Dive Brief:
- Cybersecurity is the No. 1 external concern for U.S. CEOs for 2019, according to a Conference Board survey of more than 800 international CEOs and 600 C-suite members.
- CEOs in the financial industry rank cybersecurity above a recession as a top issue. The U.S. government found that cyberactivity cost the economy up to $109 billion in 2016, according to The Conference Board.
- Creating new business is the second largest concern for global CEOs because of disruptive technologies, according to the survey. It's indicative of CEOs' awareness of the long-term impacts disruptive technologies will have in their future market plans.
Dive Insight:
Having a C-suite already aware of the need for disruptive change helps out the CIO. It alleviates the pressure of having to make a case for implementing new technology that's innovative, yet invaluable.
After several years of record-breaking data breaches, security stands as the top priority for companies. It's clear that the CISOs aren't alone in establishing the business risk posture anymore.
Only one-third of companies view security as a threat to business growth, but when the price tag for cyberattacks over the next five years could mount to $5.2 trillion, ignoring security is ill-advised, according to the report.
CEOs in the high-tech industry have more than $753 billion to lose in the event of a security incident, according to an Accenture report. Life sciences and automotive industries could be hit with more than $642 billion and $505 billion, respectively, in costs.
However, in the face of slower economy, revamping business models or introducing new technologies could be neglected, according to the report. If the economy begins to decline, the immediate temptation will be to support short-term investments that yield quick results and push long-term investments on the back burner.
With the addition of more digital tools, security needs are elevated, but addressing those concerns is a companywide concern for three-quarters of C-suite officials, according to Accenture. As new technologies are introduced, CEOs need to ensure the integrity of their new digital economy and a promising set of governance policies.
