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Survey: Top Execs Still View Cybercrime as Low Risk Featured Image

Survey: Top Execs Still View Cybercrime as Low Risk

by: Bryon Turcotte  /  June 12, 2014

According to a recent article published by CNBC, an annual survey recently conducted by Ernst & Young Global Limited (EY) shows that many companies remain unimpressed or indifferent towards the threat of cybercrime. Moreover, 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.

According to the article, reports over the past few months have profiled breaches involving major retailers, 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. In addition, 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 why many companies lack concern amid increased "_cybercriminal_" activities.

Written by Bryon Turcotte  /  June 12, 2014