UK Firms Feel Cybsersecurity Concerns Hamper Tech Advances - Report

A growing number of UK firms across a range of sectors feel the pressure to adopt new technologies to stay ahead of the game but associated cybersecurity concerns hold them back, a new research shows

MOSCOW (UrduPoint News / Sputnik - 21st August, 2019) A growing number of UK firms across a range of sectors feel the pressure to adopt new technologies to stay ahead of the game but associated cybersecurity concerns hold them back, a new research shows.

A 21-page paper by the EY consultancy found that 67 percent of organizations surveyed believed cyberanxiety prevented them from adopting technologies to grow their business faster. At the same time, 42 percent felt behind their competitors in the adoption of new tech.

"In a world where the pace of change is ever-increasing and expectations of consumers are fuelled by idealism and immediacy, organisations that can harness the power of technology and competitive advantages of cybersecurity, will be the ones that stay ahead of the game," the study read.

Cloud computing and the "internet of things," it said, offered powerful routes to business transformation. But these same technologies topped the list of innovations perceived by companies to pose the greatest cybersecurity risk.

The study showed they had a reason to be worried.

A 2019 survey by the Hiscox insurer revealed that a half of UK businesses came under cyberattack this year, up from 40 percent in 2018. Leaks of user data by global players have also made the headlines in the past months.

The report pointed to a lack of enthusiasm among business leaders to take responsibility for cybersecurity. Sixty-five percent of companies did not think a special board member was needed to deal with the issue.

"Cybersecurity needs strong ownership otherwise it will be neglected. No one from senior management is ready to take ownership as they fear any mismanagement can bring them a negative reputation and affect their career prospects," the study concluded.

Cybersecurity levels were also found to vary across sectors, with companies in the technology, media and telecom showing the highest degree of cybersecurity "maturity" and the largest share of investment. The energy sector, on the contrary, has seen its cybersecurity investment being outpaced by the cyber risks they face.