More consumers than ever before are using online options to engage with consumer-facing companies in our pandemic-altered environment, underscoring the ongoing importance of cybersecurity.
PwC’s annual survey of business and technology executives reveals that cybersecurity is now infused throughout the organization to increase resilience and fend off attacks. Here’s what we learned:
1. Evolve cyber leadership
At consumer-facing companies, digital change has focused on:
- Modernizing the organization/brand with new capabilities (33%)
- Business as usual, but faster and more efficiently (26%)
- Penetrating new markets or industries (20%)
At some consumer markets (CM) companies, CISOs are seen as transformational leaders (19%) or master tacticians (20%).
Implications – Ensure that business decisions reflect cybersecurity priorities. CISOs need to be equipped to respond to digital change. Ideally, they would combine the best of vision and tactics to lead CM companies with confidence in a digitally demanding environment.
2. Revamp your cyber budget
Well over half (59%) of CM companies plan to increase their cybersecurity budgets. While consumers have told us they are already confident in the security of online shopping, they will need ongoing reassurance as they spend more time online.
Implications – As CM companies scramble to keep up with digital demands, cybersecurity becomes paramount. To align cyber spending to the most significant risks, start by quantifying cyber risk.
3. Fend off cyber attackers
Cyber solutions have matured, prompted in large part by a threefold growth in cloud services. Almost one-fifth of CM companies are already realizing the benefits of accelerated cloud adoption.
Implications – Invest in technologies, processes and the capabilities of your people to make meaningful headway against attackers. Build cybersecurity hygiene mechanisms into cloud solutions at the outset.