Digital transformation and cybersecurity go hand-in-hand. Many companies are starting to see the importance of implementing a digital transformation strategy. The reasoning behind implementing digital transformation could be for improved customer experience, workforce enablement, or one of the most important reasons: survival. Whatever the reason may be, when companies move into the digital space there are several risks that a company should take into account.
More solutions equal more opportunities for attack
With the growth of applications, big data, artificial intelligence, multi-cloud, etc., so too have the opportunities for hackers, attackers, and other bad actors to do bad things. More solutions mean more opportunities for attackers. Companies should be aware that the more digitized they become, the more countermeasures they need to put in place.
Financial Liabilities Increases
As companies increase their reliance on the digital space, they also increase the financial liabilities. According to a 2020 research study by IBM Security and Ponemon Institute, the average cost of a data breach is $3.86 million. For the US in particular data breaches can reach $8.64 million. Whether you are a big or a small company you cannot afford to have a data breach.
Companies are not the only ones at risk
Companies are not the only victims when it comes to a cyber attack. On May 7, 2021 Colonial Pipeline was a victim to a cyberattack. Colonial Pipeline is one of the largest pipeline operators in the United States and provides roughly 45% of the East Coast’s fuel, including gasoline, diesel, home heating oil, jet fuel, and military supplies. Not only did the company have to stop operations, but because of the amount of fuel that the affected, fuel prices in the East Coast increased dramatically. Data breaches of companies will also reveal personal information of consumers which could lead to compromised accounts later down the road.
Clearly, with digital transformation, comes a greater reliance on digital data systems which are targets for bad actors. A digital transformation strategy needs to incorporate a robust and actionable cybersecurity strategy, not only to protect the company but to also protect the employees and customers. Be sure when you deploy a digital transformation strategy you also consider cybersecurity because the two go hand in hand.