From the zero-trust model to recovery strategies, the future of cybersecurity will be anchored on open conversations on “digital trust”.
Gulf Business Machines (GBM) explored the growing significance of digital trust for businesses, governments, and consumers in a digital-first world. The report examines the evolving role of cybersecurity and its impact on mitigating cybercrime as Middle East businesses accelerate their shift to a data-led digital economy.
The pandemic has accelerated the shift to a “digital-first” world, with the disruption over the past year, the disruption added new consumer habits and created new segments of “digital-first” consumers. Increased use of technology does, however, create a rich playground for cybercrime. Today, with sophisticated and powerful cyberattacks compromising businesses at an unprecedented rate, there is a growing urgency for trust to take centre stage in the digital architecture of the future economy.
Consequently, redesigning security for the digital-first world and protecting it from external and internal threats has become a key priority for organisations. The latest GBM security report reveals that “digital trust” has become a basic necessity in today’s hyper-connected era, from the zero-trust model to meticulously devised cyber recovery strategies. According to a recent World Economic Forum article, the “never trust, always verify” zero-trust approach could potentially be a turning point for mitigating data breaches.
These insights mirror findings from last year’s GBM Security Report, which reported that securing data had become essential to building trust with customers, with 84 per cent of those surveyed wanting to invest in data security this year. The study further advocates transparent and open communication across all levels of society and businesses to combat malicious attacks. This involves close collaboration between governments, individuals and business entities where all parties are engaged and instrumental in safeguarding cyber security.
“Trust underpins all economic activities and is central to our digital future”, says Hani Nofal, Vice President of Digital Infrastructure Solutions at GBM. “As the region, bolstered by its ambitious growth plans, moves into a digital-first era, organisations will need to leverage effective technology that delivers compelling benefits and is also conducive to fostering a secure global digital marketplace.”
The report also draws attention to organisations’ need to understand the motives and tactics of hackers better and suggests reprioritisation of risks to thrive in a digital-first world. However, finding the right talent to address these risks has become critical. Nearly two-thirds (64 per cent) of the Gulf respondents from last year’s GBM Security Report faced challenges in tackling skill gaps.
“We strongly believe remaining relevant in a digital-first world is as much about evolving mindsets and practices as incorporating the latest technologies. A strong risk management process will help organisations identify areas that can be managed externally, thereby allowing employees to focus on driving results that matter,” added Nofal.
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