Chief financial officers of some of the world’s biggest organizations not only consider cyber attacks a major threat to their businesses, just 10 percent feel they are well-prepared for them, according to a new report from Deloitte.
Only three percent of CFOs said they do not consider cyber events to be a significant threat, while almost 25 percent say that they would be insufficiently prepared to deal with a cyber-related crisis.
“Technology and financial services CFOs are most likely to say they are insufficiently prepared, with 50% and 30% citing this concern, respectively,” commented the authors of the Deloitte report.
On a list of crisis concerns, CFOs reported cyber risk as the one they were least prepared for, compared to fairly high confidence levels on natural disasters, legal or ethics violations, or industrial or technological failure.
In terms of preparedness, only 4 percent of CFOs feel secure facing malicious attacks such as terrorism or tampering, another top risk for many respondents at 85 percent.
Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
