Person holding mobile phone while security lock is displayed

How security is enabling business transformation

by Bob Lamendola, SVP of Technology at Ricoh

Summary

Discover five reasons why prioritizing security transformation will help protect and promote growth for organizations.

Read time: 5 minutes

The critical and diverse need for security transformation processes and tools is forcing a new direction for leadership across organizations globally. From networks, applications, and devices to information and workforce security, a new strategic mindset offers businesses an alternative way to view security. It’s more than anti-virus software and meeting basic compliance requirements — and takes on a holistic, layered approach to evaluate security alongside every business initiative, purchase, process, and system.

This perspective encourages the thinking that security measures can enable business transformation. And, let’s not confuse business transformation — making significant organizational changes — with digital transformation — using digital capabilities to modify company operations. Only when we make security a priority across many aspects of the business, can impactful and pervasive change in business transformation occur.

Security has the power to make or break high-level business initiatives.

A multi-layered approach to security transformation

If your role involves IT or cybersecurity, you already know that security is a complex topic. You also know that it is constantly changing and adapting as new threats and regulations evolve. At Ricoh, we take a multi-layered security approach, comprised of expert services and solutions that help organizations achieve high-level business goals such as compliance, business continuity, brand trust, innovation, growth, and sustainability.

Let’s take a closer look at five ways a new security mindset, and how prioritizing it, can help protect businesses.

1. Compliance: Meet regulations, exceed expectations

No matter your company size, industry or location, there are rules, policies and regulations around data privacy and protection. Information governance and compliance are growing concerns and are often seen as an added expense.¹ For example, average rates for cyber insurance rose 79% in 2022 with increased policy scrutiny and exclusions.² We also saw that at the end of 2023, the SEC’s rules on public companies’ cybersecurity disclosure, governance, and risk management came into effect.³ And of course, organizations are subject to PCI DSS, PII, HIPAA, FINRA, FERPA, GDPR, CCPA, or FFIEC mandates.

The point becomes that to protect your information, it starts with knowing what you have, where it’s located, and the risk it could pose if it’s not protected. With so much unstructured data at play, this presents a huge challenge for most, if not all, organizations. The solution revolves around mitigating risk by securing your information through automation technology, people and services.

2. Business continuity: Ensure success through every storm

The pandemic was a prime example of when business continuity was put to the test for many organizations as remote work created new vulnerabilities — were they equipped to work from home or not?

We know many businesses took major losses, scrambled to automate systems or move to the cloud, or went under. Security was tested — and continues to be tested — with the average cost of a data breach in the U.S. amounting to $9.48 million U.S. dollars.⁴ And, one study found that 60% of the data breaches experienced by organizations resulted in price increases.⁵

Business continuity and risk mitigation can’t be ignored, and we need secured processes and systems in place to protect and maintain normal operations and preserve revenue streams.

3. Brand reputation: Design for transparency and trust

It’s your brand reputation at stake. Do you risk it? Organizations can no longer look away, especially as cybersecurity threats are growing.

One report found that in just the first nine months of 2023, data breaches in the U.S. have already increased by nearly 20% compared to all of 2022.⁶ Similarly, customer demand for data protection is on the rise with 68% of global respondents concerned about their online privacy.⁷ Consumers care, and so should you.

The outcomes of security transformation can protect data, making the customer experience safer and more appealing to consumers. This contributes to an enhanced brand, which leads to attracting new customers and growing revenue. Additionally, security has become a critical factor in business partnerships with organizations prioritizing third-party risk mitigation and requiring security audits of supply and service partners. When business leaders start adding security as not only a talking point but as an action, business transformation becomes safer, and trust is built.

4. Innovation: Grow your business with confidence

A strong security posture unlocks new opportunities by enabling leaders to confidently and securely embrace emerging technologies and form strategic partnerships that drive innovation, growth and competitive advantage. To support this, one survey reports that a vast majority (95%) of IT leaders state that digitization is fundamentally important to unlocking new revenue streams in the next 12 months.⁸

To mitigate any hurdles, ensuring you have a cloud-based infrastructure with a modern network, flexible applications, and innovative devices in place today, will make it possible to support the future’s technological evolution. One train of thought encourages the notion “spend to save,” which refers to investing in robust, scalable and secured technology today will allow you to grow in the future.

5. Sustainability: Build a better world, securely

ESG (environmental, social, governance) is a framework that helps stakeholders understand how an organization is managing risks and opportunities in these three areas. As consumers, employees and regulatory agencies put an increasing focus on companies and their ESG policies, data-driven metrics will be prioritized. Security should be considered with the complex flows of information coming into, through and out of an organization.

In fact, cybersecurity is a necessity for a sustainable organization, ensuring the reliability and security of digital technologies. Cybersecurity solutions and services safeguard and strengthen the resilience of critical infrastructure, ensuring that people receive vital services and support customers’ ESG goals by mitigating the impact of cybercrime. This contributes to the well-being of society, the sustainability of our institutions, and the advancement of our global economy. Security measures paired with automation, for example, can streamline inefficiencies and resources while reducing our carbon footprint.

What’s your view on security?

Now that the majority — 89% of large companies⁹ — have already undergone some type of digital and AI transformation, organizations should consider repositioning themselves and think about business transformation. And how security transformation fits into this strategic way of thinking. To survive and thrive, companies of all sizes need to focus on how security can boost their outward perception when it comes to compliance, business continuity, brand trust, innovation, growth, and sustainability. Are you ready for the widespread adoption of secured change? One way or another, it's coming.

Learn more about security transformation in our Essential Security Guide.

gi-LS-bob-lamendola.jpg

Bob Lamendola

Senior Vice President, Technology and Head of Digital Services Center

Ricoh North America

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  1. 1The Wall Street Journal. “Is Now the Time to Enhance Corporate Compliance Programs?” April 7, 2023.
  2. 2Fortune. “The cost of cybersecurity insurance is soaring–and state-backed attacks will be harder to cover. It’s time for companies to take threats more seriously.” February 15, 2023.
  3. 3U.S. Securities and Exchange Commission. “Cybersecurity Disclosure.” December 14, 2023.
  4. 4Statista. “Average cost of a data breach in the United States from 2006 to 2023.” October 23, 2023.
  5. 5Halock. “Summarizing the Ponemon Cost of a Data Breach Report 2022.” 2022.
  6. 6Apple. “The Continued Threat to Personal Data: Key Factors Behind the 2023 Increase.” December 2023.
  7. 7iapp. “Most consumers want data privacy and will act to defend it.” March 22, 2023.
  8. 8Hewlett Packard Enterprise. “Innovation vs. risk: IT leaders share security concerns regarding tech innovation, but can they afford to let risk hold them back?” September 12, 2023.
  9. 9Harvard Business Review. “The Value of Digital Transformation.” July 31, 2023.