In an increasingly technologically-driven and interconnected business community, companies have the responsibility to take the necessary steps to manage digital risk.
Despite the importance of protecting against cybersecurity threats, PwC’s Digital Trust Insights survey has found that businesses of all sizes are equally unprepared to address these threats and protect themselves and their customers.
Digital Trust Insights is the reimagination of the Global State of Information Security® Survey (GSISS), a worldwide study by PwC which for 20 years has served as a trusted resource to navigate the turbulent cyber risk landscape. This year’s survey presents the views of 3,000 business leaders across 81 territories and a range of industry sectors.
- Only 53% of businesses practice proactive risk management “fully from the start” of their digital transformations.
The percentage of medium and large firms asserting risks are managed ‘fully from the start’ varies by sector
- Only a small minority of companies (23%) even at the +$100M level, say they plan to align security precautions to business objectives.
- Just 27% of execs believe their board receives adequate metrics for cyber and privacy risk management.
- Fewer than half of +$100M companies in key sectors worldwide say that they are fully ready to comply with the General Data Protection Regulation, which went into effect in May 2018.
- Though 81% of executives consider IoT critical to their business, only 39% are very confident that sufficient “digital trust” controls are built into their adoption.
Emerging technologies are critical for business, but respondents are very confident they have sufficient ‘digital trust’ controls in place
Confidence in people, processes and technology is critical to building a secure digital world. More than just mitigating risk, companies must thoroughly integrate and align cybersecurity concerns into their business strategy. Companies can gain a competitive advantage by becoming trusted providers in terms of safety, security, reliability, privacy, and data ethics.
- Confidence in people, processes and technology is critical to building a secure digital world.
- Only about half of medium and large businesses in key sectors say they are building resilience to cyberattacks and other disruptive shocks to a large extent. And fewer than half of them say they are very comfortable their company has adequately tested its resistance to cyberattacks.
- Read more here.