Nearly three quarters of the executives are most concerned about potential risks associated with cybersecurity threats to their organizations, according to a national survey of 300 senior business professionals by The Graham Co., a provider of insurance and employee benefits services.
The survey also found that even though business leaders perceive that they are taking the adequate measures to protect their organizations, they are actually falling short of doing what’s necessary to mitigate the risk associated with these potential threats.
“In the modern-day business environment where everything is interconnected, the potential threats facing a business are immense,” Ken Ewell, president and COO of The Graham Co., said in a statement. “This complexity of risks has caused many business leaders to become overwhelmed and unknowingly expose their businesses to risks that threaten their bottom line.”
When asked to consider the single biggest risk facing organizations, business leaders’ opinions varied, the report says. But cybersecurity had the highest proportion, with 21% of respondents naming it as the number one risk they are most concerned about. Tied for the next greatest risks were professional liability and legal liability issues, followed by healthcare costs.
Graham says the survey results show that companies’ fears regarding cyber threats are “significant”, with nearly half of the respondents saying they felt there was a significant level or risk related to a hacking incident leading to theft of customer information; the inability to use the organization’s network; theft of employees’ private information; theft of intellectual property; and the inability to access the organization’s website.