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Harvey Nash Group PLC
06 June 2018
Boards ramp up investment in data privacy and security in rush
to become GDPR compliant and avoid data breaches, Harvey Nash/KPMG
CIO Survey finds
-- Cyber crime threats reach all-time high
-- Only a fifth of world's IT leaders are well prepared for a cyber attack
-- Over a third of organizations were GDPR non-compliant
LONDON - June 6, 2018 - Boards ramp up investment in data
security and privacy in the rush to become GDPR compliant and to
avoid highly damaging data breaches which have reached an all-time
high, reports the 2018 Harvey Nash/KPMG CIO Survey.
The largest IT leadership survey in the world, analyzing
responses from organizations with a combined annual cyber security
spend of up to US$46bn1, found almost a quarter (23 percent) more
respondents than in 2017 are prioritizing improvements in cyber
security as cyber crime threats reach an all-time high, while
managing operational risk and compliance has also become a
significantly increased priority (up 12 percent). These two areas
represent the fastest growing IT priorities of company boards.
IT leaders today face the challenging task of delivering rich,
customer-centric data in an environment laden with risk. Data trust
and privacy threats continue to hold the attention of CIOs, but
while measures to improve data security are underway within
companies and through legislation such as GDPR, over a third (38
percent) of those surveyed in April expected they would not be GDPR
compliant at the deadline. Additionally, 77 percent of IT leaders
are 'most concerned' about the threat of organized cyber crime, up
from 71 percent last year. Only one fifth (22 percent) state they
are well-prepared for a cyber attack.
The survey found that trust is the new battleground for IT, as
organizations delicately balance the revenue-driving potential of
utilizing customer data with the need for privacy and security.
Those businesses managing this balance most effectively
(customer-centric organizations) are 38 percent more likely to
report greater profitability than their competitors. However, the
drive towards protecting data has caused a huge demand for
'security and resilience' skills, which experienced the biggest
jump in skills shortages, increasing 25 percent year-on-year.
"CIOs have a really difficult tight rope to walk," said Albert
Ellis, CEO, Harvey Nash Group. "On one hand the board is asking
them to drive innovation, promote transparency and following recent
high profile data breaches, ensure the responsible use of customer
data throughout the organization. On the other hand, the board is
increasing scrutiny and demanding improved reporting on cyber
security, data integrity and resilience, as regulators and
consumers become much more demanding on personal data. The
organizations that can get this balance right, between innovation
and governance, are in the strongest position to compete in an
increasingly complex technology environment."
"The seemingly inevitability of a cyber attack crosses all
borders and has now crossed firmly over the threshold for
board-level discussions," said Akhilesh Tuteja, Global Cyber
Security Services Co-Leader, KPMG International. "Protecting the
business from a cyber attack has jumped further up the boardroom
agenda than any other item and IT leaders are being encouraged to
make their defences the best that they can be."
A move towards digital platforms and solutions is proving a huge
challenge for CIOs. While organizations recognize an effective
digital strategy is critical to successful data security, many
report they still struggle - with 78 percent stating that their
digital strategy is only moderately effective, or worse. More than
a third of companies (35 percent) can't hire and develop the people
they need with digital skills. And almost one in ten (9 percent)
think that there is no clear digital vision or strategy at all.
To help with digital success, chief digital officers (CDOs) are
proving their worth. Organizations with a CDO, either in a
dedicated or acting role, are over twice as likely to have a clear
and pervasive digital strategy than those without one (44 percent
versus 21 percent). The report also shows that the most influential
and successful organizations are fanatical about delivering value
both to and from their customers - 'Customer centric' organizations
are 38 percent more likely to report greater profitability than
ones that are not.
Female IT Leadership Inches Forward
-- Female IT leadership continues on an exceptionally slow
upward trend, this year reaching 12 percent - up from 10 percent
last year.
-- Women represent just one in five (21 percent) of technology teams.
-- The industry appears to be significantly divided on the
extent to which diversity matters to business success. Almost a
quarter (24 percent) of IT executives say inclusion and diversity
has no bearing on achieving business and technology objectives.
Forty-seven (47) percent report it has some influence, and 30
percent say inclusion and diversity impacts business and technology
objectives to a great extent.
Big Data and Analytics Remain the No. 1-needed Skill
-- Two thirds (65 percent) say skills shortages are preventing
them from keeping up with the pace of change.
-- For the fourth year in a row, big data and analytics is the
number one skill in short supply (46 percent).
About the Survey
In its 20(th) year, the 2018 Harvey Nash/KPMG CIO Survey is the
largest IT leadership survey in the world in terms of number of
respondents. The survey of 3,958 CIOs and technology leaders was
conducted between 20(th) December 2017 and 3(rd) April 2018, across
84 countries.
For more information about the survey and to request a full copy
of the results, please visit www.hnkpmgciosurvey.com.
About Harvey Nash
Harvey Nash has helped over half the world's leading companies
recruit, source and manage the highly skilled talent they need to
succeed in an increasingly competitive, global and technology
driven world.
With over 2,500 employees in 36 locations, we have the reach and
resources of a global organization, whilst fostering a culture of
innovation and agility that empowers our people across the world to
respond to constantly changing client needs. We work with clients,
both large and small, to deliver a portfolio of services: executive
search, professional recruitment and IT outsourcing.
To learn more, please visit www.harveynash.com.
Follow us on Twitter www.twitter.com/harveynashgroup.
About KPMG
KPMG is a global network of professional services firms
providing Audit, Tax and Advisory services. We operate in 154
countries and territories and have 200,000 people working in member
firms around the world. The independent member firms of the KPMG
network are affiliated with KPMG International Cooperative ("KPMG
International"), a Swiss entity. Each KPMG firm is a legally
distinct and separate entity and describes itself as such.
###
Media Contacts:
Michelle Smith
Harvey Nash
michelle.smith@harveynash.com
+44 (20) 7333 2677
Amy Greenshields
KPMG International
+1 416 777 8749
amygreenshields@kpmg.ca
1 The Ponemon Institute calculated that the average cost of
cyber security in 2017 for companies reached US$11.7million. The
Harvey Nash/KPMG CIO Survey researched 3,958 IT leaders, so the
estimated total annual cost of cyber security for organizations
that participated in the survey is up to $46.3bn.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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