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Cybersecurity in the age of generative AI: A leader’s guide

Safety first ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
Leading Off

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
An image linking to the web page “New survey reveals $2 trillion market opportunity for cybersecurity technology and service providers” on McKinsey.com.

It’s not often that a $2 trillion opportunity comes along. That’s the estimated worth of the market for cybersecurity products and services, according to new research led by McKinsey partner Marc Sorel and colleagues. “Currently available commercial solutions do not fully meet customer demands in terms of automation, pricing, services, and other capabilities,” they say. Only about 10 percent of the addressable market is served today; combined with increasing regulation and growing C-suite concerns about security and privacy, this gives both cybersecurity providers and buyers a compelling opportunity. “Until recently, many organizations that required cyber protection were not fully engaged with the challenges they faced,” say the McKinsey experts. “Often, they saw the cost and complexity of action as greater than the need for it. Now, with attacks becoming more frequent, the risk–benefit equation has changed.”

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That’s McKinsey’s Bryce Hall quoting “one of the most colorful analogies” on gen AI that he has heard from business leaders. “With the speed and advancements in technology, we don’t even know yet what type of electric fence to put into place,” adds McKinsey expert Liz Grennan. “We are seeing a lot of case studies about reputational damage, customer attrition, and erosion of market value, along with increased fines and regulatory scrutiny.” Leading companies that are developing or adopting gen AI solutions are pulling in legal and cyber risk experts from the start, and some global compliance standards may take effect next year. “The stage will be very crowded with both virtue and vice,” says Grennan. “One of next year’s tech trends could be the use of AI to combat the harms of AI because we can’t solve this with traditional means.”
An image linking to the web page “Building a cybersecurity culture from within: An interview with MongoDB” on McKinsey.com.

A strong culture often contributes to the success of most corporate initiatives, and cybersecurity is no exception. Developer data platform company MongoDB discovered this when it implemented a security awareness program that encouraged employees to participate in protecting the organization. Roughly more than 100 of the firm’s employees—people from different ranks and locations and with varying levels of expertise—volunteer as “security champions” to test security-related tools, identify potential vulnerabilities, and provide feedback to the company’s security team. A clear win is when feedback from participants leads to a tool’s adoption, says Felix Chen, MongoDB’s cybersecurity education and advocacy senior analyst, in an interview with McKinsey’s James Kaplan and Charlie Lewis. “We ask them for a simple input. Even if it’s something that we don’t go with, the fact that we are asking creates a sense of inclusion and contribution.”
An image linking to the web page “Securing your organization by recruiting, hiring, and retaining cybersecurity talent to reduce cyberrisk” on McKinsey.com.

Lead securely.

— Edited by Rama Ramaswami, senior editor, New York

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:47 - 11 Sep 2023