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Three cybersecurity plays to help meet the challenges of increased digitization

Cyber risk has become synonymous with business risk. Work from home, the proliferation of available data, ecommerce and more have accelerated digitization for every business, ushering in a new wave of cyber vulnerability. According to PwC’s Annual Global CEO Survey, 49% of CEOs see cyber risk as the number one threat to their business growth in the next 12 months, ahead of global health, unemployment and inflation.

Play offense, not defense, with your cyber risk

  • Cybersecurity investments tend to be reactive, rather than proactive. Most businesses are stuck putting out fires when a small risk turns into a major liability. By then, it’s often too late. In our experience, 30-40% of your cyber investments should be spent on protection, about 30% on detection and 30% on response and recovery. Protection should lead the way. While most leaders agree, in practice it’s not always so simple.
  • Knowing your numbers can be key to moving the needle successfully in the near term. In fact, it’s one of the only ways to be strategic about which tech and risk management solutions you implement. Most businesses don’t have this kind of data—and if they do, it’s often tied up in disparate data sources, like spreadsheets and one-off platforms.
  • According to the PwC US Cloud Business Survey, 81% of businesses who quantify their cyber risk say it helped increase productivity and sharpen focus on strategic matters. Cyber-savvy executives know that building a visionary, data-driven roadmap can reduce cyber risk today while preparing an organization for what’s next. The question is how to get there.
  • Half of executives expect a surge in cyber attacks in the coming months. Cloud service attacks, ransomware, cryptomining, supply chain partners and more—the risks are real. Organizations armed with strong controls and those that have instituted leading practices are well-positioned to truly reduce their risk of attack.

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