Written by Vikas Garg
According to information published in one of the Reserve Bank of India’s bulletins, India’s digital economy grew 2.4 times faster than the economy from 2014 to 2019, creating about 62.4 million jobs. In value terms, the size of the digital economy increased from $107.7 billion in 2014 to $222.5 billion in 2019. This growth was further accelerated by COVID-19. This is also evident from the report on ‘India’s Trillion Dollar Digital Economy’ by the Ministry of Electronics and IT. This Opportunity” says India is poised to become a trillion-dollar digital economy and could support 60-65 million digitally-enabled jobs by 2025-26. increase.
While this unprecedented digital growth has brought new challenges, it has also opened up many new opportunities, especially in the area of cybersecurity.
A global survey asked organizations about the role cyber plays in their major digital transformation efforts, and the results were clear. Executives see cyber as a key player in all digital transformation priorities, especially regarding cloud, data analytics and 5G.
One of the most important challenges of digital transformation is the expansion of the attack surface with the introduction of new technologies. As businesses become more dependent on cloud services, data analytics, operational technology/industrial control systems, artificial intelligence/cognitive computing, and 5G (including mobile devices), they are also more vulnerable to cyber threats. Companies are increasingly using these emerging technologies to develop new and innovative solutions to support their future business models, but the cyberfront also presents unforeseen challenges. Cybercriminals are constantly developing new techniques and tools to exploit these vulnerabilities, and as cybersecurity protects businesses in an increasingly hostile digital environment, organizations are actively working to protect their digital ecosystems. need to work on it.
Another way cyber is facilitating digital transformation is by enabling secure collaboration and communication. As more employees work remotely or in different locations, secure communication and collaboration tools become essential. These tools not only help your employees work more efficiently, they also help protect sensitive information and ensure that regulatory compliance requirements are met.
In addition, cybersecurity helps organizations build trust with their customers and partners. As digital interactions become more prevalent, customers are becoming increasingly concerned about data security and privacy. By implementing robust cybersecurity practices and communicating that commitment to customers, an organization can build trust and enhance its reputation.
At the same time, however, digital can also play an important role in enabling the cyber realm. For example, advances in digital technologies such as artificial intelligence (AI) and machine learning (ML) are helping organizations detect and respond to threats more quickly and effectively. These tools also help automate security processes, freeing up IT resources to focus on other areas of the business, improving cyber accuracy and efficiency.
To navigate the complex landscape of cyber and digital transformation, organizations must adopt a holistic approach to cybersecurity. This makes cybersecurity not just a technical issue,
This is a strategic business concern that requires buy-in from all levels of the organization. It also means staying abreast of the latest threats and trends in the cybersecurity environment, and regularly evaluating and updating security measures to maintain effectiveness.
Organizations can also benefit from partnering with cybersecurity experts who can provide guidance and support to navigate through this situation. This may include conducting regular security assessments, implementing the latest security he technology, and providing training and education to employees.
In summary, digital transformation is at the forefront of our minds now more than ever. The boundaries between our analog and digital worlds are shifting. Digitization brings new challenges and risks, but it also presents opportunities for organizations to strengthen 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 efforts. The role of cyber in digital transformation is complex and multifaceted. The days of “cyber aftermarket” are over. If corporate leaders expect their businesses to scale and grow, they should expect cyber to be an integral part of their plans.
The author is a partner at Deloitte India
