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Cybersecurity and the C-Suite

Cybersecurity Threats And Digital Transformation

With the shift towards a more connected tomorrow, digital transformation and the democratization of data is seen in almost all industries. This has led corporate boards and CEOs to stiffen their lines of defense against hackers looking to take advantage of the situation. Cybersecurity risk is on the rise and weaknesses are being exposed, resulting in the widespread realization that digital transformation attempts haven’t been rigorous enough to sufficiently prepare many companies for the new world order.

Organizations are just starting to understand the cybersecurity defenses required for real-time digital customer servicing. More specifically, it’s the connection between what’s occurring in the current landscape and how leaders view cybersecurity and their entire digital ecosystem. Business leaders need to become more engaged and focused. By doing so, the C-suite will begin to understand the enormity of the job that the CIO faces and the importance that these decisions have on their business. In addition, the external forces of change – consumer and public behavior, competitive shifts, regulation, etc. – will dictate the direction companies will have to go with regards to cybersecurity. The relentless pull-forward of digital transformation during the initial (and continuing) stages of the global pandemic, and the ensuing need for major structural reform, are becoming more evident. Business leaders see an opportunity for massive levels of change and improvement; going back to what they had doesn’t make much sense.

The first step is making sure the business unit leaders are asking the right questions. Instead of, “Is enough being invested into cybersecurity,” better questions are, “What needs to be protected? What is the intrinsic value of assets we are trying to protect? What is the cost of failing to adequately protect those assets?” Digital success and failure start at the top. The digital systems continue to drive significant business value, while the threats to that value increase proportionately – or even faster. Leadership has a vital role to play in every company’s digital future, including protecting it.

An OpsRamp survey of senior IT leaders showed 61% expect to ramp up their digital transformation initiatives due to the crisis. Moreover, 62% indicated that information security and compliance funding would increase, leading the initiative in funding prioritization by a wide margin. With this in mind, a company must lead with corporate directors and a C-suite that understands what needs to be prioritized, has a deep appreciation of the breadth and complexity of digital business systems, and an unwavering commitment to fortifying the security around them.

Start by empowering the CIOs and their teams by doubling down on the acknowledgment of how vital they are to the organization – help them, help you. Their functions are critical in helping the organization build and manage its digital defenses.

Companies that have been early adopters of digital transformation are facing a wide-open opportunity but also considerable risk. Many companies know their digital business systems are crucial to helping them navigate change. However, periods of disruption present ideal scenarios for hackers. New cybersecurity risks are going to continue to emerge, and defensive capabilities must stay ahead.

Protecting the increased amount of digital value that will be created in the next few years won’t get any easier, whether your company is ready for it or not. Make security the focal point, not an afterthought.

1. info.opramp.com, IT Sepnding New Normal