Digital transformation, or Dx, is a powerful business enabler that is impacting all industries, in all shapes and sizes, and is constantly pushing business leaders to fundamentally change their technology ecosystems and create innovative business models that adapt to changing business needs.
One of the key aspect that plays an important role in Dx is the integration of security, as it is a crucial factor in inspiring the consumer confidence that will result in commercial success for the new emerging technologies.
So, how can businesses enable Dx journey in a secure and compliant manner, knowing that the world of cyber security is always changing, with new threats and countermeasures emerging on a daily basis?
The cyber security global market is growing rapidly and is considered a crucial investment in today’s market.
The worldwide spend on information security products and services in 2017 was $101.544 billion, set to increase to $114 billion by the end of this year, followed by $124 billion by 2019, representing an almost 20% increase in the space of 2 years.
The major forces driving the cyber security market growth are strict data protection directives and rising cyber terrorism, in which professional cybercriminals will cost businesses over $2 trillion by 2019.
“BFSI will continue to drive the highest growth and market share for the overall security products and services market with 16.6% CAGR between the years 2016 to 2021.”
In Malaysia, The Financial Services segment (BFSI) is also one of the most mature markets in terms of cyber security regulations and fast adoption of advanced technology. BFSI will continue to drive the highest growth and market share for the overall security products and services market with 16.6% CAGR between the years 2016 to 2021.
And while BFSI is the largest vertical in the managed security services market, robust growth in Manufacturing and Public Sector will become next largest industries by 2021 with 16.8% and 14.9% CAGR respectively due to an increased adoption of cyber security solutions in those verticals.
For the past decade, ensuring the security of data and infrastructure has become one of the most pressing concerns among businesses. In today’s hyper-connected world the need to be equipped with the right security solutions is even more crucial, mainly due the difficulties and complexity in managing the IT environment and protecting it against threats.
Organisations with the aim to drive their business through data is considered vulnerable and has a higher risk in exposing themselves to cyberattacks, data breaches and/or leakages - with the potential of risking themselves to any issues related to information security management.
Organisations across the globe that recognise the need in getting the right security policy and practise as part of their critical success factor for large IT transformation projects, believes that it is essential in enhancing customer experience.
Cyber threats are growing in volume and the nature of the threats is continuously evolving. With organisations actively adopting cloud- based delivery models and committing to digital transformation, the traditional cyber security models become unsustainable and obsolete.
To ensure seamless protection over time, it is vital for organisations to adopt the next generation of cyber security model to protect their data, infrastructure and reputation. With a comprehensive set of security solutions, not only are they able to enhance their customer experience, organisations can also unlock new business potential through security innovation by creating new business opportunities, as well as deliver new products and services that are well matched for the current market.
Starting with the end in mind, in embracing, supporting and educating businesses on the importance and implementation of security as a crucial part of digital transformation, TM One has recently organised its inaugural LEAP Summit 2018 conference with the theme “Transformation Through Intelligence. Are You Ready?”. The summit was aimed at providing a platform for the Enterprises and Public Sector to share their dynamic thoughts and experiences during their transformation journey. During this full day summit, Vito Di Bari, the ‘New European Guru of Innovation’ and Ajay Sunder, Frost and Sullivan ICT Vice President gave a sneak peek on the possibilities on how we can gear up further for the digital evolution leap in the next 3 to 5 years, and possibilities of what may happen in next 7 years to come.
The delegates also gained insights on how innovation in digitisation, analytics, artificial intelligence (AI) and automation can create vast opportunities for businesses and industry makers, and perk up the digital economy as the country takes the leap into becoming a digital nation, in which security plays a vital role in ensuring the realisation of our digital journey.
Gartner predicted that 60% of digital businesses will suffer major service failures by 2020 due to the inability of security teams to manage digital risk.
The top three globally-identified key challenges with regards to security operations are the ability to timely detect and effectively respond to security incidents, the impact of new technologies such as cloud, data centre, mobile and Software-Defined Networking (SDN), and internal awareness and training to upskill employees.
And it is a known fact that for organisations who put security as an a erthought, will more likely face higher risk in having their systems, especially their data base, being hacked by unknown individuals with the intention of either to steal or to just make a statement.
How each organisation is being impacted by a security breach is dependent on the timing, duration and which industry it belongs to – with the most common business impacts crossing all industries and ranging from loss of revenue and productivity, reputational damage, corrupted business data, loss of intellectual property, level of trust declines, psychological stress to employees, as well as external fines and litigation.
The attacks are closer than you think
Back in 2017, the New Straits Times paper