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

Half of UK CEOs look at cybersecurity as a even larger risk to their corporation than economic uncertainty, a new research by Palo Alto Networks has identified.

The conclusions arrived from a study of 2500 CEOs from the UK, Germany, France, Brazil and the UAE at significant companies (500+ workers).

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Irrespective of the recognition of the business threats posed by cyber-attacks, UK CEOs have a reduced level of being familiar with of cybersecurity hazards than their international counterparts, with just 16% indicating they have a total knowledge. This compares to 21% in Brazil, 21% in the UAE, 22% in France and 39% in Germany.

On top of that, quite a few UK CEOs come to feel detached from duty for cybersecurity at their businesses. Around a person in 5 (21%) reported the company’s CIO is wholly liable for this region, though 24% observed themselves as partly accountable, but nevertheless largely the CIOs task.

Go through more: #HowTo: Make Security a Board Degree Discussion

Encouragingly, more than three-quarters (78%) of respondents explained they are assured that their corporation has comprehensive and analyzed plans and units for menace defense and recoverability. Furthermore, 74% expressed self esteem that their small business is resourced to adapt to altering threats and vulnerabilities.

Nonetheless, there was a various story pertaining to ransomware attacks, with just 36% getting an agreed plan to work with incident reaction professionals to recover data and programs. All over a third (34%) admitted that they would pay back a ransom need to launch methods and return the facts in the celebration of a ransomware incident.

UK CEOs had been a person of the the very least self-assured in their organization’s capability to deal with cybersecurity challenges across their 3rd-party supply chain, with just 32% very self-assured in their potential handle these hazards 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 worry in excess of cyber dangers amongst CEOs and shines a light on the want for increased dialogue and schooling about cybersecurity at all stages of an firm.”

A Delinea study printed in May well 2023 observed that just 39% of IT security leaders imagine their company’s leadership has a reliable grasp on the position of cybersecurity in business enterprise accomplishment.