Cybersecurity remains a top priority for CEOs in Australia, with investment to bolster digital defences a key focus for our nation’s business leaders over the next 12 months.
The findings, published in PwC Australia’s 26th CEO Survey, are unsurprising given the high-profile, high-impact cyber attacks we saw in 2022. What is surprising, however, is how much more concerned with cyber threats Australia's CEOs are as compared with their global counterparts - 77% of Australia's CEOs said they were considering increased investment in cybersecurity and data privacy over the next year to mitigate against exposure to global conflict as opposed to 48% globally.
In addition, managing cyber risks was the second highest ranking concern for Australia's CEOs in relation to internal challenges (70%), pipped at the post by workforce challenges (72%). This is particularly poignant given many of Australia’s workforce shortages are being experienced in the digital domain, where there is tough competition for talent and simply not enough skilled workers to fill job vacancies.
These findings correlate strongly with the results of PwC’s 2023 Digital Trust Insights Survey, which highlighted the cyber priorities and concerns of our nation’s C-suite over the coming year. Australia’s rapidly evolving cyber-related legislative and regulatory landscape - in particular, significant reforms to the critical infrastructure regime, which has seen the number of captured sectors expand from four to 11, and the introduction of hefty data breach fines under the Privacy Act - has really brought to the fore the vital importance of cyber to business continuity, reputation and effective digital transformation.
It is unlikely we’ll see the spotlight on cyber fade anytime soon. This year will see a new Australian cybersecurity strategy, with a continued focus on the security of critical infrastructure and economy-wide uplift, and forthcoming changes to the Privacy Act, which are now under consultation, are likely to bring sweeping change and increased regulation across our privacy landscape. Such change is occurring against a backdrop of continued sector-specific cyber regulation, workforce shortages and economic challenges.
And while conditions are tough and the cyber threats are many, it is vital for CEOs to never forget the opportunities cyber presents. As noted by the World Economic Forum: “Effective organisational cybersecurity directly contributes to both value preservation and new opportunities to create value for the enterprise and larger society. Navigating this risk requires a culture of cybersecurity with leadership commitment to, and modeling of, good cybersecurity decision-making".
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