The vast majority of company board members across the world believe their firms should spend more money on cyber security, a new global survey has found.
The research by Willis Towers Watson (WLTW) reveals that large firms typically spend around 1.7% of revenues on cyber resilience, but that 96% of board members don’t think it is enough.
The findings also show that just 13% of executives believe their organisations are performing “above average” when incorporating the lessons from cyber attacks into resilience strategies.
In addition, it was found that European firms believe a dedicated ‘cyber group’ should manage the risks, while North American, Asian and UK companies think the “board as a whole” should.
“It’s important for companies to understand that achieving cyber resiliency is a company-wide imperative,” WLTW global head of cyber risk, Anthony Dagostino, said.
“The c-suite should set the tone within their organisations by empowering stakeholders, such as IT, risk, HR, legal and compliance to drive an integrated risk management and resiliency strategy.”
Over 450 companies took part in the survey, which found that North American firms spend approximately 2-3% of revenues on cyber resilience – more than in any other region.
Despite this, it was found that UK firms had the highest rate of perceived cyber resilience of the companies studied.
The research also shows there is little consensus on how to allocate cyber budgets, although many executives cited “IT talent acquisition”, and “skills training” as spending areas.
“While technology will remain a crucial defence, more than half of cyber incidents are attributable to employee behaviour and talent deficits in cyber security role,” Dagostino said.
“So investing in other areas, such as human capital solutions and cyber insurance, has to become part of regular board and c-suite conversations.”
Financial services companies are looking to digital transformation at a greater rate than most vertical market businesses, and are facing an “acute shortage” of skills as a consequence.
08 February 2019
Cyber attacks could cost businesses as much as $5.2trn (£4trn) in additional costs and lost revenue over the next five years.
28 January 2019
Blockchain and cryptocurrency developers benefited from record levels of investment in the UK last year.
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