Boland Lithebe | Security Lead | Accenture Africa | mail me |
With increasing alacrity, businesses must recognise the crucial need to transform their organisational structures. This is necessary to keep pace with the rapidly evolving digital landscape. However, it’s equally important for organisations to consider the associated risks. This will ensure long-term resilience.
The Institute of Risk Management South Africa (IRMSA) recently named cyber threats as one of South Africa’s most prominent risks for 2024/25. This is due to outdated systems, lack of investment, and insufficient training for employees.
Building a strong digital core
We’re now experiencing around 150 data breaches a month, and this figure is steadily increasing. Organisations must keep cybersecurity at the forefront of their strategies. This is crucial as they develop their digital blueprint. If not, they risk undermining their progress.
Our approach for future-proofing organisations and staying competitive focuses on building a strong digital core. This consists of three layers: infrastructure and security; data and artificial intelligence (AI); and applications and platforms.
While all layers are equally important, cybersecurity measures cannot be an afterthought. These measures should be implemented from the beginning of this transformation across every operation, every step of the way. A failure to do this, according to IRMSA, can lead to dire consequences. These include significant data breaches, financial losses, reputational damage, and a loss of public trust in businesses.
Beyond risk management, prioritising cybersecurity also has benefits for your bottom line. Our survey of over 3,000 respondents across 14 countries showed that organisations closely aligning their cybersecurity programs to business objectives are 18% more likely to increase their ability to drive revenue growth. These organisations also have increased market share and improved customer satisfaction, trust, and employee productivity.
Addressing inadequate cybersecurity measures
Organisations are under pressure from numerous internal and external factors that exacerbate the risk of cyber threats.
We’re facing a period of unprecedented geopolitical tension caused by increasing conflict and a record number of elections. Approximately 49% of the world’s population will head to the polls. It’s a geopolitical climate fraught with instability. We are already seeing its ripple effects on supply chains, physical infrastructure, and investment partners.
The regulatory environment is also struggling to keep up with the pace of technological evolution. While South Africa is making slow progress through regulations like the Protection of Personal Information Act (POPIA), businesses are flying blind in a largely unregulated legal framework. This makes it nearly impossible to fully integrate adequate cyber risk strategies into their overall enterprise management programs.
Internal organisational structures are also to blame for inadequate cybersecurity measures. Chief Information Security Officers (CISOs) are expected to take on roles beyond their scope. These include translating cybersecurity issues for executives and building customer trust. Cybersecurity crises also require prompt and effective communication.
According to our survey, this is severely lacking. Nearly half of CISOs report no defined executive responsible for external communication during crises. In this volatile environment, organisations cannot afford a lack of clarity and clear risk management protocols.
Transforming organisations into “cyber transformers”
So where to from here? Our approach for cybersecurity success revolves around transforming organisations into “cyber transformers.” These businesses prioritise cybersecurity from the start and align it closely with their overall business strategy. The goal is to establish a robust cybersecurity foundation. This protects against threats and drives growth, customer trust, and productivity.
By embedding cybersecurity into the core of their operations, cyber transformers experience a significant reduction in the cost of breaches. These costs are 26% lower on average, allowing businesses to reinvest savings into optimising operations and fuelling innovation.
Cybercriminals are becoming more evolved in their methods. This necessitates a meticulous approach that covers all entry points. Cyber transformers excel by implementing cybersecurity controls before deploying new solutions. They apply security measures incrementally as they reach key milestones.
Additionally, cybersecurity responsibilities are assigned across all departments. This holistic approach ensures that cybersecurity is not an afterthought but an integral part of the organisation’s digital transformation journey.
To achieve coveted cyber transformer status, organisations must adopt several best practices. These include utilising cybersecurity-as-a-service to address operational challenges. They must protect the entire organisational ecosystem – including supply chain – and leverage automation to alleviate the impact of the cybersecurity talent shortage.
In conclusion
South Africa’s cybersecurity skills shortage is particularly concerning. Our youth unemployment rate has reached record highs. 40% of companies in South Africa struggle to recruit and retain cybersecurity talent. It’s time to invest in initiatives that foster these skills and build up the next generation of cybersecurity professionals. These professionals can protect our digital infrastructure, drive innovation, and secure the future of our economy.
Automation also plays a crucial role in supporting enterprise governance and information security. It helps protect against fraud, improve regulatory compliance, and proactively identify risks by making connections across different internal and external domains.
South Africa’s cybersecurity landscape is battling to evolve with sophisticated cyber threats. By integrating these practices into their transformation efforts, organisations can navigate this tricky terrain. This approach will enhance their cybersecurity posture and enable greater business agility, scalability, and innovation.
Related FAQs: Building cyber resilient organisations
Q: Why is building cyber resilient organisations important for organisations?
A: Cyber resilience refers to an organisation’s ability to prepare for, respond to and recover from cyber threats and incidents. It is important because it helps safeguard critical assets, maintain business continuity and protect against evolving cyber threats, ensuring the overall security and growth of the organisation.
Q: How can organisations build cyber resilience?
A: Organisations can build cyber resilience by implementing a comprehensive cyber resilience strategy that includes risk assessment, incident response planning, employee training and the establishment of a cyber resilience framework that promotes a culture of cyber resilience throughout the organisation.
Q: What components are included in a building cyber resilient organisation’s framework?
A: A cyber resilience framework typically includes components such as risk management, incident response, security controls, continuous monitoring and recovery processes. This holistic approach helps organisations to effectively manage cyber risks and enhance their overall resilience against cyber threats.
Q: What role does a culture of cyber resilience play in an organisation?
A: A culture of cyber resilience fosters awareness and responsibility among employees regarding cyber security practices. By building a culture that prioritises cyber resilience, organisations can effectively reduce vulnerabilities caused by human error and enhance their ability to respond to cyber incidents.
Q: How does a strong incident response plan contribute to cyber resilience?
A: A strong incident response plan is key to effective cyber resilience as it outlines the steps to be taken in the event of a cyber incident. This preparedness enables organisations to minimise damage, recover quickly, and maintain trust with stakeholders following a cyberattack.
Q: Why is it necessary to continuously evolve building cyber resilient organisation’s strategy?
A: It is necessary to continuously evolve a cyber resilience strategy to keep up with the rapidly changing landscape of cyber threats. Regular updates and assessments ensure that the organisation remains prepared to handle new vulnerabilities and cyber events that may arise.
Q: What are the benefits of building a cyber-resilient organisation?
A: The benefits of building a cyber-resilient organisation include improved security posture, enhanced trust from customers and partners, minimised financial losses from cyber incidents, and a competitive advantage in the market. A resilient organisation is better equipped to recover from cyber threats and maintain operations effectively.
Q: How can organisations assess their current level of cyber resilience?
A: Organisations can assess their current level of cyber resilience by conducting regular security audits, vulnerability assessments and penetration testing. Additionally, reviewing existing policies and practices against established cyber resilience frameworks can help identify areas for improvement.