How Cybersecurity Drives Business Reimagining?

Market disruption — fueled by technological change, complex regulations, geopolitical tensions and economic uncertainties — is testing global organizations’ approach to risk and resilience. According to Accenture’s research, most large organizations are transforming faster and more frequently.

By converting cybersecurity from an incident-driven reaction into part of the fabric of transformation efforts, organizations can not only boost cybersecurity resilience, but also position themselves to reinvent the whole enterprise and set a new performance frontier, safely.

The cybersecurity research reveals some organizations are using cybersecurity as a differentiator to deliver better business outcomes (see How to Improve Cybersecurity Protection?).

Annual Accenture’s State of Cybersecurity Resilience research involved 3,000 global respondents from 15 industries across 14 countries.

What’s more, organizations that embed key cybersecurity actions into their digital transformation efforts and apply strong cybersecurity operational practices across the organization are nearly six times more likely to experience more effective digital transformations than those that don’t do both.

Cybersecurity as a changemaker

We discovered that the majority of organizations undergoing digital transformation, in our sample, increase their chances of being fully satisfied with the level of cybersecurity embedded in their digital transformation efforts by 10% if they follow three actions.

Recently released Resilience for Reinvention study shows that companies achieving long-term profitable growth display a commitment toward developing a digital core, which consists of three layers: infrastructure and security; data and artificial intelligence (AI); and applications and platforms.

According to Cyber Security Top Trends, organizations have accelerated digital transformation efforts and plan to continue accelerating them as their high-performing cybersecurity actions propel them forward.

Cyber transformers closely align cybersecurity programs to business objectives.

In doing so, they are 18% more likely to increase the following outcomes:

• Their ability to achieve target revenue growth and market share
• Improved customer satisfaction and trust
• Greater employee productivity

Additionally, cyber transformers are nearly twice as good as the rest at involving the cybersecurity team from the start of business planning. And they are far more comfortable with their organization’s internal cybersecurity planning.

Cyber transformers build transformation foundations in two ways

They not only embed three key cybersecurity actions into their transformation efforts, but also establish a better foundation by applying strong cybersecurity operational practices from the start. As a result, they are 5.8X more likely to experience more effective digital transformations than the rest (see How Insurers Can Expand the Cyber Insurance Market?).

What it takes to be a cyber transformer

There are several factors that illustrate the differences between cyber transformers and the rest. 65% of cyber transformers apply three leading practices to excel at risk management. By contrast, just 11% of the rest adopt this “best-in-class” approach (see Future of Global Cyber Insurance Market).

• Integrate cyber risk: A cyber risk-based framework is completely integrated into their enterprise risk management program
• Agree on priorities: Their cybersecurity operations and executive leadership consistently agree on the priority of assets and operations to protect
• Look at risk holistically: They consider cybersecurity risk to a great extent when evaluating overall enterprise risk

Cyber transformers more frequently use cybersecurity-as-a-service to enhance operations.

Based on analysis, cyber transformers performed better than the rest when it comes to taking action to protect their ecosystems.

Cyber transformers are more committed to protecting their ecosystem

For example, cyber transformers more often incorporate their ecosystem or supply chain partners into their incident response plan (45% vs. 37%) and also require them to meet strict cybersecurity standards (41% vs. 29%).

While these ecosystem actions provide cyber transformers with a 10% advantage over the rest, there is room for improvement.

Cyber transformers rely heavily on automation

What’s more, 96% of respondents whose organizations substantially automate their cybersecurity programs recognize that automation helps them alleviate cyber talent shortages, a key challenge for any company seeking cyber resilience.

As evidence of a man+machine approach becoming more mainstream, Accenture analysis has found that the share of cybersecurity-related AI patents increased 2.7X between January 2017 and October 2022.

In time, generative AI could support enterprise governance and information security, protecting against fraud, improving regulatory compliance, and proactively identifying risk by drawing cross-domain connections and inferences both within and outside the organization.

Global Generative AI in Insurance Market size will be worth $5,5 bn by 2032 from its current size of $346.3 mn, and growing at a CAGR of 32.9% through the next decade.

The insurance market is undergoing a remarkable transformation, thanks to the exponential growth of generative artificial intelligence (see How AI Technology Can Help Insurers).

ndeed, the emergence of ChatGPT has already brought both disruption and opportunity, offering the rapid advancement of cybersecurity capabilities such as threat detection, analysis and response and accelerated use of automation to reduce workload and augment staffing.

Cyber transformers are well placed to execute that reinvention strategy through gains that are a direct result of differentiated cybersecurity practices and behaviors.

And while cybersecurity incidents will still happen every day, on average, cyber transformers report 26% lower cost of breaches and cybersecurity incidents in the past 12 months than the rest — that’s more than a quarter of all costs that could be allocated across the enterprise to optimize operations, fuel growth and improve resilience.

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Full Report — https://beinsure.com/how-cybersecurity-drives-business-reimagining/

More Outlooks & Review — https://beinsure.com/