PA Consulting’s cyber and data privacy expert, Elliot Rose, discusses the emerging trends and biggest investments in cyber security, and the implications of COVID-19.
‘Trade and Investment Challenges and Opportunities in the Post-pandemic World’ is an Economist Intelligence Unit (EIU) report, supported by the Department for International Trade (DIT). Through a range of expert interviews, secondary literature review and a data audit, the paper aims to explore the impact of the COVID-19 pandemic on the international trade and investment landscape, as well as challenges and opportunities in the post-pandemic world. The report focuses on four sectors identified as having high growth potential: Cybersecurity, FinTech, EdTech, and Smart Cities.
The report states that the pandemic has transformed the global trade and investment landscape, but offers unique opportunities to agile and resilient businesses in sectors of the future.
It goes on to mention that while the proportion of firms reporting a cyber-event fell from 61% in 2019 to 39% in 2020, according to the Hiscox 2020 Cyber Readiness Report, the financial impact of each breach was much greater. However, it also reported a rise in the number of organisations with the capabilities to tackle cyber threats, reflecting greater recognition of the consequences of inadequate protection and investment.
According to Elliot, financial services are a case in point: “Organisations that have direct contact with customers or had financial information from them tend to pay more attention to cybersecurity. In more traditional industries they have tended not to regularly take cyber issues into board meetings, though I suspect the pandemic is starting to change that.”
The report states that organisations are investing in AI technologies to identify new coronavirus related attacks, such as targeted email campaigns masquerading as vaccine news, which are now among the World Economic Forum’s top societal risks. There is also a growing emphasis on ensuring that staff are equipped to take their own cybersecurity measures.
Elliot adds: “Organisations need to give people the tools and training to enable them to be trusted. Investment in getting this right will reap rewards for those companies over the coming years.”