Fast decision making, tech transformation key to businesses surviving pandemic

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Building a cyber-resilient electricity sector is a key priority for the post-COVID era

The COVID-19 crisis is having a dramatic impact on our society and has reinforced our reliance on a stable internet and power infrastructure.

The World Economic Forum’s COVID-19 Risks Outlook found that the third greatest concern for companies is that new working patterns may increase cyberattacks: “As the COVID-19 crisis accelerates dependency on technologically-enabled economic processes, it is also exacerbating […] cyber-risks.”

Cyberattacks on critical energy infrastructure pose a risk to energy systems, economies and societal welfare. The loss of power across a large region for an extended period would produce severe impacts for businesses, governments and wider societies.

Traditionally, managing the risk of a major outage in the energy industry meant dealing with issues such as component failure or inclement weather via robust mitigation and recovery plans.

Over the past decade or more, the electricity industry has been undergoing a rapid and transformative digitalization of its ecosystem that has been essential to ensuring the reliability and continuity of power supplies during the pandemic. These digital technologies have amplified the level of interconnectivity and convergence of operational technology (OT) and information technology (IT) – and are expanding the cyberattack surface for malicious actors to exploit. Without adaption, previously secure systems and environments become insecure…

Fast decision making, tech transformation key to businesses surviving pandemic

Business leaders in the Asia Pacific believe fast decision making and digital transformation have been key to surviving and thriving during the COVID-19 pandemic, according to new research by Westpac and the Economist Intelligence Unit.

The new report “The Asia Pacific CEO Survey: Business leaders chart the road ahead” also found concerns around supply chain security will see more manufacturing brought back to Australia and that many businesses have already started doing this.

Although some chief executives had experience of managing during previous public health crises, the severity of the covid-19 pandemic was unprecedented.

Many pointed to the fact they have taken actions to stabilise their operations out of necessity, but in the process, have initiated changes that promise future benefits-some unanticipated-in terms of efficiency and team cohesion…

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