With the constant technological innovations, changes in work cultures, and increasing market and customer demands, companies are finding themselves under the pressure of adapting and transforming. One of the most common transformations is Digital Transformation.
Digital transformation is the integration of digital technology into everyday corporate tasks, processes, or assets, to optimize workflow, customer experience, and risk management. It is the migration from an offline environment to a digital environment; it could be as complex as transforming into a digital enterprise, or as simple as integrating a mobile application
Cyber digital transformation cannot happen overnight as it needs a clear strategy set by these business leaders. Digital strategies are also a personalized process as no two companies will ever have the same needs, goals, assets, and tools; however, for a strategy to be successful, it needs reinforced Cybersecurity to be able to transform its digital environment securely. This stems from the need to remain relevant in a hyper-competitive business environment that has come to be due to the new age of data analytics and artificial intelligence.
However, the more companies are adopting these changes, the more they are becoming prone to Data Security Threats or vulnerable Cybersecurity. More and more cybercrime stories are immerging of how companies are losing millions of dollars through Ransomware attacks or breaches in security, causing business leaders to take a second look at how to protect their digitalization processes.
Today, almost all organizations are trying to find security solutions that would stop any cyber-attack and protect them from losses. This brings us to a new challenge that business leaders need to manage: creating a Cybersecurity Strategy to protect their data – A cyber resilience.
Top Security Challenges of Digital Transformation
There are many security challenges hindering the process of digital transformation, and perhaps the most prominent is the expanded attack surfaces and the increased value of data.
Since digital transformation and processes of information are increasing the number of data loads and applications, digitalization opens new network entry points such as mobile and cloud, which ultimately lead to more opportunities for cyber-criminals to attack. Before opting for new strategies or programs, companies should introspect on whether they are ready to face new risks or not.
Data today has become the new oil, which explains why security incidents such as data breaches are exponentially growing. As the awareness of data analytics is increasing in companies as they learn how to use data for their customer services by analyzing their behavior, markets, patterns, and so, they are also becoming more attractive to cyber-attackers who could also use or sell the data they have found. The main causes for digitalization, such as the growing volume of structured and unstructured data as well as the need to access information whenever and wherever are the same causes for vulnerabilities in data security.
Digital Transformation and Cybersecurity
Although speed is the main objective of digitalization, however, it is also the main risk exposing companies to security vulnerabilities as it compromises security controls and overlooks underlying risks when undergoing security transformation, as the rush to achieve this transformation increases the risks of data breaches by 72%. Those risks, however, can really only be determined and foreseen when all entities within a company synergize together – such as security, IT, procurement, administration, finance, and so on.
Cybersecurity and Cybercrimes
Cybersecurity is the process of protecting systems, software, devices, networks, and so on from digital attacks, unauthorized access, or cybercrime. Cybercrimes are usually done to access, change, or destroy sensitive information that could disrupt business processes and even extort money from users.
Cybercrimes can be large enough to cripple businesses of all sizes. Not only can these attacks cost companies financially, however, it can also reflect on brand loyalty when users feel that their privacy is being violated or is vulnerable to exposure. If users feel that their information is in no way being protected, they are prone to taking their business elsewhere – where they feel safe – which can lead companies to lose sales and profits. Not to forget that, in the case of a cyberattack, it can lead to legal consequences, especially in light of the General Data Protection Regulation or GDPR regulatory sanctions.
All businesses, across all fields, have an obligation to ensure that their company is up to date on security threats (such as impersonations, data leaks, fraudulent e-mails and viruses, even loss of intellectual property), and ransomware (malware that encrypts data and is only unlockable after the exchange of a specific fee), and have acquired the best methods to protect data – From training personnel to investing in security solutions.
Customers are trusting companies with their data, and in return, companies must be well-equipped to protect that data, which can only be done with the help of a strategic cybersecurity strategy.
Though the intentions of corporations are pure when it comes to overcoming security threats while undergoing a cyber digital transformation, however, they will encounter multiple challenges as they do – challenges that are unique to their business.
Top Cybersecurity Challenges Faced by Corporations as They Undergo A Digital Transformation
- The procedure may be tedious and be mistaken as not important: while the focus of digitalization will be on speed, innovation, workflow optimization, and automation, cybersecurity may be seen as an extra-cost instead of being recognized as a fundamental requirement.
- The procedure may slow down digital transformation: While the speed of transformation increases risk, adopting security measures may slow down that process due to regulations, training, and so on – an unwanted aspect by business leaders – which is why there needs to be a security team working within the corporation, involved in every aspect of the enterprise.
- The complexity of the process: cybersecurity, unfortunately, isn’t a click of a button on an app, but rather, it consists of a strategy and a comprehensive system instead, aiming to identify potential cyberattacks.
- The undermining of data: we find sometimes, that companies undervalue their data and information for lack of better knowledge. They fail to recognize them as a source of revenue and a chest of hidden potential, which causes them to fail to see how not protecting their data can cost them in the long run.
A Brief Outlook on What Elements A Comprehensive Cybersecurity Strategy Pertains
Understanding and being aware of what the company assets are as well as what their weak points could be can help predict possible cyberattacks.
Companies should be equipped with the proper tools that provide an automated counter-attack and stop any incoming threats.
Updates and modifications:
any security framework should constantly be updated and modified to keep up with the digital era trends.
Fast big-data platforms:
Equipped Big Data platforms produce results in real-time, able to detect real-time risks.
Addressing the Threats of Cybersecurity in Digital Transformation
Companies have a responsibility to protect and maintain their consumers’ privacy and data, which is why they need to have a multi-leveled strategy comprised of the following:
Procedures and Policies:
A set of standards of procedures and integrated policies that are incorporated into everyday tasks, or a blueprint for security processes.
A Vulnerability and risk database that includes the vulnerabilities that the corporation needs to take into consideration.
The use of security solutions that are either standalone product solutions, features, or available resources that employees at every level can use.
The process of decentralized information and transactions protects information in case one information site has been breached, securing the rest of the data while security is being heightened to fix the original breach.
Finally, the automation of cybersecurity solutions which get implemented into AI systems in order to detect threat patterns and automatically counter-attack any breaches.
As technology develops, it pushes corporations to improve consumer experiences, causing companies to rush into digital transformation, leaving them increasingly more vulnerable to data security threats. Especially post-pandemic, It is highly important for organizations to make security a founding stone of digital transformation, and not an afterthought, as digital transformations will keep developing with the times and becoming more complex. This is why security approaches are so fundamental to make sure data protection cannot be breached.
However, the journey of a thousand steps starts with one: understanding the importance of your data and why it is valuable and prone to attacks. In case you still haven’t found the answer, Intalio offers you a set of products and solutions such as Records Management, Digital Signature, Data Insights or others which may add another security consideration to your information
Visit our website now to find more tools that turn your data into gold.