Damaging cyberattacks and streams of suspicious digital communications have made cybersecurity a top concern of the world’s business leaders. So say the overwhelming majority of responding board members in a recent McKinsey survey. Their answers are further evidence that cyber risk is now as important a priority for the leaders of public and private institutions as financial and legal risks.1 Facing a rising threat level and the magnitude of the potential impact, executives are insisting on full transparency around cyber risk and ways to manage it actively to protect their organizations.
This evolved attitude was also expressed in the responses to our recent article, “A new posture for cybersecurity in a networked world.”2 Most of our readers agreed on the urgency of the issue, and many volunteered stories of rising cyberthreats, new types of attacks, and the increasing complexity of managing digital risk in large corporations. A board member for a multinational company in advanced industries admitted, “So far, we have not taken a big hit, but I can’t help feeling that we have been lucky. We really need to ramp up our defenses.” Another executive said: “Digital resilience is one of our top priorities. But we haven’t agreed on what to do to achieve it.” These concerns are widely held, as executives in all sectors and regions seek guidance on the path to a new cybersecure posture.
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SOURCE: McKinsey & Company