Managers underestimate the cyber security risks | KPMG | SK

Managers in Slovakia underestimate the cyber security risks

Managers underestimate the cyber security risks

Business leaders from the CEE region are most concerned about regulatory and operational risks. Risks related to cyber security are considered as minor, only 5 % of the Slovak CEOs consider them as the major threat. It is a significant difference compared to the global level, where 30% of executives link their major concerns with cyber security. These findings emerged from the latest KPMG Pulse of Economy survey 2016.

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Within CEE, respondents are most concerned with regulatory (45%), operational (37%), talent and strategic risks (both receiving 30% response rate). Cyber security was given of little relevance as it most concerns only 12% of managers. In Slovakia it is even below the CEE average as it troubled only 5% of respondents.

However, our companies and consumers are exposed to such threats. Despite the fact that this type of attacks does not usually go public, it is very possible that dangerous cyber threats – phishing and ransomware – have been recently observed in Slovakia and neighboring countries.

One of the recent publicly known phishing attacks was spread via SMS messages using the mobile application that was installed outside the official Google Play Store. It influenced, for example, clients of one of the biggest banks in Slovakia, a major online retailer and a Czech postal operator.

„Breaking cyber security can cause considerable harm not only to consumers but also to companies whose business names are misused without their knowledge or consent. Given the complexity of the today´s technology, this type of risk should not be underestimated”, says Rudolf Sedmina, partner responsible for cyber security advisory, KPMG in Slovakia.

There was one successful ransomware attack on the control system of one Alpine hotel recorded at the beginning of the year. Using malware, hackers managed to block the guests keycards to prevent access to their rooms. In an attempt to quickly restore the system, the hotel paid ransom required by the attackers. Similar attacks are not rare even in the public sector, automotive, energy or health industries.

„If so-called hackers have stolen private data, it is very troublesome, but it is partly due to the negligence of people who blindly trust unverified sources. However, in case of cyber-attacks on medical facilities, human health and life are endangered. These type of institutions should not hesitate and invest in quality precautions and safeguards. But nowadays, there is not one organization that can pretend that such challenges do not exist“, concludes Sedmina.

About the survey

The 2016 edition of KPMG’s survey the Pulse of the Economy elaborates on current trends in economy and entrepreneurship, to measure the sentiment among the business leaders in Central & Eastern Europe (CEE). The eighth edition of the well-received survey reached out to 759 respondents this year.

Visit www.kpmgpulsesurvey.com for the full publication.

For further information, please contact:

KPMG Slovensko spol. s r.o.
Beata Dubeňová
Marketing and Communication Manager
+421 915 758 925
bdubenova@kpmg.sk

 

About KPMG:

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 189,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

KPMG in Slovakia is an independent member firm of the global KPMG network. Active in Slovakia since 1991, the firm currently employs more than 300 people and has 11 partners. KPMG in Slovakia provides a wide range of audit, tax, legal and advisory services to domestic as well as international companies across all major industries.

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