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Investment on cyber security continues to rise in 2022: PwC global insights report

Cybersecurity

The global investment on cybersecurity continues to pour in as organizations are becoming aware of the looming threats to it. As per PwC’s global insights report, 69% of the organizations predict a significant rise in cyber budgets in 2022. More than 50% of businesses expect a surge in cyber-attacks as compared to 2021.

2021 turned out to be one of the worst years for cybersecurity space. The ever-evolving sophisticated cyberattacks are proof that cybercriminals are exploring the systems and networks, looking for vulnerabilities. The consequences of cyberattacks rise as systems are increasingly integrated and interdependent. Despite the rise in attacks, most of the breaches can be avoided by implementing strict protocols and sound cyber practices.

Digital transformation and technology adoption has become the need of the hour and every organization has adapted itself. The more these digital connections grow alongside the latest technology, a complex and intricate web is established. At the same time, the processes which maintain these complex webs are also getting increasingly complicated.

According to PwC’s global report, business leaders say that unnecessary organizational complexity leads to cyber and privacy risks. Cybersecurity is a major business concern and starting with the CEO, every employee intertwines with the system.

CEOs involvement in simplifying cybersecurity

As the CEO of an organization, they are more involved in cybersecurity than any other employee. As per the survey, CEOs tend to identify themselves as being an integral part of cybersecurity. They regularly review the cyber and privacy implications of mergers and acquisitions. Any potential change in the operating model or future strategy has to get the approval of the CEO. Although a CEO is an intrinsic part of cybersecurity, that person alone cannot bring about the change. The CEO needs to hire the right leader, CISO to bring the necessary overhaul in cybersecurity.

Key points for CEOs and CISOs

Some of the key points a CEO needs to take note of are:

• They need to create a security mindset enterprise-wide and not just for the protection of data and controls. CEOs should make cybersecurity an integral part of business growth and consumer trust.

• Acknowledge the real-time problems and the associated risks with the business model. A CEO must have the leadership quality of bringing about the necessary changes with careful calculation.

• Make sure that the trust you have in your CISO is highlighted. Continuously demonstrate your steadfast support for them.

CISOs need to make sure that they:

 Familiarize themselves with the organization’s business strategy. This will help them to carve out a cybersecurity model which allows for minimal disruption.

 Establish a strong relationship with their CEO and keep all channels of communication open. Communicate constantly with them to clear hurdles for implementing standard security practices.

 Equip themselves with the skills needed to thrive in the ever-changing cyber world. CISOs now need to reorient themselves and their teams towards business growth and customer trust.

Organizational complexity and its cost to a business

The global insights report states that 75% of the executives feel that their organizations are too complex that leads to cyber risks. Amongst larger organizations, data seems to be the main point of conflict. Data governance and data infrastructure rank as the top areas for avoidable and unnecessary complexity

There are significant consequences of operational complexity and the top 4 of them are:

 Financial losses caused by successful cyber-attacks and data breaches

 The inability to innovate as quickly as the market expects and allows for

 Failure in recovering from the cyberattacks due to the lack of operational resilience

 Organizational and operational complexity not only threatens today’s fortunes, but it also leads to a loss in brand value and consumer trust

Simplifying an organization and its business processes takes time. It requires changes in viewpoints and corporate culture. Although it is not easy to achieve, it is not impossible.

Companies that had the best cybersecurity outcomes in the past 2 years are 5 times more likely to have streamlined operational processes enterprise-wide. With this goal in focus, CEOs and CISOs are taking a hard look at their tech investments. They are no longer simply chasing the latest products from technology vendors.

Read Next: 12 cybersecurity measures to instantly protect your business data

Sources: https://www.pwc.com/us/en/services/consulting/cybersecurity-privacy-forensics/library/global-digital-trust-insights.html

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