Every industry reaches a strategic inflection point according to former Intel CEO Andy Grove.
The strategic inflection point is a 10X shift in the industry.
A complete structural shift in the way the industry operates.
Some notable examples are the transition from rail to air travel, horse to automobile or the typewriter to the computer.
All of those transformations resulted in seismic change in those industries.
While those changes resulted in better products and service for consumers and high profitability for the developers of the new products and services, they decimated entire industries.
Comparison to Cyber Crime
The Cyber Revolution
However, unlike those revolutionary products or services that affected specific industries, cyber crime has the potential of wreaking havoc on multiple industries.
Never before in the history of commerce has there been a single event that threatens the foundation of our very existence.
Every single organisation including yours is at risk of disappearing if preventative measures are not put in place.
The Impact of Cyber Crime
Cyber crime can have devastating impact on any organisation that become impacted by it.
There is first the issue of the financial impact that could run into millions depending on the size of the organisation.
The impact on customers/clients: they could have their personal details stolen, which could result in them suffering fraud, or their data could fall into the hands of shady characters who could later use then for extortion purposes.
Imagine being one of those registered on Ashley Madison extramarital affairs site, when it was hacked.
Can you imagine the number of lives that were destroyed because of that breach?
Can you imagine the number of divorce and separations that resulted from that breach?
Human Impact of Cyber Crime
Those are the real-life impact of cyber crime.
Do you also remember the Marriot Hotel breach?
Can you imagine the impact it has had on Marriot customers?
Then there is the reputational damage.
Most people will be afraid to give out their credit cards details to Marriot after the incident, for fear their credit card information might be leaked.
What about the personal data of your employee and even your own personal data if your organisation is breached?
What If It Was Your Data?
Would you like your National Insurance/Social Security number in the hands of hackers?
What about your credit card details? would you like those in the hands of hackers?
Of course, you would not like your personal data in the hands of hackers.
How do you think it would feel to your customers if their personal data falls into the hands of hackers because you failed to take adequate measure to protect their info entrusted to your organisation?
Cyber crime is a strategic inflection point to many businesses.
The manner in which you respond to the challenge will determine your survival as a business.
So, how should you respond to the news that there is a high possibility that your network might be hacked sometime soon?
Part two of this article might help you answer this question.