The rise of smart devices and changing customer preferences has kickstarted global digital transformation which has revolutionized the way organizations operate, presenting new opportunities for growth and innovation. The pandemic has accelerated this shift to remote work, leading to the adoption of new technologies.
However, this new playing field also presents significant challenges to traditional information security practices. Many of these practices have become obsolete, which exposes organizations to cyber threats while the risk of technology continues to increase with the emergence of new technologies like cloud, artificial intelligence (AI)/machine learning (ML), the internet of things (IoT), big data, social media, and other operational technologies. Thus, CISOs and security teams need to enhance and augment IT and cyber risk management functions to manage digital transformation risks effectively.
The Expansion of the Security Perimeter
Digital risks refer to the challenges, organizations face during digital transformation initiatives, including cyber threats, insider threats and third-party threats.
The Adoption of New Technologies
The adoption of digital transformation has led to an increase in cyberattacks and data breaches, which has changed the cybersecurity landscape. As businesses continue to adopt more digital technologies, the threat surface grows, exacerbating the impact of cyber-attacks and causing significant costs and disruptions to business processes.
Moreover, as organizations embrace digital transformation, the security perimeter expands to include new devices and applications connected to the network. This expansion creates new opportunities for cybercriminals to attack, as each new device or application represents a potential vulnerability that can be exploited.
High Reliance on Third-Party Services
Organizations today rely heavily on third-party vendors for various services to increase their speed, efficiency, and agility. While these vendors provide valuable services, they also represent potential security risk. Organizations must ensure that their third-party vendors meet specific security standards and protocols to reduce the risk of cyber-attacks.
Staying Ahead of the Game: Addressing Digital Risks in the New Playing Field
To address the challenges of the digital era, organizations need to adopt a holistic approach to cyber resilience. This approach encompasses all aspects of the organization, including people, processes, and technology. A comprehensive cybersecurity strategy must begin with understanding the organization’s threat landscape and cybersecurity maturity level. A cybersecurity maturity assessment utilizes industry best practices and frameworks to identify areas of weakness in the organization’s cybersecurity program, while also considering its business objectives and strategic goals.
Cybersecurity is no longer a technology issue; it’s a business issue
Thus, organizations must revisit and rethink their cybersecurity strategy to prioritize the security of all digital assets and encourage collaboration at all levels of the organization, from senior management to operational teams. By integrating cybersecurity objectives into their broader business strategy and adopting a holistic approach to cyber resilience, organizations can stay ahead of the game and effectively address digital risks in the new playing field.
