As digitization opens up, the ‘incumbents’ and ‘disruptors’ must understand that the business risks will no longer be ‘conventional’.
As digitization opens up innovative products and services with cost effective processes and enhanced customer experience, the ‘incumbents’ and the digital ‘disruptors’ must understand that the business risks will no longer be ‘conventional’. The digital evolution has introduced a new dimension into the enterprise risk - the cyber risk. Unfortunately, cyber risk is not conventional, neither are the threat actors.
Countering an evolving threat landscape requires board level leadership, insight and decision making. It is imperative for investors, customers and other business stakeholders to ensure that Board and executive leadership are part of the design and implementation of a strategic and holistic approach to cyber security that will not only protect their valuable data, but also enhance enterprise agility and growth.
The evolving threat landscape and its innate dynamism continue to place demands on governments and regulators across the world to develop and implement robust frameworks, policies that can engender the capacity to effectively manage cyber risks.
It is noteworthy that some African nations are beginning to take note as evidenced by cyber security policies, strategies and even bills, being pushed out. There has also been some effort towards establishing National CERTs to protect national cyber borders.
However, given the dynamic nature of the threat and the increasing potential for widespread adverse impact, governments need to show more urgency in addressing this risk.
With all the connected devices we carry about daily, it is obvious that our lives, economic vitality, national security amongst others, now revolve round technology. With several databreach incidents across different social media platforms, individuals need to make conscious effort to manage personal cyber risk.
A recent KPMG survey asserts that there will be over 25 billion connected devices by the year 2020.
While it is important to acknowledge the advantages that IoT, blockchain and other emerging technologies romise, it is equally essential to be aware of the security challenges and risks inherent in these technologies, given that they fundamentally involve connected devices over the Internet.
Also, as organizations increasingly see the need to be insured against cyber risks, the Cyber insurers need to be more sophisticated in assessing cyber risks to turn this emerging opportunity to a sustainable line of business.
Cyber security talents are becoming increasingly difficult to find in today’s ever growing and dynamic technology world. Solving the growing cyber security challenges requires young skilled cyber security professionals who are proactive and willing to combat existing cyber-security threats. There is also a clear need for governments and enterprises to provide enabling environment buoyed by relevant educational curriculum to attract and groom these talents.
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