RYAN HANNA NEW CIO FOR CAMBRIDGE TRUST WEALTH MANAGEMENT
Cambridge Trust Wealth Management, a division of Eastern Bank, has promoted Ryan Hanna to chief investment officer. He most recently served as deputy chief investment officer and director of equities.
Since joining Cambridge Trust in 1994, Hanna has served in a number of roles, aiding individuals, trusts, foundations and nonprofit organizations build globally diversified portfolios across different asset classes.
Hanna has vast experience in guiding portfolio management efforts and setting the strategic direction for the investment team with an emphasis on asset allocation and portfolio construction. He also worked closely with the team of investment analysts and was responsible for coordinating research efforts and strategy, including stock selection, risk management and oversight of the investment team.
Hanna is a member of the CFA Institute, the CFA Society Boston, Inc. and the Boston Economic Club.
UNITIL BREAKS GROUND ON FIRST UTILITY-OWNED SOLAR ARRAY IN NH
Unitil Corporation (NYSE: UTL) has launched a major initiative to advance renewable energy in New England with the groundbreaking of a 4.9-megawatt solar array in Kingston. Scheduled to be one of New Hampshire’s largest solar installations, this project will be the first utility-scale solar array owned and operated by a regulated distribution utility in the state.
The ceremony, held on August 20, was attended by state and local officials along with representatives from Unitil and ReVision Energy, the firm tasked with engineering, procurement and construction. The new 11,232-panel array will be situated on a 36-acre site near Towle Road and is projected to generate sufficient power for over 1,200 homes.
The solar array is designed to produce approximately 9.7 million kilowatt-hours of energy in its first year and around 8.6 million kilowatt-hours annually over its 40-year life span. The system will use single-axis tracking panels to optimize energy production by adjusting to the sun’s position. Although storage is not planned initially, the facility will be designed to accommodate future storage solutions.
Approved by the New Hampshire Public Utilities Commission in 2023, the project falls within the state law allowing utilities to invest in renewable generation up to 6% of their distribution peak load. Unitil’s previous solar project, a 1.3-megawatt array in Fitchburg, Mass., was completed in 2017.
AVERAGE DATA BREACH COST IN THE INDUSTRIAL SECTOR SURGED BY $860K YEAR-OVER-YEAR
According to a recent data analysis by Stocklytics, in 2024 the average cost of a data breach jumped to $4.88 million, up from $4.45 million in 2023 — a 10% spike and the highest increase since the pandemic. Some industries showed a bigger raise in that cost than others.
According to Stocklytics analysis, the average data breach cost in the industrial sector surged by $860,000 year-over-year, the biggest increase among all industries.
Despite substantial investments in cybersecurity, the cost of data breaches for companies has surged over the past five years.
Among 604 organizations across 17 industries and 16 countries surveyed between March 2023 and February 2024, the industrial sector experienced the most significant cost growth, now averaging $5.56 million, an $860,000 (17.5%) increase from the previous year. The tech industry follows closely with a 16.9% rise, reaching $5.45 million. The retail sector saw a similar percentage increase, with costs rising to $3.45 million.
Other sectors experienced smaller growth rates: professional services, entertainment and hospitality saw about a 13% increase, while media and energy industries reported a 10% rise. The pharmaceutical, transportation and communication sectors had around a 5% increase. Conversely, five sectors reported a decrease in breach costs. The health care industry, despite a $1.1 million (10.6%) drop, remains the most expensive, continuing its 13-year streak as the highest-cost sector.
In terms of geography, the United States leads with the highest average data breach cost at $9.36 million, though this is a slight decrease from the previous year’s $9.48 million. The Middle East is the closest competitor with an average cost of $8.75 million. The top five also include Benelux, Germany and Italy, with average costs of $5.9 million, $5.31 million and $4.73 million, respectively.
