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For many reasons we always take surveys at face value. But we should take these figures as a indicative reminder of the challenges companies face in cyber ownership, adoption and management.
If the results had come back to say ‘Business leaders only devote a week a year’ that would have been concern enough. But 1 day out of roughly 250 working days devoted to a top 4-5 global risk by business leaders, a risk which has such a significant impact on corporate value, is a worry.
Board concern about cyber has increased to 80% from 60% in 2017. Only 11% of board members expressed confidence that they could assess their cyber threats. Nearly 90% of companies had the IT function as the owner of cyber risk, and only 65% said they had identified a board owner for cyber.
I have no reason to doubt the figures, they are born out by the increases seen in data breaches and ransomware attacks and changes in regulation i.e. the SEC principles for cyber reporting and board ownership, GDPR and NYDFS.
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