A new report released by Accenture highlights that company leaders are concerned about their companies' ability to withstand cyberattacks. But only a small group (5%) take proactive measures to protect the business.

74% of CEOs are concerned about their organizations' ability to prevent or minimize business damage caused by a cyberattack, according to a new report from Accenture.

The research titled “The cyber-resilient CEO”, surveyed 1,000 CEOs of large global organizations to study how companies approach cybersecurity.

“60% of executives indicated that their organizations do not incorporate cybersecurity into business strategies, services or products from the beginning, and more than four in ten (44%) CEOs believe that cybersecurity requires sporadic interventions rather than continuous attention”, commented Federico Tandeter, Director of Cybersecurity at Accenture Latin America.

Along with this reactive stance, there is an assumption among more than half (54%) of leaders that the cost of implementing cybersecurity is greater than the cost of suffering a cyberattack. However, it is evident that a security violation of a company, for example, a global shipping and logistics company, results in a 20% decrease in business volume, with losses of USD$300 million.

“The acceleration of generative artificial intelligence makes it even more essential for organizations to take steps to ensure the security of their data and digital assets”, said Tandeter, adding that, “Unfortunately, it is often only after experiencing a major cyber incident that they elevate cybersecurity to a board and senior management priority.”.

The Cyber-resilient CEO

The research identifies a small group that it calls “Cyber-resilient CEOs.” They represent 5% of respondents, and refers to those leaders who use a broader view to evaluate cybersecurity in all aspects of their organizations.

These leaders' companies detect, contain and remediate cyber threats faster than other organizations. As a result, their costs for security breaches are considerably lower and their financial performance is significantly better than the rest, achieving, on average, 16% growth in revenue, 21% greater scope for cost reduction, and 19% improvements in the bottom line. On the other hand, there are the “cybersecurity laggards,” who represent almost half (46%) of CEOs, who consistently take no action and tend to remain in reactionary mode.

The Accenture executive explains that “cyber-resilient CEOs” take 5 key actions to proactively strengthen cybersecurity in your organizations:

1. They integrate cyber resilience into business strategy from the beginning
2. Establish shared responsibility throughout the organization
3. Secure the digital core
4. Expand cyber resilience beyond organizational boundaries
5. They are committed to maintaining continued cyber resilience, allowing them to protect their businesses and respond effectively to cyber attacks.

“To close this gap, cybersecurity must be seen as a priority across the organization, with appropriate processes for reporting, involvement of employees at all levels, and greater commitment and accountability across senior management and the board of directors.”, closed Tandeter.

Fuente: Accenture