Businesses must recognise the crucial need to transform their organisational structures to keep pace with the rapidly evolving digital landscape. However, it is equally important for organisations to consider the associated risks to ensure long-term resilience.
The Institute of Risk Management South Africa (IRMSA) recently named cyberthreats as one of South Africa’s most prominent risks for 2024/25, due to outdated systems, lack of investment, and insufficient training for employees. We are now experiencing around 150 data breaches a month, and this figure is steadily increasing. Organisations must keep cybersecurity at the forefront of their strategies as they develop their digital blueprint, or risk undermining their progress.
Accenture’s approach for futureproofing organisations and staying competitive focuses on building a strong digital core. This consists of three layers: infrastructure and security; data and artificial intelligence (AI); and applications and platforms. While all layers are equally important, cybersecurity measures cannot be an afterthought, but should be implemented from the beginning of this transformation across every operation, every step of the way. Failure to do this, according to IRMSA, means dire consequences, including significant data breaches, financial losses, reputational damage and a loss of public trust in businesses.
Beyond risk management, prioritising cybersecurity also has benefits for your bottom line. An Accenture survey of over 3000 respondents across 14 countries showed that organisations that closely align their cybersecurity programmes to business objectives are 18% more likely to increase their ability to drive revenue growth, increase market share, and improve customer satisfaction, trust and employee productivity.
Organisations are under pressure from numerous internal and external factors, exacerbating the risk of cyberthreats. We are facing a period of unprecedented geopolitical tension caused by increasing conflict and a record number of elections across the globe, as approximately 49% of the world’s population heads to the polls. It is a geopolitical climate fraught with instability, and we are already seeing its ripple effects on supply chains, physical infrastructure and investment partners.
The regulatory environment is also struggling to keep up with the pace of the technological evolution. While South Africa is making slow progress through regulation like the Protection of Personal Information Act (PoPIA), businesses are flying blind in a largely unregulated legal framework, making it nearly impossible to integrate adequate cyber risk strategies fully into their overall enterprise management programmes.
Internal organisational structures are also to blame for inadequate cybersecurity measures. Chief information security officers (CISOs) are expected to take on roles beyond their scope, including translating cybersecurity issues for executives, and building customer trust. Cybersecurity crises also require prompt and effective communication which, according to Accenture’s survey, is severely lacking. Nearly half of CISOs report no defined executive responsible for external communication during crises. In this volatile environment, organisations cannot afford a lack of clarity, and clear risk management protocols are necessary.
So where to from here? Accenture’s approach to cybersecurity success revolves around transforming organisations into ‘cybertransformers’ – businesses that prioritise cybersecurity from the start, and align it closely with their overall business strategy. The goal is to establish a robust cybersecurity foundation that protects against threats and drives growth, customer trust and productivity. By embedding cybersecurity into the core of their operations, cybertransformers experience a significant reduction in the cost of breaches − 26% lower on average − allowing them to reinvest savings into optimising operations and fuelling innovation.
Cybercriminals are becoming more evolved in their methods, necessitating a meticulous approach that covers all entry points. Cybertransformers excel by implementing cybersecurity controls before deploying new solutions, applying security measures incrementally as they reach key milestones, and ensuring that cybersecurity responsibilities are assigned across all departments. This holistic approach ensures that cybersecurity is not an afterthought, but an integral part of the organisation’s digital transformation journey.
To achieve coveted cybertransformer status, organisations must adopt several best practices, including utilising cybersecurity-as-a-service to address operational challenges, protecting the entire organisational ecosystem, including supply chains, and leveraging automation to alleviate the impact of the cybersecurity talent shortage. South Africa’s cybersecurity skills shortage is particularly concerning. Our youth unemployment rate has reached record highs, and 40% of companies in South Africa struggle to recruit and retain cybersecurity talent. It is time to invest in initiatives that foster these skills, and build up the next generation of cybersecurity professionals who can protect our digital infrastructure, drive innovation and secure the future of our economy.
Automation also plays a crucial role in supporting enterprise governance and information security, helping to protect against fraud, improve regulatory compliance, and proactively identify risks by making connections across different internal and external domains.
South Africa’s cybersecurity landscape is battling to evolve with sophisticated cyberthreats. By integrating these practices into their transformation efforts, organisations can navigate this tricky terrain. This approach will enhance their cybersecurity posture and enable greater business agility, scalability and innovation.
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