Cyber security key to building corporate trust

Cyber security key to building corporate trust

by India Global Business Staff
Cybersecurity in the limelight

While the recent surge in digitalisation has brought along its fair share of challenges, it also offers organisations the opportunity to build confidence and trust by embedding privacy into their products and communicating their practices clearly and simply to their customers.

Working from home is great but are you secure?

The first wave of coronavirus hit with the impact of a Tsunami. Overnight millions of businesses across the world were forced to go all out digital in order to survive and working from home became the new normal. Cisco’s Future of Secure Remote Work Report found most organisations around the world were at best only somewhat prepared to support a remote workforce. But accelerated adoption of technologies that enable employees to work securely from anywhere and on any device helped prepare businesses to be flexible for whatever comes next. There is little doubt that digital technology has been at the forefront of helping business, organisations and individuals deal with the impact of the global pandemic that has been raging for over nine months now.

Have you read?

India needs a data security law more than ever before

India-UK cyber security cooperation: The way forward

UK-India Tech Partnership: The next level of thought leadership

Cyber security: Building awareness and resilience

The sinister side of technology

India’s cyber security landscape throws challenges for the better

Robust cyber forces needed to combat cybercrime

India’s app ecosystem is on the cusp of change

How the Coronavirus has led to a cyberspace crisis

UK, India take on global tech giants on ‘unsafe’ encryption

BPO industry set to impact small towns of India

There has been an increase in consumer concern about data sharing during the pandemic.

From cloud based solutions that help employees work from home, to video conferencing tools that keep remote teams connected with each other and clients, to e-commerce options and digital financial transactions that allow buying and selling across various countries and regions – digital technology has proved to be the very crux of surviving in the age of Covid-19. Yet to evoke Dickens we seem to be living an “epoch of belief and the epoch of incredulity. It is the season of Light, it is the season of Darkness.” For even as businesses see and experience the miracles of digital technology, they are vulnerable to another kind of virus.

Challenges up ahead

Two recent global surveys published by CISCO highlight the challenges of the accelerated transition to a cloud-first, remote world, revealing an increase in consumer concern about data sharing during the pandemic and the security challenges organisations face supporting employees and customers in a remote-first world.

As cyberattacks become more and more common, security teams are working around the clock to empower and protect their newly distributed teams and safe guard against breaches and attacks.

Only last year, Cybersecurity Ventures predicted that cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined. The corona virus pandemic and the rapid digitalisation we are seeing in its wake has only accelerated the urgent need for upping cyber security to safeguard data and privacy.

“Security and privacy are among the most significant social and economic issues of our lifetime,” said Jeetu Patel, SVP and GM of Cisco’s Security & Applications business in a statement. “Cyber security historically has been overly complex. With this new way of working here to stay and organisations looking to increase their investment in cyber security, there’s a unique opportunity to transform the way we approach security as an industry to better meet the needs of our customers and end-users.”

Not all doom and gloom

While the recent and sudden surge in digitalisation has brought along its fair share of challenges with regards to safety and security, it also offers organisations the opportunity to build confidence and trust by embedding privacy into their products and communicating their practices clearly and simply to their customers.

As Harvey Jang, VP, Chief Privacy Officer, Cisco points out,“Privacy is much more than just a compliance obligation. It is a fundamental human right and business imperative that is critical to building and maintaining customer trust,” The core privacy and ethical principles of transparency, fairness, and accountability will guide us in this new, digital-first world.”

About the Author: India Global Business Staff