Global cyberattacks like WannaCry and NotPetya have bumped cyber risk firmly to the top of C-suites’ agendas. Even with this increased attention, businesses are still grossly underestimating their exposure, particularly because the attacks happening now are only the tip of the iceberg. The disruption to businesses’ growth, competitiveness, operations and existence is already playing out – and will dramatically increase in the near future. Cyber risk threatens the viability of all organizations; no CEO should be under an illusion about the implications to their business. Nonetheless, a huge proportion of executives are not translating this attention into implementation of the right people, processes and technology to protect their companies.
Misperceptions
The misperception that cyber risk is predominantly a data breach issue for large companies continues to exist. Outside industries like retail, financial services and healthcare, organizations often underestimate the size of the target on their backs, as they have not traditionally operated under strict regulations on the use of data, such as protected health information (PHI) and personally identifiable…
