Increased use of technology creates a rich playground for cybercrime, according to the latest report by Gulf Business Machines (GBM).
The ninth edition of GBM’s cybersecurity report explored the growing significance of ‘digital trust’ for businesses, governments, and consumers in a digital-first world. It examined the evolving role of cybersecurity and its impact on mitigating cybercrime as Middle East businesses accelerate their shift to a data-led digital economy.
GBM also delved into how the pandemic has accelerated the shift to a “digital-first” world with the disruption over the past year adding new consumer habits and creating new segments of “digital-first” consumers.
Today, with sophisticated and powerful cyber-attacks 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. Consequentially, redesigning security for the digital-first world and protecting it from external and internal threats has become a key priority for organisations. From zero-trust model to meticulously devised cyber recovery strategies, the latest GBM security report reveals ‘digital trust’ has become a basic necessity in today’s hyper-connected era.
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 percent 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”, said 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 not only delivers compelling benefits but is also conducive to fostering a secure global digital marketplace.”
The report also draws attention to organisations’ need to better understand the motives and tactics of hackers and suggests reprioritisation of risks to thrive in a digital-first world. Finding the right talent to address these risks, however, has become critical. Nearly two-thirds (64 percent) 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 practises as it is about 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 really matter,” added Nofal.
