The vast majority of CFOs have experienced cyber-attacks of some kind during the past 12 months. However, the level of cyber security awareness is not yet in line with the level of the threats at hand.
With new technology come new threats. In recent news reporting, hacking and cyber-attacks have been recurring themes on almost a daily basis. Cyber security has also risen on the agenda for businesses as an important governance matter. Therefore, we asked the CFOs whether their organizations had been exposed to cyber threats during the past 12 months, and also about their ability to manage such threats.
We noted that as many as 69 percent of the CFOs responded that they had experienced cyber threats during the past 12 months. However, even more interesting − and at the same time alarming − is that an even greater majority of CFOs responded that they believe their organizations have a limited ability to identify and respond to such threats. Only 14 percent indicated that they are well prepared, with a high ability to identify and respond to cyber threats. Companies within the TMT and FSI sectors seem to be somewhat better prepared, which is likely due to a high level of dependency on technology as well as specific regulatory requirements within these sectors. The overall result indicates that the level of cyber security awareness is not yet in line with the level of the threats at hand and that it is time for companies to take control.