McKinsey Report Examines Cybercrime’s Effects on Business Strategies

McKinsey&CompanyA study by McKinsey & Co. and the World Economic Forum found that more than 50 percent of professionals worldwide believe that cybersecurity threats pose strategic risks to their organizations.

The research also sought to find out how executives view cybercrime, its impact on business operations and companies’ response to security vulnerabilities, McKinsey said.

Data indicates that 60 percent of polled executives believe the pace and sophistication of attacks will escalate somewhat faster than enterprises’ capability to protect their assets.

Seventy percent of all respondents reported that enterprise security concerns resulted in cloud technology adoption delays by one year or more and 40 percent said concerns about cybersecurity delayed implementation of mobility tools by a year or more.

McKinsey also found that a majority of businesses have nascent or developing cybersecurity risk management programs.

The findings were based on data from a McKinsey executive survey and interviews with more than 200 chief information officers, technology vendors, policymakers and law enforcement officers in the Americas, Europe, Africa, the Middle East and Asia.

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