Cyber Risks: A Top Concern for Businesses Now and in the Future
Cyber risks are a growing concern for businesses worldwide, and they are expected to become even more critical in the coming years. According to the latest “Executive Perspectives on Top Risks” report from NC State University’s ERM Initiative and Protiviti, cyber threats rank as the third biggest risk for 2024 and are predicted to become the number one risk by 2034.
The report highlights several reasons for this increased concern. As companies rely more on technology to operate and innovate, they become more vulnerable to cyberattacks. The growing use of cloud services, digital tools, and third-party partnerships creates more entry points for potential cyber threats. Hackers, including those backed by nation-states, actively seek these weaknesses to steal data, disrupt operations, or gain geopolitical advantages.
Legacy IT Systems Navigating Cybersecurity Risks and Regulatory Pressures
Many companies still rely on older IT systems that were not designed to handle modern cyber threats. These outdated systems not only limit a company’s ability to compete with newer, more agile digital-native businesses, but also create significant security vulnerabilities. This risk is further compounded by the increasing regulations around data privacy and protection. As governments introduce stricter data privacy laws, companies face higher pressure to safeguard customer information.
For businesses, addressing these cybersecurity risks is crucial. Building strong, up-to-date cybersecurity measures is not just a short-term need but a long-term strategy. With cyber risks expected to remain a top concern over the next decade, companies must continuously invest in new security technologies, train employees, and work closely with partners to protect their data and infrastructure.
Cybersecurity is Collective Defense in the Digital Era
The report also emphasizes that cybersecurity is not a challenge that can be tackled alone. It requires a collaborative effort across teams and industries to stay ahead of cybercriminals. Businesses need to adopt a proactive approach, which includes regular assessments of their security measures, staying informed about new types of threats, and being prepared to respond swiftly if a breach occurs.
In the end, managing cyber risks is a complex, ongoing task. By taking these risks seriously and planning for future challenges now, companies can better protect themselves and their customers in the rapidly evolving digital world.