|Photo via Max Pixel|
Cybersecurity is coming to the forefront of the IT industry. However, results of the latest Harvey Nash/KPNG CIO Survey show that 89 CIO’s said they have been increasing or at least maintaining their innovation investment budgets. Meanwhile, only one out of five said that his company was able to handle a cyberattack on their security sector.
With cyberthreats looming in every nook and cranny of the web, companies need to be more vigilant than ever.
Chief technology officer (CTO) of the Co-operative Group, Micahel Paulson thinks so: “Innovation and security don’t have to be mutually exclusive. Getting early engagement on projects to embed security and agree an innovation approach is key to ensuring successful outcomes. All of our business, retail, funeral care, legal services, and insurance require significant security while demanding innovation. Our job is to balance both.”
Former easyJet CIO and non-executive director of digital innovation consultancy Futurice, Trevor Didcock says: “It rarely comes down to a straight trade-off between investing in IT security or in innovation. Well-run companies build in security by design; not just in their systems, but in their third-party choices, recruitment processes and through staff engagement to raise awareness of cyber-security threats.”
Jon Wrennall CTO at Advanced and a former CTO at Fujitsu and HMRC, begs to differ, stating, “IT is failing if it is stopping businesses from innovating, accelerating and transforming their business models. Everything we do in IT, virtually or physically, is a balance of risk and reward; and technology, like any tool, can be used safely as well as dangerously with unnecessary risk.”
Considering what is at stake now and for the future, making correct decisions or an educated guess is of vast importance.
Wrennall said “The key lies in knowing what you are doing,” and explained, “If you decide to take a risk, do so in a considered way. The absolute certainty is that standing still is not safe; a lack of investment in the right technology will mean cyberthreats, as well as your competition, will potentially find vulnerabilities you didn’t know you had.”
Everything we do and know has been reshuffled and reorganized by technology, in both business and our personal lives, which gives all the more reason for companies to start doubling down on their security.