With the convergence of the pandemic-led shift to a more remote workforce, ever-increasing amounts of data being transmitted over telecom networks including financial transactions, and expansion of 5G networks and connected devices, telecommunications companies and service providers are facing heightened risk of potential attacks from hackers, cyber criminals and other bad actors.
According to KPMG’s recently released 2021 CEO Outlook, nearly one-third (32%) of global telecom CEOs identify cyber security as the greatest threat to their organization over the next three years, yet only 15% said they feel very-well prepared for a future cyberattack.
Cyber defense readiness is critical in today’s competitive marketplace as telecommunications companies seek to increase customer loyalty, attract new customers and comply with evolving data privacy regulations.
As they look to enable the future growth and resilience of their companies, there are three things they can do today to mitigate cyber risk:
Align business and board security priorities
Creating an open and ongoing dialogue between the security organization and the rest of the enterprise, including the boardroom, will help align security needs to strategic and operational priorities. This will serve to ensure that business, board and security leaders are connected and aligned with common goals.
Build a talent pipeline focused on cyber resiliency
Competition for talent in high demand areas like cybersecurity and artificial intelligence is fierce, and telecommunications companies may already have a leg-up due to the technology resources they already have in-house. Leaders should look within their four walls for professionals who have the right skillset and retrain or upskill existing workers to address the changing security ecosystem. In addition, leaders should consider opportunities to quickly add cyber talent to the organization by engaging in the heated M&A market in the technology sector.
Strengthen governance around operational resilience
Telecom companies should be prepared to undertake regular cybersecurity risk assessments across key areas of the business including governance, human risks, legal and regulatory compliance, business continuity, operations and technology, and information risk. Furthermore, leaders need to understand how vulnerabilities from third parties, including supply chains, can impact opportunities for growth and have a clear cyber-incident response plan in place.
As the shift to a more digital marketplace continues, focusing on these areas will build the organizational alignment needed; drive value in the market for enterprise customers, end users and investors; and create potential growth opportunities. Bolstering cyber security defenses and staying vigilant today will enable the continued growth and success of the enterprise into the future.
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