Over the last two decades, the Internet and online tools have become increasingly important for innovation managers to promote new types of innovation. But as businesses migrate online and adopt more innovative interactions, the risks of cyber security are growing considerably.
While this past year saw a substantial rate of security breaches, it is set to increase and worsen in 2018, according to the Information Security Forum (ISF), a global independent authority on cyber security and information risk management.
The organisation’s forecast is founded on five key threats, which it believes will affect businesses this coming year: crime-as-a-service (CaaS); the effect of unmanaged IoT risk; the supply chain; regulation complexity; and unmet board expectations.
The challenge for innovation managers
Innovation managers will have to deal with protecting against threats without disrupting business innovation and growth. However, cyber security is also jeopardising the veracity and reputation of today’s most reliable organisations.
“In 2018, we will see increased sophistication in the threat landscape with threats being personalised to their target’s weak spots or metamorphosing to take account of defences that have already been put in place. These days, the stakes are higher than ever before,” says Steve Durbin, managing director of the ISF.
To achieve that, companies must make it a broad management initiative, requiring much more engagement from senior executives and cutting across strategy, operations, risk management, and legal and technology functions. Durbin agrees that the solution is embedding security into the whole ethos of the organisation, making it part of a business strategy rather than technology governance.