Cybersecurity is seen as a threat by companies around the world, even though it is often overshadowed by the bigger perceived threats around the economy and uncertainty.
Dion Shango, CEO of PwC Africa, points out that the PwC CEO Survey indicates that regulators are expected to take a bigger role in cyber issues.
“Cyberspace is a key risk on the agenda of boards around the world,” Shango says.
Globally, 83% of CEOs compare to 75% in South Africa stated that the increasing complexity of cyber threats is shaping their businesses, followed by growing public concern over data privacy (Global: 61%; South Africa: 48%), and vulnerabilities in supply chains and business partners (Global: 61%; South Africa: 48%).
While CEOs around the world express clear concerns about the threat of over-regulation, they are also predicting significant regulatory changes in the technology sector. Globally, 78% of CEOs (compared to 71% of South African CEOs) believe that governments will introduce new legislation to regulate the content on both the internet and social media to break up dominant tech companies.
In addition, 51% of global CEOs (South Africa: 50%) predict that governments will increasingly compel the private sector to financially compensate individuals for the personal data that they collect.
Shirley Machaba, CEO of PwC Southern Africa, adds: “It is becoming increasingly clear that many societies will no longer tolerate self-regulation. CEOs will increasingly need to collaborate with a diverse range of governments to shape appropriate solutions that deploy technology and leverage data in a safe way – one that protects consumers and respects their values while fostering innovation.”