Deloitte’s ‘2023 Future of Cyber’ Study Shows Cyber Programs Enable Business Strategy, Build Trust and Put Organizations Better Positioned to Seize Future Opportunities
New York, December 6, 2022 /PRNewswire/ — Many U.S. executives are turning to cybersecurity programs to deliver on their business strategies, according to Deloitte’s 2023 Future of Cyber study.
A majority (97%) of U.S. executives surveyed say their company will experience at least one cyber event in 2022 (97%), and a majority (56%) will experience five or more cyber events in the past year. He said he experienced an event.
The convergence of digital transformation and technology modernization, in parallel with the increasing prevalence of cyber problems, provides an impetus for positive change, but also unintended pathways to risk, vulnerability, attack and failure. produce.
At least half of U.S. survey respondents believe that building trust with customers and employees (53%) and strengthening risk management strategies (50%) are the cornerstones of their success, and that they are positioning their business for sustained growth. It is said to be a major factor in nurturing. As such, cyber is both an important business enabler of innovation and evolution, as well as a mechanism that incorporates risk mitigation across the organization.
U.S. leaders ranked the business strategies most positively impacted by cyber investments as improving brand reputation (44%), building trust in technology integrity (42%), and minimizing intellectual property theft (42%). (41%) said it included Conversely, respondents said their top concerns resulting from cyber incidents were loss of customer trust (29%), loss of intellectual property (29%), loss of revenue (27%) and loss of reputation (27%). %).
“Organizational leaders understand the competitive advantage they can derive from a strong cyber program treated as a business imperative. Deborah Golden, Deloitte Risk US Cyber & Strategic Risk Leader and Principal of & Financial Advisory, Deloitte & Touche LLP. “Integrating a robust cyber program that aligns with current and future business strategies is imperative to building and restoring trust, evolving ahead of the business and establishing a forward-looking approach. The approach aims to increase organizational value with results-driven goals: Cyber Resilience allows organizations to differentiate themselves and seize future opportunities in a world where customer trust strengthens the gateway to digital evolution. You can be agile enough to grab.”
Key findings from this study include:
- Cyber governance is a hallmark of a successful cyber program
Cyber continues to be on the agenda of governing bodies, including audit committees and US boards of directors, with more than 45% of respondents indicating that cyber topics are discussed monthly and 16% weekly. increase. Beyond board-level attention, respondents also reported having a joint governance structure made up of business and technology leaders to oversee their cybersecurity program (43%) and annual cybersecurity plan update (43%). It shows that you are leveraging entities. U.S. executives also said their top challenges to effective cyber program management were lack of executive alignment (41%), lack of adequate funding (36%), and lack of executive support (35%). , report poor governance (34%).
- Cyber is integral to digital transformation and emerging technologies
Looking ahead three to five years from now, surveyed U.S. executives see cyber (including and beyond security enablement) as integral to their digital transformation efforts. increase.Areas where cyber is most critical to the implementation of emerging technologies include 5G (49%), cloud (48%), IoT (41%), AI and cognitive computing (40%), blockchain and Cryptocurrency (40%).
- “Privacy by Design” and “Trust by Design” position cybersecurity as a key enabler for driving customer centricity and trust while creating innovative product and service capabilities.
More than half of leaders surveyed have implemented ongoing voice-of-customer input for comprehensive plans for data privacy (61%) and data protection (61%). This continues to highlight the importance of privacy and the need to educate customers on these topics to limit the impact on trust and the potential for recurrence.
- A diverse cyber talent with an established culture of inclusivity will remain competitive.
Executives surveyed primarily focused on training and certification programs (56%), flexible work options (54%), professional career paths (49%), international mobility opportunities (44%), and differentiation. reward model (43%). And more than 30% of his U.S. executives say cybersecurity talent shortages are their top concern.
“Digital transformation is integral to many organizations’ strategic growth initiatives, offering opportunities for cybersecurity to become the foundation of business enablement and resilience, while driving innovation focused on strengthening customer trust. “By embedding security into ideas and implementations, we can establish secure and intelligent operations. Ultimately, these technologies can be seamlessly integrated with business-critical initiatives across the enterprise.” .”
“Organizational leaders must leverage cyber to bring value and competitive advantage to their enterprises,” Golden said. , we must resolve unpredictable situations and also pay attention to future opportunities.”
About the survey
As part of a Global Deloitte Touche Tohmatsu Limited survey conducted in September, October 2022, 1,110 senior business and IT decision makers in 20 countries (202 from the United States) were surveyed online about their organizations’ cybersecurity strategies. Of the US C-suite respondents, 81% held C-suite positions and 19% held other leadership positions.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 privately held companies. Our employees unite for the greater good and work across the industry sectors that drive and shape today’s markets. We deliver measurable and lasting results, strengthen public confidence in our capital markets, and inspire and help our clients see challenges as opportunities for transformation and prosperity. Leading the way to stronger economies and healthier societies. Deloitte is proud to be part of the largest global professional services network serving the markets that matter most to our clients. Built on over 175 years of service, our network of member firms spans over 150 countries and territories. See how Deloitte’s approximately 415,000 employees around the world are connected for impact at www.deloitte.com.
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Source Deloitte
