Over two thirds (67%) of companies feel that cybersecurity concerns prevent them from adopting new technology to grow their business faster, according to a new report from EY that is based on a survey of 175 C-suite executives at UK-based organisations. Cloud computing and the internet of things (IoT) were the two technologies that were perceived to pose the greatest cybersecurity risks.
Mike Maddison, EMEIA Advisory Cybersecurity Leader, EY says: “There is pressure for companies to compete in the technology arms race, but cybersecurity fears are sometimes thwarting adoption in important areas such as cloud computing, blockchain, artificial intelligence and IoT. This is illustrated in the concerns of our survey respondents, as 42% of technology and business leaders feel that they are behind their competitors in the adoption of new technology.
“In recent years, the rate and pace of technological advances, regulatory change, cyber-attacks and data breaches have moved cybersecurity rapidly up the corporate agenda. Protection and prevention are still paramount yet, to stay ahead of these evolving trends, organisations need to start thinking differently about cybersecurity. Business leaders need to make the leap from seeing cybersecurity as only a protective measure, to it also being a strategic value driver.”
Furthermore, 83% of the surveyed organisations feel there is industry pressure to display good levels of cybersecurity. And, more than three-quarters (76%) believe that having a cyber secure brand is important for competitive advantage.
Divisions at board level around cybersecurity strategy
The report also finds that across many organisations, Chief Information Officers (CIO) and wider board member views around cybersecurity are not yet aligned. Business leaders such as the CEO, CFO and COO tend to be less confident about their organi ..
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