Most C-suite leaders think about cybersecurity as a way to stop threats. But in today's intensely competitive digital economy they should be thinking about cybersecurity as a strategic advantage that not only protects business value, but enables new business value.
The prevailing focus on threats to protect business value isn't surprising. Modern digital businesses go beyond traditional walls and spawn new attack vectors in today's dynamic threat landscape. Businesses face a cybercrime wave that is increasing in intensity and sophistication. According to a recent article in Forbes, "Corporate and home computers have been hit with an average of 4,000 ransomware attacks every day this year, a 300% increase over 2015," citing United States Department of Justice sources.
While we must continue to work diligently to protect valuable data and assets, to achieve growth, the biggest opportunity comes when we make cybersecurity a foundational component of our digital strategies. One of the biggest downsides to cybersecurity weakness is how it inhibits innovation. In fact, 71% of respondents in a Cisco survey said cybersecurity risks and threats hinder innovation in their organization.
Organizations that have any doubt about their cybersecurity capabilities delay important digital initiatives and risk falling behind the competition tomorrow.
As Mike Dahn, head of data security and industry relations at Square, Inc., put it in this Cybersecurity as a Growth Advantage report, "I think it's really important that we stop thinking about security as a defense-centric approach that is sold by fear, uncertainty, and doubt. We need to start thinking of it as an enabler that supports innovation ... and helps the business go forward."
You know your organization is well-positioned to move forward when:
The digital era is here. Those who embrace it will have a competitive edge, but not without a secure foundation that allows innovation with speed and confidence.
Take time during this year's Cyber Security Awareness Month to evaluate how you can turn cybersecurity into a strategic advantage. If you are not sure where to start, our Security advisors can help. If you are already on your way to a digital transformation, we can help you assess your readiness and work with you to design and implement a secure digitization strategy.
Join the National Cyber Security Month conversation on Twitter @CiscoSecurity#CyberAware.