According to the CEE edition of the PwC 2022 Digital Trust Insights, only 72% of CEOs in Central and Eastern Europe (CEE) including Romania, expect cybercrime to go up this year, based on how difficult 2021 was for the cybersecurity community.

In Europe, Africa, the Middle East, and globally, 60% of CEOs expect that cybercrime will increase. The only differences between the regions come down to the maturity of the cybersecurity measures in place.

Even though most CEE companies have poured funds into data protection and cybersecurity, only 20% of their CEOs say they have been beneficial.

Better funds allocation

The data presented raises the question, ‘how should future investments be allocated to produce results?’

Mircea Bozga, Partner Risk Assurance PwC Romania, analyzed the report saying it shows there is a high level of awareness about the increasing cybersecurity risks. As this happens, the organizations show they know the challenges of gaining customer and business partner trust to convince them that their data will be safe.

Because of such worries, investment in cybersecurity has gone up. However, there is no coherent strategy for what solutions to adopt/implement.

The problem of fixing problems badly

What we end up with when there is no clear strategy are systems that are either too complicated without visible benefits or just plainly ineffective right off the bat.

About half of the CEE respondents confirm that complexity creates new privacy and data risks. At the top of the complexity-spawned risk pile, respondents pointed a finger at data governance (64%) and the cloud (63%).

Simplification of cyber ecosystems is needed to stem these problems and prevent a potential ripple effect that could wreak havoc across an organization’s operations.