Cyber Threats in Perspective

 

"Glass, China and reputation are easily cracked and never well mended” – Benjamin Franklin

 

Cyber-threats have become a significant additional risk to business as can be determined from the following statistics:

 

  1. 49% of Executives believe that risk management is becoming more important to achieving strategic goals.  (Deloitte 2018)

  2. 84% of boards say that they have discussed management plans to respond to a cyber threat.  (PwC 2018)

  3. One in two chief executives say a cyber attack is now a case of when, not if.  (KPMG 2018)

  4. 90% of FTSE 350 companies say their board is increasing spending on the mitigation of a cyber risk.  (ICSA 2018)

  5. 76% of employees say chief executives should take the lead in change rather than waiting for governments to impose it.  (Edelman 2019 trust barometer)

 

It is worth noting however that businesses do not consider cyber threats to be the biggest risk to their business.  Here is how it rates with other risks:

 

Over regulation - 35%

Political uncertainty - 35%

Availability of key skills - 34%

Trade conflicts - 31%

Geopolitical uncertainty - 30%

Protectionism - 30%

Cyber threats - 30%

Speed of technological change - 28%

Exchange-rate volatility - 26%

 

We are pleased to see that new threat to business is being seen as one of the many things to do to run a business properly rather then making it a stand-alone problem. 

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