The difficulty, according to Arora, is not a lack of cybersecurity providers, but rather the complexity of an organization’s security infrastructure, some of which still uses antiquated parts. In order to upgrade and streamline these systems and improve real-time threat detection and response, he underlined the need to develop a two to three year plan. The CEO observed that criminals are breaking into critical data more quickly. These attacks can now happen within hours, when it used to take days to compromise systems.
Arora emphasized that “it’s essential for us to be prepared to repel these threats in a matter of hours, not days.” He stressed that resource allocation is more important than greater spending when it comes to modernization.
The Securities and Exchange Commission (SEC) recently issued guidelines that require businesses to report a “material” security breach within four days of discovery, prompting Arora’s remarks. Cyberattacks have recently affected a number of well-known businesses, including copper miner Freeport-McMoRan, cosmetics producer Estée Lauder, and consumer goods manufacturer Clorox.
Arora emphasized the value of prompt correction, saying that businesses should steer clear of the risky circumstance of reporting a breach to the SEC without having fixed the problem. He highlighted that it is everyone’s duty to make sure that customers can respond quickly to cybersecurity events.
The stock price of Palo Alto Networks significantly increased on Monday, rising by almost 15%. This increase was probably brought on by the company’s results report that was made public following Friday’s market closing. According to the study, revenue increased dramatically over the same quarter the year prior by 26%, totaling $1.95 billion. The company reported adjusted quarterly earnings per share of $1.44 as opposed to Refinitiv’s average forecast of $1.28 per share, which was somewhat below the $1.96 billion consensus estimate.