In the fourth quarter of 2017, we spearheaded a sweeping, cross-industry survey of chief executives to gauge corporate cybersecurity preparedness. The results revealed important organizational issues.
The survey showed C-suite corporate leaders know their companies’ data is at risk but are not taking adequate measures to protect that data.
- Awareness: More than half of C-level officers recognized their companies were at high or very high risk of a data breach. Three quarters said they had been hit recently by phishing attacks.
- Inaction: Despite that, 53 percent of executives admitted their cybersecurity and data privacy budgets are insufficient to respond to a breach. Nearly a third don’t train all their employees on data breach prevention, a basic component of cybersecurity.
“Cyberattacks are growing in frequency and severity,” said Mark McCreary, Fox’s Chief Privacy Officer and co-chair of its Privacy and Data Security Practice. “Companies should take steps to manage that risk and prevent breaches, but it requires a clear-eyed, systematic approach.”
Survey findings offer big-picture takeaways to bolster a company’s approach to cyber threats and their prevention. The report examines five key areas of cybersecurity readiness:
- Breach response plans
- Budget priorities
- Cyber liability policies
- Determining risk severity
- Training effectiveness
How does your organization compare? Read the full report.