This article was first published by Oliver Wyman here.
In our interconnected and digitized world, cyber risk is increasing, and the nature of cyber-attacks is evolving. If the recent attacks and resulting media attention are any indication, various threat actors who can precipitate cyber-attacks have ambitions which can be harmful in severe ways.
These factors along with the pace at which technology is evolving are compelling companies and their Board of Directors to have a clear understanding of the cyber risks they face and to determine the level of spend they are willing to dedicate to cybersecurity.
CISO budgets have seen a significant uptick in recent years, up 16% annually from 2016-2019, as a result of new and elevated threat levels and heightened scrutiny from board members.
