50% of UK CEOs See Cyber as a Bigger Business Risk than the Economy

50 percent of British isles CEOs take into consideration cybersecurity as a more substantial risk to their group than economic uncertainty, a new study by Palo Alto Networks has identified.

The conclusions came from a survey of 2500 CEOs from the Uk, Germany, France, Brazil and the UAE at big corporations (500+ staff members).

In spite of the recognition of the business threats posed by cyber-attacks, United kingdom CEOs have a reduce level of understanding of cybersecurity challenges than their international counterparts, with just 16% expressing they have a finish knowledge. This compares to 21% in Brazil, 21% in the UAE, 22% in France and 39% in Germany.

Additionally, many British isles CEOs truly feel detached from obligation for cybersecurity at their organizations. About just one in five (21%) claimed the company’s CIO is wholly responsible for this location, while 24% noticed themselves as partly liable, but nonetheless typically the CIOs task.

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Encouragingly, around three-quarters (78%) of respondents reported they are assured that their group has comprehensive and tested plans and programs for menace protection and recoverability. Furthermore, 74% expressed self-assurance that their organization is resourced to adapt to modifying threats and vulnerabilities.

However, there was a distinct story relating to ransomware assaults, with just 36% possessing an agreed plan to perform with incident reaction specialists to get better information and methods. Close to a 3rd (34%) admitted that they would pay a ransom demand from customers to release methods and return the data in the party of a ransomware incident.

United kingdom CEOs have been a single of the the very least self-confident in their organization’s capacity to control cybersecurity hazards across their third-social gathering supply chain, with just 32% very self-assured in their capacity manage these threats when compared to Germany (39%), France (42%) and Brazil (45%).

Gavin Mee, vice president, EMEA West & North at Palo Alto Networks, commented: “This analyze highlights escalating problem above cyber threats among CEOs and shines a gentle on the want for increased dialogue and training about cybersecurity at all stages of an group.”

A Delinea survey printed in May 2023 uncovered that just 39% of IT security leaders think their company’s management has a sound grasp on the role of cybersecurity in business good results.

Some parts of this article are sourced from:
www.infosecurity-magazine.com