For the majority of firms in the UK, fears surrounding cybersecurity are preventing them from taking up new technologies such as Internet of Things (IoT), or cloud.
Despite these technologies perceived as huge drivers of growth and earnings, organisations are reluctant as they are also posing the greatest risk to a company’s cybersecurity posture.
This is according to a new EY report, based on a poll of 175 senior execs. The respondents agree there is a lot of pressure to set up cybersecurity right, and more than three quarters are saying having a secure brand gives the company a competitive edge.
With technology advancing at breakneck speeds, governments trying to bring better legislation, cyberattacks raging everywhere and data breaches becoming ever so expensive, cybersecurity is moving up the corporate agenda rather fast, it was said.
“Protection and prevention are still paramount yet, to stay ahead of these evolving trends, organisations need to start thinking differently about cyber security. Business leaders need to make the leap from seeing cyber security as only a protective measure, to it also being a strategic value driver,” said Mike Maddison, advisory cyber security leader for Europe at EY.
The report also says that CIOs and wider board members still aren’t seeing eye to eye on the topic of cybersecurity. Business leaders worry more, compared to those with direct responsibility over security, such as CISOs.
CISOs are also the ones to see cybersecurity as good for the company brand.