Cybersecurity Risks Are Interfering With Innovation

By
riskacademy
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0
14

CFOs for middle-market firms commonly report that cybersecurity risks are a threat. The stakes are even greater for firms operating in environments with high uncertainty. Twice as many of these firms report significant concerns about cybersecurity threats than the average (88% versus 42%).

Firms operating with high uncertainty contend with changes outside of their control: fluctuating demand, supply chain disruptions or macroeconomic volatility, to name a few. These conditions have real costs and can press CFOs to prioritize the most immediate concerns rather than invest in the long term.

Financial disruptions from these threats often delay or cancel tech initiatives: 81% of high-uncertainty firms report stalled innovation due to cybersecurity challenges. In other words, high-uncertainty environments likely encourage CFOs to prioritize cybersecurity over innovation, which could have long-term ramifications as less uncertain competitors upgrade technology.

That said, short-term consequences for ignoring cybersecurity risks are also severe. Failure to address cyber threats often leads to direct financial losses more expensive than mitigation costs.

Middle-market CFOs implement…

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