Cybersecurity a risk oversight for board members and executives

 

Cybersecurity is being underestimated by top level organizations, according to the latest research from global consulting firm Protiviti.

The company’s survey asked 277 board members and top level executives what their main causes for concern and operational risks are across the next year.

Fifty-three per cent of respondents highlighted cybersecurity as one of the biggest threats, while also admitting that their companies were not prepared to properly manage the issue.

Additional investment 

Overall, 2015 will provide a less risky enterprise environment than the previous two years, but the majority of business leaders maintained that they would invest additional resources into combating risk.

“Our survey findings indicate that operational risk issues are keeping many senior executives up at night,” explained Deloitte Professor of Enterprise Risk Management Mark Beasley in a February 9 press release.

The survey also asked executives to rank the other risks which they believe will effect operations. While cyberthreats featured highly in the list, the ability to adapt to change at all levels is also an issue that needs to be better addressed.

Failure to meet performance expectations

Furthermore, nearly half (46 per cent) of the sample admitted that their current operations “may not be able to meet performance expectations related to quality, time to market, cost and innovation” as well as their competitors.

Unstable economic conditions also present risks to global businesses. With companies often at the whim of the global financial market, 56 per cent of business leaders believe that they may subsequently have reduced growth potential throughout the next 12 months.

With 2015 offering a varied outlook at the enterprise level, the most adaptable businesses are the ones that will negate the vast majority of risks.

Being fluid in strategy execution could prove crucial, as companies that keep things plain while remaining dynamic will be the ones that thrive.