Deloitte recently published the 2021 Global Future of Cyber report, which featured some 600 C-Level executives with access to their organizations’ cybersecurity functions.
The aim of the report is to bring to the fore the discussion about the implementation of cyber security measures at the core of each business, as well as to provide useful information on how organizations can increase the visibility of complex technological ecosystems, but also to apply best practices to prepare for the future challenges of cyberspace.
A Deloitte survey found that 69% of global business leaders surveyed said their businesses experienced a significant increase in cyber-attacks last year, amid accelerating digital transformation. However, as the risks increase, leaders are making significant investments in digital transformation. In particular, the strategy of the heads of financial staffs in this direction is almost universal, with 94% stating that they intend to transfer financial information systems to a cloud environment. In fact, according to Deloitte research, while there are no simple solutions, the simultaneous adoption of a series of measures can help a company implement cybersecurity in every aspect of its operation.
According to Emily Mossburg, Deloitte’s Global Cyber Leader, companies are working hard this year to stay competitive amid rapid technological change as the acceleration of the digital transformation has dramatically increased their vulnerability to cyber attacks. She notes that as complexities increase, leaders must prioritize the implementation of cybersecurity in every aspect of business, otherwise they run the risk of suffering the consequences of inadequate protection.
Digital transformation reinforces the need for a cybersecurity strategy
With more than half of businesses experiencing an increase in threats by 2020, the risks are higher than ever, as the adoption of remote and hybrid work models is increasingly applied to businesses around the world. Organizations continue to face challenges in balancing investment in digital transformation to staying competitive and protecting their systems from potential attacks. Responding to the Deloitte survey, the heads of Information Technology (CIOs) and Security (CISOs) acknowledged 41% that the biggest challenge they face is transforming and gaining visibility into increasingly complex hybrid ecosystems.
The wave of “Zero Trust”
According to a global Deloitte survey, the biggest challenges in cyber risk management are 41% of hybrid information technology and 26% of cyber hygiene. Therefore, companies use the practice of Zero Trust, an architecture based on the fundamental principle of “never trust, always confirm”, to bridge the gap between business, IT and areas of cyberspace. Thus, the reduction of the operational complexity and the simplification of the integration of different ecosystems are achieved. Businesses that take advantage of the “Zero Trust” principle are driving developments in organizational change to achieve digital transformation, building security infrastructure with which they can handle the speed of that transformation.
Investing in cybersecurity means investing in information systems security (CISO)
As cybercriminals become more and more capable, businesses tend to increase their cybersecurity budgets. Nearly 75% of participating leaders with more than $ 30 billion in total profits said they would invest more than $ 100 million in cybersecurity this year. While these investments are relatively balanced, research has shown that more attention is paid to issues of threat detection and monitoring, cyber transformation and data protection.
Converging technological capabilities and increasing cyber threats are changing the role of information security leaders. As technology is increasingly being integrated into business operations on a daily basis, the responsibilities of managers are being strengthened. According to Deloitte research, there is an increase in the direct reporting of information security chiefs (CISOs) to business leaders (CEOs) from 32% in 2019 to 42% in 2021 in the US, while it reaches 33% worldwide. This trend enhances the transparency of business initiatives and commitment on many levels, especially at the C-Level level, which is critical to tackling cyber threats and creating authentic and secure customer experiences.
Research shows that within the next three years CIOs and CISOs will continue to prioritize cybersecurity, with 64% prioritizing security capabilities, 59% enhancing privacy, 50% compliance capacity and 45% improvement operational efficiency and information, as the main reasons for the adoption of new technologies.
On the occasion of the publication of the research, o Mr. Christos Vidakis, Risk Advisory Partner, Cyber Leader of Deloitte Greece, commented: “Deloitte’s new global research on the future of cybersecurity, which involved more than 600 executives worldwide, including executives from Greek companies, confirms the trend in the Greek market, which places cybersecurity as one of the In the age of digital transformation, which has emerged as a pillar of growth and Greek business, it is often seen that technological innovation and the culture that accompanies it, is growing faster than our ability to understand, It is no coincidence that 70% of respondents reported an increase in the number of cyber security incidents in the last two years, with one in three highlighting the availability of features as their most significant impact. Today, according to the research, the budgets of the companies are equally shared across the various areas of cybersecurity. However, one in three believes that there should be better prioritization of resource allocation. In this area, the adoption of the Zero Trust approach is gaining ground. “Therefore, with absolute security not being realistic, business cooperation and the sharing of knowledge on cybersecurity seem to be the only way.”
The research methodology
The 2021 Future of Cyber survey, conducted by Deloitte Global and Wakefield Research, involved nearly 600 C-Level executives asked about cybersecurity in companies with at least $ 500 million in annual profits, including nearly 200 CISOs, 100 CIOs, 100 CFOs and 100 CMOs. The survey was conducted online between June 6 and August 24, 2021.
You can visit the following link for the full results of Deloitte Global’s 2021 Future of Cyber Survey, www.deloitte.com/futureofcyber
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Source From: Capital
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