For technology, media and entertainment, and telecommunications (TMT) companies, defending against cyberattacks has never been more vital. Security breaches can lead to lost revenue opportunities; brand, reputational and legal penalties; decreased shareholder value; and loss of customer trust and loyalty.
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Driven by customer and consumer demand, and empowered by digital, TMT companies are rethinking (or reinventing) their services, business models and revenue streams. But, digital and the disruption it brings increase the risk of a cyberattack. Hard-won trust can be easily lost, leading to diminished brand value, declining revenue and increased regulatory scrutiny.
Digitization allows companies to deliver unique and connected data-driven and in-demand client experiences at a rapid pace, which leads to greater inherent cyber risks. Innovative developments and new business models provide additional entry points for cyberattacks, while emerging technologies, such as the internet of things (IoT), increase consumer end points and must be made secure.
Digital transformation is the catalyst for the proliferation of more services, experiences and benefits to customers – bringing increased revenue opportunities but also more risk. Cybersecurity is especially critical for TMT companies because of the following inherent business issues and risks:
- Digital: The intrinsic nature of many TMT products and services — software, games, films and other products delivered to a growing list of platforms — makes cybersecurity particularly challenging for TMT companies.
- New business models: The growing adoption of direct-to-consumer (D2C) models means TMT companies will shoulder unprecedented end-to-end security risks.
- A connected world: More devices are connecting to the internet and each other through the IoT, exponentially increasing the number of potential entry points for cyber criminals.
- Data-driven customer experiences: TMT companies are collecting more data than ever to enhance the customer experience and deliver targeted services. This provides a real competitive advantage for companies, but forces a balancing act to ensure customer trust and loyalty while protecting their customer base and their business.
- Lower customer switching costs: Many TMT segments have lower customer switching costs than traditional industries. Customers can quickly and inexpensively move to alternative providers if TMT companies have real or perceived security vulnerabilities.
Recent well publicized attacks have focused on service availability, extortion, malvertising and leaked data. How do you defend your brand from an invisible enemy? TMT companies continue to digitize and provide new offerings at an increased pace and scale. Hence, it’s increasingly imperative to keep a constant pulse on where your business is going while anticipating and staying ahead of the risk vulnerabilities that innovation brings.
“We can help you assess your cyber risk aligned with your growth strategy, while addressing any remediation necessary to protect enterprise networks, infrastructure, hardware, software and products from existing and emerging threats providing a holistic view of your enterprise and risk exposure. EY can help you safeguard your business and your customers through either on premise or managed security services, allowing you to focus on what you do best — continuing to delight your customers.”
EY can help you safeguard your business and your customers through either on premise or managed security services, allowing you to focus on what you do best — continuing to delight your customers.
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