28 percent of the more than 430 board members and managing directors surveyed stated in the annual “CxO Priorities” study that their company had been successfully attacked by hackers at least once in the recent past. The rate is significantly higher for insurance companies: 56 percent of the top managers surveyed report attacks that caused serious damage.

“The financial industry is considered to be the industry most likely and most likely to pay ransoms, which is not surprising since it thrives on customer trust,” says Dr. Stephanie Nöth-Zahn, partner, CISO and cyber security expert at Horváth. According to the study, retail companies are the second most frequently attacked successfully (33 percent). The automotive, banking, medical technology, mechanical engineering and electrical engineering sectors follow with around 30 percent each. The telecommunications industry has recorded comparatively few successful attacks (15 percent).

Cyber ​​security in the manufacturing sector is already a top management priority

The high level of cybercrime ensures continued attention and work in the boardrooms of large companies. In fact, in the manufacturing sector, cyber security is at the top of top management priorities. Across all sectors, 59 percent attach great importance to the topic, and another 31 percent rate it as very important. Only personnel issues are just behind (58 percent very important, 34 percent important). Horváth expert Nöth-Zahn comments: “Many companies still invest according to the watering can principle. Vulnerabilities must first be identified through risk analyzes and given the correct priority. A Cyber ​​Security Maturity Assessment (CSMA), for example, can provide clarity about open flanks and areas of action, which systematically analyzes risks and identifies potential for an effective defense program. In this way, investments and measures are targeted.”

About the study

This analysis of the extent of cyber crime in an industry comparison was conducted as part of the annual “CxO Priorities” study by the management consultancy Horváth. To this end, personal in-depth interviews were conducted with over 430 top managers from 19 countries in spring 2023, with a focus on Europe and German-speaking countries. The majority of those surveyed come from companies with at least one billion euros in annual sales and 1,000 employees.

Source:

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