Protecting customer trust is the route to digital-era competitive advantage

Welcome to the fifth video introduction and article from the Ticking Clock? Guys, in which we continue our leadership journey to strategically leverage digitalization.

We are posting the critical steps for businesses and leaders to take in successfully adopting digital, through our unique Ticking Clock? Model. The strategic stages and implementation steps are based on our 2019 research that surveyed more than 1,800 leaders across three continents. (State of Digital 2019 Report) 

The goal:  Build and ensure customer trust  

The leadership discussion question: “We know we will be hacked, are we ready?” 

The leadership challenge: With more data being shared internally among employees, customers and with partners in ecosystems, leaders are under increased pressure to ensure only the right data is made available and it is used correctly. 

It is now estimated by various research that more systems are hacked then not hacked. It’s not a question of “if” but “when” will you be hacked. It's also estimated that it can take up to a year and a half before you even know that you've been hacked. This places additional importance for leaders to ensure that their customers can trust them (and their customers are both internal and external).  

The cost of protecting against being hacked can be minimal to the cost of being hacked and it's estimated that 80% of systems vulnerabilities can be fixed with patches that are already available. PwC surveyed almost 10,000 IT executives around the world and found that 41% of them had experienced at least one security incident in the past year and from that, 37% reported financial losses as a result of the security incident. 

There is an attack every 39 seconds on average on the web according to Security Magazine and hackers steal 75 records every second according to Breach Level Index. 

The challenge is that as an organization becomes more data driven it has to grow its data protection in parallel. With the growth of ecosystems and partnership between organizations through open APIs (Application Program Interface) it places even more emphasis on the need to protect data. Consider that this year it's estimated that the average cost of data breaches will be around 150 million US dollars  

Adopting the assumption that you will be hacked creates a better safer and more responsible approach. 

Ticking Clock? Guys Call to Action:

To receive support in adopting digitalization for your organization, consider either of these: 

1.    Strategy Execution in a Digital World – It’s not about having a digital strategy but a strategy in a digital world. With 84% of digital transformations failing, this virtual two-hour presentation communicates what leaders need to think and do differently.

2.    Virtual Digitalization Conversation Course. This one-day workshop assists leaders in transforming their organizations so they can strategically leverage digitalization. It is divided into four virtual two-hour modules over one month and includes pre and post requirements.

Email the Ticking Clock? Guys with Your Questions:

·      Jeremy [email protected]

·      Robin [email protected]  

Jeremy Blain and Robin Speculand collaborate as the Ticking Clock? Guys to show organizations how to go digital. They run their own business consultancies in Europe and Asia respectively while sharing a passion for supporting organizations to adopt digitalization.