This article originally appeared in the November 2022 issue of Security Business magazine. When sharing, don’t forget to mention Security Business magazine on LinkedIn and @SecBusinessMag on Twitter.
In October, more than 80 integrators gathered in Hilton Head, S.C., for the PSA Annual Convention to discuss their most significant business concerns – among them being supply chain challenges, employee retention, M&A and cybersecurity. The integrators shared solutions and collaborated on creative ways to address their challenges.
Supply Chain Concerns
As reported in depth by Security Business in its September issue, integrators continue to report that many "go-to" manufacturers are experiencing shipping delays and product shortages ranging up to two years out due to supply chain issues.
In several instances, integrators are redesigning systems to accommodate similar products; however, sometimes these products are also not available. On rare occasions, manufacturers are reengineering their products to omit the specific chip or part that is hindering production.
Integrators agreed that transparent communication from the manufacturers is essential during these challenging times. From manufacturer to distributor to integrator, the group recognized that open lines of communication will not resolve the issue but will go a long way to helping manage expectations and frustrations for end-users.
Employee Retention
Similarly, lack of manpower was shared as a concern facing integrators. Specifically, recruiting and retaining workers was top of mind when the integrators discussed workplace culture.
According to HR consultant April Simpkins, SHRM, millennials will be the majority of the workforce in 2025, with Generation Z comprising more than 25% of the workforce. With Generation X and baby boomers holding most of the executive roles, the workplace is diverse in worker expectations and values. Simpkins highlighted characteristics of the up-and-coming Generation Z, including critical experiences in their formative years, family lives, leadership expectations and expected communication methods. Understanding generational differences can help employers retain talent while making the employees feel valued and acknowledged.
Industry Consolidation
Another hot topic for integrators is the consolidation of competitors, manufacturers or a combination of both to offer products and services. There has been significant M&A activity in the security industry in the past two years, and the integrators agreed that staying up to date on these moves is essential to any business.
Michael Morabito, partner of Houlihan Lokey, shared during a speaking panel that security M&A isn’t slowing down, and was even bullish during the pandemic when it was expected to shrink due to workers leaving corporate offices. He said this is also the case with the next stage of the hybrid workplace, with new buildings and redesigned commercial systems driving growth in cloud-based managed services, convergence of point products and the increasing enterprise focus on workplace security and safety.
Cybersecurity Awareness
An increase in cybersecurity threats – especially to integrators’ own businesses – were also discussed. Email phishing attacks are consistently used by attackers to try to gain access to critical business information or extract money through email-based fraud. The FBI reported that losses from business email compromise attacks cost companies $1.7 billion last year – over half of all losses due to cybercrime – and that number is dramatically growing each month.
To mitigate attacks, some integrators hold employee trainings and meetings regarding cybercrime, send test emails to employees to mimic a cyber-attack, and document process improvements to include mandated phone verification to confirm the legitimacy of certain transactions. These strategies will hopefully disrupt cybercriminals and save companies millions.
Kristie Kidder is Director of Marketing and Communications for PSA Security Network. Request more info about PSA at www.securityinfowatch.com/10214742.
