15 Apr Cybersecurity Is A Serious Skill Gap For CEOs
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This week in cybersecurity from the editors at Cybercrime Magazine
– Read the Full Story in Security Management
Sausalito, Calif. – Apr. 15, 2024
Security Management, a publication of ASIS International, reports that CEOs rise to their positions because of the breadth and depth of their expertise in areas such as strategic planning, finance, marketing, negotiations, and communications.
But recent research suggests there’s a troubling gap in CEOs’ extensive skill sets that’s placing their organizations at risk: how to prepare and respond to the increasingly menacing problem of cybercrime.
Cybersecurity Ventures reports that the financial impact from global cybercrime will hit $10.5 trillion annually by 2025, more than triple the $3 trillion impact in 2015.
CEOs forced to contend with this mushrooming problem often have significant gaps in their education and flawed perceptions about how best to address cybercrime, according to the CEO Report on Cyber Resilience from the University of Oxford’s Said Business School and Istari, a Singapore-based cybersecurity company.
The study found that CEOs feel more discomfort in making decisions about cybersecurity than in most other areas of their business. Many CEOs also said they had issues trusting those around them — including chief information security officers (CISOs) and their IT security teams — to make good decisions about preventing cybercrime or responding effectively once attacks happen.
“Cybersecurity is a business problem, not an IT problem,” says Paul Furtado, a vice president analyst with Stamford, Conn.-based research and advisory company Gartner. “But there are still many CEOs and organizations that treat it as an IT-only problem.”
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