Cybersecurity Now Trumps Financial Performance for Most CEOs

Cyberattacks have become concerningly commonplace these days, and that is leading to many CEOs reshuffling their priorities with all things having been considered and taken into account. Breaches in cybersecurity can be devastating because of the fact that this is the sort of thing that could potentially end up holding back the financial performance of a company. Hence, many CEOs around the world now consider staving off cyber threats to be more important than finances.

This data comes from a survey of around 2,500 CEOs which was conducted by Palo Alto Networks. These CEOs hail from a variety of locations including the UAE, UK, Brazil, Germany and France. With all of that having been said and now out of the way, it is important to note that 51% of CEOs reported suffering from sleepless nights due to the ever present threat of cyber attacks.

Only 16% of CEOs feel that they know enough to prevent such attacks. Since 21% of them consider protecting their companies from these threats as their sole responsibility, these sleepless nights are quite understandable. 24% feel that this responsibility is shared between them and their Chief Information Officers, which doesn’t change the very real stress that can come with the increasingly dangerous presence of malware and other forms of cyber attacks that can set a company back by a large margin.

In spite of the fact that this is the case, 78% claimed that they have confidence in their company’s ability to keep these attacks at bay. 74% also said that they have a versatile framework that can be adapted to suit various types of attacks, although just 36% said that they would be willing to collaborate with an incident response team.

Interestingly, just 34% of CEOs said that they would pay a ransom if their organization were to suffer from a ransomware attack. It is widely known that paying this ransom can make a future ransomware attack far more likely than might have been the case otherwise, so it is heartening sign that so many CEOs know that they should not cave in to the demands of malicious actors.

Read next: New Report Reveals Top Security Threats for 2023
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