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The world has transformed dramatically in 2020. COVID-19 triggered businesses' survival instincts, which have accelerated their digitisation to succeed in the new reality. The idea that data has become the lifeblood of the organisation has been reinforced as boards seek to harness our digital economy's potential, create new customer experiences, transform their services, and drive efficiencies and cost savings in the wake of the pandemic. The future is being created from a fusion of new business models, new technologies, and new partnerships.

In this changing world, cyber threats are mounting. Companies need to think differently about protecting their competitive advantage and developing new models to become and remain cyber secure. Cyber security professionals need to demonstrate that they can protect the heart of the transformed business with the agility of thought and action that recognises the pace and speed at which cyber criminals operate.

To help you take a proactive stance and meet these issues head-on, we have identified eight key cyber considerations that will likely shape the way organisations approach security in the new reality beyond.

Greater focus on cyber resilience will better protect an organisation against escalating cyber risks, limit the impact of attacks, and ensure ongoing operations. This requires strategic alignment of cyber and digital strategies with incident response, business continuity and disaster recovery planning. We need to engage the entire business – from back office to boardroom.

Gordon Archibald
National Lead, Cyber Security Services
KPMG Australia

  

Eight key cyber security considerations

Assess your security deficit

Over the next few months, businesses adjusting to the new reality have to start re-examining their technology environent and re-establish control.
 

Align business goals with security imperatives

To manage costs and ensure business and security priorities are aligned, companies should automate a significant portion of their cyber functionality by putting digitised cyber risk management processes in place to ensure they ladder up to the organisation's operational and business strategies.

Digital trust and consumer authentication

A new set of expectations around functionality and convenience is expected, with trust as a key component of loyalty. Whoever reigns supreme in terms of the digital customer experience (CX) is likely to enjoy the greatest market share.

The evolving security team

There is a continuing need to elevate the importance of cyber security at the board level. The biggest challenge is for security professionals to translate their knowledge into an actionable appeciation for what it actually means for the business.

The next wave of regulation

Cyber-based regulation is moving toward a more holistic approach, focusing on business priorities and responsibilities, and board-driven corporate governance functions. The focus now is on management within the first line of defence.

Cloud adoption and digital transformation

The pandemic forced many businesses to accelerate their digital transformation, and cloud adoption. Now, CISOs and security teams must develop processes and tools that are vital to, and fully aligned with, the business drivers and the technology needed to support the desired business outcomes.

Automate the security function

The shift to automation of security functions from identity authentication to thread detection and response has accelerated. There is greater need for better organised and more easily accessible data that can be extracted/analysed for value-added purposes, including relieving cost pressures caused by COVID-19.

Challenge assumptions around resilience

Enterprises preparing themselves for the future should reimagine their approach to understanding, planning and executing resilience efforts; encompassing security teams, the business and the broader operating ecosystem.

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