Risk & responsibility in a hyperconnected world - McKinsey & Co (WEF)
Implications for enterprises
As part of its contribution to the World Economic Forum, McKinsey & Co
have produced a new report on how organisations can gain full value from technology in a hyper-connected world.
'Risk & responsibility in a hyperconnected world' is based on interviews with over 200 enterprises, technology vendors and public agencies under taken over the past year.
The report suggests that as more and more of our lives and business become ‘connected’ institutions and companies will have to balance the risks and capabilities of technology extremely carefully.
Expansion and more extended use to the Net will add the the potential vulnerabilities in systems and that decision makers will have to make trade-offs between functional performance and security to prevent attacks by sophisticated cybercriminals, political “hacktivists,” nation-states, and even their own employees.
The report brings the research together into three main findings, that are:
Despite years of effort, and tens of billions of dollars spent annually, the global economy is still not sufficiently protected against cyberattacks—and it is getting worse. The risk of cyberattacks could materially slow the pace of technology and business innovation with as much as $3 trillion in aggregate impact.
Enterprise-technology executives agree on the seven practices they must put in place to improve their resilience in the face of cyberattacks; even so, most technology executives gave their institutions low scores in making the required changes.
Given the cross-functional, high-stakes nature of cybersecurity, it is a CEO-level issue, and progress toward cyberresiliency can only be achieved with active engagement from the senior leaders of public and private institutions.
The broader connections are considered with a strong emphasis on the issues of control and management. The report also provides solid advice on how organisations can be made more cyber resilient by listing seven key tenets that are critical to that goal.
Sustaining the pace of innovation and growth in the global economy will require resiliency in the face of determined cyberattacks. Only CEOs and senior public leaders can solve the problem, because of the strategic and organizational-change issues that need to be resolved.
Click below to download the full report.
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According to a government report released last year, 87 per cent of small firms surveyed suffered an online security breach in the previous 12 months, including data corruption and loss as well as hacking and fraud.
The financial losses associated with cyber crime are just as significant for small businesses as they are for larger ones and small businesses need to do more to protect themselves and their customers online.