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If there's anything CEOs are worried about, it's cyber risks. According to PwC's 25th CEO Survey, 58 percent of CEOs surveyed consider cyber attacks to be a very big threat to business operations. To put this percentage in perspective, 33 percent of CEOs see climate change and 26 percent health risks as very big threats.
When we look at where CEOs expect the most impact if a cyber attack would occur, we see that they are most afraid of disruptions to the delivery of products and services and to innovative processes.
PwC expert Gerwin Naber recognizes this concern around the potential consequences of cyber attacks. 'Disruptions in sales occur when a ransomware attack partially or even completely shuts down your business. Innovation and product development are affected by espionage or intellectual property theft. These are very real threats of which everyone knows the recent examples.'
According to Naber, CEOs face the challenge of properly preparing their organisation for a cyber attack. Not just to prevent incidents, but to detect incidents quickly and respond appropriately. Naber: 'The question is when is good enough? Has enough been done to show regulators, customers and other stakeholders that everything reasonable is being or has been done to protect the organisations as best as possible?'