Security and privacy were cited as the main issue for more than half of respondents (57%) and over one third (35%) of respondents, respectively, when it came to adopting digital transformation.
In 2021, 61% had started digital transformation initiatives with a security component. Risk assessment management was listed as a major priority for digital transformation activities by 47% of respondents, and road mapping and security strategy were prioritized by 42% of respondents.
“What these findings show is that the alternative investment market recognizes the value of coupling digital transformation and cybersecurity strategies, and firms are prepared to invest in such efforts, but struggle with execution due to obstacles outside of their control like staffing shortages,” said David Andrade, CEO of ECI.
Given the industry-wide skills gap in personnel trained in threat monitoring, alerting, and response, institutions are looking into vendor managed security solutions as a more cost-effective strategy that enables in-house teams to concentrate on routine business and digital transformation efforts.
“Digital transformation initiatives with embedded cybersecurity are top of mind for most industries due to the significant impact DX can have on a company’s profitability, growth and risk management,” said Philip Harris, Director, Cybersecurity Risk Management Services at IDC. “With security taking a critical role, companies are turning to outsourced resources to both scale initiatives and build or maintain a strong security posture in the process.”
