As the Economy Turns Digital, Policy Makers Must Prioritize Cybersecurity
A new report from digital consulting firm Modus Create and marketing firm Ascend2 examines the reality of the so-called “digital transition,” a label for the process by which organizations migrate their operations online. The report relies on survey data from 377 “product development decision-makers” from large organizations (500 employees or more) in the United States and the United Kingdom.
The report reflects digital tools’ ever-increasing significance to the economy – indeed, to life itself – and cybersecurity’s centrality to the digitalized world.
Digital transitions are proceeding apace. “In the last two years, a whopping 69 percent of organizations have implemented or overhauled a customer-facing product or application,” the survey found. Further, the researchers found, “Another 44% of organizations will be investing in the launch of new customer-facing applications or features in the coming year, up from just 20 percent in our research last year.”
Many respondents say cybersecurity has become indispensable. Two-fifths of surveyed organizations rated “preventing security breaches…among the top two most commonly reported challenges to overall business success.” The authors identify cybercrime as well as developing regulatory requirements – e.g., Europe’s General Data Protection Regulation – as sources of this pressure.
In 2022, 32 percent of respondents reported planned cybersecurity investments. In this survey, that figure rose to 59 percent. Further, 42 percent chose “improving data security” as a “primary objective.” This was the answer that received the greatest share of support. An identical percentage said that “improved data security” was one of “the most significant benefits from your latest digital product implementation/overhaul.”
Respondent organizations – which span sectors including education, finance, healthcare, media, government, and more – understand that cybersecurity’s proper place is center stage. The report recommends considering security at every phase of product development. Many users also understand the importance hardening devices and systems against cybercrime.
Sadly, too many policy makers have lagged. Like technologists, politicians and bureaucrats should consider cybersecurity concerns at every stage of crafting their product. While they create statutes and regulations instead of hardware or software, they nonetheless can endanger users with policies that subordinate cybersecurity to other concerns. This is particularly true in competition policy. Particularly, as geopolitical rivals grow more aggressive with respect to digital – rather than kinetic – conflict, Washington must decisively orient itself against foolish anti-security proposals.
Published on April 5, 2024