UK CEOs cyber security spend as revenue opportunity | KPMG | UK

UK CEOs see cyber security spend as a revenue opportunity

UK CEOs cyber security spend as revenue opportunity

UK CEOs feel that investment in cyber security is a revenue opportunity rather than an expensive burden, according to a survey by KPMG.

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As a part of KPMG’s CEO Outlook 2017, 150 UK CEOs were asked about their investment plans for the future and the issues affecting their business. It found that 70 per cent of leaders see investment in cyber security as an opportunity to find new revenue streams and innovate, rather than as an overhead cost.

The report also found that cyber security is now firmly a part of CEOs’ agenda rather than one that previously only sat with the CIO or the CISO. 77 per cent of CEOs agreed with the statement: ‘I am personally comfortable with the degree to which mitigating cyber risk is now part of my leadership role’.

Paul Taylor, UK head of cyber security at KPMG, said: “It’s great that business leaders are finally seeing cyber security investment as a positive figure on the balance sheet rather than a negative one. However more needs to be done to make sure their businesses are prepared in the event of a cyberattack, whether it’s from external sources or even insiders.”

However, business leaders warned that they are not fully prepared for a cyber event like an employee-led data breach or business data theft. Only 52 per cent said that they are ‘fully prepared’ for both eventualities.

“With recent high profiles attacks like Wannacry hitting the press, cyber security should be on every CEO’s radar. Businesses now need to match their investment in innovative technology with their investment into cyber security, in order to stay one step ahead of cyber criminals,” concluded Taylor.

ENDS

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Notes to Editors:

About KPMG
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 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.
 

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