August 9, 2017 By Domenico Raguseo 2 min read

In recent years, cybersecurity has become a major disrupter across the globe. In a business landscape that depends on digitization and accelerated transactions, cybersecurity is crucial to both providers and consumers. Those consumers must consider cyber resilience when shopping for services or products, even if a vulnerability doesn’t directly affect the device itself.

Shifting the Consumer’s Mindset Toward Cybersecurity

Take the Mirai botnet, for example: The malware was used to compromise other users, not the owners of the cameras it originally infected. This represents a significant shift in the consumer’s mindset. In the past, individuals shopping for appliances such as refrigerators and washing machines evaluated products based on specific characteristics related to the functions they were designed to perform. Risk was calculated according to the value the asset would provide and its effectiveness — cyber resilience never entered the discussion.

Nowadays, many appliances are connected to the internet and require security measures to protect them from cyberthreats. Furthermore, users who conduct digital transactions reveal huge amounts of personal and financial data that cybercriminals covet. Vendors and consumers alike must consider data privacy implications when providing or purchasing a product or service. Many directives and regulations, such as the Europeon Union’s General Data Protection Regulation (GDPR), aim to govern how organizations handle customer data.

Everyone Has a Stake in Security

In this complex ecosystem of connected devices, consumers need to know that they, their vendors and their fellow users are secure. This puts even more pressure on providers, who must consider all the ways in which their products could be compromised while remaining competitive in a fast-moving market. Vendors might consider security measures such as requiring users to complete a two-factor authentication process to make transactions or access their products.

The bottom line is that all parties involved in a purchase — the vendor, the consumer and, if applicable, the financial institution facilitating the transaction — have a stake in the security of a given product. If either the provider or consumer fails to follow security best practices, the entire ecosystem is at risk.

Read the new IBM report: Smart things call for smart risk management

More from CISO

CISOs drive the intersection between cyber maturity and business continuity

4 min read - The modern corporate landscape is marked by rapid digital change, heightened cybersecurity threats and an evolving regulatory environment. At the nexus of these pressures sits the chief information security officer (CISO), a role that has gained newfound influence and responsibility.The recent Deloitte Global Future of Cyber Survey underscores this shift, revealing that “being more cyber mature does not make organizations immune to threats; it makes them more resilient when they occur, enabling critical business continuity.” High-cyber-maturity organizations increasingly integrate cybersecurity…

CISO vs. CEO: Making a case for cybersecurity investments

4 min read - Ask CISOs why they think there is a cyber skills shortage in their organization, what keeps them up at night or what the most important issue facing the industry is — at some point, even if not the first response, they will bring up budgets.For example, at RSA Conference 2024, a roundtable discussion about issues facing the cybersecurity industry, one CISO stated bluntly that budgets — or lack thereof — are the biggest problem. At a time when everything is…

Making smart cybersecurity spending decisions in 2025

4 min read - December is a month of numbers, from holiday countdowns to RSVPs for parties. But for business leaders, the most important numbers this month are the budget numbers for 2025. With cybersecurity a top focus for many businesses in 2025, it is likely to be a top-line item on many budgets heading into the New Year.Gartner expects that cybersecurity spending is expected to increase 15% in 2025, from $183.9 billion to $212 billion. Security services lead the way for the segment…

Topic updates

Get email updates and stay ahead of the latest threats to the security landscape, thought leadership and research.
Subscribe today