Strategies to strengthen cybersecurity for business resilience in the digital age

Abstract

Globalisation has transformed the way people live, work, and interact. In recent decades, businesses of all sizes have been profoundly affected by exponential computer, network, and data storage technology advances. Virtually all industries, from the healthcare to the automotive sector, have integrated digital technologies into their work. This phenomenon is called digitalisation, the drive to connect real-world objects and people virtually and digitally. Digitalisation has unleashed new and exciting opportunities and created particular and unique threats and challenges. One such challenge, which has garnered significant attention, is cybersecurity. This paper should be a primer for business people to understand cybersecurity. Businesses of all sizes and functions will find it necessary to incorporate some digital footprint into their company. The inability to embrace digitalisation will relegate many businesses to obsolescence. However, given the proneness of the digital sector to hacking attacks, and having recognised that 60% of companies that undergo a significant cyberattack go under within 6 months, digitalised entrepreneurs must carefully deliberate the how-to constitution cyber-business strategies and models. Adopting a descriptive analysis method, this paper should be viewed as a primer for business people who need to start thinking about the cyber-security of their company, brand, or business models or for students and researchers intrigued by the subject.