"Why does this magnificent scientific technology, which saves work and makes our lives easier, bring us so little happiness? The answer is simply this: because we have not yet learned to use it wisely." This reflection, attributed to Albert Einstein, considered by many to be the greatest scientist of the 20th century, could well be applied to our current times in the field of business management. A few simple modifications would suffice: "Why does this magnificent digital technology, which saves work and makes business easier for us, bring us so few results? The answer is simply this: because we have not yet learned to use it wisely."
One of the most eagerly awaited reports in the context of Digital Transformation (DX in English-speaking countries, and also in this post) was recently published: the one on the global state of information security, prepared by the renowned multinational consulting firm PWC, based on 3,000 interviews with managers of companies with annual revenues of more than $100 million, in 81 territories around the world.
In addition to the data, which we will address shortly, this report is relevant because it combines in a particularly powerful way what we might consider to be the two main lessons of DX: one, that it is not about technology, but about business vision and organizational culture; and two, that despite this, it is a journey that cannot be undertaken without technology, or to be more precise, it cannot be successfully initiated if technological trends are unknown and the mistake of ignoring them persists. This is especially true if we assume that the main business vector of the digital economy is data, since in this case "trust" is the engine that allows a company to move in the direction that this vector points.
This report is actually the inaugural survey of a macro-level analysis calledDigital Trust Insights. In this global and cross-cutting DX phenomenon, "digital trust" is one of the indicators that best allows us to understand the degree of preparedness, knowledge, or success of companies and corporations for a journey that is actually destined to never end. Digital Transformation within companies is not a destination, but a permanent asset that can present milestones, which also change over time. In fact, the very concept of digital trust is one of those milestones.
"Companies, regulators, and consumers need new mechanisms to build trust as they address emerging challenges in business, risk management, and compliance," the company notes when presenting the survey data, which has enabled it to identify 10 opportunities for improvement in relation to people, processes, and technology.
1. No DX process is valid if security experts are not involved from the outset. This is only true in half (53%) of cases, despite the fact that the vast majority of respondents (91%) claim to have security and privacy protocols in place.
2. The next step after "what to do" is to determine "who should do it," because few sectors have such a largegap between the demand for and supply of valid talent as this one. Less than half of companies consider that they have identified the right executives, whether in terms of security (39%) or privacy (40%). Not to mention that only a third of those surveyed consider that they have sufficient resources to deal with emergency situations in these areas.
3. Only one-third of companies (34%) have security training programs for their employees. Interestingly, despite general awareness of the need to stay up to date, one-third (31%) also say they do not need training on privacy policies and practices.
4. Everyone knows that "the bosses" are kept informed. Four out of five respondents say so: the board of directors is aware of security risk strategies... but only one in four (27%) are confident that the metrics and data they receive are actually adequate. This brings to mind François de la Rochefoucauld's maxim: "There are few people sane enough to prefer useful criticism to treacherous praise." It is better to report data that is unpopular than to provide inaccurate metrics.
5. Where is the business? If information security is so important, it is difficult to understand why only 1 in 4 (23%) respondents say that investments in this area go hand in hand with business objectives. Especially since, at the same time, companies are making increasingly aggressive investments in technologies aimed at improving their business.
6. Believing in privacy is much more than a mere declaration of intent. It is not just about regulations, but also the ethical limits that the market may demand when seeking new ways to monetize data. This is where the "data governance" strategy comes into play, an investment that is still minimal in half of the "small" companies (between $100 million and $1 billion in revenue) contacted for this survey.
7. Greater resilience, which is not just another concept attributable to trends in business management: only half of companies have the capacity to resist and recover quickly from a cyberattack. It is estimated that the potential business losses attributable to the inability to deal with a cyberattack are even greater than those due to a breach that makes certain data public. The damage comes not so much from the security hole, but from the inability to remedy it.
8. Although we have been enhancing our digital experience with increasingly sophisticated software to combat cybercriminals for decades, only 3 out of 10 (31%) respondents believe they have complete confidence in their company's ability to correctly identify agents who may attack their assets through digital means.
9.Compliancegoes beyond simply complying with current regulations. It also involves staying abreast of all regulatory developments and preparing for future regulations. Law and lobbying are not peripheral aspects of business. Today, more than ever, they are at the core of a company's activities.
10. Are technologies such as blockchain, virtual and augmented reality, 3D printing, robotics, artificial intelligence, andedge computing familiar to you? Be aware that there are significant differences between the opinion that these are "critical" technologies for business and the confidence that companies themselves are prepared for them. These differences range from a low of 33 points (62% vs. 29% for quantum computing) to a high of 42 points (81% vs. 39% for the Internet of Things (IoT)).
This is the landscape of opportunities portrayed by PWC in this inaugural survey of itsDigital Trust Insights. Much of the technology is still in a "wild" state that needs to be tamed in order to generate business and trust.
On this occasion, in addition to summarizing the most important points of this report, we would like to recommend some additional reading, such as the white paper on Digital Transformation by the independent information platform Telecoms.com, the report on connectivity produced by the specialist company Mulesoft, another white paper on "what makes DX successful" produced in this case by the specialist consultancy Baton, as well as the executive summary of the study carried out by the Association of Executive Search and Leadership Consultants (AESC), also focused on Digital Transformation.
Photo byCampaign CreatorsonUnsplash
