The study, based on interviews with 30 analysts and 1700 C-suite executives, did not specify the countries in which these executives were based, though Australia was among them.
Among the findings which were specific to Australia, the study, rather unsurprisingly, found that nearly all businesses surveyed were now dependent on the Internet for their business operations, compared to 10% ten years ago.
Other findings specific to Australia:
- Seventy-six percent of business leaders say a trustworthy digital economy is critical to their organisation’s future growth.
- Sixty-three percent say their dependence on the Internet is growing and cyber security risks are also increasing.
- Only 22% of organisations, compared to 30% globally, are very confident in the security of the Internet. And this is forecast to drop over the next five years to 17% (compared to global at 25%).
- Governance: Sixty-six percent say cyber security challenges will require an organised group effort.
- Business architecture: Seventy-two percent say security weaknesses in third parties are increasingly difficult to protect in the complexity of today’s Internet ecosystems.
- Technology: Seventy-seven percent are adopting new technologies faster than they can secure them.
- Seventy-five percent of organisations say the economic potential of the Internet, and IoT, would be unleashed by building a more trustworthy digital economy.
- According to Accenture, this equates to a cumulative total of US$5.2 trillion over the next five years globally.
- For CEOs of a G2000 company, this translates into a revenue opportunity of 2.8% — or an average of US$580 million annually — in each of the next five years.
"Conventional thinking on cyber resilience needs to be taken to the next level by looking beyond the traditional boundaries of a single organisation.
"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.”
The full survey can be downloaded here.