Cybersecurity, Brasfield + Gorrie's new office + more business news

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One of the most prominent general contractors in Alabama made business news in North Alabama this month, as Brasfield & Gorrie moved into a new office in Huntsville to facilitate its growing number of projects in the area.

Also, experts say companies will be spending more on cybersecurity in 2024, an issue we discuss with an expert in the field, thanks to our friends at the University of North Alabama’s Sanders College of Business & Technology.

Corporate spending on security + risk is on the rise

Grace doing one of her classes — Cybersecurity is a hot topic in business news these days. (Lacey Spear / Hville Blast)

Cyber crime — especially involving corporations — has made business news headlines frequently over the last few years. And it has had a tremendous effect on how companies budget for such risks.

Forecasters say global spending on security and risk management is set to see a significant increase in 2024, but some may wonder why this is the case — especially with the technology we have in place to protect from cyber attacks.

Cyber threats are multi-faceted, according to Dr. James A. Jerkins, a professor of Computer Science at the University of North Alabama’s Sanders College of Business & Technology and a Certified Information Systems Security Professional.

The type of threat landscape organizations face today is composed of well-funded criminal organizations and nation-states.

“Criminal organizations operate out of jurisdictions where they cannot or will not be extradited to face justice. These criminal organizations often operate with the tacit support of their host countries.

Operating with impunity, they exploit organizational vulnerabilities to gain a foothold and then exfiltrate ‘the crown jewels’ and demand ransom. The healthcare, energy, aerospace, defense, and finance sectors have all been victims where the only common trait is the criminal’s belief the victim can afford to pay.”
Dr. James Jerkins, University of North Alabama

New types of attacks on businesses

Jerkins said attackers have recently deployed a new strategy with publicly traded U.S. companies that fail to pay immediately. They file a SEC complaint for failure to file a breach notification forcing the victim to admit they have been compromised and deal with the regulatory and customer fallout.

This “business model” has proven to be very successful and nation-states that are under sanction have begun using the strategy to circumvent their embargoes, Jerkins said.

“Cybersecurity spending will continue to increase in the next few years because of the inherent asymmetry in cyber-operations, defenders must succeed in every engagement while attackers only need to succeed once to reap a benefit.”
Dr. James Jerkins, University of North Alabama

Brasfield + Gorrie moves into new Huntsville office

In other local business news, Birmingham-based construction firm Brasfield & Gorrie celebrated the opening of its relocated Huntsville office this month, as the contractor has seen more business come from North Alabama projects.

The new location at Lincoln Mill on Meridian Street increases the general contractor’s square footage to accommodate growth.

“Huntsville and the surrounding area continue to grow and thrive, and we’re thrilled to be part of building this city. As a native of North Alabama, I’m passionate about welcoming new teammates and connecting them to the community.”
Sara Beth Wilcox, vice president and division manager

Brasfield & Gorrie has worked in the Huntsville market for more than 40 years and established a Huntsville-based office in 2012.

The company’s work in the Huntsville area spans a variety of market sectors, including commercial, aerospace, government, healthcare, industrial and mission critical. Notable projects include:

NASA Test Stands
HudsonAlpha Institute for Biotechnology
Bryant Bank
Alabama School of Cyber Technology
Dynetics
U.S. Courthouse
Davidson’s Technologies’ headquarters
Redstone Gateway Buildings 1000, 1200 and 7000

Unemployment up, housing market down in February

mural in athens — Athens saw an increase in median home prices in February. (Lacey Spear / Hville Blast)

Unemployment rates in Alabama increased from this time last year, and saw slight increases in the Huntsville, Decatur and Florence metros. Alabama’s unemployment rate rose from 2.3% in February of 2023 to 3% in February of 2024.

Unemployment rates in North Alabama metros

Huntsville	Feb. 2024: 2.8%	Jan. 2024: 2.7%	Feb. 2023: 2.1%
Decatur	Feb. 2024: 2.7%	Jan. 2024: 2.7%	Feb. 2023: 2.1%
Florence/Muscle Shoals	Feb. 2024: 3.5%	Jan. 2024: 3.7%	Feb. 2023: 2.7%

Housing numbers in North Alabama metros for February 2024

In February 2024, Huntsville home prices were down 2.9% compared to last year, selling for a median price of $320,000. Median home prices increased in Madison and Athens, but dropped in Florence and Guntersville in February.

Huntsville	Median home price: $320,000	Median days on the market: 63
Madison	Median home price: $429,900	Median days on the market: 55
Athens	Median home price: $316,885	Median days on the market: 80
Decatur	Median home price: $242,800	Median days on the market: 58
Florence/Muscle Shoals	Median home price: $190,000	Median days on the market: 20
Guntersville	Median Home price: $271,200	Median days on the market: 65

Look for our monthly North Alabama business news roundup this time next month, brought to you by the University of North Alabama Sanders College of Business & Technology.

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