New data from PwC provides insight into what aspects of the business are executives focused on, worried about, and seeing as future challenges as they look to manage business risk.
While the majority (83%) of executives are focusing their business strategy on growing the business, the latest data from PwC’s Pulse Survey: Managing Business Risks shows cybersecurity remains a material risk to achieving the desired growth.
According to the report:
- Cybersecurity risk was seen as the #1 business risk, with 40% of executives citing it as a serious risk and another 38% calling it a moderate risk
- 51% of board members cited cybersecurity as a serious risk, indicating that boards may be increasingly aware of the problem and seeing addressing it as part of the overall business strategy
- 49% of executives say their organization is increasing investments in cybersecurity and privacy, with only 5% planning on decreasing investments
The overall outcome for cybersecurity from this report’s findings is that businesses are aware and are making strategic investments. At the same time, 70% of organizations are looking at ways to expand permanent remote work options – something we’ve seen also brings with it bad cyber habits and additional cyber risk – making it necessary for organizations to invest in Security Awareness Training to ensure, even while working at home, users remain vigilant against increased cyberattacks.