“Two-thirds of UK CEOs fearful of cyber attacks” unearths PwC Survey

80% of UK CEOs are concerned about the risk of cyber threats to their business, making it the issue they are most worried about above skills (79%) and the speed of technological change (75%). Just under half of UK CEOs (48.4%) have taken some action regarding their own personal digital behaviour, including deleting social media or virtual assistant apps or requesting a company to delete their data.

CEOs have expressed high levels of concern regarding the increasing sophistication of cyber attacks, as almost half have taken action to personally protect themselves from malicious actors by deleting social media apps.

The findings, from PwC’s survey of almost 1,600 CEOs from 83 countries across the world, show that the issues shaping UK CEOs’ cyber security strategies include growing public concern over data privacy (57%), data privacy regulations (57%), vulnerabilities in supply chains (41%) and the shortage of cyber security talent (27%).

The results form part of PwC’s 23rd Annual CEO Survey, which was launched last week at the Annual Meeting of the World Economic Forum in Davos, Switzerland.

Richard Horne, cyber security chair at PwC UK, said: “It’s clear that cyber crime continues to grow as an issue for CEOs around the world, meaning that for many, the threat to their margins, their brands and even their continued existence from cyber attacks is no longer an abstract risk that can be ignored.”

Horne continued: “Criminals are becoming more adept at monetising their breaches, with a sharp rise in ransomware attacks this last year. They can have a devastating impact on the organisations they hit, as has been seen in many high-profile cases.”

In conclusion, Horne stated: “To counterbalance this, CEOs need to focus on how their business is configured, with the ability to be resilient to cyber attacks becoming a core requirement. Cyber security can no longer be seen as a ‘bolt on’, but rather something to be designed into the business and IT architecture.”

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

Related Posts