As companies embrace digitalization and increasingly interlink their equipment, processes and supply chain – the so-called ‘Internet of Things’ – the risk of financial losses rises exponentially, the survey of over 1,200 experts from 55 countries showed.
The cyber threat now goes far beyond hacking and privacy and data breaches and new data protection regulations will exacerbate the fallout from these for businesses. Time is running out for businesses to prepare for the implementation of the new General Data Protection Regulation across Europe in 2018. The cost of compliance will be high and so could be related penalties.