CEOs must view cybersecurity holistically
As technology advances and businesses become more technology-driven, the rate of cybercrimes is likely to increase exponentially. While the banking and financial services market faces the greatest cybersecurity risk, India also aims to transform itself digitally on the back of the Digital India initiative undertaken by the government, which, consequently, may lead to greater risk for government bodies, as consumers are moving towards digital transactions using smartphones. According to KPMG India’s CEO Outlook Survey 2017, over 89% of Indian CEOs agree that mitigating cyber risk is now at the top of the boardroom agenda, and almost 84% of them plan to invest significantly in it over the next three years. While CEOs now feel they have a better understanding of cybersecurity, many still do not ‘own’ cyber to the extent where they need to properly manage risks associated with it.NextMAds Another key highlight from the survey is that humans have emerged as one of the weak links in cybersecurity attacks and it is imperative to focus on cyber hygiene and awareness. However, CEOs are now gradually becoming cognizant of the business opportunities in building cyber resilience across the board: 76% of CEOs view cybersecurity as an opportunity to innovate and find new revenue streams.
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