Over two thirds (67 per cent) of UK companies feel that cybersecurity concerns prevent them from adopting new technology, according to a report from EY, based on a survey of 175 C-suite executives at UK-based organisations. Cloud computing and IoT were the two technologies that were perceived to pose the greatest cybersecurity risks.
With pressure to compete in the technology race, cybersecurity fears are thwarting adoption in important areas such as cloud computing, blockchain, artificial intelligence and IoT. This is illustrated in the survey, as 42 per cent of respondentss feel they are behind competitors in the adoption of technology.
Furthermore, 83 per cent of the organisations feel there is pressure to display good levels of cybersecurity, and more than three-quarters (76 per cent) believe having a cybersecure brand is important for competitive advantage.
The report also finds that across many organisations, Chief Information Officers (CIO) and wider board member views around cybersecurity are not aligned. Business leaders tend to be less confident about their organisation’s cybersecurity than those with direct responsibility for IT and technology such as the CIO and CISO.
In addition, technology leaders are more likely to believe it is important for competitive advantage to have a cybersecure brand (82 per cent) compared to only 68 per cent of business leaders.
More than half (57 per cent) of business leaders and exactly half (50 per cent) of technology leaders cite a lack of business sponsorship as the biggest barrier to improving their organisation’s cybersecurity.
Views differ further on how to secure and embed that engagement.