What must c-suite leadership consider when it comes to digital business risks?
For many c-suite and business leaders, digital transformation is a burning priority. Today, organisations need to digitally innovate to keep up with customer demands and expectations and the increasingly digital surroundings. However, to successfully execute an organisation's digital transformation, a business must consider the implications it comes with. Given that it's new territory for business execs, this has led to the introduction of roles such as Chief Information Officer, Chief Technology Officer, and Chief Information Security Officer (CISO).
Since digital transformation has become a c-suite effort, it means this group of business leaders have bred their own unique concerns and priorities when it comes to their transformation initiatives.
Digital transformation creates a breeding ground for cybersecurity risks. The more digital you are, the more hot spots for attacks you end up with. However, in some way, this has been somewhat good for the overall health of the enterprise. This is because the increased risk necessitates education not only within the c-suite, but across the entire enterprise too.
Many cybersecurity breaches are a result of human error and mistakes, rather than as a consequence of malice. Thus, as cybersecurity becomes everyone's 'problem', the c-suite can work with their entire organisation to roll out cybersecurity workshops and heighten their protection like never before.
Also on the c-suite concern agenda is compliance. With regulations such as GDPR tightening around organisations, everyone is eager to, if not a little bit nervous about, keeping on top of it. This is all the more reason for IT-specific staff in the c-suite team, to pioneer meeting regulations throughout all business initiatives.
Then, of course, there is the pressing matter of budget. Digital transformation is new territory for everybody, making defining the budgets especially difficult. Much of digital transformation surrounds cheaper long-term operating costs and more efficient processes. More specifically, automating processes has shown significant promise as part of a business's digital transformation initiative. However, it means organisations need to spend to succeed, and there is no real guidance to help them navigate this.
It's important to remember that although digital transformation will give your organisation a competitive edge, it's not a race. The c-suite should focus on simply putting one foot in front of the other and reviewing the transformation on a periodic basis. Furthermore, c-suite leaders should also continue pioneering education and transparency across the organisation.
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