With an increasing number of businesses going digital, cybersecurity is a key challenge for companies going online. As smallest of start-ups and largest of companies move online, cybersecurity will have to address the shortage of private digital infrastructure and services that fall outside the ambit of IT systems.
However, if cybersecurity issues aren’t tackled, 60 percent of digital businesses by 2020 will suffer major service failures due to the inability of IT security teams to manage digital risk, says Gartner in its report.
In 2014, the biggest hacking scandal left Sony Pictures crippled when a North Korean group disabled the company’s ability to make payments. Security researchers Symantec had found clues in the malware used as part of an attack on banks via the international financial messaging network Swift.
This February Bangladesh’s central bank lost USD 81 million after fraudulent messages were sent through the network instructing a transfer to an account in the Philippines, all pointing out to disadvantages of an unsecured digital business.
Not just this, even high profile names of the digital world haven’t been spared the horror. Recently, Pinterest and Twitter accounts of Facebook CEO Mark Zuckerberg were hacked, where the hacking grou OurMine claimed to have found his credentials in the leaked LinkedIn cache.
“Cybersecurity is a critical part of digital business with its broader external ecosystem and new challenges in an open digital world,” says Paul Proctor, vice president and distinguished analyst at Gartner.
According to TechCentral, cybersecurity breaches cost almost USD 500 million in 2015 and that 94 percent of global companies have experienced some form of cyber attack or other.
“Organisations will learn to live with acceptable levels of digital risk as business units innovate to discover what security they need and what they can afford. Digital ethics, analytics and a people-centric focus will be as important as technical controls,” Gartner said.
Cybersecurity considered to be the base for innovations in the digital business must tackle the truth that the biggest security issues will come from services outside companies’ control. With this, Gartner has also highlighted five major zones as to successfully address digital crimes in digital business.
Leadership and Governance
While developing technology tools and skills to contain cyber crimes and technology risks in digital business are important, it is even more critical to have strong leadership and governance. This includes leaders taking up tasks ranging from making decisions to holding oneself accountable for protecting businesses.
Evolving Threat Environment
With the key principle of ‘prevention-better-than-cure’, IT security leaders will put their best to prevent risks by pre-acknowledging threats. Gartner, here, predicts that 60 percent of enterprise information security budgets will be allocated for rapid detection and response approaches by 2020, against 30 percent in 2016.
Cybersecurity at the Speed of Digital Business
Traditional security measures designed for maximum control will fail to work in the new era of digital innovation, which is growing at an unmatched pace. Organisations that successfully establish a balancing ecosystem as to protect and grow the online business will remain competitive enough to address cybersecurity threats.
People and Process: Cultural Change
People-centric security gives each person autonomy to use information and devices however he or she wants and what level of security is adopted when he or she uses it. The individual must also realise the set of rights he/she possesses and recognize that if things go wrong, it will have an impact on the team, group and business.
Hence, in the wake of growing prowess of intelligence over technology, it is becoming all the more critical to have a perfectly cyber-secured system for companies aiming for a stronger foothold. Legal counsel for Microsoft New Zealand, Michael Brick, told New Zealand Herald : “From big corporates to small-to-medium businesses, people are looking at ways to be more proactive, to engage, and to be certain everyone is aware of it.”