Cybersecurity and risk management have become huge priorities for businesses and governments, as practically all of life goes digital. In this issue of Digital McKinsey Insights,1 we consider what that means for leaders in both the private and public sector as they reinvent their organizations. This collection explores how leaders can mitigate risk and ensure productive and secure interactions with employees, customers, and suppliers.
It starts with dispelling the common myths executives tend to hold about their dataprotection programs. As our partners in cybersecurity explain, it’s a fallacy that all assets in the organization must be secured in the same way. A tiered approach, giving the most valuable assets the highest levels of protection, has proved to be much more effective at keeping critical business information safe while holding down cybersecurity costs. What’s more, this tiered approach can also foster digital resilience in businesses.
Our experts discuss the need for more collaboration and stronger internal training and for protocols when it comes to cybersecurity: “You would get rid of half of your problems as an enterprise if you just train your folks and put controls in place,” former IBM CEO Sam Palmisano notes in an interview.
Articles in this issue also explore the emerging rules and technologies that are changing the way companies and government agencies manage risk. What do businesses need to know about forthcoming General Data Protection Regulations and how best to comply with them? How can risk analytics help executives ferret out potential problems before they become full-blown crises?