In the VUCA era characterized by Volatility, Uncertainty, Complexity, and Ambiguity, companies in developing countries face significant challenges in managing digital risks. Rapid technological advancements open new opportunities but also bring serious threats such as cyber attacks, data breaches, and privacy violations, which are becoming increasingly common. These risks require serious attention from companies aiming not just to survive but to thrive amidst the changing market dynamics.
Recent data from Cybersecurity Ventures, Ponemon Institute, and IBM Security highlight a worrying trend in increasing digital risks, with global losses from cybercrime expected to rise significantly and the average cost of recovering from a data breach reaching millions of dollars per incident. These challenges are compounded by increasingly stringent government regulations and difficulties in recruiting staff with adequate cybersecurity skills, adding to the compliance burden for companies.
In developing countries, where technological infrastructure may not be fully mature, vulnerabilities to digital risks are higher. The widespread digitization in business operations makes cyber attacks, data leaks,…
