All business areas benefit from digital transformation, which fundamentally improves business operations and provides value to customers. Successful digital transformation requires speed and agility over time, requiring cybersecurity to keep up and become as resilient and responsive to changes.
According to Statista report “Spending on Digital Transformation Technologies and Services Worldwide from 2017 to 2025,” digital transformation spending is predicted to exceed USD1.8 trillion in 2022 as firms recognize the value of digitizing their processes. Cybersecurity must be prioritized by businesses and their digital transformation experts, especially as organizations speed their digital projects.
Securing all digital assets
As companies deploy digital technologies to rebound from the technology disruptions and increased cybersecurity risk created by the COVID-19 pandemic, they have learnt a lot about themselves and their capabilities. Many businesses have battled to maintain the stability of their organizational processes as a result of the disruptions to their IT infrastructures. This has forced the development of more sophisticated methods for safeguarding sensitive digital assets.
Officers in charge of digital transformation must strengthen their management of precise and detailed digital asset inventories, highlighting the critical resources that must be safeguarded, such as data centres, network repositories, and business data. Assets that were not included during the digitization of business processes should also be accounted for.
Establishing the management and valuation of digital assets, restricting access, and more thorough monitoring are all excellent ways to ensure that all assets are protected and maintained consistently in the digital transformation.
Management and outsourcing of cybersecurity tasks
Companies must be prepared to defend themselves while maintaining their operations if and when a crisis occurs. To sanction software for digital projects, regularly update business continuity and plans, ensure adequate defences against hacking and ransomware attacks, and improve approaches to incident response, strong collaboration between Chief Information Security Officers (CISOs) and Digital Transformation Officers (DTOs) is required.
DTOs should be well-updated on the latest cybersecurity trends, such as the increasing use of biometric technology to introduce passwordless solutions, greater security spending as a result of new cybersecurity regulations, and increases in phishing and ransomware attacks.
Businesses can better align their security policies to their goals with a refined approach to cybersecurity management, achieving a balance between supporting business innovation and reducing risk when it comes to digital transformation. Understanding all of the risks that may be caused by digital transformation and determining whether the benefits received by the organization justify the expenses of mitigating those risks are also required for securing digital transformation.
The traditional IT department’s remit does not include cybersecurity. All elements of the organization must take responsibility for it. Cyber-risks exist, and all resources must be aware of them, as well as how to defend against them and the effects they can cause. Perspectives must change.
It is necessary to change mind-sets. All security standards must be followed at all times. Business leaders must educate their employees, and the importance of cyber security must be communicated to all areas inside the company. Cybersecurity is now an integral part of the business strategy.