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The new cyber risk landscape
According to the Mazars C-suite barometer 2021, based on responses from over 1,000 C-suite executives from 39 countries, most businesses are confident in their ability to manage cyber risks: over two thirds (68%) feel their data is ‘completely’ protected and a further 29% say their data is ‘partially’ protected.
In the UK, businesses are especially confident in their level of data protection. Four in five, 80%, feel that their data maturity is higher than their competitors’. The same percentage say their data is fully protected – 12 points higher than the global average. At the same time, 72% of UK C-suites feel that cyber security risks have increased over the past year. This is 17 points higher than the global average.
This confidence is encouraging, especially as these leaders also acknowledge the cyber security risks to their businesses have increased, and just over a third consider a significant data breach in the coming year likely.
Our C-suite research was conducted in late 2021, prior to the shocking invasion of Ukraine by Russian forces. We have seen devastation in many forms, and cyberattacks are part of the hostilities of this conflict. The crisis in Ukraine has elevated cyber risks across the globe, and we urge businesses of all sizes to assess and improve their cyber security measures based on the new risk landscape. Specific actions to be considered include:
1) Organise cyber risk management and resilience
2) Monitor, detect and communicate
3) Prepare incident response
No matter how well protected a business is, it’s likely a cyber-attack will affect them at some point: having a recovery plan to minimise the disruption and impact on your business is vital.
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