The increasing interconnectivity of our world creates new opportunities as well as new risks. Deployment of digital technologies, exponential growth in data volumes, and changing business needs are expanding targets for cyber threats, making effective collaboration between cyber and risk management a strategic priority.
Deloitte’s Global Future of Cyber Survey 2023 examines the current state and future of cyber security by surveying more than 1,000 senior-level cyber experts worldwide. The survey distinguishes companies by their level of cyber maturity, which is determined by three criteria (Robust Cyber Planning; Centralized Cyber Activities; Effective Executive Involvement). 38 percent of the companies surveyed have a low level of cyber maturity, 41 percent have a medium level of cyber maturity and 21 percent a high level of cyber maturity, with high maturity companies reporting numerous positive effects from their cyber initiatives. For example, these include positive impact on company reputation and customer confidence; improving operational stability; fostering talent recruitment and retention; or increased revenue.
The results show that, from the perspective of the executives surveyed, cyber plays a crucial role in digital transformation. In particular, respondents expect the following topics to have a major impact on the digital transformation of companies: Cloud; Data Analytics; Operational Technology / Industrial Control Systems; Artificial Intelligence / Cognitive Computing; 5G
For organizations, cyber incidents and breaches have several negative consequences, of which Operational disruption; Loss of revenue and Loss of customer trust/negative brand impact are the most frequently cited.
Based on the survey results, the Cyber Survey 2023 identifies five key action areas for cyber and cybersecurity:
- Multidirectional engagement: To integrate the entire corporate organizational structure into its cyber activities.
- Criticality to digital transformation initiatives: Since the manner of implementation is critical to operational agility and business success.
- Robust planning: Planning is critical in developing cyber strategies because it can mitigate the risk of cyber threats or initiate more rapid action to minimize the damage of a cyberattack.
- Appreciating and investing in talent: Shortage of qualified professionals in the field of cyber is one of the biggest challenges for companies.
- A diverse ecosystem of tools and services: To achieve sustainable success in cyber, it is significant that organizations draw on advanced technologies, capabilities, and external offerings to build pioneering and impactful cyber capabilities.
Cyber security is critical to the success of a company. The study suggests that new technologies are driving innovative solutions and help to address unexpected challenges at the cyber front. A zero-trust approach should be central to the enterprise, requiring that every single data access is verified – dynamically, risk-based, and context-sensitive. This approach ensures highly robust and resilient cyber security.