A survey we conducted of more than 1,000 C-suite executives worldwide last December for our annual C-suite barometer emphasised that cyber security is now a major preoccupation among corporate leaders. Effective cyber defence has become a delicate balancing act for many businesses, and the important thing is to build a strong safety net that can cushion any eventual fall.
Business leaders everywhere are bracing for cyberattacks but remain confident they can withstand themMore than half of business leaders surveyed in our annual C-suite barometer see an increase in cyber threats over the past year, and 35% expect a significant data breach in their own company in the coming year. Nonetheless, most companies seem confident of their ability to cope with attacks: globally, 68% of business leaders see their company’s data as being “completely protected”. |
Financial losses are the biggest perceived riskMore than half of the business leaders we surveyed put financial losses at the top of the list of the biggest data protection risks. The levels of concern and confidence range from industry to industry, with finance, technology and consumer businesses the most confident. |
Effective cyber defence rests on five pillars: identification, prevention, detection, response and recoveryEach has an important technological component, but equally each has a critical human component. Business continuity plans need to have been painstakingly elaborated and extensively tested so they can be adopted seamlessly by the entire organisation. |
Shifting mindsets to prepare for the worst is the best defenceCyber security is a fast-evolving field, with attackers now heavily armed (including with AI) and often two steps ahead of the organisations in their sights. Accepting that data breaches will happen and having robust plans for handling them provides the best assurance that the response will be swift, recovery effective and the costs limited. Cyber threats are here to stay – and they will get worse. That is the sober reality of C-suite sentiment. The best protected organisations will be those that strengthen their cyber safety net. Now is the time for action. |
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AirNav Ireland is Ireland’s new Air Navigation Service Provider (ANSP) following the recent restructuring of the Irish Aviation Authority. Launched on 1st May 2023, AirNav Ireland is responsible for providing air traffic management and related services in the 451,000 km2 of airspace controlled by Ireland. This airspace forms a crucial gateway for air traffic between Europe and North America.
For several years, the Central Bank of Ireland has identified the Payments Institutions (PI) and Electronic Money Institutions (EMI) sector as higher risk. Earlier this year, we shared an opinion on the CBI’s stance. Today, we focus on one key area in this sector: Safeguarding.
The following article featured in the Irish Times September 2024 special report on Corporate Finance. Author Paul Rickard is a Director in our Corporate Finance team with over 12 years’ experience working in the Corporate Finance and Corporate Banking sectors.
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