TRUST MORE IMPORTANT THAN EVER

PWC says that trust is now more important than ever, with 72 percent of CEOs reporting that it’s harder to gain and keep trust in an increasingly digitised world.

“Social media is a great example. While a majority of our CEOs are active on social media platforms, 87 percent identified social media as a risk that could harm how people perceive their industry. Equally concerning was cyber security, with 94 percent feeling that cyber breaches will negatively impact trust in their industry and half of these saying it will be ‘to a large extent’.”

PWC says it’s important to note these risks aren’t just limited to a single company, they are industrywide.

“In a landscape of new reputational and operational risks, a cyber attack or a data breach on a competitor weakens the perception of a CEO’s own company, even if they are unaffected by the attack themselves.

“The good news is that organisations are responding to these new threats and investing more in risk management tools. In the case of cyber security, 97 percent of respondents said they are addressing these risks within their businesses. For social media, 81 percent of our surveyed CEOs stated they are managing these risks to some extent.”