Aurex Insights: Digital Energy Market Review

Q4 2019

Digital Energy Quarterly Review

Welcome to the latest edition of the Aurex Group quarterly update for the US Digital Energy market. In this issue, we will be providing market commentary and highlighting the notable market moves from the last quarter of 2019. If you would like to gain additional insight or request further information, please reach out to our specialist team at info@aurexgroup.com.

Q4 2019 - Trending Market Insight

The final quarter of 2019 delivered a series of events that have catapulted us into a new decade with an increased awareness of cybersecurity and its widespread impact. Data security through industrial cybersecurity and even cyber insurance are topics that have caught the attention of our Digital Energy Team at Aurex Group.

In December, Merck realized a loss of US$1.3 billion stemming from a cyberattack that was carried out in 2017. The loss came as a surprise to Merck as the company had thought their insurers were to compensate for the total loss. The majority of the 30 insurers involved denied the company’s claim stating that the event was an “an act of war” allowing the insurers the right to deny coverage. Incidents like this have spawned a new category of insurance called ‘cyber insurance’, as well as emphasized the need for large corporations to build in-house cybersecurity teams.

Voreacos, D., Chiglinsky, K., Grifin, R. (2019). Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War? Bloomberg.

The eve of the new year ended the decade in a painful way for Travelex, one of the world’s largest currency dealers, as they became the subject of a high-profile malware attack. As a result, Travelex has had to suspend its digital services for the last three weeks and counting to protect consumer data. Only manual currency exchange services are currently available to its global customer base.

Goud, N. (2020). Travelex Cyber Attack hackers demanding £4.6M for 5GB data. Cybersecurity Insiders.

In the crowded space of Industrial Control Systems (ICS) cybersecurity, we are starting to see a handful of companies making long term commitments to the industry. Many companies, however, are being forced to evaluate their positions and future direction. Cybersecurity powerhouse Tenable made a notable acquisition in Indegy, a strong mid-tier player, for US$78 million in cash. The move follows the same industry trend as the Forescout/SecurityMatters and Cisco/Sentryo acquisitions.

Lennon, M. (2019) Tenable Acquires OT Security Firm Indegy for $78 Million. Security Week.

Most recently, news that an Israeli cybersecurity firm has identified a new type of ransomware believed to be created by Iran has made headlines. The ransomware known as ‘Snake’ has the ability to lock up or even delete Industrial Control Systems. Ontario researches discovered this was the first new ransomware designed to specifically target the industrial sector. With tensions currently high, US oficials and security experts have expressed concern that Iran may be considering a cyberattack against the US or its allies.

Ackerman, G. (2020). ‘Snake’ ransomware, targeting industrial processes linked to Iran. Seattle Times.

Q4 Notable Market Moves

Marketing:

  • Kevin Corcoran left Kony, Inc. and joined AVEVA, in Austin, TX, as Vice President, Brand & Marketing Communications.
  • Neville Letzerich left Virtru and joined Forescout Technologies Inc., in Austin, TX, as Chief Marketing Oficer.
  • Nick Wagner left Red Hat and joined IronNet Cybersecurity, in Raleigh, NC, as Director of Demand Generation & Growth Marketing.
  • Richard Krieger left PerkinElmer, Inc. and joined Aspen Technology, in Boston, MA, as Vice President – Global Field Marketing.

Executive:

  • Mathew Varghese left Bromium and joined Silverfort, in Detroit, MI, as VP of Sales – Americas.
  • Donald Closser left FireMon and joined IronNet Cybersecurity, in Austin, TX, as Chief Product Oficer.
  • John Williams left LivePerson and joined E2open, in Atlanta, GA, as VP of Sales.
  • Burney Barker left Pindrop and joined Forescout Technologies Inc., in Dallas, TX, as VP, OT and Global Accounts.
  • Suresh Chandrasekaran left Cognizant and joined UiPath, in Princeton, NJ, as Vice President – Global Partner Management.
  • Bill MacDonald left Proofpoint and joined IronNet Cybersecurity, in Nashville, TN, as Vice President.
  • Vincent Morin left Ciena and joined Tenable, in Baltimore, MD, as VP, Global Sales Operations.
  • Peter Vescuso left PTC and joined Dragos, Inc., in Boston, MA, as Chief Marketing Oficer.

Product Management:

  • Wassim Tawbi left Symantec and joined FireEye, Inc., in Mountain View, CA, as Vice President, Product Management.
  • Erik Mogus left Reservoir Labs and joined Tenable, in Washington, DC, as Sr Product Manager – Technical Alliances.
  • Jason Lamar left Cisco and joined Tenable, in Baltimore, MD, as Senior Director of Product Management.
  • Chris Grove left Indegy and joined Nozomi Networks, in Tampa, FL, as Product Evangelist.
  • Matt Williams left Tripwire and joined Dragos, Inc., in Atlanta, GA, as Senior Product Manager.
  • Alex Kalafatis joined Aspen Technology, in Houston, TX, as Director of Product Management.
  • Raymond Carney left RSA Security and joined Tenable, in North Franklin, CT, as Director, Research Product Management.
  • Sichao Wang left VMware and joined Tenable, in San Francisco, CA, as Principal, Product Management Leader.
  • Paul Bigbee left Cisco and joined Forescout Technologies Inc., in San Francisco, CA, as Principal Product Manager.
  • Mark Harris left Tripwire and joined Dragos, Inc., in Atlanta, GA, as Senior Product Manager.
  • Helen Kaltegaertner left Palantir Technologies and joined Petuum, Inc., in Pittsburgh, PA, as Lead Product Manager – AI Platform.

Sales:

  • Jessica Ng left Microsoft and joined UiPath, in Seattle, WA, as Artificial Intelligence Partnerships and Alliances Lead.
  • Adrian Wood left First Insight, Inc. and joined Dassault Systèmes, in Dallas, TX, as Director, Strategic Business Development.
  • Thomas Jakob left PTC and joined Dassault Systèmes, in San Diego, CA, as Client Executive.
  • Morris Gouda left Altair and joined Dassault Systèmes, in San Francisco, CA, as Sales Director.
  • Dhruv Gupta left University of Waterloo and joined
  • AVEVA as Technical Sales Consultant.
  • Sam Kaminsky left Check Point Software Technologies, Ltd. and joined Darktrace, in New York, NY, as Account Executive.
  • Julian Schwartzman left MV Enterprises, LLC. and joined Darktrace, in Los Angeles, CA, as Account Executive.
  • Trang Bui left Quest Software and joined Darktrace, in Austin, TX, as Cyber AI Account Executive.
  • Lindsey Schaefer left Altria and joined Darktrace, in Atlanta, GA, as Cyber Security Account Executive.
  • Robert Mathieson left Forcepoint and joined IronNet Cybersecurity, in Stauord, VA, as Sales Engineering.
  • Matt Irvine left Oracle and joined IronNet Cybersecurity, in Salt Lake City, UT, as Director of Systems Integrators.
  • Folabi Lawal left Micro Focus and joined IronNet Cybersecurity, in Washington, D.C., as Sr. Account Director-DoD Programs.
  • Chris Siclare left eSentire and joined IronNet Cybersecurity, in New York, NY, as Regional Vice President: Northeast Enterprise Sales.
  • James Barry left Digital Shadows and joined IronNet Cybersecurity, in Los Angeles, CA, as Channel Program Director.
  • Vasanth Balakrishnan left Jazz Networks and joined IronNet Cybersecurity, in Houston, TX, as Senior Sales Engineer – Oil and Gas Sector.
  • Terence Taylor left Total Quality Logistics and joined E2open, in Atlanta, GA, as Business Development Representative.
  • Jon Martincic left Insight and joined E2open, in Alpharetta, GA, as Director of Sales.
  • Dave Zales left Optiv Inc and joined Tripwire, in New York, NY, as Regional Director.
  • Chad Hutchings left Symantec and joined Tripwire, in Washington, D.C., as Enterprise Account Executive.
  • Trenton Busch left FEV North America,    and joined ANSYS, Inc., in Detroit, MI, as Enterprise Account Manager.
  • Matthew Nikitin left Granta Design and joined ANSYS, Inc., in Detroit, MI, as Account Manager.
  • Trevor Henney left RSA Security and joined Tenable, in Boston, MA, as Director of Channel Strategy, Programs & Operations.
  • Travis Apel left Check Point Software Technologies, Ltd. and joined Tenable, in Houston, TX, as Enterprise Territory Manager.
  • Josh Wasserman left RSA Security and joined Tenable, in New York, NY, as Area Sales Manager.
  • John Wood left Symantec and joined Tenable, in Chicago, IL, as Senior Territory Manager WI & IL.
  • Todd DeWitt left F5 Networks and joined Forescout Technologies Inc., in Columbus, OH, as Strategic Account Manager, IT/OT Cybersecurity.
  • Ross Porter left McDermott International Inc. and joined Hexagon PPM, in Houston, TX, as Strategic Account Program Director.
  • Tim Duuy left Dome9 Security and joined CyberX, in San Francisco, CA, as Regional Sales Manager.
  • Thomas Ullrich left 1E and joined Dragos, Inc., in Chicago, IL, as Strategic Accounts Director.
  • Elizabeth Fox left Act-On Software, Inc. and joined Dragos, Inc., in Portland, OR, as Director of Sales Enablement.
  • Cheryl Armand left Ecolab and joined Aspen Technology, in Houston, TX, as Senior Account Manager.
  • Ely Feese left Pall Corporation and joined Aspen Technology, in Houston, TX, as Sr. Account Manager-Energy/Software.
  • Chris Klayko left Google and joined UiPath, in Los Altos, CA, as Senior Vice President Sales.
  • Chait Mandavilli left Siemens Digital Industries Software and joined Dassault Systèmes, in Dallas, TX, as Sales Executive.
  • Evan Lazarz left Adobe and joined Dassault Systèmes, in Seattle, WA, as Account Executive for BIOVIA.
  • Ken Hudson left SecurityScorecard and joined FireEye, Inc., in Denver, CO, as Enterprise Account Manager.
  • Rina Rakipi left Thomson Reuters and joined Darktrace, in Washington, D.C., as Cyber Security Business Development Executive.
  • Mikki Arnold left Pivot3 and joined Darktrace, in Austin, TX, as Cyber Security Account Executive.
  • Chris Turner left Daly Computers and joined Darktrace, in Austin, TX, as Cyber Security Account Executive.
  • Troy Maxoutopoulis left Oracle and joined Darktrace, in San Francisco, CA, as Account Executive.
  • Phillip Exel left Trend Micro and joined IronNet Cybersecurity, in Washington, D.C., as Federal Sales Engineer.
  • Steven Cooperman left ServiceNow and joined IronNet Cybersecurity, in Rockville, MD, as Director, Alliances and Channels – Public Sector.
  • Dan Ciriello left BitSight and joined IronNet Cybersecurity, in Raleigh, NC, as Director of Sales Development.
  • Pete Maino left FireEye, Inc. and joined IronNet Cybersecurity, in New York, NY, as Northeast Financial Sales.
  • Richard Byrd left Forcepoint and joined IronNet Cybersecurity, in Houston, TX, as Vice President – Oil, Gas, and Chemicals.
  • Andrew Chapman left BitSight and joined IronNet Cybersecurity, in Raleigh, NC, as Senior Business Development Representative.
  • Jim Scanio left Loftware and joined Elemica, in Philadelphia, PA, as Key Account Executive.
  • James Perez left Amber Road and joined E2open, in Raleigh, NC, as Sales Director.
  • Chris Adams left CharterUP and joined E2open, in Atlanta, GA, as Director of Sales, CDOC.
  • Michael Burdick left Symantec and joined Tripwire, in New Albany, OH, as Enterprise Account Executive, Ohio Valley.
  • Patrick Solomon left Pfeiuer Vacuum and joined ANSYS, Inc., in Pittsburgh, PA, as Account Manager.
  • Danny Laylan left Siemens PLM Software and joined ANSYS, Inc., in Seattle, WA, as Account Manager – PacNW.
  • Ellie Kulla left COMSOL, Inc. and joined ANSYS, Inc., in Boston, MA, as Account Manager.
  • Bryan McAlister left AVEVA and joined ANSYS, Inc., in Rosharon, TX, as Enterprise Global Account Manager.
  • Stephanie Good left Skillsoft and joined Accruent, in Austin, TX, as Senior Account Executive.
  • Joseph Cannon left RSA Security and joined Tenable, in Middlesex, MA, as Senior Business Development Manager.
  • Jeremiah Stallcup left Telos Corporation and joined Tenable, in Washington, D.C., as Security Sales Engineer.
  • Carl Woodward left ForeScout Technologies Inc. and joined Tenable, in Austin, TX, as Territory Manager.
  • Jeu Lanfear left Symantec and joined Forescout Technologies Inc., in Rochester, MI, as Global Strategic Account Manager.
  • Annie Zhang left Zingbox Inc. and joined Forescout Technologies Inc., in San Francisco, CA, as Strategic Alliances Director.
  • Serge Nadon left CyberArk and joined CyberX, in San Francisco, CA, as Sr Sales Engineer.
  • Daniel Cardoso left Veritas Technologies LLC and joined CyberX, in Orlando, FL, as LATAM Business Development Manager.
  • Jeep Keyser left Optiv Inc and joined Dragos, Inc., in Phoenix, AZ, as Senior Account Director – Southwest Region.
  • Luke Cheng left Citilabs and joined Bentley Systems, in Los Angeles, CA, as Account Manager.

Our Team

Cory Brezovar

Principal Consultant, Cybersecurity & Digital Energy

cory@aurexgroup.com

+1 832-954-5608

Morgan Scott

Research Associate, Digital Energy

morgan@aurexgroup.com

+1 713-501-7301

Adam Skinner

Partner, Corporate Functions & Global Energy

adam@aurexgroup.com

+1 832-247-8860

John McClellan

Partner, Global Energy

 

john@aurexgroup.com

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