This past week PwC hosted ‘a real time cyber crisis’ highlighting the realities of a cyber attack, at the World Economic Forum in Davos. Entitled ‘What a cyber attack looks like - raising awareness of cyber space risks for government and business leaders,’ PwC consultants used a video and actors to bring the cyber threat to life and highlight the risks organizations face if they don’t have a comprehensive response capability.
The session was chaired by PwC chairman Ian Powell. Mr. Powell commented: “The alarming growth in cyber crime highlights the challenge that all global business leaders face. Although they might be aware of the threat they are not necessarily equipped to respond effectively, so it’s important to discuss the issues at a platform like Davos. After all, cyber is a global risk that knows no boundaries.”
“Cyber security is not just an IT issue. All public and private sector organizations need to transform their mindset and capability to address this growing threat. Often CEOs aren't particularly cyber savvy. Leaders generally see cyber as a technical issue and fail to appreciate the business impact of an attack. As a result, interaction between relevant teams is often unpractised, and decision making and communication under pressure are untested.
“Recent attacks have shown incredible resourcefulness and ability on the part of the criminals and even the most cyber savvy organisations have found themselves exposed and ill prepared to manage the effects. The cyber threat is very real and businesses need to allocate proportionate time and resource.”
This video was shown at the Davos session.