Companies in Saudi Arabia need to execute a digital resilience strategy to identify disruptive technologies and provide protection from cyber threats once those technologies are implemented.
“For CEOs in Saudi Arabia, strengthening governance and bolstering their ability to recover from a major incident are the most important strategies for establishing digital resilience,” said Mazhar Hussain, Digital Lighthouse Lead for KPMG in Saudi Arabia.
“CEOs need to be quicker to shift investments to digital opportunities and divest businesses that face digital obsolescence,” Hussain said.
According to KPMG’s CEO Outlook Saudi Arabia 2021, 66 percent of CEOs say they are actively disrupting their industry, down from 86 percent in a pre-pandemic poll. Furthermore, CEOs who perceive technological change as an opportunity rather than a danger have declined from 88 percent to 72 percent.
CEOs in the Kingdom recognize the need to strengthen their defense systems, and cybersecurity is one of their top business concerns.
Purpose-driven, long-term cybersecurity strategies enable digital ecosystems to survive, recover from attacks, and establish trust in a company’s governance.
Saudi Arabian companies are increasing their digital investment strategies, with 68 percent of Saudi CEOs claiming to have an aggressive digital investment strategy in place to gain first-mover or fast-follower status.
According to KPMG, several firms fared very well during the Covid-19 pandemic, demonstrating resilience in the face of significant change, uncertainty, and upheaval, and CEOs must surround themselves with resilient employees.
The poll also revealed a number of interesting observations. By recognising opportunities and defining measurements and standards for reporting on ESG performance, CEOs perceive a need to integrate environmental, social, and governance (ESG) programmes and financial growth.
CEOs are keeping their options open when it comes to the future of work. Although only 8% of CEOs are decreasing their office facilities, others are trying to hire a remote or hybrid workforce.
CEOs should put money into digital skills and technology upgrades. They should ensure that decisions on the future of work improve employee engagement and commitment to the company, according to KPMG concluded.
