The EY 2023 Global Cybersecurity Leadership Insights Study shows how leaders are bolstering defenses while creating value.
Despite the increasing threat of cyber-attacks and ever-rising investments in cybersecurity, just one in five Chief Information Security Officers (CISOs) and C-suite leaders consider their approach effective for the challenges of today and tomorrow.
Respondents to the EY 2023 Global Cybersecurity Leadership Insights Study also noted there was cause for concern. Organizations are facing an average of 44 significant cyber incidents a year, and detection and response times are slow with three-quarters of organizations taking an average of six months or longer to detect and respond to an incident. Meanwhile, the known number of cyber-attacks has increased by approximately 75% over the past five years1 and ransomware costs are forecast to reach US$265 billion by 2031 up from US$20 billion in 2021.2 New, sophisticated adversaries are weaponizing the latest technology to increase the speed and scale of their attacks. The impacts — financial, regulatory and reputational — are mounting.
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