Cyber awareness for a more competitive future
Technology itself is not enough to protect organizations from cyber threats, rather it must be complemented by robust security processes — enabling innovation in business strategy.January | 2022
The changes brought about by new technologies are not restricted to the companies’ internal processes. In an increasingly connected and data-driven world, the way we do business has also changed and, in today’s context, fostering cyber awareness for safer operations has become an imperative for business success.
Our daily lives are full of activities that are continually being transformed by new technologies. From the way we communicate to how we relate to each other and use our money. In a context in which our everyday activities inevitably become digital at an accelerated pace, it is natural that new technologies still do not have the same level of protection and security as the old solutions we are used to. Thus, we end up more exposed and vulnerable to risks. Having a keen cyber awareness helps us navigate this new reality more safely, in addition to enabling us to be better prepared to face problems along the way.
Cyber awareness, when considered in the development and application of these new technologies, can, at the same time, deliver an innovation and drive even higher security levels and standards than previous technologies. This is the “security by design” concept.
The digital transformation and the increase in cyber security processes are elements that must go hand in hand. A study from the 2021 World Economic Forum revealed that cybersecurity breaches were named as the fourth greatest short-term risk and that private agencies and government players are likely to engage in more dangerous and sophisticated cyber-attacks in the near future. Therefore, it is essential that organizations look to the future in a pragmatic way, understanding the importance of having safe processes that follow the evolution of the technologies used.
Accelerating the companies’ digital transformation depends on a robust cybersecurity framework that allows organizations to explore new strategies and technologies to leverage their business, considering the timing of the business – the more accelerated it is, the greater the dedication to the cybersecurity framework should be. The first step for companies that have not yet begun this process is to look at the technologies available today and understand how they can be used to safely respond to the challenges of the future. For organizations that have already started this journey and are already offering digital services, it is necessary to ensure that their processes are agile enough to update themselves as new solutions and adversities arise.
Deloitte is concerned with helping organizations who are going through this transformation process, so that they understand where they are on their journey, where they want to be and what are the real conditions to achieve their goals safely, creating conditions for a sustainable level of cybersecurity to be reached and maintained. We also support organizations, through our Cyber Intelligence Centre, to monitor, detect and respond to threats and incidents in a way that protects the company’s brand and reputation through the adoption of various technological solutions, accelerating the level of protection of a business and bringing in specialists to support this process.
According to the survey by Deloitte “Strategies for a cyber future” companies with greater knowledge about the effects of a cyber threat invest more in security — among organizations that have suffered cyber-attacks, 89% invest in cyber security, while among companies that have not suffered attacks the number drops to 69%. Awareness of the impacts of a cyber threat is crucial for organizations to strategically and proactively adopt adequate prevention and response practices to information security incidents.
Investing in this area impacts on several fronts of companies’ revenue gain; the expectation is that these gains will manifest themselves especially from the expansion of sales channels, customer marketing strategies and the research and development ecosystem. In the context of the Brazilian General Personal Data Protection Law (LGPD), investments must include more technologies and resources that will drive the growth and development of the business, such as information architecture, encryption, software and the cloud.
Companies that have a more developed cyber awareness also end up having a competitive advantage in the market, as security problems can cause irreversible damage to the organizations’ reputation. With more informed and demanding customers and suppliers, offering safe and reliable services, which value the confidentiality and integrity of the data accessed in each transaction, it is a mandatory duty of organizations and can no longer be treated as something optional. In the future, organizations should have full domain and control over the application of new technologies and the use of personal data in line with the LGPD, making this process even more transparent.
We can even draw a parallel between the importance of cybersecurity with the value of sustainable business practices — companies that look to the future and do not recognize the power of influence that both themes have in the market will be swallowed up by organizations that understand their dimension.
Cybersecurity is in the details of every operation. Companies that deliver reliable, innovative, quality and intelligent services will succeed in the future. Without robust and ongoing investments in cyber and data privacy, organizations will have a hard time remaining competitive and at the forefront in the context of digital transformation.
In order to be effective, these investments must consider the adoption of new technologies and the transformation of the business itself, seeking to respond to the new challenges that arise in the most diverse market segments to serve consumers. Cyber awareness for a more competitive future combines security, privacy and business strategy to support data security.
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