Cyber as a strategic function
While other risks may now feature as top concerns for global CEOs, the cyber environment is evolving quickly — and 77 percent see information security as a strategic function and a potential competitive advantage. Geopolitical uncertainty is increasing worries over corporate cyber attacks for many CEOs (73 percent) compared to previous years (61 percent in 2021). In fact, three out of four CEOs (76 percent) say that protecting their partner ecosystem and supply chain is just as important as building their own organization’s cyber defenses.
Growing experience of the challenges of cyber security is also giving CEOs a clearer picture of how prepared — or underprepared — they may be. More CEOs recognize they’re underprepared for a cyber attack, with 24 percent admitting so in 2022, compared to 13 percent in 2021; this year, 56 percent say they’re prepared, about level with last year. And nearly three-quarters (72 percent) say their organization has a plan in place to deal with a ransomware attack, compared to 65 percent in 2021. The rapid increase in cyber attacks, coupled with the increasing difficulty of detecting attacks on time, calls for automation and innovation in dealing with cyber incidents.
Alexis George, CEO of AMP, acknowledges that cyber security risk is increasing as AMP grows its digital capabilities. “Cyber security is absolutely one of the biggest risks for our industry as we face the future. We manage our risks well, but like any organization our data is a target. Privacy breaches and scams are threats, and cyber criminals are increasingly sophisticated, but that is the nature of the digital financial landscape. We must continue to adapt, prepare and respond.”