A new report from Accenture reveals the significant benefits that organizations can achieve by aligning their cybersecurity programs with business objectives. The State of Cybersecurity Resilience 2023 report, based on a survey of 3,000 security and business executives worldwide, highlights the positive correlation between aligned cybersecurity programs and revenue growth, customer satisfaction, cost reduction, and overall cyber resilience. This article explores the key findings of the report, identifies the characteristics of “cyber transformers,” and outlines three crucial cybersecurity actions for effective digital transformations.Alignment Drives Revenue Growth and Customer Satisfaction:According to the report, organizations that closely align their cybersecurity programs with business objectives are 18% more likely to achieve target revenue growth and improve customer satisfaction. This finding emphasizes the importance of integrating cybersecurity into the strategic decision-making process and considering it as a critical enabler for business success.Cost Reduction and Improved Cyber Resilience:The survey also reveals that organizations with aligned goals and cybersecurity programs are 26% more likely to lower the cost of breaches. By proactively aligning cybersecurity measures with business objectives, companies can effectively mitigate risks, minimize the impact of security incidents, and reduce the financial consequences associated with breaches. This approach leads to improved cyber resilience and better protection of critical assets.Characteristics of Cyber Transformers:Accenture identifies “cyber transformers” as organizations that strike a balance between robust cyber resilience and strategic business objectives. These cyber transformers exhibit four defining characteristics:Integration of Cybersecurity and Risk Management: Cyber transformers excel at seamlessly integrating cybersecurity and risk management practices into their overall business strategy. By aligning these functions, they effectively identify, assess, and manage potential risks and develop proactive security measures.Leveraging Cybersecurity-as-a-Service Solutions: Cyber transformers actively embrace cybersecurity-as-a-service solutions to enhance their security operations. By leveraging external expertise and innovative technologies, they can augment their cybersecurity capabilities, improve threat detection and response, and stay ahead of evolving threats.Commitment to Protecting the Ecosystem: Cyber transformers prioritize the protection of their ecosystem, recognizing that their own security posture is interconnected with that of their partners, suppliers, and customers. They establish robust security collaborations and information-sharing initiatives to strengthen the overall cyber resilience of the ecosystem.Heavy Reliance on Automation: Cyber transformers rely heavily on automation to streamline security operations, improve efficiency, and enhance response times. Automation enables them to scale their cybersecurity capabilities, identify and respond to threats faster, and free up resources for strategic initiatives.Embedding Cybersecurity into Digital Transformations:The report highlights the significance of integrating cybersecurity into digital transformation efforts. It states that organizations that embed three key cybersecurity actions into their strategy are nearly six times more likely to achieve effective digital transformations:Cybersecurity Controls Before Deployment: Cybersecurity should be a fundamental consideration before deploying new business services and products. By incorporating security measures from the start, organizations can minimize vulnerabilities and protect critical assets.Incremental Application of Cybersecurity: Cybersecurity should be applied incrementally as each digital transformation milestone is achieved. This approach ensures that security measures evolve and adapt alongside business objectives, reducing the risk of security gaps.Cybersecurity Representation in Transformation Teams: Organizations should appoint a dedicated cybersecurity representative as part of the core transformation team. This individual will orchestrate cybersecurity efforts across all transformation initiatives, ensuring that security is considered at every stage.Conclusion:The State of Cybersecurity Resilience 2023 report emphasizes the positive impact of aligning cybersecurity programs with business objectives. Organizations that integrate cybersecurity into their strategic decision-making processes achieve target revenue growth, improve customer satisfaction, lower breach costs, and enhance overall cyber resilience.
Subscribe to our mailing list to get the new updates!
October 20, 2023
October 20, 2023