Security News > 2023 > November > Australian CEOs Struggling to Face Cyber Risk Realities

Fear and the more technical aspects of cybersecurity are still stopping Australian CEOs from engaging more deeply with cybersecurity risks, despite a string of high-profile cyberattacks that have hit Australian brands, including Optus and Medibank and millions of their customers.

New research from consulting firm Accenture found that only one in five of Australian CEOs are currently dedicating board meetings to discussing cybersecurity issues, while 34% think cybersecurity isn't a strategic matter and requires episodic rather than ongoing attention.

The results indicate that, despite a rise in data breach costs in Australia and a fast-changing threat landscape, including a potential escalation of social engineering attacks due to generative AI, local CEOs are not taking an "Always on" approach to assessing and mitigating cyber risk.

IT leaders can play a role in increasing cyber risk engagement by talking in a language CEOs understand, engaging with boards of directors worried about their own liability and being clear on what best practices and investment levels they should target in their organizations.

CEOs still not taking ownership of cyber security risks.

Accenture's Australian findings, drawn from a survey of 1,000 CEOs in large companies around the globe for its The Cyber-Resilient CEO report, found that 91% of CEOs still believe cybersecurity is a technical function that's the responsibility of the CISO or CIO, not theirs.

News URL

https://www.techrepublic.com/article/australian-ceos-cybersecurity/