A recent study done by BAE Systems shows an alarming difference of opinion between C-level executives and IT professionals regarding the cyber risk to business and what needs to be done to battle it. Mike and Amy discuss the study and the possible reasons for the discrepancy in this segment of the Bottom Line IT.
According to the study the C-level executives, including chief technology and chief information officers, often don’t agree with their leading decision-making colleagues in IT on what the biggest threats are, how much a hack could cost their company—and worst of all, they can’t even agree who’s responsible for stopping a cyber attack.
Many C-level executives (35%) do not want to share company information with outside cyber security firms could help them fend off hackers more effectively. They are more worried about keeping customer data and company information private. IT executives at the same companies know that outside help is needed to truly combat cyber crime.
There is also a disagreement as to who is responsible for stopping cyber attacks. Over one-third (35%) of C-level executives thought their staff was ultimately responsible for stopping cyber attacks, Meanwhile, half of the IT professionals said it was the responsibility of the board—a gap in understanding that can be exploited by hackers.
The IT professionals also put the average cost of a successful cyber attack at around 70% higher than their bosses’ estimate. Data supports those higher numbers. The C-level executives tend to think most security breaches are the result of an amateur hacker. The IT professionals know it is usually a large organized crime unit and the ramification of the attack can be devastating. It is reported that 60% of companies hit with a large cyber breach will close within a year of the attack.
Keeping their business safe is something both C-level executives and IT professionals can agree on. So how do you protect your company from cyber attacks? It is no longer good enough to just be reactive, companies need to take a proactive approach, as well. Partnering with a cyber security firm is the first step, like ASK. Learn more about ASK’s Enhanced Security Services here.
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