Cybersecurity is a Key Challenge for Companies: As Many as 90 Percent of Managers Believe They Are Not Adequately Protected

A study by the independent consulting firm Horváth has shown that as many as 90 percent of top managers in large companies cite cybersecurity as an important or very important challenge for companies, particularly pronounced during the accelerated digital and green transition of business. Cybersecurity has proven to be a greater challenge than sustainability itself at the strategic management level across all sectors of the economy covered, especially in industry, which was highlighted by 83 percent of the surveyed managers.

The study was conducted in 18 countries around the world, including Croatia, and involved a total of 280 managers from the banking, construction, energy sectors, transportation and automotive industries, insurance companies, and others. More than 90 percent of respondents work in companies with revenues exceeding 100 million euros.

– The increase in online threats is a negative aspect of digital transformation, which companies, on the other hand, cite as a prerequisite for successfully achieving sustainability. Potential hacking attacks threaten the survival of companies, as they can halt production or business activity for several days. Therefore, it is important to develop a cybersecurity strategy, not only at a technical level but a deep strategy that will turn risks into competitive advantages – explained Maria Boldor from the consulting firm Horváth.

Hacking attacks are becoming more frequent, and it is estimated that so-called ransomware attacks, in which a company or individual is asked to pay a ransom, will cost victims nearly 270 billion dollars annually by 2031. Last year, such attacks occurred every 11 seconds, and it is predicted that by 2031, every two seconds a company or individual will be exposed to a ransomware attack during which personal and financial data, intellectual property, business operations, and ultimately the company’s reputation are at risk.

Costs arising from cybercrime are expected to continue to rise, reaching 10.5 trillion US dollars annually by 2025. Meanwhile, the likelihood of detecting and prosecuting perpetrators is estimated at only 0.05%.

This statistic confirms that investing in prevention systems and employee education is indeed necessary and profitable.