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The Importance of Cybersecurity in Contemporary Business

The digital transformation of businesses worldwide and the growing reliance on interconnectivity via supply chains and other data-driven operations have leaders desperately concerned about the effectiveness of their cybersecurity measures.

More than 80% of businesses fell victim to cyberattacks in 2022, according to the World Economic Forum, and half of them reported losses in excess of $1 million to recover stolen data. Most concerning, however, are the predictions: 65% of organizations expect attacks on sensitive data and networks to increase in the year ahead.

The online Master of Business Administration (MBA) with an emphasis on Cybersecurity Management program from the University of West Florida (UWF) prepares future business leaders for the increased risk of cyberattacks.

The State of Cybersecurity Investments

Businesses are accelerating investment in cybersecurity to keep ahead of malicious actors. Market size in cybersecurity spending will exceed $500 billion by 2030 as organizations pour in money at a combined annual growth rate of 12.3%.

Technologies driving investment growth include enterprise-wide installation of malware detection on digital assets that manage data, multifactor authentication that permits access to networks and data on a strictly need-to-know basis and remote management of mobile devices.

Accenture adds, however, that cyber-resilient organizations are going beyond technology investment. Companies that take cybersecurity out of the traditional digital silos and align it to overall business objectives are:

  • 18% more likely to reach target revenue growth and market share and improve client satisfaction
  • 26% are more likely to reduce the cost of digital breaches and incidents

“While organizations are taking steps to better align cybersecurity programs with business goals, there is still plenty of room for improvement,” according to Accenture.

How Are Businesses Investing in Cybersecurity?

Accenture reports that cyber-resilient companies invest time, money and personnel in strategic measures that require design and deployment of protections before rolling out any new services or products. Moreover, they require implementing those measures in sync with the milestones of their growth strategies.

Aligning cybersecurity with business objectives is increasing demand for professionals with advanced business acumen and cybersecurity expertise.

“By better understanding and communicating an initiative’s ROI, businesses can begin to recognize cybersecurity as a driver of competitive advantage, innovation and operational efficiency,” Forbes notes.

Why Do Businesses Emphasize Employee Education in Cybersecurity?

Data drives virtually every aspect of modern enterprises, and those that approach cybersecurity as a strategic imperative place a premium on mid- and senior-level managers who can integrate protections within departments.

Cyber-savvy managers in non-technical roles, for instance, collaborate efficiently with IT and security policymakers. Understanding digital security’s technical aspects enables those leaders to ensure effective departmental compliance with enterprise mandates, provide their teams with ongoing cyber risk governance training and conduct audits and assessments.

“Almost 90% of the data breaches are caused by human errors,” according to Entrepreneur. Attackers often trick users into creating an attack point, making individual employees the “weakest link in any organization’s cybersecurity defenses.”

Managers who ensure their teams receive proper training in hacking detection and response are “human firewalls,” the magazine says.

The following are just some examples of non-technical roles in cybersecurity and their responsibilities:

  • Risk analysts work with legal teams and senior management to ensure incident response and contingency planning are current and effective.
  • Compliance officers assess companies’ protections to ensure adherence to legal, ethical and human regulatory demands.
  • Project managers are central in planning implementations by compiling budgets, timelines and performance specifications.

“While these roles may not require deep technical expertise, having a basic understanding of cybersecurity concepts and keeping up with industry trends and best practices will be beneficial,” according to LinkedIn.

How Do Business Professionals Gain Expertise in Cybersecurity Best Practices?

An MBA that combines building problem-solving skills in a data-driven environment with insights into designing, developing and deploying digital security measures is a roadmap to future-proof careers.

The MBA with an emphasis in Cybersecurity Management program offered online by UWF prepares graduates for high-demand roles through an AACSB-accredited curriculum that includes courses such as:

With these cybersecurity foundations, graduates will be ready to anticipate and respond to cyberthreats, becoming assets to their organizations.

Learn more about UWF’s online MBA with an emphasis in Cybersecurity Management program.

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