Boards ramping up security, privacy investments

Company boards are ramping up their investments in data security and privacy to comply with the new EU General Data Protection Regulation (GDPR), and in response to the all-time high rate of cybercrime threats, according to the latest Harvey Nash/KPMG CIO Survey.

The survey found that almost a quarter (23%) more respondents than in 2017 are prioritising investments in cybersecurity. There has also been a 12% increase in the number of respondents prioritising operational risk and compliance.

While most companies have measures underway to improve data security and ensure compliance with the GDPR, which took effect last month, only 38% of CIOs surveyed for the research in April said they expected to be compliant by the deadline.

In addition, just 22% said they are well prepared for a cyber attack, and 77% of IT leaders stated that they are most concerned about the threat of organised cybercrime.

In their rush to improve security and privacy, organisations are running into barriers including a shortage of qualified talent — security and resilience skills experienced the biggest jump in skills shortages this year, increasing 25%.

Companies that are effectively managing the balance between the revenue-generating potential of utilising customer data and the need for privacy and security despite these challenges are 38% more likely to report greater profitability than their competitors, the survey also found.

Image credit: ©stock.adobe.com/au/pn_photo

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