According to the 2019 Global CEO Outlook published by KPMG International, business leaders in the oil and gas sector are optimistic about the future, however, cybersecurity remains a real threat as the study revealed that oil and gas CEOs ranked cybersecurity as the biggest threat to organisational growth.
The risk posed by cyber threats is real, with slightly over half (51%) of CEOs in the sector believing that becoming a victim of a cyberattack is now a case of ‘when’, not ‘if’. In the same vein, 66% believe that a strong cyber strategy is critical to engender trust with their key stakeholders. Interestingly, KPMG’s study found that over two-third (63%) of oil and gas CEOs believe their organisations are prepared for a future cyberattack.
According to Datuk Johan Idris, managing partner of KPMG in Malaysia, the gravity attached to the cybersecurity agenda is a positive indication that CEOs in the sector are serious about ensuring business resilience, saying that “Business leaders must remain vigilant and avoid complacency when it comes to governance in cyberspace. We operate in a digital world today where breaches can happen anytime. Complacency will only increase the risks across the business, with lasting impacts not just to the company’s financial performance but also to their reputation. Ultimately, smart leaders are those who are making cyber preparedness a board priority, stress-testing the resilience of their systems and people to withstand an attack.”