Cyber Crime - UK CEOs Rank Cyber Risks as the Second Biggest Threat

30 Jan 2017

Cyber Crime - UK CEOs Rank Cyber Risks as the Seco...

A report released by PWC indicates UK CEOs now consider cyber risk to be the second largest threat their organisation faces, coming second only to an employee skills gap.

Cyber Aware

The report, which surveyed over 1,000 CEOs across the globe, showed that 97% were currently dealing with cyber breaches that have impacted their organisations critical or information systems.

To put these figures in context the global average is 90%. The survey reported that 100% of US CEOs questioned were tackling an issue whilst 96% of German CEOs were doing the same.

Stephanie Perry, Strategic Development Consultant at PGI said; “These figures illustrate how cyber threats have become an increasing priority for businesses of all sizes. The tools, techniques and tactics adopted by cybercriminals are constantly evolving to target organisations for financial gain, competitive advantage, intellectual property or personal identifiable information. It is therefore no surprise that, given the nature of these cyber threats, ‘Cyber risk’ is now an integral part of business risk planning.

The Skills Gap

83% of the CEOs questioned stated that the shortage of skilled workers in the digital arena key concern for them. 67% of UK CEOs said that recruiting people with the right skills was difficult. Only two other nations find it harder to find people with the right skills than the UK, these are South Africa (86%) and Switzerland (72%).

PGI works with both UK and International corporations to design workplace transformations programmes for the upskilling of existing staff and educating a recruited workforce to equip them with the right skills and qualifications to address this knowledge gap.

Cyber Crime Jumped in 2016

In a separate paper released by KPMG, reported instances of cybercrime in the UK have soared by 1,266% in 2016 and the cost of fraudulent activity in the UK has surpassed a billion pounds for the first time since 2011 reaching £1.137bn in 2016 compared to the £732 million recorded in 2015. Meanwhile, the Office for National Statistics (ONS) latest crime stats report that there were an additional 3.6 million incidents of fraud and 2 million computer misuse offences recorded by the police last year.  

Insider Threat

KPMG’s data highlights the dangers of the insider threat, the majority of fraud cases reported were committed by employees and management.

Insider threats fall into two distinct categories:

Share this article


Your free global geopolitical
risk dashboard

PGI’s Risk Portal tool provides daily intelligence feeds, country threat assessments and analytical insights, enabling clients to track, understand and navigate geopolitical threats.

The Risk Portal gives users up-to-date information and analysis on global affairs.

The Risk Portal allows users to visualise information in a unique and instantly understandable way. Mapping filters enable the visualisation of incidents by threat category, time period, perpetrator and target type.

Risk Portal users can upgrade their accounts to include the Report Builder and Country Profile Generator features. The Report Builder allows users to select information, data and images from the Risk Portal and create bespoke reports and emails.

Subscribers to PGI’s Bespoke services receive tailored analysis on specific sectors and geographies of interest, delivered at a frequency they determine.

Visit the Risk Portal

Subscribe to our Cyber Bytes Newsletter

Keep yourself in the loop with PGI by signing up to our Monthly Cyber Bytes email. You will receive updates, tips and narrative around what has been happening in the world of information security.

Get in touch today

For more information on how we can help you or your business, please contact us via:

Related News

CISMP, CISSP and CISM - what's in an acronym?

20 Mar 2017

There is a wide range of different security courses available, and a mind-boggling array of certific...

Read news article

International Womens Day - Pioneering Women in Tec...

08 Mar 2017

Pioneering Women in Technology – Katherine JohnsonThe Oscar season has been and gone. The...

Read news article

Law Firms and why they need cyber security

06 Mar 2017

Suffering a data breach can be devastating for any company but for law firms the impacts can be part...

Read news article
Back to the News Hub

Follow us

+44 (0)207 887 2699
©2017 PGI - Protection Group International Ltd. All rights reserved.
PGI - Protection Group International Ltd is registered in England & Wales, reg. no. 07967865
Registered address: Cascades 1, 1190 Park Avenue, Aztec W, Almondsbury, Bristol BS32 4FP