By Vikas Garg and Ashish Biji
As per the information published in one of the bulletins of the Reserve Bank of India, India’s digital economy grew 2.4 times faster than the economy between 2014 and 2019 generating around 62.4 million jobs. In monetary terms, the size of the digital economy grew from $107.7 billion in 2014 to $222.5 billion in 2019. This growth was further fueled by COVID 19, which is evident from the report by Ministry of Electronics & IT on “India’s trillion-dollar digital opportunity”, which states that, India is poised to be a trillion-dollar digital economy and could support 60 to 65 million digitally enabled jobs by 2025-26.
While this unprecedented growth in Digital has posed new challenges, it has opened plethora of new opportunities as well, especially in the realm of cybersecurity.
As per a global survey, organisations were asked about the role that cyber plays in each of their leading digital transformation initiatives and the results was clear. Executives see cyber playing a crucial role for all digital transformation priorities, especially when it comes to cloud, data analytics, and 5G.
One of the most significant challenges of digital transformation is the increased attack surface that comes with the adoption of new technologies. As businesses become more reliant on Cloud Services, Data Analytics, Operational Technology/Industrial Control Systems, Artificial Intelligence/ Cognitive Computing and 5G (including the mobile devices), they also become more vulnerable to cyber threats. The firms are increasingly developing new innovative solutions by using these emerging technologies to support future business models, which also present unforeseen challenges on the cyber front. Cyber criminals are constantly developing new techniques and tools to exploit these vulnerabilities, and organisations need to be proactive in protecting their digital ecosystem as cyber security protects enterprises in an increasingly hostile digital environment.
Another way in which cyber can facilitate digital transformation is by enabling secure collaboration and communication. As more employees work remotely or across different locations, secure communication and collaboration tools become essential. These tools not only help employees work more efficiently, but they also help ensure that sensitive information is protected and that regulatory compliance requirements are met.
Furthermore, cybersecurity can also help organisations build trust with customers and partners. As digital interactions become more prevalent, customers are increasingly concerned about the security and privacy of their data. By implementing robust cybersecurity practices and communicating these efforts to customers, organisations can build trust and enhance their reputation.
At the same time, however, Digital can also play a vital role in enabling cyber areas. For example, advances in Digital technology, such as artificial intelligence (AI) and machine learning (ML), can help organisations detect and respond to threats more quickly and effectively. These tools can also help automate security processes, freeing up IT resources to focus on other areas of the business, and bringing more accuracy and efficiency in Cyber areas.
To navigate the complex landscape of cyber and digital transformation, organisations need to adopt a holistic approach to cybersecurity. This means considering cybersecurity not just as a technical issue, but
as a strategic business concern that requires buy-in from all levels of the organisation. It also means staying up to date with the latest threats and trends in the cybersecurity landscape and regularly assessing and updating security measures to ensure they remain effective.
Organisations can also benefit from partnering with cybersecurity experts who can provide guidance and support in navigating this landscape. This might include conducting regular security assessments, implementing the latest security technologies, and providing training and education to employees.
To summarise, digital transformation is at the forefront of our minds, now more than ever. The boundaries between our analog and digital world are morphing. While digitisation presents new challenges and risks, it also presents opportunities for organisations to enhance their security posture, improve collaboration and communication, and build trust with customers and partners. Cyber is expected to play a leading role in companies’ digital transformation journey. The role of cyber in digital transformation is complex and multifaceted. The days of “cyber as an afterthought” are gone. If enterprise leaders expect their businesses to be able to expand and grow, they should expect cyber to be an integral part of their plans.
The authors are Ashish Biji, Director, Risk Advisory Deloitte India and Vikas Garg, Partner, Deloitte India.
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