Investment in cybersecurity has grown exponentially in recent years and will continue to do so until at least the end of 2022. Estimated from a new Boston Consulting Group article. According to the report, spending on information security and risk management is expected to reach $168 billion by the end of the year. This is because with the encouragement of the movement towards digitization and the increase in the amount of data in circulation, the need for a reliable digital space has increased, as well as the potential for attacks.
While the risks are clear to experts in the field, fully understanding the importance of digital security can still be a challenge for some executives. In the BCG article, the cybersecurity performance management process is considered as a solution for evaluating the maturity of security programs, checking levels of risk, performance, investment and profit.
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For Alessandro Pereira, Associate Director of BCG Platinion, visibility is the key word when it comes to preventing digital security. “For a successful business in an age where many operations and transactions are virtual, it is critical to provide a secure and traceable environment for customers and consumers. Knowing and reducing risks is the only way to ensure a high level of data protection and, therefore, companies,” says the head.
A performance-based cybersecurity management program helps identify and prioritize what is most important to the business, ensuring that operations are aligned with company objectives and risk appetite, improving control, and achieving better results from cybersecurity investments. In addition, it offers very comprehensive answers about the level of maturity in terms of security structures, technologies, tools adopted, as well as the visibility of the return on investments made and the forecast of future investments.
An interesting example is the case of STC (Saudi Telecommunications Company from Saudi Arabia), which in 2019, with the support of BCG, created a detailed cybersecurity framework. The framework defines 30 initiatives to shape cybersecurity practices, set directions, apply strategies, empower dedicated resources, and protect businesses. In addition, an individual maturity assessment model was created and defined, showing maturity levels for each digital security function.
It is clear that companies around the world are aware of this topic and are paying more attention to cybersecurity, realizing that technology is a critical business asset. To get positive and reliable results, a safe program must start with a well-defined structure. “This allows performance evaluation to cover all defense resources, from aligning strategies with the business, managing responsibilities, risk mapping, security and protection, mitigation and incident response,” concludes Alessandro.
The full text of the article in English is available on the BCG website.
About Boston Consulting Group
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