Survey: Top Execs Still View Cybercrime as Low Risk

An annual survey recently conducted by Ernst & Young Global Limited (EY) shows that many companies remain unimpressed or indifferent towards the threat of cybercrime, according to a recent article published by CNBC. The amount of constant “cyberattacks” and increased “number of high-profile and costly breaches” has not yet turned the view of  “nearly half of top executives” surveyed away from cybercrime as being  “low risk“, according to the article.

Reports over the past few months have profiled breaches involving major retailers, according to the article,  including  Target and Neiman Marcus and invasions of Experian, the well-known credit information provider. Still, according to the article, “phone interviews with 2,700 managers across 59 countries in the Americas, Asia-Pacific, Europe, the Middle East and Africa” have revealed a very unexpected response. The article indicates that security and other authorities who deal with fraud related events around the globe have theories regarding their views.

David Stulb, Ernst & Young’s head of fraud investigation and dispute services, was quoted in the article saying, “It may be that the nature of the threat is misunderstood, with 48 percent of respondents being most concerned with the risks posed by hackers, compared with significantly lower proportions concerned by potentially more damaging threats such as organized crime or ‘advanced persistent threats. There is not a government in the world that is not providing advice to corporations on how they can better protect intellectual property.”

Read more in the full article about these findings and learn about why many companies lack concern in the midst of increased “cybercriminal” activities.

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