Cyber Ignorance Is Not Bliss

Hilary Tuttle

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April 1, 2016

cyber security awareness

More than 40% of U.S. executives are either unsure whether their companies have formal cybersecurity protocols in place or do not have a clear understanding of them, despite the fact that 70% believe data breaches are a threat to their company, according to a study by security technology firm BAE Systems.

Some forms of mitigation still lag, with only 17% of companies carrying some form of cyber insurance. Those polled clearly understood the range of serious threats cyber poses, however, with 85% identifying damage to reputation and consumer confidence as the top risks at stake, followed by legal liability and financial damage at 74% and 70%, respectively.

“The lack of awareness by executives on the state of their cybersecurity protocols and training initiatives is alarming as it puts them at a serious disadvantage against potential attackers,” said Michael Fleishman, BAE’s president for the Americas region. “This is a critical issue that must be addressed, as these individuals and their employees are liable to unknowingly disseminate sensitive data to unauthorized parties both internally and externally, making their organizations, supply chains and employees susceptible to a variety of threats.”

Hilary Tuttle is managing editor of Risk Management.