A string of surveys and public statements show that most CEOs are at least wise to the risks presented by cyber crime. Now, a related threat is emerging that could do equal damage to their business: cyber crime rules.
Governments around the world are gradually taking a more heavy-handed approach to regulation after high-profile attacks crippled public services or led to the theft of troves of customer data.
In February, New York state introduced final regulations that require banks and insurers to meet minimum cybersecurity standards and report breaches to regulators.
European countries, however, appear to be taking the lead on the issue, with the pending introduction of General Data Protection Regulation, due to come into force May 2018.
“a startling 60% aren’t even aware of the new rules.”
Companies falling foul of the rules could face a maximum penalty of €20 million ($22 million), or 4% of their global turnover—potentially catching out foreign companies with European subsidiaries, or the large number of U.S. companies that have based themselves there for tax purposes.
Just a third of UK-based companies have started preparing for the rule change, while a startling 60% aren’t even aware of the new rules, according to a new survey commissioned by law firm Irwin Mitchell.
The poll of 2,000 businesses, conducted by YouGov, also found that 71% weren’t aware of the size of the penalties they could face. Some 18% said they would go out of business if they received the maximum penalty, while around 10% said they would need to make significant job cuts.
The findings come after 836 insurance practitioners polled by PwC ranked cyber risk as their second-biggest concern for 2017, behind change management risks associated with digital disruption, and jumping above regulation risks and recession fears.
Insurers were anxious about attacks on their own businesses, but also about the cost of underwriting cyber crime. Covering clients for multi-million fines could be a big part of the mix, too, if businesses, particularly in Europe, don’t strengthen their defenses soon.
“[Next] May’s deadline is fast-approaching and with so much at stake, our study reveals there’s a very real possibility that the majority of organizations will not be compliant in time,” Irwin Mitchell partner Joanne Bone said.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
