Our journey towards sustainability

Our clients
Key drivers: materiality top issues
26
Digital privacy and cybersecurity
By creating new markets, new products
and a better understanding of consumers,
the digital world offers enormous potential.
However, many organizations underestimate
the associated risks and precautions,
particularly in relation to digital privacy
and cybersecurity. Eighty-eight percent of
respondents to our Global Information
Security Survey 2015 do not believe their
information security fully meets the
organization’s needs. From a customer’s
perspective, the digitalization of data means
a greater amount of private information at
risk. Therefore, for organizations to move
to a safer and more sustainable place
in the digital world, it is necessary to apply
a cyber-risk lens to everything they do.
Understanding the challenges for cybersecurity
53%
2014
59%
2015
59% see criminal
syndicates as the most
likely source of an
attack today, compared
with 53% in 2014
This is particularly true as cybercrime
grows in both prominence and sophistication,
alarming regulators and corporate boards
across our markets. The rise in costs of
dealing with cybercrime, the certainty
of attacks and public implications
of those breaches means boards of
FS organizations are now incorporating
security in their risk appetite models.
As regulators have become more engaged,
the banking industry continues to face new
regulatory demands, with the insurers next in
line to face regulatory scrutiny. In light of this
growing regulatory involvement, coupled with
the rising costs of defending against attacks,
cybercrime has become a board-level issue,
often overseen by the CRO.
53%
2014
57%
2015
57% say that lack of
skilled resources is
challenging information
security’s contribution
and value to the
organization
39%
2014
44%
2015
44% see phishing
as the top threat today,
compared with
39% in 2014
However, where the traditional “brick-wall”
approach to protection may once have been
sufficient, today it is no longer suitable,
particularly when private company data
is stored in multiple places and by third
parties. Forty-two percent of respondents
to our Global Information Security Survey
2015 say that knowing all their assets is
a key information security challenge.
The starting point for organizations is
situational awareness, understanding
what their organization looks like to
cyber attackers and determining what the
attackers are targeting. Companies can use
this information to prioritize what matters
most, improving controls to protect and
respond to attacks where appropriate,
and insuring against others.
88%
of respondents do not
believe their information
security fully meets the
organization’s needs
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