Businesses across the globe are investing in tech to improve customer engagement, drive profitability, increase operations efficiency and innovation. Our latest research reveals that business leaders are now realising that this growing dependency is also increasing their exposures.
Technology has moved from being the ‘nearly risk’ that businesses worried about only in six months’ time, to a global top three, with 14% of leaders globally ranking this their top risk in November ‘18 and 37% suggesting the risk will increase in six months’ time.
Highly bespoke and complex tech systems can be disabled by cyberattacks; grinding a business to a halt instantly as we saw with attacks last year on Maersk, Merck and Mondelez. A cyber-attack can paralyse a manufacturing plant, shut down a global supply chain, put revenues of multiple businesses at risk and undermine the reputation of many leadership teams and the brands they represent.
Cyber Risks Take Global Stage
By May ’19, cyber risk takes centre stage as the top risk globally, with almost half (49%) of executives saying it is set to increase.
Interestingly, larger businesses most concerned by rising cyber threat:
- 50% of large companies, with turnover in excess of $US1.3bn, said the risk was likely to increase compared with only 36% of small and 45% of mid-size companies.
- Our data suggests that SMEs are not viewing cyber as a priority as they appear to feel less vulnerable to the risk. This is a false impression, and we need to do more to highlight the risk of cyber to businesses of all sizes.