Ever since its introduction, it is pretty evident how the digital economy is presenting massive opportunities for success to companies of all types and sizes. The coupling of new technology with the new business models to deliver products and services in a convenient yet enjoyable way has been setting the world off towards better goals.
However, the advancement of the digital economy has given rise to cybercrimes as well, which now pose such severe challenges to our industry that they threaten to smother corporation innovation and growth. As companies get involved in internet-enabled, complex models, they become progressively vulnerable to cyber-attacks that might result in a loss of trust.
It has been estimated that businesses in the US can lose up to USD 5.2 trillion of value creation, which is almost the amount at which the economies of France and Italy are worth. Over the years, businesses have become increasingly dependent on internet-based services that promise to make innovation significantly easier. However, the more they use these services, the more they expose themselves to cybercriminals. Up to 90 percent of insurance and banking executives say that they need a trustworthy digital economy to thrive when it comes to innovation. Only 30 percent of insurance agents and 25 percent of banks are confident when it comes to internet security. These numbers are expected to decline further as the years go by.
However, there is development in the internet security systems that would make the digital world a safer place to dabble in. They realize the colossal effect of cybercrime on the economy and are taking necessary steps to protect their data. A lot of leaders are baffled by the level of instability in cybersecurity and call for a more organized group effort because no one organization can solve this problem on its own.
Forbes has suggested some actions that CEOs can take up to make the internet a safer place:
Chief executives should realize that when the businesses, governing bodies, and consumers band together and prioritize the safety and security of the digital world, will they be able to achieve real power over cybercriminals.
When the leadership commits themselves to build digital trust, the tech department will have to get to work on the practical matters of strengthening the security of the devices, the networks, and broader ecosystems of the organization. This is where companies like PCloud are lending their expertise. The Swiss cloud storage service provider is a multifunctional file storage program that is available on Windows, Linux, Android, and Mac. It is the first cloud service that allows the user to store both non-encrypted and encrypted files.
