As the world continues to change, so does how we adapt to cybersecurity. It is now even more important to discuss the impact of cybersecurity on business as we move forward as new threats emerge.
An increased presence of ever-evolving threats has led to a significant shift in attitudes toward cybersecurity. A new extension to Accenture’s “State of Cybersecurity Resilience 2021” report proves why CEOs must take immediate action to protect their businesses.
The original report found that there were attacks and that companies knew they needed to make changes. Over the year, there were an average of 270 attacks per company, a 31% increase from 2020.
The third-party risk remained dominant, with the number of successful breaches against an organization through the supply chain increasing from 44% to 61%.
Accenture also identified four levels of cyber resilience, giving companies an indication of which category they fell into:
Business Blockers, who prioritize cyber resilience over business strategy.
The vulnerable, who practice lack of care and minimal security.
Cyber risk-takers who are forward-thinking and accept high cyber risk to align with business strategy.
Cyber Champions, expertly balancing cyber resilience and business objectives.
The point was clear that enterprises should strive to be Cyber Champions as this group experienced significantly fewer attacks and breaches, as can be seen in the percentage points, which is 8% lower than Business Blockers and 36% lower than Cyber Risk takers.
With this in mind, Accenture’s new add-on, “Elevating the Cybersecurity Discussion,” highlights that while businesses should strive for cyber resilience, there are often fundamental issues and barriers that keep them from reaching their full potential.
The company’s research shows that nearly half of CEOs/CFOs surveyed say segregated responsibilities (49%) and unclear accountability (51%) are barriers to achieving their cybersecurity goals.
The report goes on to say that CEOs must lead the change in the way cybersecurity is viewed, planned, and executed, and Accenture’s stance identifies three considerations:
Security is everyone’s responsibility: Solving the collective cybersecurity challenge requires a broader, more inclusive approach. An effective cybersecurity strategy for businesses must be jointly shaped by the CEO, CISO, board of directors, and business leaders.
Cybersecurity practices must align with business strategy: The study shows that in most cases, more investment does not automatically mean less cyber risk. Security accounts for 15% of all IT spending, more than reported in 2020. As a result, businesses need to invest smartly and align cybersecurity practices across all aspects of their business.
Be a cyber-aware CEO: A CEO with a relaxed attitude to cyber risk will always face challenges. Strong leadership relies on good communication, and the CEO must ensure they control all cyber-related security issues.
Cybersecurity has become an even greater business necessity as the physical and digital worlds slowly become more connected. A coordinated, managed, and collaborative approach to security is key to helping a business through these challenging times.
Let Accenture help you address cyber risk, improve your security investments, and inspire a culture change that increases cyber resilience across the business. Read the position here.
