In most cases, the expense of fixing a data breach can exceed the company’s actual financial expenses, etc.
Most businesses are worried about cybercrime (65%), mobile fraud (41%), email (40%), cloud data leakage (38%) and other similar threats. (Illustration).
PwC’s latest 2022 Global Digital Confidence Survey polled over 3,500 CEOs from 65 different countries. Accordingly, 27% of businesses around the world have lost $1 million to $20 million or more due to a data breach in the last three years.
Despite having sustained millions of dollars in losses from cyberattacks, less than 40% of executives surveyed reported having fully mitigated cybersecurity risks in several areas, including: telecommuting and flexibility (38%); accelerating cloud adoption (35%); increasing use of the Internet of Things (IoT) (34%); increasing digitization of supply chain (32%); and office administrative activities (31%).
Moreover, senior executives voiced concern that their companies lacked the resources necessary to effectively counteract the growing threats. Cybercrime (65%), mobile fraud (41%), email (40%), cloud data leak (38%), hacking/account hijacking of business email (33%), and ransomware (32%) are on top list of risks in the cyber environment in 2023. Security in the supply chain becomes a major issue for operational executives.
Though transparency regarding cyber incidents is desired, only 56% of CEOs believe that their company can give information about a critical incident within a predetermined time frame. 70% of CEOs in businesses worry that increased openness and transparency may cause them to lose their competitive edge.
INCREASE NETWORK SECURITY BUDGET
Sixty-nine percent (69%) of the business owners polled indicated their companies are allocating more money to security this year, and another 65 percent said they wish to invest more in 2023.
“Companies should establish a clear and consistent reporting system; have a contingency plan to respond quickly to ensure the system’s continuity; and prioritize building a network security risk management strategy.” Mrs. Nguyen Phi Lan, Deputy General Director of PwC Vietnam.
The majority of CEOs (52%), said they will take greater action to address cybersecurity in the future years and will push for substantial initiatives to strengthen cybersecurity.
Some CFOs are also planning to prioritize cybersecurity, which includes investing in technological solutions (39%), prioritizing strategy and coordinating it with engineering/operation (37%), and working to enhance their cybersecurity expertise and hire qualified staff (36%).
According to the marketing leaders surveyed, the true cost of data leaks much exceeds the hard numbers. Loss of clients (27%), loss of customer data (25%), and reputation/brand damage (23%) are just some of the ways in which businesses have been harmed by data leaks or personal data incidents over the previous three years.
The Deputy General Director and Head of Risk Management at PwC Vietnam, Mrs. Nguyen Phi Lan, advises businesses to develop a strategy for managing network security risks, prepare for potential disruptions to the system and implement clear and consistent reporting procedures.
Source: Vneconomy
