Nowadays, there is another popular term/concept called Cyber Security. Most of people got awareness on this topic with the help of hackers. Newspapers have written about big internet attacks. There are of course lots of sub-topics under this terminology. If I can collect the well known ones, it is like the following: Information Security, Network Security, Endpoint Security, Cloud Security, and Identity and Access Management. Cyber World has not only cyber security by the way, but cyber insurance and other terms as well.
In this new world that is having lots of terminology inside, I will try to emphasize the importance of the concept. We all talk about digitalization. And yes, that is new so called "electricity" in the world. While all people/companies mention about it and how to get benefit out of it, they mostly forget the bad side of these new trends. What I meant is cyber security is the most important one to be mentioned under digitalization. When we check the numbers, we see huge trend even for spending for the concept. From nothing years ago, we reached around 75 billion US dollars in 2015. The expectation for 2018 is to reach 100 billion US dollars. Organizations is now starting to understand the effect/potentials since it became so commodity which is easy for anyone in manner of being a cyber attacker or cyber defender. The companies started to work on the portfolio and offer some solutions. But the funny part is cyber world moves with creativeness. Meaningly, you develop a solution to defend it but new version can pop up in seconds and you cannot defend yourself with your existing portfolio anymore. It needs real investment and focus.
If we realize there is internet for the base in future, after data collections, you have integrate them in secure way and protect them. Otherwise, all your investments can disappear in seconds. A cyber attack can cause big losses for personal matter and companies. There was a well known virus called MyDoom and it created 38.5 Billion US dollars at once. More than 600.000 Facebook accounts are compromised every single day. 99% of computer users are vulnerable to exploit kits. This data shows how vulnerable we are for cyber attacks. When we check the main reason of cyber attacks, "Hacktivism" is the main motivation that drives cyber attacks. First of all, hackers enjoy doing that and secondly from personal wise, it goes a little bit towards state owned actions. That is the main reason I call this cyber world is new type of war. As you know, war itself have different types. Guerilla war, cold war, political war and so on. Cyber war will be the new type definitely.
For companies, your ROI calculation plays key role. With old mindset, you cannot calculate your ROI simply anymore. Cyber world plays real critical role here. As Next Generation CEO, you have to understand what type of investment especially sustainable one you have to make to your company for cyber world. It is of course not only virus stoppers, it needs to be included like the cyber threat landscape and attacker mentality, including how attackers work, what tools they use, what vulnerabilities they target and what they’re really after like data stealing or so on. This is will decrease your ROI at first level but if you do not do that, there is always a chance you can lose most of your valuable data at once.
There are side terminologies like cyber insurance as well. For some parts of your losses originated from cyber attacks, can be insured by some insurance companies. This is of course different investment. There will be new sides and markets as well. What Next Generation CEO should do is to understand the big picture and put this topic into agenda and work for it with sustainability. It is not a one time topic. Cyber world will be in our lives for upcoming long years...What is the key driver for hactivism is still a question mark. You have to place this concept in your strategy. I think we are going back to basic human needs: the desire for being secure.