A recently published global survey of C-Suite level executives and IT Decision Makers (ITDMs) revealed a large gap in assessments of cyber threats, costs and areas of responsibilities. Among the most significant disconnects:
- 80% of the executives surveyed in the U.S. believe cybersecurity to be a significant challenge facing their business, while only 50% of ITDMs agree.
- ITDMs estimated the average cost of a cyber breach at $27.2 million, much higher than the average $5.9 million cited by executives.
- 50% of the executives surveyed believe the reason why an attack on their organization would succeed would be due to human error of employees, compared to 31% of ITDMs.
The research shows there is a lack of understanding when it comes to the cost of a successful breach, which many underestimate. It isn’t just about what the thieves get away with. A successful cyber attack can have far reaching implications such as impacting share price, lost business, fines — even a failed strategic investment or merger.