In times of Covid-19, cybersecurity is at the heart of leaders' concerns

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In times of Covid-19, cybersecurity is at the heart of leaders' concerns


Cybersecurity has undoubtedly entered the world of leadership. In the space of a few decades - and in response to the increase in the number of successful cyber attacks in recent months - the issue of cybersecurity has grown in importance, to the point of becoming a true strategic ally in companies. This is what the results of the PwC Digital Trust Insights 2021During which more than 3,000 executives from the world of economics and technology were questioned on the development of cybersecurity - particularly with regard to the coronavirus pandemic. 50% of companies surveyed globally say they take cybersecurity and data protection into account in each of their decisions, which is twice as many as the previous year (25%).

Guarantee Resilience In Any Situation

Embedding cybersecurity in business processes is more urgent than ever, as the COVID-19 pandemic has accelerated digitization around the world, thereby increasing vulnerability to cyber attacks. This is also confirmed by 50% of the companies surveyed around the world. According to respondents, the use of cloud and mobile services as well as social engineering are the main areas of risk. A large majority consider the attacks to be very probable, and almost 80% even expect a significant negative impact on their business as a result of ransomware and disruption were cyber attacks. "The main threat is undoubtedly cyber hackers," says Johannes Dohren, Director Incident Response Cybersecurity at PwC Switzerland. In order to be prepared for all risk scenarios, 30% of executives want to invest more in advanced technologies and automation to strengthen the effectiveness of the cyber defence. In addition, 71% of the companies surveyed planned to perform more resilience testing to ensure that in the event of a cyber attack, critical business functions can remain operational or be restored quickly to reduce as much as possible. business impact. Cyber ​​resilience is not limited to IT or IT security ”, says Yan Borboën,

New Approaches to E-Strategy

The evolution of the risk situation induced by the COVID-19 pandemic has influenced the e-strategies of almost all the companies surveyed around the world (96%). More than 50% of respondents say they have started implementing new approaches to cybersecurity, and one in five organizations is already seeing positive results. The leaders surveyed in Switzerland consider the use of virtualization (27%) and artificial intelligence (14%) to be particularly promising and effective to fight cybercrime. In addition to business continuity planning, respondents want to focus more on cyber defence in the future (32%),

More Budget and Skills to Build Digital Trust

Driven by the COVID-19 pandemic, digitization is changing large swathes of business. For 38% of the companies surveyed in Switzerland, the main goal lies in increasing the efficiency of existing processes, followed by modernizing the organization with new skills (32%). In cyberspace, in particular, measurability in the quantification of cyber risks (36%) should be optimized in the future in order to be able to better assess the likelihood of increasingly complex cyber-attacks and to enable management to better visualize them. According to Fabian Faistauer, Cyber ​​Compliance Monitoring expert at PwC Switzerland: "Transparent internal reporting of cyber risks and vulnerabilities is essential to fulfilling your responsibilities and is the first step towards risk reduction."

The management recognized that it was not possible to guarantee new areas of activity and digital transformation in the long term without a high level of cybersecurity: 25% of CEOs surveyed in Switzerland said they contact the Chief Information Security Officer more frequently. (CISO). In addition, given that the CISO reports most often to the Chief Information Officer, the Board of Directors and the Chief Risk Officer, its field of expertise is constantly expanding: the promotion of innovation, the mentoring of employees and risk assessment are today one of the three most valued skills of CISO.

The growing importance of cybersecurity is also reflected in budget and resource planning. More than half of the companies surveyed around the world want to increase their cyber budget as well as the number of employees in the field of cybersecurity - and this, despite the significant decline in company turnover also forecast for 2021 in connection with the coronavirus crisis (59% in Switzerland and 64% globally).

“The reorientation of e-strategy not only defines the role of CISOs but also affects how the company defines cyber budgets, invests in security solutions, establishes plans to ensure the reliability of facilities and improves its organization. of security. It determines whether management can instil digital trust which, with strategies of protection and value creation, will allow its organizations to guide their organizations securely into the future, ”explains Yan Borboën.

About this Study

Click here to access the PwC Global Digital Trust Insights study with detailed information and results. To carry out the study, 3,249 senior executives from the world of economics, technology and security (CEOs, company directors, CFOs, CISOs, CIOs and C-level managers) were interviewed in July and August 2020 on the evolution and future of cybersecurity. Among the companies surveyed, 34% are based in Western Europe, including 5.2% in Switzerland, followed by North America (29%), the Asia-Pacific region (18%), Latin America (8%), Eastern Europe (4%), the Middle East (3%) and Africa (3%). To view the full study results, please click here.

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