Four in 10 UK CEOs believe becoming a victim of a cyber attack is now a case of ‘when’ and not ‘if’ for their organisation, according to a survey of CEOs from some of Britain’s biggest businesses.
Four in 10 UK CEOs believe becoming a victim of a cyber-attack is now a case of ‘when’ and not ‘if’ for their organisation, according to a survey of CEOs from some of Britain’s biggest businesses.
KPMG surveyed 150 UK leaders and a further 1,150 CEOs from across the world about their future investment plans and the challenges and opportunities facing their companies.*
With reports of cyber-attacks and breaches almost daily, 39% of UK CEOs surveyed believe they will be targeted by a cyber-attack. Though disheartening, this view was quite optimistic in comparison to their global counterparts, where 49% said they envisioned a cyber-attack on their business.
Bernard Brown, vice chair at KPMG in the UK said: “The seeming inevitability of a cyber-attack crosses all borders and has now crossed firmly over the threshold for board-level discussions. Protecting the business from a cyber-attack has jumped further up the boardroom agenda and we are seeing businesses making their defences the best that they can be.”
With the General Data Protection Regulation (GDPR) affecting all global businesses interacting with EU businesses and customers, it is worrying that only 40% of UK CEOs view customer data protection as one of their most important personal responsibilities in enabling long-term growth of the customer base. However, the survey also found that UK business leaders believe that a strong cyber-security strategy is critical to engender trust with key stakeholders, with 74% agreeing that cyber-security is an enabler of trust, in comparison to only 55% of global CEOs.
“It is reassuring that UK CEOs see the value in having a good cyber-security strategy which enables trust. The reality is that without trust, customers are likely to be increasingly resistant to sharing personal information, potentially undermining business models and strategies. Businesses need to turn privacy into a source of competitive advantage which will no doubt enable long-term growth of the customer base,” added Brown.
Nonetheless cyber awareness amongst UK leaders is changing, with four in 10 (39%) believing that their organisations are either ‘very well’ or ‘well’ prepared for a future cyber-attack. Cyber-security specialists are also seen as an effective part of the business with 45% of UK CEOs seeing their value, coming second to data scientists who are seen as being effective by 62% of the CEO cohort.
“It’s encouraging to see that CEOs are developing a more mature understanding of what cyber security actually means. Helped by non-executive directors (NEDs), they are beginning to ask more awkward and searching questions of their IT teams: what are the challenges that face us specifically, what risks are we carrying, what do we need to be resilient to a cyber-attack? Organisations are spending more time planning for worst case scenarios, running simulations and thinking in detail about how they would deal with the uncertainties that arise during a cyber breach,” concluded Brown.
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Notes to Editors:
*KPMG’s research surveyed 1,300 CEOs of many of the world’s largest and most complex businesses in order to understand the challenges and opportunities they face and their vision for their business. The research was conducted by Longitude on behalf of KPMG. Respondents were split across the Americas, Asia-Pacific, Europe, the Middle East, the Nordics and Africa. Eleven main sectors were covered — asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology, and telecommunications.
34% of those surveyed globally have in excess of US$10 billion a year in revenues, 42% have between US$1 billion and US$9.9 billion a year in revenues, and 24% have between US$500 million and US$999 million a year in revenues.
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 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.