Most Australian CEOs surveyed by PwC see cyber security risks as a threat to growth, though more could be done to help them understand those risks, the firm reports.
PwC’s 24th CEO Survey found that 95 per cent of Australian CEOs saw cyber risks as the top threat to business growth.
Around three quarters of Australian respondents to the survey said they now factor cyber threats into their baseline strategic risk management activities.
And 78 per cent of respondents said they are increasing spending on cyber security. That corroborates Gartner’s prediction that Australian spending on information security and risk management will increase by 7.3 per cent this year to $5.1 billion.
Key factors survey respondents saw impacting their cyber security strategies include the increasing complexity of cyber threats, cyber security and data privacy regulations such as GDPR, and to a lesser extent, vulnerabilities in supply chain and of business partners.
While most saw cyber security as a threat to growth, whether the risks are being identified and reported is another matter. Only about a quarter of respondents agreed that their organisations need to do…
