Business leaders are not spending adequate time addressing cyber risk management, according to a new report by re/insurance broker Marsh, even as cyber risk increasingly ranks among the top concerns for most organisations.
Marsh found that a majority of board members and senior executives responsible for their company’s cyber risk management had less than a day in the last year to spend focused on cyber risk issues.
At the same time, confidence in an organisation’s ability to manage cyber threats has declined, according to a recent survey by Marsh.
The broker found that nearly 80% of business now rank cyber risk as a top-five concern, compared to 62% in 2017.
Only 11%, however, expressed a high degree of confidence in their ability to assess cyber threats, prevent cyber-attacks, and respond effectively, down from 19% in 2017.
Marsh’s latest findings appear to vindicate these concerns, as only 17% of c-suite executives and board members said they spent more than a few days in the past year focusing on these issues, while more than half spent several hours or less.
The use of new technologies is also compounding the problem, as only 36% of Marsh’s respondents said they evaluate cyber risk both before and after adoption, while 11% do not evaluate the risk at all.
“We are well into the age of cyber risk awareness, yet too many organisations still struggle with creating a strong cybersecurity culture with appropriate levels for governance, prioritisation, management focus, and ownership,” said Kevin Richards, Global Head of Cyber Risk Consulting at Marsh.
“This places them at a disadvantage both in building cyber resilience and in confronting the increasing complex cyber landscape,” he added.
Joram Borenstein, General Manager, Cybersecurity Solutions Group at Microsoft, also commented: “In the era of transformational technology and more interconnected supply chains, the cyber risk management practices and mindsets of yesterday no longer suffice and may actually inhibit innovation.”
He continued: “It is incumbent upon senior leaders to focus on these issues for the welfare of their organizations, their customers, their employees, and beyond.”