Cybersecurity Considerations 2024: Technology, Media and Telecommunications

Navigating innovation and threats in a hyperconnected world

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The technology, media and telecommunications (TMT) sector is leading the way in driving digital transformation across organizations through its continuous innovation and development of new technology. This has caused TMT organizations to evolve from previously offering distinct services to becoming multi-dimensional service providers, adding layers of diversity to their profiles. This transformation is driven by emerging technologies such as artificial intelligence (AI), 5G, blockchain/crypto, cloud and virtual reality, among others.

As TMT companies continue to innovate and expand, they are increasingly exposed to cyber threats and complex global regulatory requirements. Addressing these expanded cyber risks and complying with an ever-increasing spectrum of regulations is becoming a pressing challenge.

With the deeper integration of data and technology, cybersecurity and data privacy are increasingly being embedded within the core business functions. While Chief Information Security Officers (CISOs) play a vital role, the entire leadership team needs to embrace cyber and data privacy as a top priority. The focus should not be solely on responding to threats, but on proactively ensuring cybersecurity and data privacy are embedded across the organization.

To juggle the swift pace of technological innovation and transformation, TMT organizations are increasingly relying on partnerships. However, ensuring a trusted and secure supply chain across these evolving partnerships presents unique challenges.

Moreover, managing rapidly evolving digital identities within a hyperconnected environment and navigating the need for humans and machines to coexist has become a major consideration.

This article explores cybersecurity considerations for the TMT sector. It provides an overview of the rapidly evolving cybersecurity landscape, the evolving role of CISOs, the need for operational resilience and the incorporation of security within core functions.

Consideration 1: Embed cyber and privacy for good

Digital has transformed business processes, leading TMT organizations to transition from centralized cybersecurity operating models to deeply embedding cyber across all functions. As businesses continue to adopt technologies beyond cloud-based services, new security risks are emerging that require effective resource deployment and the application of AI. Cultivating a sustainable security culture that prioritizes continuous threat monitoring, clear communication, trust-building and balancing technical and soft skills is vital.

Digital has transformed business processes, leading TMT organizations to transition from centralized cybersecurity operating models to deeply embedding cyber across all functions. As businesses continue to adopt technologies beyond cloud-based services, new security risks are emerging that require effective resource deployment and the application of AI. Cultivating a sustainable security culture that prioritizes continuous threat monitoring, clear communication, trust-building and balancing technical and soft skills is vital.

Consideration 2: Modernize supply chain security

As organizations in the TMT sector face an increasingly complex and interdependent supply chain ecosystem, they are more exposed to new cyber threats. In response, businesses are urged to establish strategic supplier partnerships focused on continuously monitoring and managing the evolving risk profiles of these entities to enhance operational resilience. The rapid pace of technological advancement and the deployment of AI augments and complicates this landscape, presenting new opportunities and potential risks. Global standards and regulatory bodies are stepping in to ensure the supply chain ecosystem is adequately focused from a cyber risk perspective and that proper security controls are deployed.

With increased instances of supply chain disruptions, TMT enterprises investing in comprehensive risk management need a clear, continuous view of an ever-expanding third-party ecosystem. With today’s complex global dynamics, evolving toward a cybersecurity posture encompassing businesses and the vendor ecosystem is crucial.

Consideration 3: Make identity individual, not institutional

Digital identity has emerged as a key factor for efficient digital interactions in the connected world. With smart devices tethered to organizations’ digital backbone, managing their identities is imperative. Customer digital identity is another increasing area of focus, with consumers accessing digital platforms daily. This has made a reliable and trusted federated identity model particularly important.

In this environment, the security challenges of establishing digital identity are growing with the rise of deepfake technologies. Cybercriminals are using this tactic to target corporations, institutions and sovereigns, many of which are unprepared to defend against this threat. 

As TMT organizations take the lead in implementing emerging technologies, they must also be aware of the accompanying risks, including the potential for misuse. A reimagined approach to identity and access management, encompassing employees, ecosystem providers, connected devices and consumers, is a strong move toward ensuring and upholding a resilient security posture.



Cybersecurity Considerations 2024: Technology, Media and Telecommunications

Companies in the TMT space are increasingly facing cybersecurity and privacy threats because of their extensive reliance on digital channels. Unauthorized network access can lead to substantial financial losses, damage to brand reputation, legal action and erosion of customer trust.

Privacy threats are also prevalent, as TMT companies collect, store and process large volumes of personal data. These threats underscore the need for comprehensive data protection and cybersecurity measures.

A leading telecommunications company recently experienced a major cyberattack, leading to widespread disruptions. The attack affected the provision of various services based on data networks, voice services, television, SMS and voice/digital customer care systems.

The company had millions of subscribers, and the impact was observed across the majority of subscribers. There was also an impact on adjacent technology systems such as fintech and medtech services, which significantly depended on telecommunications capabilities.

As a result of the incident, there was a significant impact on the brand’s reputation, clearly highlighting the need for cyber to be embedded into business processes.



Top priorities for TMT security professionals

  • Positioning digital trust as a competitive advantage in the marketplace.
  • Embedding cybersecurity and data privacy as vital components of business processes.
  • Emphasizing and bolstering resilience and digital identities in hyperconnected environments.
  • Active engagement with industry forums and regulators to keep pace with emerging threats and regulations.
  • Creating a secure and trusted supply chain to future-proof the organization and foster a culture of continuous innovation.

How this connects to what we do

In addition to assessing your cybersecurity program and ensuring it aligns with your business priorities, KPMG professionals can help TMT organizations develop advanced digital solutions, advise on the implementation and monitoring of ongoing risks and help design the appropriate response to cyber incidents.

KPMG professionals are adept at applying cutting-edge thinking to clients’ most pressing cybersecurity needs and developing custom strategies that are fit for purpose. With technology that is secure and trusted, KPMG professionals offer a broad array of solutions including cyber cloud assessments, privacy automation, third-party security optimization, AI security, and managed detection and response.

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Atul Gupta

Partner and Head - Digital Trust and Cyber

India

Mark Gibson

Global Head of Technology, Media & Telecommunications (TMT)

KPMG International

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