In a recent report released by Deloitte, cyber was found to be more than just technology-focused – it is the foundation of an organisation’s growth strategy. The 2023 Global Future Of Cyber survey polled over 1,000 leaders across 20 countries to get a clearer picture of where cyber stands and where it is going.
With 91% of organisations reporting at least one cyber incident in 2022 (up 3% from 2021), 56% of respondents said they suffered related consequences to a moderate or large extent. However, as the threat grew, so did the case for cyber investment as a growth enabler, with 86% of cyber decision-makers saying their focus on cyber has made a significant, positive contribution to business.
The report reveals how “cyber is now woven more tightly into business operations, outcomes and opportunities”, said Emily Mossburg, Deloitte Global Cyber Leader. “Chief Information Security Officers are most successful when they are connectors across their organisation, focused on enabling their organisation’s highest business priorities.”
“Cyber has become an enabler for business, and embedding it into all business practices has shown nothing but success. Advancing cyber will only become more critical as the global economy faces a potential downturn and businesses navigate a looming recession,” Ms Mossburg added.
The key findings of the report exemplify why incorporating cyber initiatives throughout the business processes can enable growth and achieve cyber maturity.
- Global industries continue to navigate constant disruption, propelling leaders to adjust their priorities and business initiatives to consider the latest technologies, while also working with extended ecosystems to develop solutions, including data protection and privacy, cyber cloud, infrastructure security, and application security.
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- Cloud was found to be the Number 1 digital transformation priority for leaders (displacing data analytics)
- 5G, a newcomer, ranked among the Top 5 priorities for businesses
- Highly mature companies saw over 30% more value from third-party cyber services
- 76% of respondents reported the use of automated behaviour capabilities to detect and mitigate cyber risk, compared to 53% in 2021.
2. Cyber planning and talent can bring innovative solutions that support future business models and identify unforeseen challenges.
- 87% of highly mature organisations were more likely to have robust plans in place for incident response
- High-cyber-maturity companies (60%) were three times as likely as low-cyber-maturity ones (20%) and twice as likely as medium-cyber-maturity companies to conduct incident-response scenario-planning at the organisation and/or board level
- 70% of respondents said cyber was a regular feature on the board agenda
- A lack of skilled cyber professionals was the top challenge in managing cyber
According to the findings, cyber has now transcended its traditional IT roots and become an essential part of future-proofing businesses. Hence, organisations need to invest in key areas throughout the business to increase cyber efficiency, including hiring and developing the right cyber talent, executing thorough digital planning, and partnering with extended ecosystems, all while incorporating cyber into strategic business initiatives.
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Source:https://journal.isca.org.sg/2023/01/10/cyber-as-an-essential-enabler-for-business/pugpig_index.html