How Secure Digital Transformation Helps Drive Profitable Growth
In their book, "Leading Digital: Turning Technology into Business Transformation," George Westerman and Didier Bonnet show that companies that leverage digital technology generate revenues 10% higher than the industry average. Those companies are also more profitable by 26% and improve operational efficiency by 79%.
Despite these promising figures, McKinsey reports that only one in six companies is creating an aggressive strategy at scale for its digital transformation. According to the report, only 16% of respondents had a bold response to digitization. Of the remaining respondents, 24% had a semi-bold response, 28% a medium response, and 22% a weak response.
Enterprises cannot take on modernization initiatives half-heartedly. Digital transformation must be done holistically, and it should cover all aspects of the business — including security.
Risks of an Insecure Digital Transformation
Digital transformation changes security needs. The advent of digital technologies has prompted firms to re-imagine conventional business models and innovate new ways for leveraging data in order to grow. According to a survey, 85% of chief information security officers (CISOs) are concerned about expanding their company’s digital presence. They believe that digital transformation-related security issues present a significant risk to their businesses due to an increase in the attack surface and potential for damage.
Because digital transformation often includes connecting applications, data, IoT devices, critical infrastructure, and processes to the cloud, hackers and malicious actors are provided with more chances to infiltrate enterprise and operational systems. Once they gain access to one system, they can move laterally to other systems, compromising more devices.
Digital transformation also increases the potential for damage due to data breaches. Hackers’ techniques are evolving rapidly, becoming more and more sophisticated with the use of published malware and other advanced technologies. A polymorphic attack, an AI-enabled attack, presents a significant challenge these days because it can morph to avoid detection by traditional security solutions.
From an enterprise perspective, data breaches are not just terrifying, but costly. The latest Cost of a Data Breach study by IBM and the Ponemon Institute reports that the average data breach could cost a company more than $7.9 million. This risk can offset any potential revenue growth a company may achieve through digital transformation.
Securing Digital Transformation to Drive Revenue Growth
Digital transformation strategies that incorporate security help companies ensure that the potential losses and risks do not outweigh the benefits. Mocana’s device security solutions are designed to help businesses harden their devices by making them tamper-resistant and ensure secure device-to-cloud communications. This approach works with existing security technologies, improving the safety, reliability, integrity, and confidentiality of control systems.
Mocana’s security solutions are suitable for both IoT devices and mission-critical industrial devices. Our technology is used across a variety of critical infrastructure sectors, including: aerospace, defense, energy, manufacturing, medical, and telecommunications. Our suite includes on-device cybersecurity software that can be embedded into industrial control and IoT devices and a platform to manage the lifecycle of device security.
Contact us to learn more.