A new report from CA Veracode* reveals a lack of understanding of cybersecurity by CEOs who do not seem to address cybersecurity unless they are forced to. Michael Patterson, CEO at Plixer commented below.
Michael Patterson, CEO at Plixer:
“Board members and organizational leaders are fundamentally driven to deliver higher profits for the company and shareholders. For the board and CEO to act, the money spent on improving cybersecurity must have a tangible return on investment (ROI). Company leaders will not invest more into cyber security defense because the volume of incidences in the news has led many executives to deaf ears. As more CEOs are held accountable for security incidents, as happened in the case with Equifax, awareness will rise. Executives may not understand cyber risks to the business, but they will begin to take notice as more of their peers are fired for security breaches or until it impacts the business flow. Imagine a business that can’t access their data or a data repository that has been maliciously modified to the point where employees can’t trust the data. This would certainly motivate businesses to do a better job at cyber defense.”