New research from Duke University’s Fuqua School of Business global survey of CFOs reveals that 80% of companies have been hacked. Small and medium-sized businesses have been the hardest hit. Other results from the CFO survey include expectations of wage hikes and the impact of the strong U.S. dollar on U.S. exports.
Highlighting the continuing challenge of information systems security, more than 80% of companies around the world have been hacked by cyber-criminals, including more than 80% of companies in the U.S., and more than 85% of companies in Europe, Asia, Latin America and Africa, according to a worldwide survey of CFOs. The goal in these attacks is to steal, change or make public confidential information.
Although breaches of major companies such as Target make the news, the worst hit are the small to medium-sized enterprises (SMEs). In the U.S., 85% of firms with fewer than 1,000 employees have been successfully hacked, compared to 60% of larger firms.
Those figures may even be underestimating the damage, as many companies may not realize that their systems have been penetrated, according to survey director John Graham, a professor at Duke University’s Fuqua School of Business.
The CFO Global Business Outlook survey, conducted quarterly by Duke Fuqua, is based on responses from more than 1,000 CFOs in public and private companies around the world. Other results of the second quarter survey include:
SMEs are most susceptible to hackers because they have dedicated less resources to cyber-security. However, when it comes to investing in securing your information systems, perhaps an old proverb applies to the new technology: not to be penny-wise and pound-foolish.
Some suggested security steps:
Duke CFO Global Business Outlook Second Quarter 2015. John Graham (June 2015).
Ideas for Leaders is a free-to-access site. If you enjoy our content and find it valuable, please consider subscribing to our Developing Leaders Quarterly publication, this presents academic, business and consultant perspectives on leadership issues in a beautifully produced, small volume delivered to your desk four times a year.
For the less than the price of a coffee a week you can read over 650 summaries of research that cost universities over $1 billion to produce.
Use our Ideas to:
Speak to us on how else you can leverage this content to benefit your organization. email@example.com