Almost 80% of firms who have adopted a cyber security strategy that is aligned with business objectives have foreseen and handled the increased risks associated with corporate digitalization projects more successfully.
According to the worldwide PwC Digital Trust Insights report, 60% of organizations that have adopted such a cybersecurity strategy are more positive about their financial performance, estimating a 5% rise in revenue and profit over the next three years. One-third of them work in financial services, while 30% work in technology, media, and telecommunications. Other industries, such as manufacturing, retail, health, pharmaceuticals, energy, mining, and utilities, account for a quarter of all responders.
To minimize financial and data loss, businesses must have a cyber security plan as part of their digital transformation operations. Those who have recognized the strategic importance of cyber teams and implemented this strategy have exceeded expectations and may be deemed advanced in the sector. For example, more than 80% of these organizations identified new cyber hazards and addressed them before they impacted partners or consumers, compared to 60% of other organizations.
What makes these cyber teams different?
They are linked to the company’s strategy. In the context of product development, for example, cybersecurity specialists actively contribute to the design of product security. According to 66% of advanced businesses, their cybersecurity staff is integrated with the business and has a plan that supports company objectives (versus 15% for other companies).
It is executed in a coordinated manner. 77% of advanced organizations report that their cybersecurity staff communicate directly with the executive team to determine the company’s risk tolerance (versus 22% of others).
They use a risk-taking strategy. According to 89% of advanced users, their cyber security personnel are always active in mitigating the risks connected with digital transformation. (in comparison to 41% of other organizations).
What do advanced companies think about their cybersecurity teams?
In comparison, just 50% of other corporations say their cyber security teams add considerable value to their firms.
58% of respondents believe their cyber teams are extremely effective at handling the most serious risks posed by digital transformation, compared to 21 percent of others.
Advanced firms are far more enthusiastic about revenue and profit margin expansion, with 57% anticipating revenue to expand by an average of 5% or more over the next three years, compared to 31 percent of others.
In comparison to the other 28%, 53% anticipate the profit margin to expand by 5% or more.
Summary
The PwC Digital Trust Insights study polled over 3,000 IT executives and professionals from across the world. Almost 40% of the firms polled are deemed advanced in cybersecurity. Companies in Europe, the Middle East, and Africa (EMEA) are geographically underrepresented. Only 21% of EMEA respondents are proficient in cybersecurity.