Phillip Hodgins, a principal advisor at KPMG reacts to the publication of a report published by the World Economic Forum that estimates a $3 trillion cost to the global economy if cyber security is not taken seriously
Reacting to the publication of a report published by the World Economic Forum that estimates a $3 trillion cost to the global economy if cyber security is not taken seriously, Phillip Hodgins, a Principal Advisor at KPMG, argues that instilling fear in international businesses is counter-productive.
He says: “Companies are constantly embracing new technologies and digital platforms to improve efficiency and customer experience. Understanding the risks that come with these ambitions is important, but there is a very real risk that innovation can be stifled by fear if business leaders are bombarded by messages of doom.
“It is a mark of the collective progress made by governments and corporate IT teams over the past 12 months that cyber security is now a Boardroom concern. Yet, for it to stay that way, executives need a clear understanding of its relevance to their own organisation. That way the right decisions can be made, and appropriate steps taken to better manage the risk.
“Managing cyber risk should be about what you can do, not what you can’t. Too often security measures are seen as restrictive. Organisations that regularly review their cyber risk exposure and understand the link to their business objectives, can feel free to benefit from a more efficient investment in security and continue to grow market confidence and trust.”
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Mike Petrook, KPMG Press Office
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals 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.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.