Digital transformation, strategic resilience, cyber security and risk management

Abstract

The book innovatively enhances several advanced researches performed to provide accurate solutions to the on-going challenges faced worldwide that have brought digital transformation, cyber security and risk management into a fierce debate and at the core of comprehensive resilience strategies.

The current ongoing challenges faced at the global level have brought digital transformation, cyber security and risk management into a fierce debate both scientists and public discourse rendering global the keen need for strategic resilience through new innovative measures and coordinated risk management approaches. The current COVID-19 pandemic has an outburst on the global economy, making digitalisation even more relevant and a key milestone to overcome these challenges and enhance sustainable economic development. Digitalisation notably shapes the world economy, impacting individuals, businesses, industries, labour markets, education systems and governments. On the one hand, digital transformations and technological progress are transforming the skills needed by individuals to actively engage in the world of online work in a modern economy and, especially, post-pandemic crisis. On the other hand, digital technologies have become an important enabler for innovation, thus bringing value added for companies and broad industries, along with numerous opportunities and capabilities for growth and increased performance. However, these are also associated with risks and deterring factors that must be managed wisely to ensure an effective digital environment, strategic resilience and sustainability.

Digitisation of economic and management processes allows for new value delivery and higher efficiency in implementing their strategic goals. However, it involves the need to reconfigure, reconstruct or build new business models. This is due to the inclusion of digital technologies in the existing rules of functioning among partners involved in the flow of resources and their readiness for digital transformation. Maximising the benefits of digitising processes can be achieved when data and information from multiple sources within cyber security are analysed and shared. In this way, it is possible to increase the transparency of flows, reduce costs from a global perspective and reduce uncertainty and risks arising both within the processes and in their environment. Such solutions may also counteract the negative effects of crises caused by unforeseen circumstances like the COVID-19 pandemic. [excerpt]