Statement states that it is partly for a “primary offering” of ordinary shares, this is only to register ordinary shares underlying the Company’s previously issued contingent value rights (“CVRs”) and will not increase the number of outstanding ordinary shares of Gorilla. If ordinary shares are required to be issued to the holders of CVRs, such issuance will be fully offset (if not more than fully offset) by the forfeiture and cancellation of Earnout Shares (as defined in the Company’s Business Combination Agreement). The Earnout Shares are currently held in escrow by the Company’s transfer agent but are treated as outstanding in all the Company’s filings (as they may be voted, even if economic rights have not yet vested). The number of ordinary shares registered in the Registration Statement pursuant to the “secondary offering” included these Earnout Shares and are reflected in the holdings of the selling security holders (if a selling security holder has a potential claim to such Earnout Shares).

About Gorilla Technology Group Inc.
Gorilla, headquartered in London U.K., is a global solution provider in security intelligence, network intelligence, business intelligence and IoT technology. Gorilla develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security, and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, telecom companies and private enterprises with network surveillance and cyber security.

Gorilla places an emphasis on offering leading technology, expert service, and precise delivery, and ensuring top-of-the-line, intelligent and strong edge AI solutions that enable clients to improve operational performance and efficiency. With continuous core technology development, Gorilla will deliver edge AI solutions to managed service providers, distributors, system integrators, and hardware manufacturers. For more information, please visit our website: Gorilla-Technology.com.

Forward-Looking Statements
This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. Gorilla does not undertake any obligation to update any forward-looking statements, except as required by law.

Contact
Jeff Fox
The Blueshirt Group for Gorilla
+1 (415) 828-8298
jeff@blueshirtgroup.com

GlobeNewswire Distribution ID 8823452