CIOs fearful of cyber crime

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CIOs fearful of cyber crime

Australian CIOs now rank employees as the greatest threat to organisational security, according to a new IBM comissioned report.

Australian CIOs now rank employees as the greatest threat to organisational security, according to a new IBM comissioned report.

The study - conducted among over 3000 CIOs in January this year and including 150 respondents from Australian companies - found that 75 percent of local CIOs believe that threats originate internally.

This compares to a global benchmark, based on a total of 17 countries, of 66 percent, IBM said in a statement.

The report also said that cyber crime was also perceived by IT executives as a rising threat and was increasingly difficult to combat, with 49 percent of local businesses now perceived cyber crime to be a greater threat than physical crime.

Part of this was down to the related belief by 80 percent of local CIOs that cyber crime was becoming more sophisticated and being increasingly run by organised crime.

The report also found that despite the internal security threat, most organisations were focused at dealing with security threats: some 32 percent of CIOs planned to upgrade firewalls but only 15 percent planned to invest in employee awareness and education training.

When looking at fears of data loss, IBM found that CIOs ranked the loss of current customers as the biggest concern, followed by the loss of revenue and then loss of prospective customers.

Administrative overheads for dealing with cyber crime also featured with the cost of investigating the breach, notifying customers and suppliers and legal fees also ranking.
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