Baltic, Banks, Business in Europe, Estonia, EU – Baltic States, Internet, Security, Technology
International Internet Magazine. Baltic States news & analytics
Tuesday, 23.04.2024, 21:40
Cyber risks not a priority for large Baltic businesses – SEB
"In Estonia 19, in Latvia 18 and in Lithuania 16% of financial
managers see their companies as focusing on automation, digitalization and
innovation next year. Giving a higher ranking to cyber risks among the
priorities should go hand in hand with that, yet according to the survey that
risk is not considered to be important yet," Artjom Sokolov, board
member and head of corporate banking at the Estonian operation of SEB, said.
"Whether this is a result of the IT security capability of the
businesses being already a step ahead of these plans, or one not being aware of
the risk yet remains to be seen. Margins, availability of workforce and an overall
increase in costs is what makes financial managers worry much more
indeed," Sokolov said.
Sokolov said that at present digital channels are not widely used by
Baltic companies to market their products and services. 75% of large companies
in Latvia, 61% in Estonia and 52% in Lithuania do not use digital channels to
increase their revenue. On the other hand, 10% of large companies in
Estonia are already able to sell over half of their goods or services purely
via online channels, which is the highest such ratio in the Baltics.
The survey conducted by SEB among the CFOs of large Baltic companies is
the sixth such survey taken by SEB. It explores the opinion of CFOs about the
situation of the economy, the main problems faced by their businesses and the
opportunities offered by the current business environment. In this year's
survey 226 companies with annual sales of at least 20 mln euros took part.