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Research by McKinsey and the World Economic Forum points to a widening range of technology vulnerabilities and potentially huge losses in value tied to innovation. A McKinsey Quarterly article.
According to McKinsey’s ongoing cyberrisk-maturity survey research, large companies reported cross-sector gaps in their risk-management capabilities. Ninety percent of those most recently surveyed had “nascent” or “developing” ones. Only 5 percent were rated “mature” overall across the practice areas studied (exhibit).
Notably, we found no correlation between spending levels and risk-management maturity. Some companies spend little but do a comparatively good job of making risk-management decisions. Others spend vigorously, but without much sophistication. Even the largest firms had substantial room for improvement.
In finance, for instance, senior nontechnical executives struggled to incorporate cyberrisk management into discussions on enterprise risk management and often couldn’t make informed decisions, because they lacked data.
According to McKinsey’s ongoing cyberrisk-maturity survey research, large companies reported cross-sector gaps in their risk-management capabilities. Ninety percent of those most recently surveyed had “nascent” or “developing” ones. Only 5 percent were rated “mature” overall across the practice areas studied (exhibit).