8 out of 10 business leaders polled see cyber risk as top five concern for their organisation, reveals survey

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6th November 2019 10:24 - Information Technology

8 out of 10 business leaders polled see cyber risk as top five concern for their organisation: A piece of research conducted by Microsoft and Marsh, has found companies are more concerned about cyber risk than they were two years ago, rising from 62% in 2017 to 79% in 2019.  The Global Cyber Risk Perception Survey 2019 saw respondents rank cyber risk in their top five concerns for their organisation. 

The research also revealed that the number of respondents who had no confidence in areas of critical resilience had increased since the last survey. The percentage of organisations saying they had 'no confidence' in the understanding and assessing of cyber risk had doubled from 9% in 2017 to 18% in the latest poll. It has increased from 12% to 18% when considering the prevention of cyber threats, and from 15% to 22% when thinking about responding to and recovering from cyber events. 

Looking at new technologies, almost a quarter (23%) feel that the risks outweigh the business benefits these new technologies offere their organisation, however half of those polled (50%) said that the threat of cyber attacks was never a barrier to introducing new technologies.

When considering cyber risk, almost three quarters (74%) said they conduct an evaluation of risk before they adopt a new piece of tech, with 11% not evaluating at all - and 5% evaluating it in an ongoing manner. 

Almost four in ten said that the cyber risk presented by partners in their supply change and vendors to their company was 'high' or 'somewhat high', however, just 16% believed that the risk they themselves posed to their supply chain was equally so. 

Asking respondents about the role the government plays in managing cyber risk, more than a quarter (28%)  said regulations were effective in improving cybersecurity, while 37% said that soft industry standards were effective. 

More than half (54%) said they feel 'highly concerned' about the threat of a nation-state cyber attack, with 55% saying the government needed to do more to protect businesses.

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