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Security is more important than ever for UK CEOs

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(Image credit: Shutterstock / Khakimullin Aleksandr)

UK chief executives see cybersecurity incidents as bigger risks to their businesses than the economic disruption brought about by the pandemic.

This is according to a new report from consultancy PwC, which found that cyber threats were identified by the largest proportion of respondents (75 percent) asked about the risk management concerns of CEOs.

Pandemics and other health crises was the second most selected option (62 percent), followed by uncertain economic growth (57 percent).

Almost all CEOs are worried about cybersecurity, the report says, with 91 percent (of 5,050 respondents) sharing this concern, up from 80 percent last year.

According to PwC, since it started measuring cybersecurity sentiment, UK CEOs have never been as aware as they are today. The majority of respondents (67 percent) plan to increase long-term investment in cybersecurity and data privacy over the next three years. A quarter of CEOs will be looking to increase investment “significantly".

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“The technological changes implemented over the past 12 months have not only been across businesses, but also society, and many were implemented in haste,” said Chris Gaines, Cyber Security Leader at PwC UK.

“Risk averse organizations who in different times may have taken years to plan for increased remote working made the change overnight. Organizations must now effectively, securely embed such changes while continuing to evolve and innovate.”

The Covid-19 pandemic has forced employers to send their workers home, away from the relative safety of their IT teams and secured corporate networks. As cybercriminals sought to take advantage of this fact, the number of recorded cybersecurity incidents soared.

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