Nearly one-fifth of CEOs see cybersecurity as the biggest threat to organizations’ growth with a new wave of challenges.
Remote Workforce
Few events in the recent decades have impacted how we go about our daily lives or conduct business as much as Covid-19. When the global pandemic hit last year, many were forced to shift to remote work or transfer their business online, bringing about a wave of challenges.
With more people than ever remote working, company systems and data are at a greater risk than ever before. Employees are now accessing work systems and data from their own homes. This means that data is not as safeguarded as before. Aside from the physical security of an office, remote working means that an organisation’s data is susceptible to risks of multiple individual wireless networks rather than a company-wide secure network.
Risk of Cyber Attacks
According to the data presented by the Atlas VPN team, based on the KPMG 2021 CEO Outlook Pulse survey, nearly one-fifth (18%) of CEOs see cybersecurity risks as the number one threat to their organizations’ growth over the next three years.
Concern over cybersecurity risks rose significantly among CEOs compared to last year, when it occupied the fifth spot in the list with 10% of CEOs indicating it poses a threat to their organizations’ development.
Other CEO concerns that made it to the top five include tax risk (14%), regulatory risk (14%), supply chain risk (12%), operational risk (10%), environmental or climate change risk (10%), emerging or disruptive technology risk (6%), and interest rate risk (6%).
Meanwhile, talent risk, which occupied the first spot among concerns last year, dropped by a fifth (20%) to a mere 1% in 2021.
To mitigate these risks, companies plan to spend more on digital technologies this year, with 52% prioritizing data security measures.
Prioritising Employee Training
With employees working from all over the world, organisations open themselves up to risk and there are many easy entry points for hackers. In fact, 72% of organisations saw an increase in insider threats over the last year. This means that responsibility for cybersecurity has shifted from not just IT personnel but to each employee. The responsibility for cybersecurity in companies often falls on the shoulders of IT personnel. Making sure that cybersecurity is a company priority and ensuring that the whole workforce is well trained is key going forward.
Rachel Welch, COO of Atlas VPN, shares her thoughts on the situation:
“The emphasis on cybersecurity in companies is long overdue. While Covid-19 has brought about a myriad of challenges for individuals and organizations, it has also encouraged us to seek better practices. In the end, those who will be able to adapt to the new normal in the post-Covid world will come out of the situation more robust than before.”
