Magazine
Five ways to plug the gaps in your digital security
Published 15 September 2022 in Magazine • 8 min read
‘Cybersecurity failure’ continues to feature as a critical threat, so it is vital that senior leaders get serious about tackling the issue, says the World Economic Forum’s Akshay Joshi in the September edition of the I by IMD magazine.
For too long, cybersecurity has been perceived as an IT problem and delegated to technology specialists. Yet as the threat increases, it needs to be seen not merely as a technical issue, but rather one of strategy, culture and cooperation. This requires business leaders to lead from the front when it comes to managing cyber-risk within their enterprises, so that the digital economy on which individuals, organizations and countries increasingly rely on, is safeguarded. Indeed, effective leadership – on cyber and other technology issues – will only become more critical as time passes.
That’s particularly important because the pace of change is accelerating, especially in the digital realm. Signs of increasing digitalization are everywhere. According to DataReportal, a research firm, more than five billion people around the world use the Internet, which means that over 63% of the global population is now online. Digitalization has also been integral to business transformation. According to Statista, another research firm, global spending on digital transformation will reach $2.8 trillion in 2025.
Yet amid these trends, another more sinister one lurks: bad actors are actively looking to exploit the vulnerabilities of individuals and organizations. The nature of cyberspace lends itself favorably to criminals for several reasons.
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