{"id":4269347,"date":"2022-07-15T10:12:15","date_gmt":"2022-07-15T08:12:15","guid":{"rendered":"https:\/\/www.deptagency.com\/insight\/how-cybersecurity-can-enable-value-creation\/"},"modified":"2025-12-08T13:40:40","modified_gmt":"2025-12-08T11:40:40","slug":"how-cybersecurity-can-enable-value-creation","status":"publish","type":"article","link":"https:\/\/www.deptagency.com\/en-au\/insight\/how-cybersecurity-can-enable-value-creation\/","title":{"rendered":"How cybersecurity can enable value creation"},"content":{"rendered":"
\n\t\n\t<\/svg>\n\t\t\t\n\t\t\tBack to all articles\t\t<\/span>\n\t\n<\/button>\n\t\tHow cybersecurity can enable value creation\t<\/h1>\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/picture>\n\t\n\t<\/div>
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\n\t\tWesley Niels\t\t
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\n\t\t\t\t\t15 July 2022\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t<\/div>\n<\/div>\n\n\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/picture>\n\t\n\t<\/div>\n\n
\n\t\n\t\tIt shouldn\u2019t come as a surprise that experts predict damages caused by cybercrime could reach $6 trillion<\/a> globally by 2021. As tech develops so does the ingenuity of those seeking to exploit it, which is why risk management and cybersecurity must be top priorities for any future-thinking company.\u00a0

A solid security strategy will not only protect your business but enhance your reputation. However, taking a traditional protectionist approach can inhibit innovation. Instead, companies need to change their mindset around risk management, understanding that security can actually enhance value creation, rather than stifle it.\t<\/p><\/div>\n\n
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\n\t\t\n\t\tChanging how we think about risk management and cybersecurity\t<\/h2>\n\t\t\t\t\t
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\n\t\tThe whole point of a strong risk management strategy is to make your company resilient and trustworthy \u2013 and make it appear so to customers and clients \u2013 while still creating value.

Traditionally cybersecurity has been inward-facing \u2013 only concerned with protecting the company\u2019s infrastructure from threats<\/a> such as malware, hacking or ransomware. In 2017, a ransomware attack called \u2018WannaCry<\/a>\u2019 targeted computers running Microsoft Windows. Amongst other businesses, it hit a third of hospital trusts in the UK, locking users out and demanding a ransom in Bitcoin. It\u2019s estimated to have caused billions of dollars in financial damages worldwide. Meanwhile, the Cambridge Analytica Facebook data scandal offers us an effective risk-management case study on three fronts: firstly as an example of how catastrophic the repercussions<\/a> can be of woefully inadequate data protection; secondly, how difficult it can be to police tech; and finally, as a study in the reputational damage<\/a> that comes from disregarding people\u2019s right to privacy. The fact this was then followed by an entirely separate data leak <\/a>by Facebook a year later is fairly extraordinary but shows the inherent risks associated with rapid tech development.\u00a0\u00a0

As tech develops so do threats and so should risk management and cybersecurity. However, progressive times demand a progressive mindset. Focus can\u2019t only be directed inwards, but outwards too: how does your risk-management system and security tech enable and enhance value? Rather than limiting information, it\u2019s about freeing it up responsibly \u2013 and there\u2019s no excuse not to do so with the technology now available. This means check-box compliance is out and risk-based decision-making is in. Security experts must work side-by-side with executives and creatives to decide which measures can facilitate as well as protect.\t<\/p><\/div><\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\n\t