PWC has published its annual survey, seeking the opinions of senior executives relating to cybersecurity challenges and opportunities over the next 12-18 months. The 2022 Global Digital Trust Insights Survey includes 3,522 respondents in 65 countries. More than half of the organisations surveyed have an annual turnover greater than $1bn and a quarter above $5bn. This year's survey reveals that 27% of respondents have experienced a data breach costing between $1 to $20+ million over the last three years. It's not all bad news. Globally 14% reported no data breaches in that timeframe, begging the question, what are these organisations doing right? Elsewhere in the report, 79% believe that a uniform mandatory disclosure format of cyber incidents is required to gain stakeholder trust and confidence. Despite this, only 42% of executives from organisations seeking mandatory disclosure are confident that they would be able to provide material information within the allotted time. While 69% of organisations are reporting increased budgets, most organisations are more concerned about catastrophic cyber attacks than a global recession or health crisis. This is due to the nature of the costs, which extend beyond financial costs to include the loss of customers, loss of customer data, and reputational or brand damage.
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