Proactively managing security risks has its own advantages, especially considering the fast pace of digital transformation around the world. Organisations keep up with the changes and finance leaders lean on measures to mitigate any potential risk.
According to KPMG's Global Tech Report 2023, among the advantages of proactive security risk management include improving the success rates of transformation projects, building trusted relationships with a wide range of stakeholders including customers, clients and an increasingly complex and interdependent ecosystem of suppliers. All these increase confidence in the organisation’s digital future.
With this at hand, finance leaders are in a position to leverage proactive security risk management to work on possible challenges along the way as their organisations navigate around digital transformation.
The KPMG study shows that security is being seen as a key commercial imperative. Finance leaders must take note that businesses that perform strongly on security will secure long term competitive advantage.
The challenge for resilience
The challenge for companies is to boost resilience and trust without making security a hindrance and an overhead, the report said. Security done right can help streamline customer interactions, make it easy for employees to do the right thing, and ultimately protect the organisation and the data it holds in trust for others.
Meanwhile, security-by-design embeds security into the core of the business and is becoming an accepted principle. Eighty-three percent and 88% of respondents in China and India, respectively, say they are adapting this approach.
Integrating security as part of the product itself across a wide range of software and platforms is not always easy as this necessitates specialised skills, which can be difficult to find during a skills shortage.
Investing to create the right tooling and processes within the development environment early on helps build secure and trustworthy foundations in tech stacks so that organisations are empowered to accelerate achievement of their digital ambitions.
