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Cybersecurity has become a factor in 'every business decision'

(Image credit: Image source: Shutterstock/deepadesigns)

From a business perspective, the Covid-19 pandemic has one significant silver lining: cybersecurity is now a major consideration in virtually every decision making process.

This is according to a new report from PwC, based on a poll of 3,249 businesses worldwide, which states that almost all UK businesses are switching up their cybersecurity strategy due to Covid-19, with half considering cybersecurity in every decision.

Furthermore, a third are now looking to speed up their digital transformation efforts.

All of this means that the role of Chief Information Security Officer (CISO) will become even more prominent within the managerial hierarchy. Many respondents believe the CISO will interact with the CEO and the board a lot more going forward.

Despite the good news, buying cybersecurity solutions is still a daunting task. Around a third (38 percent) of UK respondents claimed to be “very confident” their cyber budget was allocated to the most significant cyber risks. However, the majority plans to spend more next year.

For Richard Horne, Cyber Security Chair at PwC, this lack of confidence is “surprising”.

“It shows businesses need to improve their understanding of cyber threats and the vulnerabilities they exploit, while changing the way they think about cyber risk so it becomes an intrinsic part of every business decision,” he said.

Most businesses in the UK worry about attacks on their cloud services, disruption attacks against their critical business services and ransomware attacks.