IT News - CxO

The Rising Costs Of Data Breaches
Security Boulevard, October 6th, 2021
IBM recently released its 2021 Cost of a Data Breach report, and the news, not surprisingly, is not good.

"The average total cost of a data breach rose from $3.86 million to $4.24 million, an increase of 10%. There's a lot of interesting data in the report, including information on the impact of remote work and Zero Trust mitigation.

The report is based on 537 data breaches that occurred in 2020 in 17 countries and regions, and in 17 different industries. IBM excluded the outliers - very large and very small breaches - to arrive at its numbers..."


Assess these promising technologies to recalibrate your investments

"Automation, contact center technology, proactive service and customer service analytics have become investment priorities for customer support and service (CSS) leaders as COVID-19 drives an increase in customer service demand.

The technologies featured on this year's Hype Cycle for Customer Service and Support Technologies largely fall into the aforementioned categories. They enable personalized and contextual customer engagement, improve the working environment for support reps and facilitate customer self-service interactions..."


The solution: a holistic approach that combines a practical understanding of how to apply organizational change management, some degree of experience operationalizing digital transformation programs, and, most importantly, the right Digital Adoption Platform (DAP). Separating a great plan from great execution is the DAP - it is the part of the process that most organizations execute well, according to a WalkMe-commissioned report by Futurum Research on the current state of digital technology adoption.

"Over the years, the CIO role has evolved," opines Sanjay Srivastava in SearchCIO. "from strategic value delivery leader to a co-creator of new businesses. This push is leading to increasing alignment across the C-suite and the opportunity for CIOs to be at the forefront of digital transformation.

This has been the case for CIOs across all industries. Life sciences companies have dramatically accelerated development cycles, consumer goods companies have reinvented direct-to-consumer business models and retailers have organized their supply chains and reimagined their storefronts, to name a few examples..."


Throughout the pre-vaccine COVID era, information technology buyers indicated budget constraints would squeeze 2020 spending by roughly 5% relative to 2019 levels

Dave Vellante writes in siliconANGLE, "But the forced march to digital, combined with increased cybersecurity threats for remote workers, created a modernization mandate that powered fourth-quarter spending last year.

This momentum has carried through to 2021. Although COVID variants have delayed return-to-work and business travel plans, our current forecast for global IT spending remains strong at 6% to 7%, slightly down from previous estimates. But the real story is that chief information officers and IT buyers expect a 7% to 8% increase in 2022 spending, reflecting investments in hybrid work strategies and a continued belief that technology remains the underpinning of competitive advantage in the coming decade..."


Annually, an estimated $700 billion in digital transformation spending falls short of delivering on the desired results.

"The solution: a holistic approach that combines a practical understanding of how to apply organizational change management, some degree of experience operationalizing digital transformation programs, and, most importantly, the right Digital Adoption Platform (DAP). Separating a great plan from great execution is the DAP - it is the part of the process that most organizations execute well, according to a WalkMe-commissioned report by Futurum Research on the current state of digital technology adoption." - VentureBeat

CIOs today are focused on front office effectiveness and business model transformation. By necessity this changes how they get measured.

Myles Suer writes in eWeek, "Over the last several years, I have asked CIOs multiple times about how they would like their performance to be measured. One answer has come back repeatedly: They want to be measured the same way as their Chief Executive Officer is measured. Hopefully, this isn't news to anyone reading this piece.

This should really matter to technology sellers. As I mention in my review of 'The Qualified Sales Leader,' John McMahon says, 'account executives need to slow down to go fast. They need to understand the magnitude of their customers' pain and environment'..."


The trust imperative is the next major shift enterprises will encounter.

Jeff Pollard writes in ZDNet, "In 2021, digital transformation no longer counts as innovative; it's a baseline expectation for every enterprise. The trust imperative is the next major shift enterprises will encounter. New market leaders will not solely arise from technology platforms, sophisticated analytics, or sophisticated capital allocations. Instead, consumers and business leaders will increasingly turn to companies they can trust. And trust will move markets..."

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