The number one technology issue in the C-suite today is cyber-security.
And there’s no wonder—attacks are becoming more numerous and more sophisticated than ever. The cost of cyber-crime to the global economy has topped more than $445 billion2 – equivalent to 1% of global GDP. Sometimes cyber-crime can seem unstoppable – while firms spent more than $75 billion on cyber-defences in 20153 , cyber-crime grew by 38% that year.
That’s why C-suite executives everywhere are asking: What can we do to make a difference in defending against hackers, cyber-criminals and digital spies?
Research conducted by The Economist Intelligence Unit (EIU), sponsored by Oracle, provides answers. The results show that a proactive security strategy backed by a fully engaged C-suite and board of directors reduced the growth of cyber-attacks and breaches by 53% over comparable firms. These findings were compiled from responses by 300 firms, across multiple industries, against a range of attack modes and over a two-year period from February 2014 to January 2016.
The lessons are clear. As cyber-attackers elevate their game, the response must be an enterprise solution. Only C-suites and boards of directors marshal the authority and resources to support a truly enterprise-wide approach. In sum, proactive cyber-security strategies, supported by senior management, can cut vulnerability to cyber-attack in half.