Accenture said that there could be a loss of $5.2tr over the next five years, to the companies worldwide due to Cyber Risk. This amount in total is the size of the combined economies of Spain, Italy, and France.
Certainly, there is a view that many of these existing protocols for cybersecurity configured in almost all the systems are outdated. It might be unfit for the latest standards for sustaining the latest trends in the formation of cyber strategy.
Above all, this issue has typically increased the burden of responsibility and challenges to the modern world Chief Executive Officer. Now everyone has a shared responsibility to build a safer environment for the internet.
He added: “To do so, CEOs should collaborate with other top executives and also, where possible, with governments and regulators.”
Although, the survey found that companies that faced data breaches, 50% or more incidents happened because of their partner companies. Therefore, they are more willing to join this practice of making the internet premises more secure.
“When leaders realize that prioritizing a trustworthy digital economy is a win-win situation. Businesses, consumers and governments will all benefit through collaboration.”
Consequently, CEO’s have to step up their game and start spending more on cybersecurity to protect themselves and their business. The latest study states that Gartner Projects revealed that the cost of spending on cybersecurity will go from $123 billion. In 2018 to an increase of 10.8% per year, and the forecast is $170.5 by 2022. Cyber Risk
