Cybersecurity as an Economic Tool

Cybersecurity as a Tool for Economic Growth

Historically speaking, citizen-facing services for local governments and cities have taken priority over upgrading IT security operations. Ensuring that local governments deliver on their commitment to constituents will always be the top priority. 

This often means that plans for modernizing cybersecurity programs are reduced compared to investments in other parts of daily operations and utility services. The task of implementing proper cybersecurity standards remains a challenging endeavor for city IT organizations in today’s complex threat landscape. Small and medium-sized businesses are similarly challenged to prioritize cybersecurity over the many cloud and digital platforms required to operate a modern business. Local governments and cities have a pivotal role in promoting cybersecurity and understanding its intersection with economic development. This is a topic that should be of great interest and concern to those seeking sustainable economic growth.

Today, a cyber-event can wreak wide-ranging and immediate damage to city services and local businesses. Unlike natural disasters, a cyber event has the potential to devastate a business, city, or municipality within minutes, underlining the urgent need for robust cybersecurity measures.

Local governments, cities, and municipalities have become significant targets of cybercriminals and nation-state actors who use increasingly sophisticated means to attack critical systems and steal sensitive data. Research from CrowdStrike shows that between July 2022 and June 2023, local government was the second most frequently targeted industry.