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How CEOs can sleep better at night

Date: May 20, 2016   |   Author: Richard McBarnet

How CEOs can sleep better at night

It appears that CEOs aren’t very good at sleeping. A profusion of recent reports point to a vast array of worries which keep them tossing and turning at night, from growth, competitors, the economy, tax, talent management, globalisation, regulation, legislation, geo-political uncertainty…

But if there was such a thing as a CEO Insomnia Hit Parade, there’s one issue in particular which is rapidly making its way up the top ten: technology, especially in relation to cybercrime.

In international accountancy firm PwC’s latest annual global CEO survey, over 1,300 CEOs in 77 countries put cyber threats, including lack of data security at number six of their top ten concerns; a different report by Ashridge Executive Education put cyber security at number two. In addition, KPMG’s Global CEO Outlook Study had keeping current with new tech at number two in their chart.

Another PwC report, the Global Economic Crime Survey 2016, highlighted the fact that cybercrime is now the second most reported economic crime, affecting nearly a third of organisations worldwide. Worryingly, they found that whilst cyber threats are on the rise, business preparation is not keeping pace – only 37% of organisations have a cyber incident response plan, and fewer than half of all board members have even asked about the state of their organisation’s cyber-readiness. Even more worrying, 18% of respondents had no idea whether or not their company had been affected by cybercrime!

According to the UK’s Solicitors Regulation Authority, despite their duty of client confidentiality, law firms are lagging behind businesses in other sectors in terms of preventing and detecting cybercrime.

Don’t panic!

The good news is that you don’t have to know anything about (or even have any interest in) IT to not only protect your company against cyber attacks and accidental loss of data, but also be proactive in all areas of IT including email protection, technical assessment, compliance, or asset-, lifecycle- and infrastructure management to protect your business.

By outsourcing your IT function to a specialist service provider, you can considerably reduce risk and improve productivity thanks to fewer incidents of downtime, all of which will radically increase the likelihood of you getting a decent night’s sleep.

In addition, a good provider will be able to supply and manage the kind of IT solutions which perfectly match your company’s needs.

You’ll obviously want a company with great IT credentials, but you’d probably be more keen to deal with experts who talk to you in plain English, and care about high service levels. If you’re a CEO or HR director or lawyer or, basically, any kind of business leader, you haven’t got the time or patience to be blinded by nerdy science – all you need to know is that you have a fully functioning, secure IT system that you don’t need to worry about, and that means you can continue doing what you do best.

Having a fit for purpose IT system managed by clear speaking experts may only resolve one of the many issues which keep CEOs awake at night, but having that weight lifted off your shoulders would surely be more effective than any amount of cocoa or lavender oil.

Lumina Technologies is a professional managed services provider offering trustworthy and confidential service and advice without the gobbledegook. Our mission is to deliver great service through great people doing great things… contact us to find out more.

 

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