One of the core challenges of any modern company is securing their organisation from cyber attacks.
It’s a thankless task. Cyber threats are increasing rapidly – instances leapt 38% between 2016 and 2018 – and the cost to businesses worldwide is expected to reach $2 trillion by 2019. And attacks are getting harder to detect as they become more sophisticated and persistent. It’s easy to see why enterprises may be tempted to withdraw behind the corporate perimeter and keep valuable data and systems under lock and key.
The problem with this approach is that it runs counter to the prevailing trends of digital business: data-centricity, openness and collaboration. As enterprises transform into digital businesses and shift to API-enabled, partner-ecosystem based business models, overly restrictive cyber security technologies and processes threaten to act as a roadblock to innovation. If organisations are to achieve successful digital transformations they need a cybersecurity strategy that both protects sensitive data and enables agility, collaboration and responsiveness.
Part of this shift is cultural. Cyber security is all too often seen through the prism of fear, uncertainty and doubt: organisations are worried by the huge brand damage that can result from a successful hack, or the potentially crippling data loss fines mandated by regulations such as GDPR. Instead, enterprises and their IT departments should think of cyber investments as growth and innovation enablers.
Importantly, some business leaders now understand the potential of cybersecurity systems as a growth driver and a strategic differentiator. For example, a PWC study found that 87% of global CEOs say they are investing in cybersecurity to build trust with customers. I believe it is likely these businesses are experiencing the most success in digital transformation and are best positioned to unlock new value. And there’s a lot of it at stake: the cybersecurity market is projected to be worth over $248 billion by 2023.
So, what can businesses do to centre their cyber security strategy around growth and innovation enablement? I think there are three key steps that every organisation should take:
There’s no getting away from the fact that cyber security needs to be a priority for all organisations. But this should not be at the cost of innovation and growth. In the age of digital disruption, I strongly believe success will belong to companies that embrace a growth-led approach to cyber security – make sure that yours is numbered among them.
Originally posted here