Many businesses invest in digital transformation by automating workflows and data flow. Digital transformation may be especially advantageous when done strategically, assisting businesses in operating more profitably, effectively, and efficiently, as well as improving the experience for customers and shareholders.

Putting into practice a digital transformation strategy involves several different steps. How are your present business processes and controls integrated with the technology? Do you need to make adjustments to your current system, or is it adequate? What are the threats to cybersecurity?

Digital Transformation: What Is It?

The use of technology to transform corporate operations is known as digital transformation. Although there are many advantages to digital transformation, it’s crucial to first recognize any difficulties that can arise when developing and putting a plan into action.

Challenges of the Digital Transformation Strategy

Cybersecurity

When your firm develops a digital transformation strategy, cybersecurity should be taken seriously. This includes knowing what the risks are and how to reduce them.

What Are the Risks to Cybersecurity?

Bad actors may target data stored on your network or in the cloud, including intellectual property (IP), financial information, employee information, and client or customer data. Various tactics, including phishing, ransomware, and social engineering, can be used by bad actors to look for and exploit vulnerabilities.

How to Reduce the Risks of Cybersecurity

By implementing these fundamental hygiene practices, you can lessen opportunities for exploitation and the danger of an attacker breaking into your network.

The eight areas listed below should be prioritized in order to limit the risk of a cyberattack and prevent data loss while creating and putting into practice a digital transformation strategy.

Training on Security Awareness

There are practical, reliable, and easily accessible methods for orchestrating realistic phishing and social engineering campaigns for training and testing people.

To help staff members become familiar with phishing emails and malicious links, train users to check URLs before clicking on any links or images in their emails and run frequent tests. Users should be given instructions on how to report phishing emails to the cybersecurity division.

Identification and Access Control

Identity and access management is governed by a number of key security principles.

  • Reduce privilege. Role-based access, also known as access based on employment roles, allows users access to the corporate network.
  • division of labor. Create checks and balances; no single user should be able to oversee the completion of a procedure from beginning to end.
  • Reviews. Review user accounts frequently to check if access is still allowed for certain people.
  • Managing privileged access. Set up safeguards to ensure that administrator accounts are only created and used as required.
  • strong authentication techniques. To improve security and stop attacks, use multifactor authentication or create difficult passwords.

Inventory of Hardware and Software

A core and essential component of a cybersecurity program is keeping an accurate inventory of all software and hardware. It’s crucial that inventories of authorized hardware and software are accurate so that permitted measures may be put in place to defend against threats.

Spreadsheets can be used to manually maintain inventories, a device or piece of software that listens to network traffic can do it passively, and software that constantly scans the network for active devices can do it actively.

A strong inventory procedure enables more efficient patching of hardware and software flaws. If inventory records are up to date, it will be easier to identify the assets that need to be updated when updates or patches are required. If not, hardware and software may become out of current over time, increasing risk to the company.

Accurate inventories make the decommissioning procedure easier as well. Attackers search for old, open to exploit software and servers. An inventory can help you evaluate your devices and decide which ones should be retired and taken off the network.

Vulnerability Control

Programs for managing vulnerabilities may have multiple facets. Patching and antiviral are two crucial factors:

Patching. Developers, testing teams, and security analysts will release a patch when a software vulnerability is found. A patch is a piece of software that addresses the vulnerability and fixes it with new code. Attackers might create a program, or virus, to take advantage of vulnerabilities discovered in software programs.

logging and auditing

There are two levels at which software activity can be logged:

  • level of application. User behavior at the operating system level. surges in memory consumption, connections, or CPU usage
  • Increased visibility, discovering inefficiencies, and spotting intruders and harmful activities are all advantages of establishing an auditing and logging procedure.

Encryption of Data

Determining which data is the most sensitive and valuable is crucial because data is often a company’s most valuable commercial asset.

What safeguards you implement, including how you access it, who uses it, and its availability, will depend on the value and sensitivity of your data as well as regulatory requirements.

Encryption

There should be a level of encryption appropriate for these situations for data in storage or in transit. If data is accessed or disclosed improperly, encryption of data stores and data transports could spare you from having to pay regulatory charges.

Check your firewall settings, make sure you’re utilizing the most recent transport layer security, and put a file integrity monitoring system in place to protect data. A thorough data loss prevention program can assist in identifying and addressing the risk of how data can be accessed or shared inappropriately, as well as how to limit the likelihood of these incidents.

Backups of data

The security of data in the backup environment should be at least as high as that of data in the production environment. Both backups and production data should be secured using strong encryption keys.

Find out who is in charge of the data, how frequently it is rewritten, when it will be archived, whether continuous data protection is used, and how frequently it is overwritten. Before erasing data archives, determine and record any legal requirements for keeping data over time.

Disaster Recovery, Incident Response, and Business Continuity Planning
How resilient is your business against a data breach? The only unknown is when an attack will occur.

Prioritize. Prioritize cybersecurity in your firm.
Train. Staff should receive training, and participants in that training should come from numerous departments.
Analyze the influence on business. Determine which essential information, services, business operations, and IT hardware could be affected by a cyberattack.
Test. Regular testing of incident response plans is recommended since they can speed up the process of recovering from an assault.
Respond. After an internal assault or when a supplier or vendor is attacked, prompt action is crucial.

Management of Cyber Supply Chain Risk

Supply chain risk management entails being aware of any new risk that is being introduced into your business by a third-party vendor, software provider, or supplier. You might not want to work with providers who pose a high risk.

Before you sign a contract, thoroughly investigate any prospective issues with a new supplier. You can keep tabs on what your suppliers and vendors are doing with your data, including when they access it, why they need access, and who is doing it. This applies to both new and existing suppliers and vendors. Additionally, you can record the activity to analyze what took place in the event of an assault.

You can maintain security after a provider has been offboarded by denying access to your network and email and demanding that third-party service providers give over all data stored in their environment or show evidence that it has been rendered unreadable.

We’re Ready to Assist

Contact a Managex professional for advice on developing and implementing a digital transformation strategy.

For additional details, see our Cybersecurity services.