This article was based on the ISOG I Am Secure 2020 presentation by Cocoy Claravall, Globe Business Vice President for Product Development & Engineering.
As the world progressively evolves amidst the pandemic, businesses try to find ways not only to survive but also to thrive. Today, a growing number of enterprises are beginning to redefine goals from continuity and resiliency to innovation and acceleration. Surveys reveal that business leaders are quickly shifting their strategic directions, implementing decisions, and deploying resources. Companies across industries are now accomplishing challenging tasks in record times. Retailers and restaurants launch curbside deliveries, manufacturers run at a high capacity with only half of their workforce, and banks and telcos scale back brick-and-mortar operations and redeploy talents to a virtual workplace.
The current global recession can be viewed as an opportunity to radically rethink business models. As traditional workflows and project life cycles face massive disruption, new technologies befitting the new normal show us the path to recovery and acceleration.
To bridge business and operational gaps caused by the pandemic, companies identify key areas for advancement. Here, we see common themes arise: the need to empower a remote workforce, improve customer experience, and secure system operations. In an increasingly online world, these challenges can be addressed with a multifaceted strategy accelerated by digital transformation.
As digital shifts fast become part of an enterprise’s backbone, having cyber defenses in place improves resilience against these increasing risks:
Financial. This year’s data breach report by IBM shows that the cost of a data breach is at $3.86 million per incident on average. Despite a nominal decline in the year-on-year average, costs increased for many organizations that do not have solid security automation and incident response processes in place. Companies also expect remote work during COVID-19 to increase data breach costs and incident response times.
Operational. Nearly 40% of the average total cost of a data breach is due to lost business, which includes lost revenue due to system downtime. Based on industry surveys by Gartner, the cost of network downtime is estimated at $5,600 per minute, translating to over $300,000 per hour.
Reputational. Aside from operational impacts, data breach also affects customer loyalty and results in lost revenue due to the increasing cost of acquiring new business because of a diminished reputation. In a study by Ponemon Institute, stock prices decrease by 5% immediately after disclosure of a company’s data breach.
Legal. There are guidelines for collecting personal data for business purposes. One of the toughest privacy and security laws in the world is the General Data Protection Regulation (GDPR). Penalties for violating the GDPR can reach a maximum of €20 million or 4% of global revenue (whichever is higher).
Rethinking cybersecurity as a strategic pillar in enabling business
Given the risks mentioned above, it is important to note that cybersecurity is not only an Information Technology (IT) concern but also a crucial aspect of a business. It is a strategic investment that helps companies capture more value, achieve business growth, and gain a competitive advantage.
By incorporating cybersecurity into the foundation of your business strategy, your business can reap these benefits:
Agility. The ability to quickly respond to dynamic business conditions and changing market demands put companies in a better position during these challenging times. By having a strong security posture, your business can securely use cutting-edge technologies to level up on product and service offerings and provide a better experience for customers.
Productivity. Cyber resilient companies can operate efficiently without being slowed down by breaches. By having sustained productivity and performance, your business gains unhampered growth and competitive advantage.
Innovation. Companies who do well at securing their data are more confident to take on daring business transformations. By having your grounds covered, your business can unlock the potential for breakthrough success.
Customer confidence and loyalty. Security inspires trust. In a study by Ponemon Institute, 69% of the respondents say that a company’s privacy and security practices are crucial to earning their trust. By building a good reputation for the security of personal information, trustworthy companies can inspire brand loyalty and attract new customers.
Emerging from a crisis with a digitalization roadmap that has cyber resiliency at its core
Turning a setback into an opportunity is a delicate act, and preparedness is key to come out better and stronger in the new normal. Today, companies have a window of opportunity to adopt new technologies that have the power to reinvent. Businesses who can hit the ground running with rapid digital transformation maintain an edge from those still struggling to adjust.
Here are some steps that a company can take to turn an economic slump around: crawl by identifying system and data vulnerabilities and documenting exceptions for protection against adversaries, walk by embedding security controls and governance for the new normal, and run by accelerating detection and response by reducing noise so you can focus on critical incidents and rapid response.
Having a trusted partner as your business transitions into the new normal
Over the years, Globe continues to transform and to keep up with shifting business environments and steep challenges. Our journey through the years is fortified by partnering with best-in-class IT solutions providers, like Zscaler, the world’s largest cloud security platform, and Secureworks, a global cybersecurity leader with an integrated portfolio of automated and intelligent solutions.
Our expert partners and our own experience help us to secure the outcome not only of our internal operations and processes but also for our valued clients. Globe Business provides secure, vigilant, and resilient cybersecurity to actively protect business continuity and usher in digital transformation.
Guard your business against persistent threats. Visit our website or get in touch with your Globe Business Account Manager to learn more about our top-notch Cybersecurity Solutions.