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Is Cybersecurity Preparedness a Top Priority for CEOs?

A study by KPMG of CEOs was recently released and the priority for cybersecurity preparedness among businesses worldwide is something to note. It is the Global CEO Outlook 2015 report. Read it here.

Regarding their businesses, when it came to growth and their ability to flourish over the next 3 years, they were confident. Although, there were a significant number of CEOs who expressed some concern about staying relevant with their product offerings (approx. 2/3 of CEOs in the report) and also about keeping up with the fast pace of technology advancements (approx. 3/4 of CEOs in the report).

There was one eye-opening number that stands out in this report. Of all CEOs polled, half of them felt their companies are either not prepared or only partially prepared to deal with a major cyber attack. This report included more than one thousand CEOs of companies with at least $500M in revenue. These are the companies that should have the budget to be in a state of full preparedness to respond to cyber events and yet this challenge significantly under-addressed.

Some key points and quotes in the report when addressing cybersecurity preparedness worth noting:

“Any CEO who really understands risk knows that cyber is possibly the most unpredictable risk there is,” says Malcolm Marshall, KPMG’s Global Head of Cyber Security. “It’s more unpredictable than a flood or tornado.”

Failure to act decisively when customer, investor, and staff interests are at the heart of the matter, can cost a business a fortune, and, for senior executives, their jobs.

“Essentially, we are living through a cyber arms race and what we are seeing is that the bad guys are continuing to innovate. The good guys need to outrun that innovation.”

Read the full article here.