Going Digital: Make Security The Foundation
Managing Director, Security, APJ
Innovation, Thought Leadership, Digitization, Security
Digital transformation is connecting our world by the day. Our devices – billions of them – are talking to each other. However, this is no idle chit-chat. On the contrary, the amount of data generated by these devices is shaping economies and our future. This revolution is a US$19 trillion global business opportunity over the next decade.
Today companies are also born digital and “traditional” companies are investing in digital. Globally, disruption is occurring at massive scale and every country, city, government, and business will at some point become digital. But along with the benefits of digitization, a lack of cybersecurity can hinder innovation. Here’s why cybersecurity is crucial:
The cost at stake
The financial cost of cybersecurity attacks is no longer a hypothetical number. According to study respondents in our 2018 Annual Cybersecurity Report, more than half of all attacks resulted in financial damages of more than US$500,000, including, but not limited to, lost revenue, customers, opportunities, and out-of-pocket costs. Breaches cause real economic damage to organizations, and this damage can take months or years to resolve.
The Cisco and A.T. Kearney research report, Cybersecurity in ASEAN: An Urgent Call to Action, also forewarns that companies across Southeast Asia face growing risk of cyberattacks, which could expose the region’s top listed firms to a US$750 billion erosion in current market capitalization.
Additionally, the opportunity cost of poor cyber resilience is that it can impact an organization’s transformational agenda. In our Cybersecurity as a Growth Advantage report, 71 percent of executives say concerns over cybersecurity are impeding innovation in their organizations. Thirty-nine percent say they halted mission-critical initiatives because of cybersecurity issues.
The foundation of digital transformation
While organizations can pursue digital transformation without considering security, in the long term the viability of digital services and platforms can be diminished. Essentially, organizations who do not have security at the forefront of their innovation plans risk having a business impacting compromise, or may require heavy investments to later rectify any security deficiencies. Therefore security must be integrated from the start and not treated as an afterthought. Organizations who understand this and lead with security will protect their business value, drive digital agility, and enable long term growth.
Assessing strengths and weaknesses
For more than 30 years, Cisco has been driving innovation. As the worldwide networking leader operating in over 170 countries, we are committed to helping our customers harness the benefits of digital transformation securely.
Collaborating with IDC here in Asia, we developed a security maturity model framework and launched a free, online assessment. The online assessment helps large, medium and small businesses to identify their current security maturity levels – and indicates where they need to integrate transformation and security efforts.
Pioneered by Cisco APJ, the new Digital Cybersecurity Index Self-Assessment is a valuable way for organizations to start putting security at the centre of digital growth. The quick online assessment covers 12 business-oriented questions on an organization's leadership, operations and cybersecurity infrastructure. Once completed, users learn their security strengths and weaknesses and can generate a customized report.
To get recommendations on how your organization can innovate securely, take the online assessment now.