UK companies still worried about cyber risks

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Businesses in the UK are afraid 5G networks may be vulnerable to cyberattacks, but it won’t stop them from investing in the technology. 

This is according to a new report by EY which claims that some businesses worry about cyberattacks, while others are more wary of IoT connectivity problems. They expect that the amount of spending that goes into 5G will catch up to IoT within two years, but there are doubts when it comes to its readiness and relevance. Some believe 5G is still immature, others aren’t sure if it’s even relevant.

That being said, half of the businesses surveyed plan on investing in 5G technologies within the next 24 months. Some are already investing. Almost a third of businesses surveyed had already adopted IoT tech, and a third are planning on investing within two years.

The report says this is ‘encouraging’ for both 5G and IoT.

It also argues that there is a feeling that 5G and IoT’s potential isn’t being fully utilised. Two thirds of businesses claim suppliers need to articulate a ‘more coherent’ vision of both technologies.

“It’s not surprising that businesses are most concerned with the threat of cyberattacks,” said Adrian Baschnonga, Global Lead Telecommunications Analyst, EY.

“The introduction of 5G will help organisations unlock new growth opportunities, but this transition comes at a time when fears regarding data breaches and network security are especially pronounced. Our survey also shows that 5G has an image problem. The challenge for technology and service providers is to position 5G as much more than just a faster mobile connection, but instead a driver of strategic change and a critical enabler for a variety of new services.”

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