More than 90 percent of corporate executives said they cannot read a cybersecurity report and are not prepared to handle a major attack, according to a new survey.
More distressing is that 40 percent of executives said they don't feel responsible for the repercussions of hackings, said Dave Damato, chief security officer at Tanium, which commissioned the survey with the Nasdaq.
"I think the most shocking statistic was really the fact that the individuals at the top of an organization — executives like CEOs and CIOs, and even board members — didn't feel personally responsible for cybersecurity or protecting the customer data," Damato told CNBC's "Squawk Box" on Friday.
"As a result they're handing this off to their techies, and they're really just placing their heads in the sand right now," he said.
The findings come at a time when companies around the world are losing $445 billion due to cybercrime last year, according to an estimate by the Center for Strategic and International Studies.