How Tech Companies Can Boost Cyber Defenses: Creating a Culture of Cyber Security
Today’s accelerated pace of digital transformation offers companies significant opportunities for growth and creation of shareholder value. At the same time, the rise of connected businesses, remote workforce, and digital payments, among others, has increased the risk of cyber attacks, ransomware, and malware attacks.
For tech companies that are at the peak of this accelerating pace of change, cybersecurity is increasingly becoming a top priority. According to the outlook from the CEO of KPMG 2021:
- 31% of global tech CEOs see cybersecurity as the biggest threat to their organization’s growth over the next three years
- 39% indicated cybersecurity resilience as their top operational priority
- Yet only 19% say they are very well prepared for a future cyberattack
No matter how prepared a business is to deal with cyber risk, this is an area that requires continued investment and vigilance. Below are three ways to further increase cyber defenses.
In today’s increasingly interconnected environment, it is clear that businesses can no longer go it alone. In fact, 81% of tech CEOs surveyed believe it will take an industry-wide approach to properly address the ransomware problem.
Recently, that was validated when executives from America’s biggest tech companies joined with members of the Biden administration to discuss ways to collectively strengthen our nation’s cybersecurity. Together, the companies have pledged more than $ 31 billion for this effort, including 250,000 new jobs.
Think differently about talent
Competition for talent in high-demand fields like cybersecurity and artificial intelligence is fierce, but tech companies can already have a head start. Leaders of these organizations should seek out professionals with the right skills within their walls and retrain or develop existing workers to cope with the evolving security ecosystem.
Alternatively, technology leaders who are not already capitalizing on the industry’s trending M&A market should consider whether a strategic acquisition that would quickly add cyber talent to the organization is viable.
Building a cyber-first culture
It is no longer enough to have the right security protocols in place from a technological point of view; It is more important than ever to strengthen governance around operational resilience, enabling businesses to recover from any incident. The establishment of a strong culture of digital and cyber risk, championed by senior executives, with shared responsibility between employees, is also crucial.
In the face of escalating cyberattacks, ransomware and other attacks, business leaders must take continuous action to defend their organizations against bad actors whose methods are constantly evolving. To continue to meet the needs of customers, employees, vendors, and society, cybersecurity is clearly a priority for CEOs of tech companies. Those who stay permanently focused on this area will build confidence and create a competitive advantage.
About the authors:
Mark Gibson, Head of Technology, Media and Telecommunications at KPMG in the United States
Alex Holt, KPMG Global Head of Technology, Media and Telecommunications