Cyber investments have become table stakes for businesses around the world. Cybercrime is increasing, with 91% of organizations reporting at least one cyber incident in the past year. Not only are they growing in numbers, but they are becoming more sophisticated and diverse, with new threats constantly emerging. According to the 2023 Deloitte Global Future of Cyber survey, in this environment, business leaders are changing how they think of cyber, and it’s emerging as a larger strategic discussion tied to an organization’s long-term success.
Today, leaders should consider how to work cyber into every part of their business—from operations to the employee and the consumer. By creating business strategies that embed cyber, improve employee training, and build cyber into digital transformation initiatives; businesses can stay ahead of the curve and better protect their organizations. Here’s how some leaders are rethinking their approaches to cyber to help drive long-term growth for their companies.
Protecting trust through effective planning
Cyber is about more than protecting information—risk management, incident response planning and threat intelligence can often be directly correlated to increasing trust within businesses. Many organizations recognize the importance of prioritizing cybersecurity and have reported significant improvements in trust and efficiency through their efforts. In Deloitte Global’s latest Future of Cyber Survey, almost 70% of businesses that were identified as highly mature organizations when it comes to cyber believe cybersecurity has positively impacted their organization's reputation and productivity. From robust cyber planning across the business and effective board-level engagement—the high cyber performers recognize the importance of cyber responsibility and involvement across the whole organization.
Beyond looking across the organization, cyber planning strategies should be regularly reviewed and updated to protect trust in the organization. For instance, employing risk quantification tools, analyzing and updating cyber plans periodically, and regularly conducting incident-response scenario planning can support businesses with return on cyber investments, manage their risk exposure, and in turn protect their organization’s reputation.
Employees as the first defense
In addition to regular planning, cybersecurity training is essential for employees to ensure the safety and security of a business. Employees are often the first line of defense against cyber-attacks and frequently the weakest link in an organization's security posture. Cybersecurity training can help employees recognize and avoid common cyber threats, such as phishing attacks, malware, and social engineering. 89% of organizations cited as high-performing cyber organizations have implemented annual cyber awareness training among all employees. With increased digital dependency year over year—effective employee training can raise awareness, reduce risk, improve security posture, and support compliance.
Digital transformation strategies
Undoubtedly, cyber should be part of digital transformation strategies. Emerging technologies are driving businesses to create better efficiencies, simplify outdated manual processes and save money, according to the 2023 Deloitte Global Future of Cyber survey. But with new technology comes some risk. When considering their digital transformation strategy and the adoption of new technology—business leaders should look toward cyber programs and weave cyber considerations into their transformation initiatives.
When it comes to 5G adoption, organizations may need to put safeguards in place to ensure that the quality of service that 5G provides is sustainable within and across organizations, industries, and geographies. Additionally, they should monitor and manage all connected devices continuously, keep device software current, and regularly examine individual interfaces to confirm they are secure. Implementing 5G is going to be a long-term journey and may require an ongoing collaboration between the Chief Information Officer (CIO) function and the business and operating units it supports.
Additionally, artificial intelligence (AI) is a technology that has ridden the wave of 2022 and continues to pick up speed in 2023. AI can allow businesses to predict customer behavior and automate processes that have typically been manual. As demonstrated in our 2023 Global Future of Cyber Survey, the technology used in most industries is becoming indispensable for business owners in a way that has never been seen before. With the faster speed in data creation, organizations can make business decisions faster and more accurately, ultimately increasing profitability. However, while AI is great for business, it comes with its own type of risk. Addressing the cyber considerations will be paramount this year as 41% of executives say cyber is crucial to the success of AI initiatives.
With cyber threats more sophisticated and pervasive than ever before, leaders should take a proactive approach by integrating cyber into every aspect of their operations. By investing in cyber as a trust driver, providing comprehensive cyber training to employees and incorporating cyber into digital transformation strategies, companies can stay ahead of the curve and mitigate risk associated with cyber threats—while simultaneously enhancing the overall customer experience and promoting business growth.
