Cybercrime To Cost Organization More Over The Next Five Years

According to an article in HealthNet Security – Companies across the globe will incur $5.2 trillion in additional costs and lost revenue over cyberattacks. The ability to introduce adequate safeguards against complex internet-enabled business models will give away.

A survey of C-suite executives and CEOs around the globe, notes that — cybercrime from a wide range of malicious activities poses significant challenges that can threaten business operations. Reinventing the Internet for Trust — explores the complexities of the internet-related challenges and outlines imperatives for the CEO’s evolving role in technology, IT infrastructure and administration. Innovation, growth, and the expansion of new products and services, will ultimately cost companies trillions of dollars.

The highest risk are for the high-tech industry, with more than $753 billion hanging in the balance, followed by the life sciences and automotive industries, with $642 billion and $505 billion at risk, respectively.

Omar Abbosh, who leads Accenture’s Communications, Media & Technology operating group globally said “Internet security is lagging behind the sophistication of cybercriminals and is leading to an erosion of trust in the digital economy.” He added how “Strengthening internet security requires decisive — and, at times, unconventional — leadership by CEOs, not just CISOs. To become a cyber-resilient enterprise, companies need to start by bringing CISOs’ expertise to the board, ensuring security is built-in from the initial design stage and that all business managers are held responsible for security and data privacy.”

79 percent believe that the advancement of the digital economy will be severely hindered unless there is dramatic improvement to internet security. More than 59 percent of respondents said the internet is getting increasingly unstable from a cybersecurity standpoint and they are unsure how to react.

At the same time, three-quarters (75 percent) of respondents believe that addressing cybersecurity challenges will require an dedicated team, as no single organization can handle it on its own. 56 percent of the executives would also want stricter business regulations to be imposed by governing body.

Kelly Bissell, senior managing director of Accenture Security said “The internet wasn’t built with today’s level of complexity and connectivity in mind, which is why it takes just one click — whether inside or outside the company walls — to fall prey to a devastating cyberattack. No organization can tackle the challenges posed by cyber threats on its own; it’s a global challenge that needs a global response, and collaboration is key. To shape a future that thrives on a strong and trustworthy digital economy, senior executives need to look beyond the bounds of their organization, team with an ecosystem of partners, and secure their entire value chains — across every partner, supplier and customer.”

The rapid emergence of new technologies is creating additional challenges, as four in five respondents (79 percent) admit that their organization is adopting new and emerging technologies faster than they can address related cybersecurity issues, with three-quarters (76 percent) noting that cybersecurity issues have escaped their control due to new technologies such as the internet of things (IoT) and the industrial internet of things (IIoT). A majority (80 percent) also said protecting their companies from weaknesses in third parties is increasingly difficult, which isn’t surprising given the complexity of today’s sprawling internet ecosystems.

Also, on the minds of many senior executives: consumer data protection. Fueled by security concerns, 76 percent of respondents believe that consumers can’t trust the safety of their online identities when too much of their personal data is already available without restrictions.