Cyber Security Part II

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From the course by BCG

Digital Transformation

686 ratings

BCG

Digital Transformation

686 ratings

Digital transformation is a hot topic--but what exactly is it and what does it mean for companies? In this course, we talk about digital transformation in two ways. First we discuss the pace of change and the imperative it creates for businesses. Next we provide the context for this transformation and what it takes to win in the digital age. Then we walk through BCG's proprietary framework, which helps you identify key areas to digitize, including strategy, core processes, and technology. By the end of this course, you'll be able to: --describe the underlying economics of innovation, technology, and market disruptions --weigh the pros and cons of current digital technologies driving advancement --utilize BCG's digital transformation framework as a ""how-to"" for digitizing your organization

From the lesson

Digital Trends Past and Future

Change as a constant has never been truer than with digital transformations. This week we will look at the key drivers of digital transformation, opportunities they have already established and the challenges they bring. Then we will explore emerging trends and technologies, what is possible/likely in the future, and currently what we're seeing in practice.

Internet of Things10:03

Additive Manufacturing Part I4:57

Additive Manufacturing Part II6:03

Cyber Security Part I8:15

Cyber Security Part II5:02

Meet the Instructors

Michael Lenox
Senior Associate Dean and Chief Strategy Officer
Darden School of Business
Amane Dannouni
Principal at Boston Consulting Group, Singapore
Sonja Rueger
Project Leader, Boston Consulting Group
Ching Fong Ong
Senior Partner and Managing Director, Boston Consulting Group

I hope that by now, you realize that in the best of cases,

a cyber attack is annoying.

In the worst of cases, it can totally disrupt the way governments and

companies run their day-to-day operations.

Overall, cybersecurity is estimated to be a $50 billion problem.

And some predict this figure could rise to $6 trillion by 2021.

Not surprisingly, companies invest more and

more money in cybersecurity solutions.

Therefore, the IT security market is growing at 10% per annum.

But this is not keeping up with the number of threats that is

roughly doubling each year.

This is again a typical mismatch between an exponential growth

of technology and a linear growth of our business reaction.

Businesses always underestimate the risks.

I hear many times answers like, I don't have any high value

data that will attract hackers, or I don't rely that much on IT.

To help get us all out of this illusion,

let me share with you an interesting story, the story of Stuxnet.

Stuxnet was a malware designed to access computers in a nuclear plant.

It had the ability to replicate itself in any device that it infects and

any devices connected to it.

Nuclear plants have rather a well isolated system.

But the bit was that someday, somewhere,

some employee will unplug his USB stick from his infected home computer and

use it inside the plant, which ended up happening around 2010.

The malware then gained access to the plant machinery and

compromised the functioning of uranium enrichment process.

So if you meet a business owner that tells you cybersecurity is not a worry for

his business, you know what to say.

This last example also reveals one of the forgotten sides of cybersecurity.

This was not a pure technology failure.

We can safely assume that a nuclear plant has a sophisticated cybersecurity

software in place.

But it probably didn't account for

an employee using the wrong USB stick in the wrong place.

And this is something that is seen across industries.

Although inadequate technology accounts only for 28% of data losses,

many organizations would focus on it and neglect the people part.

The diligent implementation, the awareness of risky behaviors,

the auditing process, the governance.

This has to do with the fact that in many organizations, top executives and

board members still believe that cybersecurity is an IT issue.

Sustainably addressing cyber risk requires an organization-wide approach,

probably even coordinations with the broader ecosystem.

Boards and senior management need to be aware of the risk and prepare for it.

Because it's likely not a question of if, but

when the company will be target for cybercrime.

So what are the main takeaways from this lesson?

There are many different types of cybersecurity breaches.

They are fragmented, change over time, and are often used in combination.

Cyberattacks are fast growing risk for individuals, businesses,

and governments causing both financial and reputation harm.

Spending on cybersecurity is growing 10 times slower than the number of attacks,

leaving many targets more vulnerable to the new more sophisticated attacks.

To build cyber resilience, getting the people part is critical.

Remember, having the wrong technology tools only accounts for

having 28% of the breaches.

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