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Boards Strive to Keep Pace with Digital Transformation and Cybersecurity Imperatives

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Digital transformation initiatives have transcended beyond the sole domain of IT to involve the entire organization, elevating digital strategy to the top of the board agenda, according to BDO USA, LLPs 2018 Cyber Governance Survey. The survey results, released today, signal how new regulations and emerging risks are driving boards to reevaluate corporate strategy and investments. In addition, most directors indicated that their boards are working to better understand data privacy regulation.

Developing a strategic path for an organization’s digital transformation and devoting company resources and board oversight to cybersecurity and data privacy are now necessities for businesses to survive and thrive during this time of intense change, said Amy Rojik, national assurance partner and director of BDOs Center for Corporate Governance and Financial Reporting. BDO’s Cyber Governance Survey this year reveals how public company board directors increasingly recognize the competitive advantages of embracing a digital transformation strategy and mitigating vulnerabilities related to cyber risk.

Conducted annually through the BDO Center for Corporate Governance and Financial Reporting, the survey measures the opinion of public company directors regarding timely and relevant corporate governance and financial reporting issues. Survey participants provided their insights on how boards are investing in digital capabilities, prioritizing cybersecurity threats and assessing digital privacy risks.

Digital Transformation

In the world of business, the goals to disrupt, innovate, and transform have become daily pursuits of organizations. However, while organizations may be making ad-hoc investments in digital, many have not yet set a digital transformation strategy into motion.

  • In fact, about one-in-three respondents (34 percent) say their organization has no digital transformation strategy currently and does not intend to develop one in the near future.
  • Two-thirds (66 percent) of public company board directors say their organization either has a digital transformation strategy in place or is planning to develop one.

Malcolm Cohron, BDO USAs national Digital Transformation Services leader, stated, Digital transformation is predicated on the foresight to re-imagine business five years into the future and then work backwards. The board of directors plays a critical role in catalyzing strategic planning for the long-term view. As the pace of change accelerates and the timeline of ˜long-term is shrinking, organizations that live solely in the present are already operating in the past.

With or without a concrete strategy in place, boards are taking steps to address technology disruption:

  • Almost half (45 percent) have increased capital allocation toward digital initiatives and 29 percent have hired board members with relevant oversight skills.
  • Another 16 percent of board directors have introduced new metrics for enhanced business insight.
  • Meanwhile, nearly one-in-three respondents (29 percent) said they have not taken any of these steps to address technology disruption, which may point to organizations overlooking significant opportunities and underestimating critical risks to their business.

Cybersecurity

For all the doors digital innovation opens, it also invites a host of new threats in the form of increasingly sophisticated cyber attacks. Corporate board members must ensure their organization develops a complete picture of its cybersecurity risks and adopts a threat-based cybersecurity strategy in alignment with an existing enterprise risk management framework. This is the fifth consecutive year that board members have reported increases in time and dollars devoted to cybersecurity. In terms of capital investments, 75 percent of directors say their organization has increased its investment in cybersecurity during the past 12 months.

  • While about eight-in-ten (79 percent) companies surveyed claim they have avoided a data breach or incident in the past two years, public company boards are becoming more involved in cyber oversight. In fact, 72 percent of board members say the board is more involved with cybersecurity now than they were 12 months ago.
  • Furthermore, eight-in-ten (79 percent) companies have an incident response plan in place to respond to potential cyber attacks.

With boards increasingly more involved in discussions around cybersecurity, especially due to regulatory changes and the potential for reputational damage, the cadence of reporting on cybersecurity is increasing.

  • Close to one-third (32 percent) of board members saying they are briefed at least quarterly on cybersecurity, while 32 percent are briefed annually.
  • However, nine percent of boards are not being briefed on cybersecurity at all.

In addition to precautionary measures, regulation is driving cybersecurity activity for public company boards, as well. In the wake of this years SEC interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents, more than half of board directors indicate their company has conducted readiness testing of cybersecurity risk management programs (58 percent) and implemented new cybersecurity risk management policies or procedures (53 percent).

  • Additionally, about one-third of companies (34 percent) have conducted a formal audit of their cyber risk management program, but just seven percent have leveraged the Center for Audit Qualitys Cybersecurity Risk Management Oversight: A Tool for Board Members.
  • Despite this, a quarter of organizations surveyed have taken no steps to address the SECs guidance on cyber disclosure obligations.

Data Privacy

In recent years, the explosion of data has created new, unprecedented business challenges, including increased risk and cost. The European Unions General Data Protection Regulation (GDPR), which went into effect on May 25, 2018, is the most significant overhaul to the EUs data privacy policies in over twenty years. Among respondents who say they are impacted:

  • Seventy-eight percent report their organization has conducted a GDPR gap assessment, another 78 percent have implemented or updated privacy notices, and 43 percent have updated their breach notification policies.
  • Just under one-third (32 percent) report increasing data privacy budgets, while another one-third (32 percent) have appointed a Data Protection Officer, a requirement under the GDPR for organizations that engage in certain types of data processing activities.

Conversely, more than two-thirds of board directors (69 percent) said their company is not impacted by the GDPR. Chances are, many of them are wrong. More muted reported impact among corporate directors may reflect lack of awareness or misunderstanding that still underlies many aspects of this new regulation. Although we have seen an uptick in U.S. companies that have conducted GDPR assessments and updated privacy notices, there is still a lot of work to do. U.S. companies still seem to fall short of building a culture of privacy.

About the BDO Board Survey

Conducted in July and August 2018, this years survey examines the opinions of 145 corporate directors of public company boards. BDO USAs Corporate Governance Practice is a valued business advisor to corporate boards. The firm works with a wide variety of clients, ranging from entrepreneurial businesses to multinational Fortune 500 corporations, on myriad accounting, tax, risk management and forensic investigation issues.

About BDO USA

BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through more than 60 offices and over 550 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of 73,800 people working out of 1,500 offices across 162 countries.

BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information please visit: www.bdo.com.

Media:
Marisha Chinsky
Bliss Integrated Communication
[email protected]
(646)
386-2922

News

Bearing Isolators Market 2020 – 2024: Post-Pandemic Industry Planning Structure | Technavio

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The bearing isolators market is expected to grow by USD 87.63 million during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the bearing isolators market in optimistic, probable, and pessimistic forecast scenarios.

The bearing isolators market will witness Neutral and Inferior impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavios pandemic-focused market research, market growth is likely to Decrease as compared to 2019.

Enterprises will go through Respond, Recover and Renew phases. Download free report sample

As the COVID-19 pandemic continues to spread, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through respond, recover and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis and towards the Next Normal.

This post-pandemic business planning research will aid clients to:

  • Adjust their strategic planning to move ahead once business stability kicks in.
  • Build Resilience by making effective resource and investment choices for individual business units, products and service lines.
  • Conceptualize scenario-based planning to mitigate future crisis situations.

Download the Post-Pandemic Business Planning Structure. Click here

Key Considerations for Market Forecast:

  • Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
  • Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
  • Pre- as well as post-COVID-19 market estimates
  • Quarterly impact analysis and updates on market estimates

Gain instant access to 17,000+ market research reports by using

Technavio’s SUBSCRIPTION platformTop of Form

Major Three Bearing Isolators Market Participants:

Parker Hannifin Corp.

Parker Hannifin Corp. operates its business under diversified industrial and aerospace systems segments. The company offers non-contact, labyrinth designs bearing isolators that provide unsurpassed bearing protection for rotary shaft equipment. Some of the bearing isolators are LS-standard flanged isolator, LN-standard non-flanged, flush mount isolator, FN-360 for flooded oil level, and oil mist applications, non-flanged, among others.

Smiths Group Plc

Smiths Group Plc operates its business under five segments, which include John Crane, Smiths Detection, Flex-Tek, Smiths Interconnect, and Smiths Medical. The company offers Magnum D V8, Magnum P V7, and Magnum P V68 bearing isolators, under its subsidiary John Crane.

The Timken Co.

The Timken Co. has business operations under mobile industries and process industries segments. The company offers metallic isolators, non-metallic isolators glass-filled PTFE, and non-metallic isolators graphite-filled PTFE.

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technavio.com/report/ bearing isolators market-industry-analysis

Bearing Isolators Market 2020-2024: Segmentation

Bearing Isolators is segmented as below:

  • End-user
    • Oil and gas
    • Chemical processing and manufacturing
    • Mining and metal processing
    • Paper and pulp
    • Food and beverage
  • Material
    • Non-metallic bearing isolators
    • Metallic bearing isolators
  • Geography
    • North America
    • Europe
    • APAC
    • MEA
    • South America

The bearing isolators market is driven by the benefits of bearing isolators. In addition, other factors such as rising industrialization in APAC is expected to trigger the bearing isolators market toward witnessing a CAGR of over 1% during the forecast period.

Get more insights about the global trends impacting the future of bearing isolators market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR45155

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

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Mind Body Social Is Bringing the “W.O.W” to Virtual Wellness in October!

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The new normal has called us all to redefine our approach to lifes most basic needs and physical and mental fitness are more important than ever, as we aim to keep our lives in balance. As a response, Mind Body Social will be hosting over 30 events from October 12th “ 17th, featuring more than 30 top experts & instructors, in a festival of virtual activities that provide the ultimate wellness experience, aiming to connect the local community, LIVE from iconic locations throughout South Florida.

Powered by T-Mobile, W.O.W. SoFlo is a Week Of Wellness featuring workouts, yoga sessions, guided runs, meditations and dancing, LIVE from multiple iconic locations from Palm Beach county to Miami-Dade, including the Everglades, Las Olas, Little Havana and Miami Beach, among many others. The program kicks off Monday, Oct. 12th with various activities including a very special Zumba class by celebrity dancer and international instructor, Toni Costa from T-Mobiles flagship store on Lincoln Road. The grand finale will take place on Saturday, Oct 17th with one of South Floridas biggest virtual 5K to date.

The program is FREE for all to participate thanks to the support of Baptist Health, Publix, BODYARMOR, Florida Blue and the programs Presenting Sponsor, T-Mobile, who continues to show their support for a healthy, connected South Florida.

Some of the special guests and instructors joining W.O.W SoFlo include Frankie Ruiz, co-founder of the Life Time Miami Marathon, who has curated the running program and Nikki Sapp Spoelstra who will be hosting a meditation and discussion centered around family life.

In the face of unprecedented times, we felt that Mind Body Socials mission to provide wellness and wellbeing to our community was more necessary now, than ever. Unable to do any more in-person events, we had to pivot and find ways to connect and serve. W.O.W SoFlo is the evolution of what weve been doing virtually since March, and its just the beginning of this movement, said Mind Body Social co-founders Jose Antonio Hernandez and Luis Sanabria.

W.O.W SoFlo will also help raise money throughout the week for key partners, including The Everglades Foundation, Susan G. Komen and Miami Water Keeper.

Full schedule of events available at: www.WOWSoFlo.com

About MIND BODY SOCIAL:

Mind Body Social produces event series that provide everyday people with tools to live a healthier life. Everything is centered around the community, and its free to participants thanks to strategic alliances and partnerships with renowned brands such as Facebook, Ikea Miami and Avianca Airlines, among others. The annual Mothers May Wellness Series presented by Publix, received a national award in 2019, and the virtual event series alongside Baptist Health South Florida, recently reached 100,000 participants since March 2020. For more information and current projects visit www.mindbodysocialevents.com

Mind Body Social

Media Contact: Victoria Gomez

Email: [email protected]

Phone: 786-556-0772

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TrellisWare Announces Completion of Field Demonstrations for HMS Operational Test Risk Reduction and New Warrior Robust Enhanced Networking (WREN) Narrowband (WREN NB) Waveform

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TrellisWare Technologies, Inc. is leading the development and deployment of the next generation waveforms for the US Army. TrellisWare recently completed successful execution of two field demonstrations that show the continued advancement of Army communication capabilities.

First Field Demonstration “TSM Waveform

The first field demonstration was of the TSM„¢ waveform on all four Product Manager (PdM) Handheld, Manpack and Small Form Fit (HMS) Program of Record (PoR) radios forming a single interoperable TSM network that supports the Armys voice, data and Position Location Information (PLI) Concept of Operations (CONOPS). By collaborating with all of the platform vendors “ Collins Aerospace for the AN/PRC-162, L3Harris for the AN/PRC-158 and AN/PRC-163, and Thales Defense & Security (TDSI) for the AN/PRC-148C “ TrellisWare proved that a Software Defined Radio (SDR) based waveform can be deployed on existing Army platforms to bring new networking capabilities to the Armys toolset.

In addition, TrellisWare worked closely with Program Manager Tactical Radios (PM TR) and the US Army Combat Capabilities Development Command C5ISR (Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance and Reconnaissance) to show that the TSM waveform can seamlessly support key Army systems, namely the Nett Warrior End User Device (EUD) and the Joint Battle Command-Platform (JBC-P).

As a result, the network that TrellisWare demonstrated was a system of systems representation of the PdM HMS Integrated Operational Test and Evaluation (IOT&E) test scheduled for early 2021. The success of the demonstration is a significant risk reduction for the PdM HMS IOT&E, an event that will influence full rate production of the PoR radios.

TrellisWare will continue collaborative efforts with PM TR and the platform vendors to demonstrate a Secret and Below (SAB) TSM capability that leverages the Warrior Robust Enhanced Networking (WREN) security specification.

Second Field Demonstration – WREN Narrowband

The second capstone field demonstration was for the WREN Narrowband (WREN NB) waveform, a new Mobile Ad-hoc Network (MANET) waveform developed by TrellisWare. The new WREN NB waveform represents the modernization of resilient long-range narrowband communications.

The WREN NB waveform is a fast frequency hopping narrowband waveform that is Electronic Counter-Countermeasures (ECCM) capable. It provides simultaneous voice, PLI, and Command and Control (C2) data in a single network of 250+ nodes; operates in VHF, UHF, and L-band frequencies; supports Multiple Independent Levels of Security (MILS); and is portable to the PoR Manpack and Handheld Leader Radios. The WREN NB waveform represents a new technological capability for the Army to operate in congested and contested environments and is planned for inclusion in their future Capability Set.

In this field demonstration, TrellisWare was able to show the WREN NB waveform operating on both the TDSI AN/PRC-148C and Collins AN/PRC-162 platforms. Simultaneous voice, PLI and data communications were shown in a multi-hop network topology. PLI and chat messages were exchanged using Nett Warrior EUDs, and a JBC-P system was used to view a Common Operational Picture (COP). “The Office of the Secretary of Defense (OSD) Spectrum Access Research and Development Program (SARDP) has afforded the Army the opportunity to add this modernized capability into our toolbox, said Herald Beljour, CIV US Army CCDC C5ISR. This coming fiscal year we will transition this waveform to PM TR, and we will continue to put this capability through its paces.”

TrellisWare is leading the development and fielding of scalable and resilient waveforms for the US Army, said Metin Bayram, president and CEO of TrellisWare. Our TSM waveform is already a key component of the Integrated Tactical Network (ITN) that scales to support an entire battalion. With the completion of WREN NB, TrellisWare is further enabling the Army with resilient communications for operations in congested and contested environments.

About TrellisWare Technologies, Inc.

TrellisWare Technologies, Inc. is a worldwide leader in highly advanced algorithms, waveforms, and communications systems that range from small form factor radio products to fully integrated solutions. Our TSM„¢ waveform is incorporated into a wide range of systems, including TrellisWare radios and trusted industry partner radios, as well as multiple government and commercial solutions. TrellisWare is delivering the next generation of communications for military and commercial markets When Nothing Else Works„¢. For more information on TrellisWares products and solutions, please visit www.trellisware.com.

Tina Bachman

Marketing Communications Manager

TrellisWare Technologies, Inc.

PH: +1 858-753-1603

[email protected]

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