Only 49pc CEOs prepare for a future cyber event
Despite the risks associated with cyber breaches, only about 49 percent are fully prepared for a future cyber event, according to chief executives of global businesses in a major study released by KPMG International.
The 2015 KPMG CEO Outlook Study of more than 1,200 chief executives, one out of five indicated that information security is the risk they are most concerned about.
Nael Nasr, head of Management Consulting at KPMG in Bahrain, said: “Cyber security is an important priority for all sectors and, increasingly, we are seeing businesses and organisations in Bahrain take steps to prepare for potential threats.
“While the financial services and oil and gas sectors are in particular taking the lead, cyber security must be an issue which all organizations should be proactive in tackling.”
“The most innovative companies have recognized that cyber security is a customer experience, not just a risk that needs to be managed or a line item in the budget. In Bahrain, some firms are finding ways to turn cyber preparedness into a competitive advantage with customers, and they are using this as a differentiator,” said Nasr.
Cybersecurity was seen as the issue having the largest impact on their company for nearly a third of the CEOs (29 percent). Yet only half of the respondents had appointed a cyber-security executive or team and two in ten (21 per cent) had no plans to do so. Similarly, only 37 per cent have upgraded current technologies.
“Many companies that suffer serious breaches think they were adequately prepared. A failure to imagine the sophistication and persistence of their attackers may lead to serious consequences,” said Nasr.
In the past 15 months, KPMG firms have made significant cyber acquisitions around the world.
KPMG’s global investment fund, KPMG Capita, recently took an equity stake in Norse Corp, a leader in live attack intelligence, which helps companies pre-emptively block cyber-attacks, track emerging threats and detect compromises.