January 17, 2022
Alerts & Bugs

PwC report, IT Security News, ET CISO

CXOs worried about supply chain, business resilience as top cyber security risks: PwC reportEven as companies try to tackle the disruption caused by Covid pandemic on their businesses, cyber security risk is giving sleepless nights to many top executives.

Business resilience, managing supply chain and data leakage are some of the top cyber security risks that many CXOs face, a PwC report has said.

“The biggest challenge faced by all businesses today is their ability to respond to an event that is causing widespread disruption. The threat landscape itself is changing dynamically,” the report titled, “The future of cyber security trends,” said.

Many Indian companies have seen a spurt in cyber attacks in the last one year. Also, companies are working on data protection as many employees are working from home.

“With the onset of the COVID-19 pandemic, organisations have witnessed a paradigm shift in the regular ways of working and this has brought about significant changes in the way they perceive cyber threats,” said Sivarama Krishnan, Asia Pacific Cyber Security Leader and Partner, PwC India.

“All organisations take a strategic call on the kind of services they would like to execute in-house and the ones that would require engagement with third-party suppliers/partners. The latter requires organisations to share data with third-party suppliers and provide them with access to organisational resources. While many organisations run strong third-party risk management programmes, it is practically impossible to get into the landscape details of the supplier ecosystem and the multiple microcosms they create,” the report said.

This also comes at a time when several companies have even taken notice of the Pegasus Controversy. Many Indian companies have roped in cyber security experts to create special firewalls, data protection protocols after the Pegasus spyware controversy, ET first reported on July 23.

The PwC report spoke to CXOs in 40 top companies about their views on cyber security.

CISOs and CIOs are unable to get a consolidated view of the red herrings in organisational security. Third parties, security architecture, gateways, etc., could all lead to risk exposure. Also, an overall assessment should follow if there are any changes to the security ecosystem or any unreported impact on the threat landscape. If an organisation is unable to identify and review these factors, it loses the ability to determine potential risks and decide on the appropriate risk-response mechanism, the report said.

“It is important to understand such threats and benchmark our readiness to address them,” said Krishnan.

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