CFOs look to move their financial systems or ERP to the cloud despite the rapid increase in cyberattacks driven by organisations’ embrace of digital transformation.
According to results of a new Deloitte survey of nearly 600 global C-level executives, 94% of CFO respondents have cloud migration plans while 69% of global leaders surveyed noted a significant increase in cyberattacks at their companies this year.
Over the last year, businesses have been working overtime to remain competitive amid rapid technological change as accelerated digital transformation has drastically increased organisations’ vulnerability to cyberattacks,” said Emily Mossburg, Deloitte Global Cyber Leader.
“As the complexities of integrated environments continue to grow, leaders must prioritise incorporating cyber into every part of their business or risk the consequences of inadequate cyber protections,” she advised.
Digital transformation has heightened the need for cyber strategies
With more than half of businesses experiencing an increase in threats to their organizations throughout 2020, the risks have never been higher as the shift to remote and hybrid working becomes more common for businesses worldwide, Deloitte observed.
A clear plurality of the chief information officers (CIOs) and chief information security officers (CISOs) surveyed (41%) acknowledge that transformation and gaining visibility across increasingly complex hybrid ecosystems is the greatest challenge they face, survey results indicate.
Organisations to increase cyber defense budgets
With hackers becoming savvier, organizations are more inclined to increase their cyber defense budgets, Deloitte said .
Among the survey respondents, almost 75% of leaders with more than US$30 billion in revenue reported they will spend more than US$100 million on cybersecurity protections this year, the firm noted.
While these investments are being relatively evenly spread to broadly mitigate risk, greater attention is being given to threat intelligence, detection and monitoring; cyber transformation; and data security, Deloitte observed.
The convergence of technological prowess and increased cyber risk are changing the roles of today’s CISOs, the firm said, adding that as technology integrates further into daily business initiatives so should the CISO’s responsibilities.
There has been an increase of CISOs reporting to CEOs, going from 32% in 2019 to 42% in 2021 in the United States, and reaching 33% globally, survey results indicate.
This alignment allows for greater transparency on business initiatives and enhanced engagement at most levels — most importantly with C-suite executives like CFOs and chief marketing officers (CMOs) whose relationships with the CISO are critical in mitigating risk and creating authentic, safe customer experiences, Deloitte said.