PwC CEO survey: 61 percent believe cyberthreats pose a danger to corporate growth

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.scmagazine.com/pwc-ceo-survey-61-percent-believe-cyberthreats-pose-a-danger-to-corporate-growth/article/466066/

CEOs are concerned that cyberthreats could negatively impact their
corporate growth, with 61 percent claiming that concern in the
PricewaterhouseCoopers' (PwC)19th Annual Global CEO Survey report.

The survey polled 1,409 CEOs in 83 countries about the current and future
climate of international business. The corresponding report ranks
cyberthreats as the eighth most feared impediment to business growth.
However, geopolitical uncertainty, especially in unstable regions of
conflict where cyberattacks and cyberespionage are a growing threat, was
the second largest concern (74 percent), behind only over-regulation.

Among industries, the insurance sector expressed the most apprehension over
cyberthreats hindering business growth, with 79 percent citing the problem
as a legitimate concern. The energy sector was the industry most concerned
with geopolitical uncertainty (89 percent).

Indeed, while 60 percent of CEOs said they see more growth opportunities
today compared to three years ago, 66 percent said they see more threats
than previously (32 percent replied that they see only more threats).

Considering the above concerns, it's no surprise that 55 percent of
survey-takers acknowledged they are concerned about a lack of consumer
trust in their businesses today, compared to 37 percent three years ago.
CEOs are therefore turning to technology to keep customers and other key
corporate stakeholders engaged, satisfied and loyal, the report continues.

“To me it's actually encouraging to see how CEOs are actually confronting
today's realities but also thinking about the long term,” said PwC
International Chairman Dennis Nally, presenting survey results in Davos,
Switzerland, site of the World Economic Forum. “I also think that by
focusing on meeting the greater needs of stakeholders, not just
shareholders, the current level of trust in business can begin to get
reestablished.”

However, only 30 percent of CEOs believe that personal data security
solutions are among the key technologies that generate robust stakeholder
engagement. Data mining and analytics solutions were tops on this list (68
percent), while security solutions ranked seventh overall.

Data protection safeguards ranked dead last in terms of CEOs' top three
priorities for today's businesses and governments (among nine available
response choices). Only eight percent of respondents included data security
among these top three priorities. A skilled, educated and adaptable
workforce was the priority cited most frequently, at 76 percent. Adequate
infrastructure and high employment levels were ranked second and third,
respectively.

On a more optimistic note, 72 percent of respondents said they think the
world is moving more towards a free, openly accessible Internet, while 25
percent believe Internet access will only become more fragmented.

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