Digital Resilience: Fostering Hack-Proof Business Game
May 4, 2023
Rewinding to 2020, we remember a year like no other. The world was in lockdown, and we
were trapped in our homes. Amidst the chaotic silence, our escape was gradually coming to
the surface- Digitisation; locked in but not locked out of the digital world. Virtual meetings,
online classrooms and online hangouts became the norm, while pyjamas became the new
work wear. It was a year of cancelled plans and postponed trips, but we found creative ways
to stay connected. The world went digital, and a new era was born.
Are you digitally resilient?
In January 2022 there were 4.95 billion internet users worldwide, which signifies the need for
digital security. The pandemic has tremendously evolved how businesses work. Although
Market research is an essential tool for businesses to stay ahead of the game, in a world
where data breaches and cyber-attacks are on the rise, digital resilience is more important
than ever. It’s not just about having the latest gadgets or knowing how to use the latest apps;
it’s about being able to navigate the challenges that come with living in a digital world.
Therefore, research companies are showing new enthusiasm for gathering insights digitally.
In fact, many sectors of the insight industry had to speed up their existing digitalization
programs and even adopt online methods for the first time, to quickly respond to challenges.
The question is: are you all prepared to seize what may come- pandemic, recession, cyber-
attacks, natural disasters? Because it’s time for businesses to improve their digital resilience
against digital disruptions. Don’t forget, if disruption is a certainty, resilience has a strong
ROI.
Digital Agility vs Digital Resilience- Spot the difference
Digital agility is how easily an organization can adapt to changing business needs by
leveraging digital technologies. Whereas digital resilience is all about having the strength to
bounce back from adversity victoriously. While digital agility is focused on quick reflexes
and adaptability, digital resilience is all about building a strong foundation that can weather
any storm. Both are important in the fast-paced world of technology, but they require
different approaches and mindsets.
The increasing use of online services has resulted in most industries handling large amounts
of personal information, making it a prime target for cybercriminals. For instance, In October
2021, Tesco, a UK supermarket giant, experienced an attempted cyber-attack during an e-
commerce spike that saw 1.3 million online orders per week. The attack caused the
company’s website and app to go down for almost two days, potentially leading to revenue
loss and impacting customer loyalty. Do you see how this incident clearly indicates the
imperativeness of agility and resilience?
Winning strategies in the digital era
In today’s rapidly changing business landscape, digital transformation has become essential
for companies to thrive and stay competitive. However, simply adopting digital technologies and tools, developing a one-time plan, having a remedial understanding and then sticking to it rigidly isn’t enough; it’s an era of powerful first-mover advantages. Companies need to develop a clear, effective, adaptable digital strategy that aligns with their overall business goals and objectives, to be better positioned to succeed in the long run.
Partnering with other businesses and organizations:
Collaboration is key to success in the digital era. This way, businesses can leverage their
strengths and expertise to create new opportunities and solve complex challenges. In fact, the
World Economic Forum has recognized the importance of digital resilience and called for
collaboration between businesses and governments to tackle digital threats. In response, G7
nations have agreed to share expertise to prevent and mitigate cyber risks, which is a crucial
step in protecting businesses as they rapidly transform digitally.
Embracing a customer-centric approach:
With digital technologies, businesses have more opportunities than ever to understand and
engage with their customers. It is anticipated that in the coming future, Digital resilience can
aid firms in improving customer experience, critical for building customer loyalty and trust.
By encapsulating digital tools in business models like chatbots, AR-VR rich media, CRM
systems, personalised messaging, and online self-service portals, businesses can provide
customers with a seamless and convenient experience across all touchpoints. Organisations
that prioritise consumer-friendly, convenient online offerings are seeing exponential growth
in e-commerce sales, which has grown between two and five times faster than before Covid-19.
Digital core investment:
It refers to investing in the stable and foundational technologies and systems that underpin an
organization’s digital operations. This can include things like cloud computing, data analytics,
and cybersecurity. By making strategic investments in these areas, organizations can build a
strong digital core that is better able to withstand disruptions, minimize downtime and adapt
to changing circumstances. For instance, JP Morgan Chase has made significant investments
in its digital core infrastructure, including its cloud computing capabilities and data analytics
tools.
Investment in digital innovation:
Digital innovation can help businesses spur productivity, have an upper hand, and create new growth opportunities. By investing in emerging technologies such as AI, blockchain, and IoT,
businesses can find new ways to streamline operations, improve customer experiences, and
create new products and services. For example, JP Morgan Chase pursued digital innovation
through initiatives like its Machine Learning Centre of Excellence which focuses on
developing advanced AI technologies to support its operations; helping the bank to identify
patterns and trends in data more quickly and accurately