At a glance
- Need for Speed - deliver new capabilities and innovative products through the Internet of things (IOT)
- Need for Security - ensure security by design is embedded for all products and services
- Cost - plan for total lifecycle cost of technology and prioritize recruitment of Cyber Security Specialists
A tool to help companies to define their unique approach when developing a digital adoption strategy. What are the priorities and trade-offs to make?
Businesses must embrace digitalisation should they want to remain competitive, agile and efficient. However, as they strengthen their digital dependency, they also become increasingly vulnerable to cyber threats. Data fraud or theft and cyber attacks feature as two of the top five global risks in terms of likelihood this year in The Global Risks Report 2019 published by the World Economic Forum in partnership with Zurich Insurance.
Therefore, decision makers face a balancing act of urgently optimising digitalisation, implementing robust security measures, and managing the cost implications for both. Holistic risk management requires us to consider all risks and to be mindful that in mitigating one risk we may exacerbate another. Discover the interconnected decision making process when developing a digital adoption strategy.
For more information on the issues discussed in this article, please get in touch with your local Zurich contact.