40% of Business Executives Are Worried About Getting Hacked, But Will They Do Anything About It?

Cybercrime has increased to the point where it has become a major threat for corporations in America. Ransomware attacks, phishing attempts and numerous other attacks conducted by malicious actors are risky because of the fact that this is the sort of thing that could potentially end up compromising the security of these corporations with all things having been considered and taken into account. It turns out that a lot of major corporate executives are aware of this according to PriceWaterhouseCooper (PWC).

This auditing firm conducted a survey, and with all of that having been said and now out of the way it is important to note that 40% of the corporate executives that participated in this survey cited potential hacking as their primary cause for concern. According to a top level executive at PwC, this is the first time ever that cybercrime has been the biggest source of concern for corporations up until this point.

84% of corporations are keeping a close eye on cybersecurity updates, as well as new information surrounding data protection and privacy. 79% were reassessing their current risk management strategies, and 49% also stated that they plan to increase their budgets for cybersecurity this year or the next.

The cybersecurity leader at PwC who commented on the report, Sean Joyce, highlighted the need for increased transparency among corporations when it comes to cybersecurity and potential hacking attempts. In spite of the fact that this is the case, most corporations are hesitant to do so because they might not want competitors getting such a close look at their affairs.

It is high time that corporations put the needs of the many before the needs of the few. Being more transparent about what is going on might be the only way to fight against malicious actors, especially when so many unethical hackers are organizing into groups themselves. Corporations won’t be able to develop effective hacking mitigation techniques if they keep their cards close to the vest, and it will be interesting to see if any of them are willing to change their ways so that progress can be made.

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