Cyber Everywhere Report
Can Cyber be viewed to drive innovation in business? Deloitte says yes!
Hamilton, Bermuda – October 18 2019
The “Cyber, Cyber Everywhere” report presents the critical importance of having a cyber strategy that is positioned to drive business growth. This new article explores why, with today’s global connectedness, it is key for organizations to move beyond viewing cyber as just a vulnerability and make it a top priority to drive innovation.
In today’s modern world, where “everything is connected to everything”, the implications of cyber, go way beyond IT. As new opportunities emerge for those who wish to redesign their business with cyber as a key element, a strong cyber strategy can help such organizations fuel the pace at which they innovate. However, the statistics show that many organizations are not taking action to make technology a safe space for innovation to grow their business.
Executives should seek ways in which to build a cyber culture into all aspects of operations. For example Heads of Production or Product Managers may consider cyber implications when developing new products. In turn Manufacturing leads can integrate proactive cyber strategies in the design of automated processes and robotics for detection and defense, to minimise cyber risk. Whereas in the marketing and sales divisions, the Chief Marketing officer can involve IT in managing customer relationship management systems to protect customer data.
In our report, we review the results of Deloitte’s 2019 Future of cyber survey, in which more than 90 percent of respondents suggested that less than 10 percent of their cyber budgets were allocated to digital transformation efforts. We went further to explore how today's business leaders across the globe are dealing with challenges from cyber risk and examine the proper paths to navigate cyber in the 21st century.
On the local corporate landscape, this directs the focus of the C-Suite to opportunities to leverage technology through the effective management of cyber, while possibly:
- Addressing the standardization challenge. Cyber environments should include IT, operational technology, and customer-facing products and services, or
- Establishing a coordinated governance model by raising the board’s awareness and creating an integrated governance model that aligns to key strategies. This includes C-suite executives in charge of supply chain, innovation, operations, marketing, and procurement and facilities.
Visit the full report to learn more about how to reap the benefits of digitally-enabled technologies by adopting a “cyber everywhere” strategy.
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