The number of CEOs who feel they are not prepared enough for cyber attacks seems to be rising. Data from KPMG’s India CEO Outlook report reveals that cyber security is becoming a cause of concern for CEOs worldwide. What with cyber security being considered a strategic function thanks to the rapidly evolving cyber environment. About 56 per cent Indian CEOs admitted they are underprepared in this area.
Akhilesh Tuteja, global cyber-security practice leader, KPMG and head of digital consulting, KPMG in India acknowledges that cyber security risks will increase as companies grow their digital capabilities. He points out that in the new era, “cyber security becomes more personal. Not just for staff but also for senior executives whose world has changed and who are also perhaps more conscious than ever of the fragility of their digital infrastructure, both from work and personal perspectives.”
About 66 per cent CEOs in India compared to 77 per cent worldwide, consider information security as a strategic function and a potential competitive advantage. With the rising geopolitical uncertainty, the worry about corporate cyber attacks has gone up for 73 per cent CEOs across the world. In India, however, only 54 per cent CEOs are worried about this. Yet, most are taking steps to keep cyber attacks at bay.
A significant 60 per cent CEOs in India compared to 76 per cent CEOs globally feel it is equally important to safeguard their partner ecosystem and supply chain as it is to build their own organisation’s cyber defences. In India, 70 per cent CEOs believe cyber strategy is essential to gain the trust of their primary stakeholders. Comparatively, 78 per cent CEOs, globally, view cyber strategy as critical for their stakeholders to trust them.
More CEOs in India have accepted that they are not prepared to handle a cyber attack, and 19 per admitted so in August 2022. Comparatively, in the year ago period, only about 10 per cent admitted to their under-preparedness.
This year, about 56 per cent CEOs in India have acknowledged their under-preparedness for cyber attacks. Almost 54 per cent reveal that their organisation has a ready plan to deal with a ransomware attack. The positive point is that last year, the figure was higher. That means, preparedness has been increasing.
