Dive Brief:
- Corporations around the globe are taking steps to prioritize cybersecurity with support from senior executives and board members, according to a study from PwC. However, many of those executives expect to see increased threats, according to the 2023 Global Digital Trust Insights study from PwC.
- Two-thirds of executives see cyber criminal activity as the company’s leading threat. And almost half of security and IT executives expect to see a further increase in ransomware attacks in 2023, while 2 in 5 expect to see more serious attacks in the cloud, according to the study.
- The study shows more than half of chief risk officers or COOs are very concerned or extremely concerned about the ability of their companies to withstand a supply chain attack.
Dive Insight:
As cyberthreats and actual attacks have increased in recent years, corporate executives have become more cognizant of the potential risks to their businesses, according to Matt Gorham, leader of PwC’s Cyber & Privacy Innovation Institute.
A recent PwC study on how companies manage business risk showed 40% of business leaders viewed cybersecurity as the top risk facing their companies, Gorham said.
In the study just released, 70% of executives saw improvements in cybersecurity over the past year, mainly due to an increase in cyber-related investments and collaboration from the C-suite.
“Forward-thinking companies realize that cyber preparedness and cyber resilience require a much broader group of individuals beyond just the CISO and [are] approaching cybersecurity as a team sport,” Gorham said via email. “Many CISOs and CFOs have changed the way [they] invest in cyber and are leveraging data to make funding decisions with business goals and top risks in mind.”
The research is based on a survey of 3,500 business, technology and security executives from nations across the world. The survey, conducted during July and August, includes responses from CEOs, CFOs, board directors, CISOs and CIOs.
