By 2021, cybercrime is likely to cost the world $6 trillion annually – more than the combined GDP of the UK and France, but as companies embrace new technologies, so do hackers, and the reluctance of organizations to share cybersecurity information makes benchmarking and planning more challenging – Until now.
Protiviti joined ESI ThoughtLab, WSJ Pro Cybersecurity and a group of prominent organizations to launch The Cybersecurity Imperative: Managing Cyber Risks in a World of Rapid Digital Change, a thought-leadership program drawing on global research, CISO expert interviews, and Insights from an advisory board of executives.
To complete this study, 1,300 global executives were surveyed, advisory meetings and interviews were conducted, and analytical tools were developed to benchmark approaches and assess performance impacts. This research covers key industries in the eye of the digital storm: financial services, healthcare and life sciences, consumer goods and retail, and manufacturing.
Download the Cybersecurity Imperative below:
For additional views on the most pressing cybersecurity challenges from industry executives, access our white papers New Cyber Challenges Require New Strategies and Cybersecurity in the Technology Industry: A Path for Accelerating Progress below:
- The speed of digital transformation is heightening cyber-risks for companies as they embrace new technologies, adopt open platforms and tap ecosystems of partners and suppliers.
- Cybersecurity is further complicated by the “digital backlash”.
- While companies see high risks from external threat actors, the greatest danger lies with untrained general (non-IT) staff.
- To cope with rising risks, companies increased their cybersecurity investment by 7% over the last year and plan a 13% boost next year.
- Cybersecurity investments will vary by company size and location.
- Next year, companies will allocate 39% of their cybersecurity budget to technology, 31% to process and 30% to people.
- Companies with the highest cybersecurity maturity scores are the US, South Korea, Japan, France, Australia and Spain.
- Companies are now investing more in cyber-risk prevention/detection than in resilience.
- As cybersecurity systems mature, the probability of costly cyberattacks declines.
- Companies are reorganizing to improve cybersecurity.
- As firms move up the cybersecurity maturity curve, the ratio of cybersecurity to technology staff drops.
- Calculating the ROI of cybersecurity is elusive for most firms.
Access Our On-Demand Webinar: Managing Cyber Risks in a Changing Marketplace
View our on-demand webinar where we discussed our top findings from The Cybersecurity Imperative and gain insight from our comprehensive benchmark tool. Our experts shared what companies are doing to address today’s biggest risks and how continuous investment and improvement are critical to effectively manage cyber risks.
Making Better Decisions with Cyber Risk Quantification
As cybersecurity concerns grow and evolve, companies need to be prepared for the inevitable cyber-attacks with strong defenses to identify breaches and minimize damage. But how does leadership know where to invest in cybersecurity? How much is at risk? What should be prioritized?
Our Cyber Risk Quantification (CRQ) Framework can help ensure your organization is resilient against cyber threats.