The latest edition of the Institute of Director’s, Director Sentiment Survey, shows that technological change, in particular cyber security, is of concern to New Zealand boards. Only 32 per cent of boards regularly discussed cyber-risk and were confident about their company’s capacity to respond to an attack.
Yet, cyber security is a prevalent, well-discussed issue throughout the organisation.
Last year, Qual IT published the Digital Readiness report “Buzzword or Benefit?” which discussed the prevalence of cyber security on IT leaders’ list of relevant digital issues. 83% of IT leaders interviewed said that Cyber Security was highly relevant to them, more than any other digital issue (e.g. mobile platforms, social technology, big data etc.).
In 2015, it is estimated that security service spending will reach $76 billion (NZD) worldwide. This figure shows how much importance is being placed on keeping data and systems safe. Out of all the funds lost as a result of cyber-attacks globally, 68% is declared unrecoverable. When a new development is a large investment to your company, a 68% loss is huge and can potentially cripple the less fortunate.
These are figures that boards need to be aware of, as well as having a complete understanding of the strategies to safeguard yourself against external threats. In the report “Buzzword or Benefit?” we discuss some key strategic and tactical recommendations around cyber security including the addition of testing and considerations in the design of organisational infrastructure.
To find out more about the perception of cyber security within New Zealand organisations and to learn more about our key recommendations, download the Digital Readiness Report “Buzzword or Benefit?” here.