#CyberFLASH: Beating cyber crime requires board leadership

Eey-sgfY’s Strategic Growth Forum is North America’s most prestigious gathering of high-growth, market-leading companies. This by-invitation-only CEO event brings together more than 2,000 of the top executives, entrepreneurs, advisors and investors who are embracing their dreams and igniting the possibilities. Here, Daniel Baer, EY’s retail and consumer products industry group leader for Canada, shares his thoughts, observations and insight on cyber crime, live from EY’s Strategic Growth Forum 2014.

Protecting retailers and their customers from cyber crime is just one of the hot topics we’ve been exploring here at this year’s EY Strategic Growth Forum (SGF). With the recent spate of consumer data breaches, it’s obvious that cyber threats are increasing in persistence, sophistication and organization. Meanwhile, people are more connected than ever to their devices and retailers, which means increased vulnerabilities for all.

Our research recently revealed that while awareness of these cyber threats is growing, most leaders believe their organizations are underprepared. Many report that they have no real-time insight on cyber risks and lack the agility to adapt quickly to fast-evolving threats. They also cite the lack of executive buy-in, budget and skills to combat rising cyber crime.

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