Most Execs Don't Consider Cybercrime
According to the 2003 "Protecting Value" study from FM Global, Financial Executives Research Foundation, Inc. and the National Association of Corporate Treasurers (NACT), cybercrime represents a business property hazard for only 4% of financial executives and risk managers worldwide. CFOs, treasurers and risk managers were asked to comment about their top three departments, in terms of earnings, and the biggest property hazards that would affect these departments. Respondents primarily cited fires and/or explosions (14%) and natural disasters (12%) as major property hazards to their "core" departments.
The three companies surveyed 400 CFOs, treasurers and risk managers in 2003 and also reported that 28% mentioned their personnel and customer support departments as one of their three main earnings driving groups -- up from 20% in 2002. Just 13% of respondents cited their IT and/or telecommunications systems as one of the three main earnings drivers -- down from 20% in 2002. The report notes the shift in concern among executives from technology to personnel.
Hazard recovery has been a frequented topic by many a research firm since the tragic events of 11 September 2001 and the recent war in Iraq. A 2002 CIO Insight survey determined that as a result of the events of 11 September, nearly 70% of US IT executives said they would implement better disaster recovery training procedures, while nearly 50% said they would be conducting more frequent data backups.
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