Cybersecurity could be the game changer in an uncertain 2023, CIO News, ET CIO
“We need an enhanced cybersecurity framework. Information security has clearly taken center stage, more so in the post pandemic era. As CIOs and technology leaders, we need to bring security, especially cyber security to the head of the table. Advising and educating our boards is our responsibility. What, how and when we communicate to our board is critical and plays a very important part in the organization’s readiness for any cyber security eventuality,” says Venkatesh Mahadevan, CIO, Dubai Investments PJSC.
Cyber risks increase in an uncertain world
This is more so true as the world goes through a period of uncertainty.
“In a rapidly shifting and uncertain environment, CISOs should be focused on being ready for any potential threats. In the current times of crisis, such as war, political instability and market volatility, a significant increment in the cyberattacks can be observed around the globe. The cybercriminals take advantage of such chaos and are seen more active launching attacks during these times. The CISOs should therefore prioritize the improvement of their threat prevention practices. This includes identifying and addressing vulnerabilities in their systems and implementing measures to prevent attacks. These measures may include using advanced security technologies, such as API security solutions, XDRs and cloud security tools. This plays an important role in ensuring the security of sensitive data and systems and maintaining customer and other stakeholders’ trust,” says Burgess Cooper, Cybersecurity Partner and Deputy Leader at EY India.
What do the forecasts say?
Gartner had forecasted that worldwide information security & risk-management spending by end-users will reach 188 billion dollars in 2023. In fact, the past year too was marked by increased cybersecurity risks, coupled with an uncertain world affected by geo-political, social and economic challenges. Therefore, it’s time to take stock of the cybersecurity landscape so that enterprises are prepared to respond to threats and are well-equipped to handle any eventuality.
“Global investments into digital transformation are set to grow at an alarming rate, probably 18-20% per annum as dictated by industry reports, which shall reach a staggering $ 2.5 trillion (55% of all ICT spending in the year 2023 – thus, the CISO and the CIO will see a shift in focus from B2B towards B2B2C eCommerce (Business-to-Business-to-Consumer, providing customers with high bespoke experiences and customizable product offerings. They want frictionless shopping Like they experience in their B2C lives (you like it, keep it, you do not, follow the return policy), a superb way to excel in the product consumables lifecycle,” adds Cooper.
Focus on the human element
“We need to focus more on the human interface in terms of capacity building, training, awareness, hands-on routine incident response drills, etc. We are becoming over-reliant on technology, leading to data breaches, cyber attacks, etc. We need people to read alerts and red flags by a SIEM and remediate in real time,” says Prof. Triveni Singh, SP, Cyber Crime at Uttar Pradesh Police.
“Cyber security by its nature is a moving target and that makes a CIO’s job even more challenging. Trust me, cyber security will continue to be a top priority for couple of more years and it is in your best interest to garner enough attention around this topic. Reacting to cyber-attacks is not enough, you need to be able to proactively manage threats. In every survey or discussion you have with your fellows, they will all say that cyber security is right up there and rightly so,” adds Mahadevan.