Businesses worldwide have been operating under the cloud of COVID for the past two years. However, the acceleration of the Extended IoT, as well as the value it provides to enterprises and the people they serve, has been a silver lining.
As a result of the pandemic, there has been accelerated digital transformation, as well as the convergence of physical and digital assets, which has significantly transformed in the last two years. Ransomware attacks on oil pipelines, hospitals, and other critical infrastructure have brought the high criticality of cyber-physical systems (CPS) and their vulnerability to attacks into sharp focus.
The security industry would have been better equipped to confront the cyber-risks of converged CPS if it had been given more time. The silver lining of the COVID crisis, however, is its acceleration and the functions it propelled.
New business opportunities
Due to the obstacles of running a daily business and digitizing processes, projects linked to digital transformation and connectivity that were not being financed or prioritized jumped to the top of the list. COVID left businesses with no choice but to act. In addition to the flexibility they needed to respond to the pandemic, those programs demonstrated that alternate modes of work and delivery of goods and services were not only viable but also beneficial, resulting in savings from an optimization and cost perspective. New technological interconnectivity made it easier to evaluate output, adjust performance, and, ultimately, run organizations more efficiently.
Accelerated security innovation
Users and security policies usually have inherent friction. That changed when the pandemic forced everyone to broaden the definitions of their work devices and processes in order to perform safely in this new “perimeter-less” environment. New security systems were required to identify and monitor all previously unconnected devices and processes, as well as the new, expanded networks that now touch the XIoT. To expedite deployments, security became inextricably linked to the systems it was safeguarding. The adoption of security was reinforced and accelerated as a result of this innovation.
At the board level, cybersecurity was prioritized
The board of directors not only gained a comprehensive understanding of cyber-risks, but they also became advocates for cybersecurity as a competitive advantage in many cases. Because of critical systems across the organization, securing the XIoT was a vital component. Interconnectivity had a huge impact on most of them, and they had to rethink how to broaden their cyber-governance to include all assets and devices.
To be relevant and competitive, board members need to grasp the proactive measures organizations must take with respect to digital transformation and cybersecurity posture. Many CISOs, CIOs, and digital transformation leaders have become board directors as a result of this new reality.
XIoT awareness among executives has increased
Finally, there was a trend of CEOs and executive teams becoming well-versed in the convergence of physical and cyber systems, understanding the competitive advantages and risks that interconnectivity brings, and learning how to mitigate those risks through security technologies and overall expanded risk governance.
In this environment, security teams want security technologies that can give optimal, cross-platform solutions that encompass full connectivity between the cyber and physical worlds. Given the complexity and range of XIoT, it’s logical that CISOs seek to streamline their risk governance processes and gain a holistic perspective of their networks. Efficiency and ease of use are also important issues, and organizations have made significant progress in these areas as they have had to move at breakneck speed to survive and grow.