Digital Transformation and Security Management

Technology-related business strategies are continually changing. In most cases, it's a lengthy procedure that's been well planned to avoid any hiccups. However, this was not the situation in the last 24 months, when many office employees were swiftly switched to remote working due to COVID. As a result of the epidemic, employees who had never done any remote work before found themselves typing away on laptops in their living rooms, kitchens, and bedrooms. Many organizations' ability to function was jeopardized as a result of this rapid transformation. It wasn't simply the workplaces that had to adapt.

For example, restaurants were forced to change their business practices owing to new social distancing requirements. In order to avoid long lines, these restaurants have to offer computerized ordering options. A lack of experience with collecting and keeping all this data might lead to difficulties with information not being properly safeguarded, thus privacy advocates expressed their concerns about the quantity of information these applications were gathering. An extreme example of digital transformation may be seen in the hasty development of new technologies in response to the current epidemic, which imposed a deadline of days rather than months or years. However, in long-term initiatives, the same issue—security as an afterthought—is a big concern. For some executives, the bottom line is more important than security, which is why they are reluctant to invest money in security-related software and solutions.

While having a discussion with a friend who specialized in cyber risk and capacity building shared that, when it comes to the business decision and the perspective of business risk and then the view of the cyber risk, "there's this gap". At the present, the two cannot mix, collaborate, and come together in the manner that they need to." In certain circumstances of digital transformation, this divergence in decision-making implies that implementing new ways of doing things takes precedence over ensuring the security of business procedures. For example, in digital transformation initiatives, there is a strong likelihood that additional technology will be used.

In terms of security, this implies they can increase the organization's attack surface if the risk is not recognized and addressed. "Security is falling behind the rapid speed of the digital revolution. It is extremely difficult for organizations to mobilize their limited resources, according to Kip?Boyle the Founder and CEO of Cyber Risk Opportunities. A data breach or ransomware attack can cost an organization far more than any cost savings that could be realized by adopting cybersecurity procedures, regardless of the resources available. Even if a company's customers and partners lose trust in it because of a preventable hack, that's just the beginning. Investing in cloud computing services is often a part of digital transformation.

The fundamentals of cloud service security are well established, albeit occasionally overlooked. Every user must have multi-factor authentication (MFA) in order for the cloud to be secure. Additionally, in the case that users and passwords are stolen, the second layer of security may be implemented to keep the network safe. While some executives may complain about the time it takes to authenticate a user's identity with MFA, it is one of the most effective ways to prevent unauthorized access to corporate services. Investing in an information security team and including them in every stage of the process is one of the greatest methods to assist guarantee data safety is prioritized throughout the digital transformation.

Even while there may be some friction between the business and information security departments, such integration will ultimately ensure that security is baked into the whole process. According to Akhilesh Tuteja from Global Cyber Security Leader KPMG International, "Embed your security experts such that the choices are made collaboratively as a team." Employees may now collaborate from any location because of digital transformation. However, in order to ensure that they can do so safely, cybersecurity must be an integral part of the process from the beginning.

We need to start asking ourselves if the stakeholders are knowledgeable enough about digital and technology to give useful advice to the company? Is the business (and sector) value creation fundamentally altering as a result of the digital transformation and does security management play the right role in this process? and how well-versed is the board in identifying new threats?