Digital technology comes with costs, as cyber security threats mount and global cyber-crime damage hits $400 billion per year. Protecting valuables in cyberspace can become considerably more complex, and costly, compared to building an almost impenetrable vault. To support companies deal with the new reality, PwC UK has launched a recruitment drive for 1,000 new staff in the technology segment of its Risk Assurance practice by 2020, as well as the development of a new graduate programme to train the security executives for the future.
Technology has been heralded as the great cost saver for businesses, providing everything from new ways of engaging with customers to automation of a host of processes. In a matter of decades, digital technology has opened up whole new domains in which new processes and business models can form, and, in some cases, the results have transformed businesses and disrupt industries.
The new domain, however, comes with challenges. Just like in the terrestrial world, where locks, keys and walls are needed to protect valuables, so in the digital domain security remains an issue. The digital domain, while having operated in the ‘wild west’ in some respect (as few rules were yet in place, and walls were often just facades), the issues around security of information, from medical dossiers to government and business secrets, are become more regulated as dangers to consumers and organisations become more transparent. For the full article click here
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