A Holistic Performance Management Framework for Implementing Cybersecurity Strategies by BCG & STC

The frequency and cost of cyberattacks is accelerating. Globally, the cost of cybercrime is estimated to have risen from $445B in 2015 to over $2.2 trillion today. The frequency and size of data breaches are growing exponentially across all industries (Exhibit 1). In 2021, leading organizations across almost every sector reported major attacks, including tech companies, automotive and government entities. Realizing the Benefits. Companies around the world are redoubling their focus on cybersecurity as a business-critical capability. Increasingly, they are recognizing the need for holistic approaches, integrated with their business strategy and goals. Since introducing their cybersecurity strategy and performance management program, stc has seen a host of benefits including: • An end-to-end cybersecurity strategy that builds capabilities, strengthens foundational controls, implements advanced controls, and sharpens monitoring. • Robust cybersecurity performance management that plays a significant role in elevating cybersecurity maturity, improving accountability and task ownership. • Elevated cybersecurity maturity and strategy alignment across group subsidiaries. (stc extended support and guidance to subsidiaries to implement cybersecurity strategy, and measure their cybersecurity capabilities through customized performance packages for each subsidiary.) With dramatic increases in cyberattacks’ pace, frequency and cost, companies are seeking to learn from each other, identifying and adapting best practices to move faster and stay ahead of evolving threats. In response to this need, and in recognition that cybersecurity is an urgent global priority, stc and BCG are happy to share this paper. Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to row, build sustainable competitive advantage, and drive positive societal impact. Our diverse, global eams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place. Saudi Telecommunication Company (stc) is the Saudi digital enabler of telecommunications services in the Kingdom of Saudi Arabia. stc are a pioneer digital champion, always been focused on innovation and evolution, thinking about the future to make it, to stay ahead as a truly meaningful and purposeful organization. stc offer variety of ICT solutions and digital services in several categories including telecommunication, IT, financial technology, digital media, cybersecurity, and other advanced digital solutions, with that stc are leading the digital transformation nationally and regionally. Cybersecurity_Strategy_Management_FrameworkDownload