Cyber security and work-from-home become key executive concerns

Cyber crime and data breaches are rated higher as threats by executives in the Asia Pacific than by their global counterparts, with more than half saying security risks had risen over the past 12 months.

Another concern in the region, revealed by Mazars’ annual C-suite barometer report, was the skills shortage and change to work patterns following COVID.

Global head of sustainability at Mazars, Chris Fuggle, said that as businesses made it through to the other side of the pandemic, cyber security and the improved implementation of technology were a new focus.

“A high number of APAC executives feel cybersecurity risks have increased over the past year,” said Mr Fuggle.

“With both cybercrime and data protection regulations on the rise, it’s no surprise that this topic is high on the agenda of the C-suite in APAC.”

About 55 per cent of APAC respondents said that there had been an increase in cyber risks over the past 12 months and they were also more concerned than their global counterparts that a significant data breach would occur within the next year.

Despite this, more than two-thirds of executives were relatively confident that their data was protected.

Another focus of the 1,000 global executives surveyed by Mazars was using technology to advance their business.

Most executives believed technical innovations and associated trends would have a significant impact on businesses and an overwhelming majority said their company would be able to respond through increased investment in IT systems.

Among APAC executives, three in five expected their firm to undergo a technology transformation within the next three to five years.

The skills shortage was another topic of concern, with more APAC executives predicting that hybrid working would be part of a long-term change to businesses as they tried to entice employees through increased flexibility.

“Covid-19 has driven huge transformations in both the way we work, particularly with the move to homeworking (which is expected to be a long-term change for more APAC businesses than the global average), and the leadership skills executives in APAC feel they need,” said Mr Fuggle.

“Competition for talent is immense, as are people’s expectations for the way businesses behave.”

The increased importance of ESG factors among APAC executives was also revealed with 49 per cent responding that it was critical to business growth, compared to 43 per cent globally.

The increased importance placed on ESG by APAC executives was seen as 67 per cent of respondents said their firm already produced sustainability reports, compared to 63 per cent globally.

Mazars C-suite barometer surveyed over 1,000 executives, with over 200 involved in the financial services industry, and approximately 200 located in the Asia-Pacific region.

Josh Needs
01 September 2022
accountantsdaily.com.au

Mark Lisle

Mark is our managing partner and has been with the firm for over 36 years. He brings a wealth of experience in all areas of our business, including business advisory, taxation and self managed superannuation.

Mark’s ethos is that good advice stems from working closely with our clients and being prepared to go that extra step to assist them in meeting their goals and optimising their financial position.

Mark is a Fellow of Chartered Accountants Australia and New Zealand, an accredited SMSF Specialist and a registered SMSF auditor.

Outside of work, Mark enjoys trying to keep fit and spending time down at his “second home” in Port Fairy.

Josh Laing

Joshua began working at Rundles in 1999 whilst still completing his Bachelor of Business (Accountancy) degree at RMIT. After graduating in 2001 he was admitted to the Institute of Chartered Accountants Australia and New Zealand in 2004. Joshua spent two years working in London before returning to Rundles in 2006.

Josh has a wealth of knowledge across a broad range of industries as well as in Self Managed Superannuation. Josh enjoys working with family groups and businesses to ensure they’re structured correctly to maximise asset protection, succession planning and management of tax.

Married with 2 children, Josh spends his weekends with his family and following the Tigers.

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Brad has been a part of the Rundles Team since 1996 and became a Partner of the firm in 2014. During his time at Rundles, Brad has developed a strong relationship with his clients across a wide range of industries and is dedicated to assisting them to reach their personal and business goals.

Brad is passionate about seeing his clients succeed and utilises his extensive experience in public practice to provide a holistic service to his clients. He also has a wealth of experience in superannuation, particularly self managed superannuation funds.

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Peter Davison

Peter graduated from RMIT with a Bachelor of Business (Accountancy) with distinction in 1976. He joined Rundles upon graduating. Peter has been a member of the Institute of Chartered Accountants since 1979 and a Fellow since 1991. As an active yachtie of many years, Peter can often be found on the water. Otherwise, he and his wife spend time with their friends and extended family.

Sandy Gilbert

Sandy was admitted to the Institute of Chartered Accountants in 1973 and has been a Fellow since 1983. He gained extensive experience in auditing and accounting services over seven years at Pannell Kerr Forster before joining Rundles in 1973. Sandy is married with three children. A former amateur footballer of some note, Sandy is still an avid follower of the game and enjoys weekends at his country retreat.