ANZ senior leaders caution over cybersecurity, global figures differ

The latest research from Heidrick & Struggles - 2024 CEO and Board Confidence Monitor- reveals considerable differences in the perceptions of Australian and New Zealand (ANZ) senior leaders and their global counterparts, specifically in managing economic uncertainty and cybersecurity risks.

According to the survey, 34% of ANZ CEOs and boards identified cybersecurity risk as one of the most significant problems they anticipate confronting in 2024. However, among those acknowledging cybersecurity as a grave issue, only 29% express confidence in their organisation's capability to manage the corresponding risks. The global figures offer a sharp contrast, with a mere 21% considering cybersecurity as a notable risk and 40% of these articulating confidence in their organisation's capacity to tackle such threats.

The issue regarded as the top concern for most businesses in 2024 is 'economic uncertainty and volatility', as perceived by 59% of ANZ senior management. However, of those recognising economic uncertainty as the primary apprehension, only 40% of ANZ CEOs and board members feel confident about their organisation's capacity to control it, compared to the global rate of 42%.

Interestingly, discordant views seem to exist between ANZ CEOs and their boards concerning cybersecurity worries and other issues. Half of the ANZ board respondents believe that cybersecurity will pose a substantial issue in the future, and 35% of them are confident in their organisation's capabilities to manage the problem. Concurrently, only 27% of ANZ CEOs deem cybersecurity as a serious challenge and a smaller fraction of 24% trust in their organisation's proficiency in managing cybersecurity risks.

"Given the speed of technological advancements combined with some very high-profile instances of cybersecurity breaches in ANZ in the last 12 months, it is no surprise that boards are prioritising cybersecurity as a significant concern, or that ANZ has cybersecurity higher on its list of top concerns", explains Graham Kittle, Managing Partner of Heidrick & Struggles Australia. "Our findings indicate there's still room to grow for organisations where cybersecurity is concerned."

The survey also indicates a disagreement between ANZ CEOs and their boards on addressing leadership turnover and succession in the coming year. The study hints that strong leadership teams and capable CEOs are crucial for a firm to navigate economic uncertainty and market volatility.

Conclusively, ANZ CEOs and boards display confidence levels almost parallel to their global counterparts in executing their organisation's strategic plan. Around 56% of ANZ leadership, versus the global rate of 59%, are either very or entirely confident of delivering their company's strategic blueprint. Furthermore, 61% of ANZ and 63% of global leaders have high confidence that their company's culture will support the successful implementation of their strategic plans for the coming year. "The survey's findings highlight the importance of adaptive leadership and strategic foresight in overcoming today's challenges and seizing tomorrow's opportunities", says Kittle.