KPMG: CEOs increasingly see cyber security as an opportunity, not a burden

UK CEOs feel that investment in cyber security is a revenue opportunity rather than an expensive burden, according to a survey by KPMG.

As a part of KPMG’s CEO Outlook 2017, 150 UK CEOs were asked about their investment plans for the future and the issues affecting their business. It found that 70 per cent of leaders see investment in cyber security as an opportunity to find new revenue streams and innovate, rather than as an overhead cost.

The report also found that cyber security is now firmly a part of CEOs’ agenda rather than one that previously only sat with the CIO or the CISO. 77 per cent of CEOs agreed with the statement: ‘I am personally comfortable with the degree to which mitigating cyber risk is now part of my leadership role’.

George Scott, director of KPMG’s cyber and privacy practice in Scotland, said: “It’s encouraging to see business leaders beginning to view cyber security investment as a positive figure on the balance sheet. However, more needs to be done to make sure businesses are prepared in the event of a cyberattack, whether it’s from external sources, or even insiders.”

He added: “With recent high profiles attacks like ‘Wannacry’ hitting the press, cyber security should be on every CEO’s radar. Businesses need to match their investment in innovative technology with their investment into cyber security, in order to stay one step ahead of cyber criminals.

“In Scotland, we’ve seen an increase in cyber security investment with many firms purchasing more security tools and technology. But unfortunately in some cases, the tools have not been implemented correctly or the right culture hasn’t been instilled, which doesn’t become apparent until it’s too late.

“However, the likelihood of another ‘Wannacry’ type of incident and increasing regulation, such as the onset of the GDPR in May 2018, is forcing firms to revisit their security management and data handling practices which helps spot those types of vulnerabilities and protect them for the future.”