Survey: Security a top priority among business execs

Nov 7, 2003 12:00 PM

Nearly 88 percent of senior business executives rate security as a top or high priority for their companies, according to a recent survey sponsored by the Council on Competitiveness. The survey of 317 senior U.S. corporate executives from corporations with average annual revenues exceeding $200 million indicates that almost two in three companies have adopted new security standards in the past 12 months.

These new security initiatives are increasingly seen as a good investment, as 71 percent of the executives believe security initiatives will yield positive returns on investment (ROI). The survey also indicates that 83 percent of companies have conducted risk assessments in the past 12 months in at least two of the following three areas: physical security, IT security, financial management.

A majority of business leaders (63 percent) contend that the private sector should take the lead in setting new standards for security. Yet, the survey also indicates that company executives are unsure as to whether their actions to increase security are the right ones. Only a third (34 percent) believe their company's security standards represent best practices.

Finally, companies remain concerned about the potential for regulation by, rather than in cooperation with, federal and state governments. Although survey results indicate that a majority of companies (57 percent) believe the public and private sectors should share equally in responsibility for Homeland security, 52 percent of the executives surveyed believe new state and/or federal regulations will be passed in the next 12 months.

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