Royal Bank of Canada (RBC)

Adam Evans

Digital Resilience Champion

Adam Evans, an expert information security professional, has years of experience managing enterprise-level security projects. Serving as the Senior Vice President & CISO at Royal Bank of Canada (RBC), Evans leads a team of security and risk professionals who provide global enterprises with services, including threat intelligence, incident response, and endpoint and vulnerability management. At RBC, Evans is also responsible for the execution of the enterprise cyber strategy.

How Has The Cybersecurity Landscape Evolved Over The Years?

The last few years have witnessed a rapid evolution of cybersecurity and cybercrime. The evolution can be attributed to the copious amount of data generated due to people’s and businesses’ increased reliance on technologies, such as public cloud, SaaS, machine learning, and AI. Unfortunately, this data falls prey to cybercriminals who are skilled and specialized in malware development, money laundering, and extortion tactics.

As a result, businesses are witnessing a surge in the number of cyberattacks. Billions of customer records are being breached annually and will only exacerbate. A study conducted by Cybersecurity Ventures indicates that cybercrime costs are expected to grow by 15 percent per year, reaching $10.5 trillion annually by 2025. Amidst the critical situation, it is imperative for organizations to sustain their zeal for digital transformation to stay competitive in the marketplace. Companies can maintain their viability by ensuring that their customers are educated to safeguard their business and personal information.

What, According To You, Are Some Of The Challenges That The Cybersecurity Landscape Faces Today?

An acute talent crunch is one of the major challenges the cybersecurity landscape faces today. According to Cybersecurity Ventures, the number of unfilled cybersecurity jobs will continue to be 3.5 million globally in 2025. This is because the skillset a modern cybersecurity professional must possess has significantly changed.

“By ensuring that their customers are educated to safeguard their business and personal information, companies can maintain their viability”

Professionals require a combination of technical acumen and business knowledge to thrive in the cybersecurity arena. They must have extensive expertise in technologies and a deep understanding of their enterprise and its priorities to deliver reliable, bestin-class services. Cybersecurity professionals are needed to have extensive expertise in technologies and a deep understanding of their enterprise and its priorities to deliver reliable, best-in-class services. Bringing changes in the curriculum and training students with more relevant skills to circumvent emerging business problems are key to imbibing young professionals with the necessary business know-how. On-the-job training, on the other hand, is a crucial aspect in making the workforce more cyberaware and equipping them with technological skills to tackle ever-increasing cyber threats. This helps employers ensure that qualified candidates enter the cybersecurity job market.

Another challenge for businesses in the cybersecurity landscape is securing the surging number of connected devices over the internet. While companies are at the forefront of adopting and using technologies instantly, they lack the strategic plan to protect these connected devices from malicious attacks.

This forces organizations to compromise their security posture and, subsequently, their credibility in the market. Organizations are also subject to regulatory incidents if they fail to adhere to cybersecurity best practices. This puts cybersecurity front and center of boardroom discussions.

What Are Some Of The Best Practices Businesses Should Adopt To Stay Ahead Of The Competition?

Small and medium businesses are certainly our country's economic engine. But, they often fail to get the required assistance to strengthen their security posture. Be it a bank, an SMB, or a large enterprise, organizations must understand where the biggest risks lie and figure out ways to mitigate them to win the battle against cyberattacks.

Risk-lying areas may vary between intellectual property, clients, and services, according to the size and type of the organizations. Educating board members, executives, and the workforce about their role in cybersecurity helps organizations prepare for cyber events that could potentially unfold at any time in the future.

Companies should also pay attention to some of the evolving technology trends, which have a huge impact on cybersecurity. One such trend is quantum computing, which will emerge as a business driver because of its potential to solve algorithms behind encryption keys. By embracing quantum-ready capabilities, organizations can run their operations in a more secure manner and stay prepared for the future.

What Piece Of Advice Would You Like To Give To Industry Veterans And Budding Entrepreneurs In The Cybersecurity Space?

Cybersecurity professionals often tend to be complacent about their ability to detect and prevent malicious attacks. This prevents them from updating themselves about the ever-evolving technology trends in the present information age. Continuously learning and aligning with the current regulatory standards and business and tech trends and developing new skills help industry veterans overcome complacency and ace their cybersecurity game.

Entrepreneurs should start devising plans and strategies that will help them mitigate future challenges. As new marketplaces are opening up, entrepreneurs must come up with unique and interesting ways of solving business problems to stay viable and competitive. They must also focus on achieving their scalability goals by using digital technologies.

There are numerous opportunities for entrepreneurs in the cybersecurity space. Being clear on the problems that hamper the smooth functioning of businesses is the key to success.