Company bosses fear cyber-attacks and look to limit their own potential exposure

CEOs have expressed high levels of concern regarding the increasing sophistication of cyber-attacks, as almost half have taken action to personally protect themselves from malicious actors by deleting social media apps.

The findings, from PwC’s survey of almost 1,600 CEOs from 83 countries across the world, shows that the issues determining UK CEOs’ cyber security strategies include: growing public concern over data privacy (57%); data privacy regulations (57%); vulnerabilities in supply chains (41%); and the shortage of cybersecurity talent (27%).

In terms of their own personal exposure, the research found that 48% of CEOs have taken some action regarding their own digital behaviour, including deleting social media or virtual assistant apps or requesting a company to delete their data.

Richard Horne, cyber security chair at PwC UK, said: “It's clear that cybercrime continues to grow as an issue for CEOs around the world, meaning that for many, the threat to their margins, their brands and even their continued existence from cyber-attacks is no longer an abstract risk that can be ignored.”

He added that criminals are becoming more adept at monetizing their breaches, with a sharp rise in ransomware attacks over the past year. “They can have a devastating impact on the organisations they hit, as seen in many high-profile cases.

“To counterbalance this, CEOs need to focus on how their business is configured – with the ability to be resilient to cyber-attacks becoming a core requirement. Cyber security can no longer be seen as a 'bolt on', but rather something to be designed into the business and IT architecture.”

    Share Story:

Recent Stories

Are property insurers ready for timber
The Structural Timber Association is gearing up to help all stakeholders in the construction supply chain to fully appreciate the advantages of building in timber, how to deliver such projects and most importantly to understand and manage the risks.

The changing face of BC and WAR
The working environment has changed quite dramatically for many over the last six months. With social distancing and the rise of homeworking, it is not just how businesses operate that has changed, but also how they recover. In this podcast we discuss some of the challenges created by the quick shift to home working, why the office may not have seen its last days and how the current environment can impact the ability of a business to recover.