Cyber is a strategic business risk that will continue to impact every facet of every organisation.
As the world becomes more connected, cyber threats are growing in number and complexity. Cyber is moving in new directions - beyond an organisation’s walls and IT environments and into the products they create, the factories where they make them, the spaces where their employees conceived of them, and where customers use them. It’s at our work, in our homes, and in our lives.
There is no reward without risk — and this, in a world where digital technology is vital to all aspects of business, is especially true of cyber risk. With cyber risk being an unavoidable part of doing business today, the ability to innovate, to use new technologies, to accelerate performance and to enable growth is impacted by an organisation's ability to manage its cyber risks.
As with all risk, cyber risk must be managed with an eye to the organisation’s risk appetite. But when managed from the perspective that risk powers performance, cyber risk begins to take on a different flavour. Far from always being undesirable, it emerges as a thing to be consciously taken, an inevitable concomitant of growth. Leadership’s task is to enter into situations that entail cyber risk with its eyes wide open so that understanding the risk, they can take steps to address it.
Embracing risk – and using it to gain competitive advantage – starts in leadership where executives need to examine their organisation’s cyber risks and capabilities in order to address key questions around its cyber strategy:
- What cyber threats are most likely to impact my business?
- What is our level of resilience against these Cyber threats?
- Where and how much do we need to invest to optimise our Cyber capabilities?
Deloitte helps our clients find the right answers and strengthen their abilities to thrive in the face of persistent and ever-changing cyber threats. The first step is to define a Cyber Strategy to help align cyber risks and investments with strategic business priorities and optimise cyber resilience. The next step is to execute the cyber strategy to foster a cyber-minded culture and become stronger, faster, more innovative, and more resilient to cyber threats.
Our Cyber Strategy approach embodies the philosophy that every organisation is unique. Only once we understand the organisation’s specific Business, Threats and Capabilities, can we identify and help implement cyber initiatives that will contribute the most to improving Cyber resilience.