Category: Regulations & Security

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Temporary Protected Status designations for El Salvador, Honduras, Nepal and Nicaragua reinstated and extended for 18 months

Current Beneficiaries Must Re-register to Maintain Their Status After June 30, 2024

WASHINGTON — The Department of Homeland Security (DHS) recently posted Federal Register notices extending the Temporary Protected Status (TPS) designations of El Salvador, Honduras, Nepal, and Nicaragua for 18 months.

 

These notices follow the decision of Secretary of Homeland Security Alejandro N. Mayorkas, announced June 13, 2023, to rescind the 2017 and 2018 terminations of these designations and extend the reinstated designations for 18 months.

 

Secretary Mayorkas decided to extend TPS after consulting with interagency partners and carefully considering the ongoing conditions in El Salvador, Honduras, Nepal, and Nicaragua. As always, DHS closely monitors conditions around the world to assess whether new TPS designations are warranted.

 

TPS beneficiaries under the four designations must re-register to maintain their TPS throughout the 18-month extension. DHS previously extended the validity of TPS-related documentation for current beneficiaries through June 30, 2024, to ensure continued compliance with court orders in the litigation challenging the now-rescinded termination decisions. The new notices do not affect that action. Re-registration is limited to individuals who previously registered for and were granted TPS under the prior designations of El Salvador, Honduras, Nepal and Nicaragua.

 

Individuals who arrived in the United States after the continuous residence dates for these designations are not eligible for TPS. The respective continuous residence dates are Feb. 13, 2001, for El Salvador; Dec. 30, 1998, for Honduras; June 24, 2015, for Nepal; and Dec. 30, 1998, for Nicaragua.

 

El Salvador
DHS is extending the designation of El Salvador for TPS for 18 months, from Sept. 10, 2023, through March 9, 2025. Additionally, DHS considers that the designation of El Salvador for TPS has been automatically extended in 6-month increments since March 9, 2018, under INA § 244(b)(3)(C). The extension allows approximately 239,000 current TPS beneficiaries to re-register to retain TPS through March 9, 2025, if they otherwise continue to meet the eligibility requirements for TPS. Existing TPS beneficiaries who wish to extend their status through March 9, 2025, must re-register during the 60-day re-registration period from July 12, 2023, through Sept. 10, 2023.

 

Honduras
DHS is extending the designation of Honduras for TPS for 18 months, from January 6, 2024, through July 5, 2025. DHS considers that the designation of Honduras for TPS has been automatically extended in 6-month increments since July 5, 2018, under INA § 244(b)(3)(C). The extension allows approximately 76,000 existing TPS beneficiaries to re-register to retain TPS through July 5, 2025, if they otherwise continue to meet the eligibility requirements for TPS. Existing TPS beneficiaries who wish to extend their status through July 5, 2025, must re-register during the 60-day re-registration period from Nov. 6, 2023, through Jan. 5, 2024.

 

Nepal
DHS is extending the designation of Nepal for TPS for 18 months, from Dec. 25, 2023, through June 24, 2025. DHS considers that the designation of Nepal for TPS has been automatically extended in 6-month increments since June 24, 2018, under INA § 244(b)(3)(C). The extension allows approximately 14,500 existing TPS beneficiaries to re-register to retain TPS through June 24, 2025, if they otherwise continue to meet the eligibility requirements for TPS. Existing TPS beneficiaries who wish to extend their status through June 24, 2025, must re-register during the 60-day re-registration period from Oct. 24, 2023, through Dec. 23, 2023.

 

Nicaragua
DHS is extending the designation of Nicaragua for TPS for 18 months, from Jan. 6, 2024, through July 5, 2025. Additionally, DHS considers that the designation of Nicaragua for TPS has been automatically extended in 6-month increments since Jan. 5, 2018, under INA § 244(b)(3)(C). The extension allows approximately 4,000 current TPS beneficiaries to re-register to retain TPS through July 5, 2025, if they otherwise continue to meet the eligibility requirements for TPS. Existing TPS beneficiaries who wish to extend their status through July 5, 2025, must re-register during the 60-day re-registration period from Nov. 6, 2023, through Jan. 5, 2024.

 

The rescission of the terminations for the designations of these four countries for TPS is effective as of June 9, 2023

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Digital - AI & Apps Healthcare Lifestyle Regulations & Security Technology

Hospitals fail to safeguard patient data, AI board governance essential

Hospital boards are suffering from not integrating AI into their board governance systems, leading to major data breaches and compromising patient safety.

 

Trinity Health is facing a class action lawsuit after a data breach compromised the protected information of an estimated 21,000 patients.

 

Hospital board members play an important role in safeguarding their organization’s care.

 

The relationship between hospital board oversight and patient safety is critical, and by integrating AI into the governance systems, hospital boards can aggregate data more effectively.

“Harnessing the power of AI, healthcare systems’ boards of directors can efficiently collect and analyze data, respond swiftly to data breaches, and in the future could even predict potential risks,” states Marion Lewis, Co-Founder and CEO of Govenda.

 

Govenda recently launched their Artificial Board Intelligence Innovation called ‘Gabii’, to address digital transformation and keep organizations sustainable.

 

With AI-driven analytics, anomaly detection in data reported, and predictive algorithms, these boards gain a comprehensive understanding of vulnerabilities, enabling them to take proactive measures to mitigate risks. AI has the potential to empower boards of healthcare organizations to protect patient data and uphold industry standards.

Marion Lewis, Co-Founder and CEO of Govenda can speak on the following:

  • How can the AI platform support Boards in helping healthcare systems respond to data breaches, including incident management and mitigating potential legal consequences?
  • Can you provide details about the specific features or mechanisms of the AI platform that can help Boards of Directors contribute to better protection of patient information in the future?
  • What kind of analytics or reporting tools does the platform offer to boards of directors for assessing and addressing data breach risks?
  • Can you provide information on the implementation process and integration of the AI platform with existing Boards of Directors in healthcare organizations?

 

About Govenda

Marion Lewis and Jeanette Thomas, two results-driven entrepreneurs, investors, philanthropists, and business community leaders co-founded Govenda. Govenda is reimagining how board of directors convene to provide intentional, strategic governance ─ by being the bridge between the boardroom and a company’s strategic goals. The board management software accelerates stakeholder governance as a force for good in the world and empowers organizations to create sustainable value by equipping stakeholders with innovative tools that transform practices. It was designed to magnify security and compliance as board tools to handle sensitive and confidential information crucial to compliance and control of proprietary data. Portability of access with enhanced collaboration is no longer a plus – it is essential. GABII, the Govenda product integrating its AI-driven portal tools with Microsoft 365 and enterprise resource planning (ERP) software streamlines workflows and improves efficiency. For more information on the most innovative platform in board governance visit www.Govenda.com

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Business Education Lifestyle Regulations & Security Technology

Top project management consultant warns against A.I. misuse

Dr. Te Wu has spent the better part of two decades managing projects of all sizes for Fortune 500 companies, the U.S. Government, and cause-driven non-profit organizations. He is renowned for taking even the most dynamic and purpose-driven organizations to greater heights of innovation, growth, efficiency and profitability.

 

He is available for interviews to give his informed take on how A.I. will significantly impact project management, both, for better and worse; and how corporations, nonprofits and the U.S. government can steer clear of its misuse in managing large scale projects.

 

As the project manager for OATS (Older Adult Technology Services) – a division of AARP, Guttmacher Institute – a leading research and policy organization committed to advancing sexual and reproductive health and rights worldwide, the United States Armed Forces, and many household name consumer brands from food to transportation; Wu and his firm PMO Advisory train employee teams, streamline project budgets, improve methodology and production, expedite project timelines and increase profits for high profile organizations.

 

Dr. Wu is the current chairperson of the Project Management Institute’s standards committee, where he is developing the newest standards for portfolio management, to be used worldwide, for the project management industry. He also a Tenured Professor of Project Management Studies at Montclair State University for graduate and undergraduate studies, and a Graduate Program Coordinator for his department.

 

Dr. Wu is hopeful about A.I.’s capabilities to streamline certain project management tasks, but warns that over-reliability on A.I. could have disastrous effects on large scale projects. Citing one example of where A.I. can be helpful, he says, “A project is an investment in the future. One of my clients is a worldwide Midwest manufacturing company with 6,500 employees. Their fan club and merchandising actually brings in almost 25% of their revenue, which is very unique.

 

We created a new office for them called ‘Strategic Projects,’ where we had six people go around the company, counting projects and assessing their costs. They stopped counting at 3,000 different projects. This is an example of where A.I. can help, in theory. A.I. can help you quickly analyze this data and help you make proposals for consolidation to avoid project overlap.”

 

Conversely, says Wu, “Over the next 20 years, we will still need human scrutiny to support A.I. Projects are typically new endeavors, so they might lack the sufficient data to program into an A.I. engine.”

 

He also warns, “If a company relies too much on the A.I. to choose, plan and execute large scale projects, over time they lose the very competence they need in order to analyze and scrutinize the data. The organization no longer has that capability, which is similar to what the outsourcing craze did to organizations in the 1990s and 2000s.”

 

Wu also points out that once we come to rely too heavily on A.I. to make our project management decisions for us, it may reduce our ability to cope with any type of unanticipated change or problem, adding, “A boat can carry people, but it can also sink people. When used responsibly, A.I. can increase insights and productivity, but when used recklessly it can harm a project. Finding that delicate balance will be the challenge.”

Categories
Business Lifestyle Programs & Events Regulations & Security

AM Best to host briefing on the medical stop-loss market

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will host a webinar discussing the recent trends and developments in the growing stop-loss market on July 13, 2023, at 2 p.m. (EDT).

Medical stop-loss insurance premium has grown substantially in the past several years, as employer groups look for more efficient solutions for health care coverage. The one-hour briefing, titled, “AM Best’s Briefing – Stop-Loss Market: Seeing Growth Potential While Facing New Challenges and Risks,” will cover the following topics:

  • Drivers of stop-loss growth;
  • Rising volume of high-cost claims;
  • Impacts of new gene and cell therapies;
  • Medical and prescription drug cost-containment strategies; and
  • AM Best’s view of the stop-loss market.

 

The panel will consist of the following senior AM Best analytical staff and industry leaders:

  • Stephanie Whalen, president, Union Labor Life Insurance Company;
  • Andy Folsom, vice president, Companion Life;
  • Sally Rosen, senior director, AM Best; and
  • Doniella Pliss, director, AM Best.

 

Attendees can submit questions during registration or by emailing conferenceinformation@ambest.com. The event will be streamed in video and audio formats, and playback will be available shortly after the event.

 

To find out more about the briefing or to register, please visit https://www3.ambest.com/conferences/events/eventregister.aspx?event_id=CME922.

 

Additionally, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=331037 to see AM Best’s recent report on the stop-loss insurance market segment.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318

al.slavin@ambest.com

Categories
Business Lifestyle Regulations & Security

AM Best removes from under review with developing implications and affirms credit ratings of Reserve National Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Reserve National Insurance Company (RNI) (Chicago, IL). The outlook assigned to these Credit Ratings (ratings) is stable.

 

The ratings reflect RNI’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings further reflect RNI’s integration with its new parent company, Medical Mutual of Ohio (MMO), after its acquisition effective Dec. 1, 2022. AM Best expects that the acquisition will provide strategic alignment between companies in the form of diversified product offerings and geographic expansion. AM Best notes that on a standalone basis, RNI has limited financial flexibility. However, the company’s excess capital along with its relationship with MMO provides added capacity to support business objectives going forward.

 

RNI is a specialty accident and health (A&H) insurer headquartered in Oklahoma City, Oklahoma that provides coverage throughout the United States. RNI is licensed currently in 49 states and the District of Columbia. MMO is a mutual health insurer domiciled in Ohio. MMO and its subsidiaries provide commercial, Medicare Advantage and Medicare Supplement, A&H, life, and disability insurance plans to both individual groups, health benefits administration to large group employers that maintain uninsured A&H plans, provides compliance expertise, technology, and administrative support services for wellness and related incentive plans and administers employee assistance programs. MMO serves approximately 1.2 million health members, primarily Ohio.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Cristian Sieira
Financial Analyst

+1 908 882 2315
cristian.sieira@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Alan Murray
Associate Director
+1 908 882 2195
alan.murray@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Categories
Business Economics Lifestyle Regulations & Security

Former Bank of America and Apple Pay leaders retire to oversee Chargeback prevention

Two industry leaders in payments recently retired from Bank of America and Apply Pay, to move to Chargebacks911 to tackle chargebacks and innovate it across the payment and fintech industries.

 

Banks have become unwittingly complicit in friendly fraud.

As once a solution to a growing problem, banks and financial institutions have made the chargeback process more convenient for consumers, who now find it more convenient and faster to file a dispute with their banks than to contact the merchant. Wells Fargo settles disputes within 10 working days, while Bank of America has a 30-day dispute settlement policy.

 

But industry leaders say financial institutions cannot continue these enormous write-offs.

 

New solutions needed to prevent chargebacks and increase merchants’ win rates.

Considering this, Monica Eaton, CEO of Chargebacks911, the first global company fully dedicated to developing the most effective strategies for helping businesses manage disputes, mitigating chargeback risk, and eliminating chargeback fraud, announced today, Tuesday, June 6, the appointment of payments industry leaders Guy Harris as its Chairman of the board, and Eric M. Hoffman as President of Interbank Solutions and board member.

 

Guy Harris is the former Bank of America merchant services titan and 2021 Electronic Transactions Association (ETA) president, while Eric M. Hoffman is the current ETA president and a previous Apple executive.

 

“With an increase in transactions, usage, and reliance, comes consumer and merchant protection through chargeback services. E-commerce has gone deeper into convenience and shifting to different merchant categories,” states Hoffman.

 

“Settlements now happen by both financial institutions and merchants. Financial institutions are in urgent need of information to make informative payment dispute decisions,” affirms Harris.

 

Read more:

Categories
Business Culture Healthcare Lifestyle Regulations & Security Science

Members vote yes for first contract in UFCW Local 152’s cannabis division

EGG HARBOR TOWNSHIP, N.J. — (BUSINESS WIRE) — UFCW Local 152 members at The Botanist dispensaries in Egg Harbor and Atlantic City, N.J. voted overwhelmingly on June 21 to ratify a bargaining agreement with their employer, making it the first of its kind for cannabis workers at the local union.

 

The three-year agreement calls for raises as well as ratification bonuses and improved health benefits. The base salary for new hires is increased and all members at both Botanist locations have access to the grievance process through their union.

 

“This strong first contract is the culmination of months of hard bargaining on behalf of our members,” Local 152 President Brian String said. “The unity displayed by these workers was crucial to our success and sets a strong foundation for continued achievements.”

 

UFCW Local 152 represents more than 60 workers at The Botanist across the two locations. Members grow, harvest and process cannabis and sell it in several forms at their retail spaces. Customers can seek assistance from the experts at either location to find the products that meet their medical needs.

 

For more than a decade, Local 152 has been at the forefront of organizing the cannabis industry in New Jersey. Earlier this year, workers at another cannabis cultivation site owned by MPX NJ group voted to join the union and are in negotiations to determine their first contract.

 

“Our expertise in bargaining across many diverse, challenging industries makes Local 152 a powerful ally for cannabis workers,” String said.

 

“No one has to go it alone. With a union, we’re all in this together.”

Contacts

Brian String, President

UFCW Local 152

(609) 704-3900

Categories
Business Lifestyle Regulations & Security

AM Best removes from under review with developing implications and affirms credit ratings of Trinidad & Tobago Insurance Limited

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Trinidad & Tobago Insurance Limited (TATIL) (Trinidad and Tobago). The outlook assigned to these Credit Ratings (ratings) is stable.

 

The ratings reflect TATIL’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

 

TATIL’s balance sheet strength is supported by its risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). TATIL’s surplus growth and level of risk-adjusted capitalization continues to be supported by profitable overall earnings, favorable liquidity measures, steady operating cash flows, as well as an effective reinsurance program that mitigates catastrophic loss.

 

TATIL has generally produced favorable underwriting results, and absent the recent market turmoil, this has been augmented by stable levels of investment and rental income, resulting in historically profitable overall operating performance. These factors are somewhat offset by the geographic concentration of TATIL’s operations, its continuing challenge to maintain earnings and market share in extremely competitive markets and its inherent exposure to catastrophe events.

 

The company recently completed the acquisition of Colonial Fire and General Insurance Company Limited (Colfire), consolidating its position as one of the top two dominant property/casualty insurers in the Trinidad and Tobago market. TATIL and Colfire will operate as separate entities in the short to medium term; however, integration efforts will concentrate on extracting business synergies and achieving economies of scale where possible.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Ricardo Longchallon
Senior Financial Analyst
+1 908 882 2019
ricardo.longchallon@ambest.com

Sharon Marks
Director
+1 908 882 2092
sharon.marks@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Categories
Business Environment Lifestyle Regulations & Security Technology

Knightscope client further expands emergency communication system order

Shopping center security robot client renews contract for third year

 

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — $KSCP #SecurityRobot—Knightscope, Inc. [Nasdaq: KSCP] “(Knightscope” or the “Company),” a leading developer of autonomous security robots and blue light emergency communication systems, today announced that a University in New Jersey signed a purchase order for two additional K1 Blue Light Towers adding to the $1.25 million order announced earlier this year.


Universities are among Knightscope’s top priorities as the Company strives to protect all places people live, work, study and visit. Protecting the nation’s children and educators is essential to securing our future, and there are many steps that can be taken now to further enhance school safety as outlined in Knightscope’s blog here. New and existing users of Knightscope technologies that follow these recommendations, broaden their use of such enhanced safety measures, and continually renew service agreements further validate the Company’s efficacy and value.

 

Knightscope Authorized Partner Extends Shopping Mall Contract

Transcend Security Solutions – one of Arizona’s largest, premier contract security providers – extended its K5 Autonomous Security Robot (ASR) contract at a popular Arizona shopping mall for the third year. The K5 patrols the courtyard of the mall and much of the outer perimeter of the buildings that make up this mixed office and retail space. The mall prides itself on the property’s focus on technology, innovation and design, which makes Knightscope’s ASR right at home and a premium addition to their security staff.

 

To learn more about Knightscope’s Autonomous Security Robots and Blue Light Emergency Communication Systems, book a discovery call or demonstration now at www.knightscope.com/discover.

 

About Knightscope

Knightscope is an advanced public safety technology company that builds fully autonomous security robots and blue light emergency communications systems that help protect the places people live, work, study and visit. Knightscope’s long-term ambition is to make the United States of America the safest country in the world. Learn more about us at www.knightscope.com. Follow Knightscope on Facebook, Twitter, LinkedIn and Instagram.

 

Forward-Looking Statements

This press release may contain “forward-looking statements” about Knightscope’s future expectations, plans, outlook, projections and prospects. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” “proposes” and similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements about the Company’s path to profitability, the Company’s targeted annualized revenue run rate, the Company’s plans for top-line growth, the Company’s ability to deliver on its backlog of new orders, the benefits of the Company’s planned streamlining of its operations and rightsizing of its combined workforce and the Company’s ability to achieve improved margins. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, among other things, the risk that the restructuring costs and charges may be greater than anticipated; the risk that the Company’s restructuring efforts may adversely affect the Company’s internal programs and the Company’s ability to recruit and retain skilled and motivated personnel, and may be distracting to employees and management; the risk that the Company’s restructuring efforts may negatively impact the Company’s business operations and reputation with or ability to serve customers; the risk that the Company’s restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipated. Readers are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Knightscope’s Annual Report on Form 10-K for the year ended December 31, 2022. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements, except as may be required by law.

Contacts

Public Relations:
Stacy Stephens
Knightscope, Inc.
(650) 924-1025

Corporate Communications:

IBN (InvestorBrandNetwork)

Los Angeles, California

www.InvestorBrandNetwork.com
310.299.1717 Office

Editor@InvestorBrandNetwork.com

Categories
Business International & World Lifestyle Regulations & Security Science Technology

New research: Only 9% of global organizations avoid network outages in an average quarter

Opengear shares research revealing that 91% of global businesses experience at least one outage quarterly pointing to the need for improved network resilience

 

EDISON, N.J. — (BUSINESS WIRE) — Fewer than one in ten CIOs can claim that they have avoided a network outage, according to new research by Opengear, a Digi International company (NASDAQ, DGII, www.digi.com) and provider of secure and Smart Out of Band management solutions.


This finding is among new research by Opengear of both CIOs and network engineers globally. The scale and frequency of network outages is revealed by 91% of CIOs stating that they experience downtime at least once a quarter.

 

Further survey statistics reveal that network downtime has a significant financial impact for businesses. Figures show that in the US for each minute of disruption, 24% of organizations lose between $2,501 and $5,000. As an average, this figure equates to $4,344 for every minute of downtime incurred.

 

Due to continued network outages and rising economic pressures, 79% of US CIOs now say it’s harder to meet customer expectations in today’s environment, a concern also reflected by 68% of US network engineers.

 

92% of US CIOs have therefore increased their budget over the last 12 months to improve their network resilience, with almost half (44%) dedicating over 50% of their IT budget to infrastructure spend in order to secure their operations.

 

“Our research findings lay bare the challenges that organizations globally are facing with network outages in 2023,” said Gary Marks, President at Opengear.

 

“It’s perhaps unsurprising that CIOs are allocating more investment to network resiliency to ensure that downtime doesn’t occur. The key is where this investment is being targeted. From critical first day deployments and everyday maintenance, to worst day scenarios such as network outages, organizations need always-on access to their critical resources to ensure business continuity. Smart Out of Band technologies can enable remediation of network issues from any location, helping to reinforce business resilience in a difficult economic climate.”

 

About Opengear

Opengear, a Digi International company, delivers secure, resilient access and automation to support critical IT infrastructure on the First Day, Every Day and Worst Day. Through presence and proximity, Opengear solutions enable provisioning, orchestration, and remote management of network devices through innovative software and appliances. Opengear solutions are trusted by global organizations across financial, digital communications, retail, and manufacturing sectors. The company is headquartered in New Jersey, with an R&D center in Brisbane, Australia.

 

For more information, visit www.opengear.com/

 

About Digi International

Digi International (NASDAQ: DGII) is a leading global provider of business and mission-critical Internet of Things (IoT) connectivity products and solutions. We help our customers create next-generation connected products and solutions to deploy, monitor, and manage critical communications infrastructures and compliance standards in demanding environments with high levels of security, relentless reliability, and bulletproof performance. Founded in 1985, the company has helped customers connect more than 100 million things – and counting. For more information, visit www.digi.com, or call 877-912-3444 (U.S.) or 952-912-3444 (International).

Contacts

Opengear U.K. Media Contact
Emily Fishburn

emilyf@whiteoaks.co.uk
+44 (0) 1252 727313

Opengear U.S. Media Contact
Peter Ramsay / Melinda Pham

Global Results Communications

open@globalresultspr.com
+1 949.307.5908