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

30 Jan 2017

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

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:

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