Most C-suite leaders think about cybersecurity as a way to stop threats. But in today’s intensely competitive digital economy they should be thinking about cybersecurity as a strategic advantage that not only protects business value, but enables new business value.
The prevailing focus on threats to protect business value isn’t surprising. Modern digital businesses go beyond traditional walls and spawn new attack vectors in today’s dynamic threat landscape. Businesses face a cybercrime wave that is increasing in intensity and sophistication. According to a recent article in Forbes, “Corporate and home computers have been hit with an average of 4,000 ransomware attacks every day this year, a 300% increase over 2015,” citing United States Department of Justice sources.
While we must continue to work diligently to protect valuable data and assets, to achieve growth, the biggest opportunity comes when we make cybersecurity a foundational component of our digital strategies. One of the biggest downsides to cybersecurity weakness is how it inhibits innovation. In fact, 71% of respondents in a Cisco survey said cybersecurity risks and threats hinder innovation in their organization.
Organizations that have any doubt about their cybersecurity capabilities delay important digital initiatives and risk falling behind the competition tomorrow.
As Mike Dahn, head of data security and industry relations at Square, Inc., put it in this Cybersecurity as a Growth Advantage report, “I think it’s really important that we stop thinking about security as a defense-centric approach that is sold by fear, uncertainty, and doubt. We need to start thinking of it as an enabler that supports innovation … and helps the business go forward.”
You know your organization is well-positioned to move forward when:
- You recognize that cybersecurity concerns can hold back innovation and hinder growth. While cybersecurity concerns can hinder the development of new digital business models and driving innovation, smart organizations realize they must move forward, or be left behind by digital disruptors and other agile competitors.
- As a business leader, you are much more engaged in cybersecurity issues than your typical peers. Sixty-six percent of Boards do not believe they are properly secured against cyber-attacks. (Source: Cybersecurity in the Boardroom, Veracode 2015). And, the Board, the CEO, and other key stakeholders likely hold you responsible for cybersecurity issues, even if you don’t hold an IT or technical role. That’s because the success of digital programs that are shaping the future of the business, is predicated upon strong security practices. As business leaders develop digital initiatives they proactively collaborate with IT to ensure that security is included in plans from the earliest stages.
- You believe your organization is prepared to address cybersecurity challenges in three key digital capabilities – Big data/analytics, cloud computing, and the Internet of Things (IoT). These capabilities are critical to digital growth strategies that depend on connectivity. The level of confidence you have in incorporating these digital technologies into your business processes and offerings allows you to accelerate innovation and time-to-market and capture a greater share of digital value at stake.
The digital era is here. Those who embrace it will have a competitive edge, but not without a secure foundation that allows innovation with speed and confidence.
Take time during this year’s Cyber Security Awareness Month to evaluate how you can turn cybersecurity into a strategic advantage. If you are not sure where to start, our Security advisors can help. If you are already on your way to a digital transformation, we can help you assess your readiness and work with you to design and implement a secure digitization strategy.