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67% of UK-based businesses feel cyber security worries prevent new technology adoption

Posted On 25 Sep 2019
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Over two-thirds (67%) of British companies feel that cyber security concerns prevent them from adopting new technology to grow their business faster. That’s according to a new report from EY based on a survey of 175 C-Suite executives at UK-based organisations. Cloud computing and the Internet of Things (IoT) are the two technologies perceived to pose the greatest cyber security risks.

Mike Maddison, EMEIA cyber security advisory leader at EY, observed: “There’s pressure for companies to compete in the technology arms race, but cyber security fears are sometimes thwarting adoption in important areas such as cloud computing, blockchain, Artificial Intelligence and the IoT. This is shown in the concerns of our survey respondents, as 42% of technology and business leaders feel that they’re lagging behind their competitors in the adoption of new technology.”

Maddison continued: “In recent years, the rate and pace of technological advances, regulatory change, cyber attacks and data breaches have moved cyber security 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 cyber security. Business leaders must make the leap from seeing cyber security as only a protective measure to it also being a strategic value driver.”

Further, 83% of the surveyed firms feel there’s industry pressure to display good levels of cyber security. More than three-quarters (76%) believe that having a ‘cyber secure’ brand is now important for helping to build competitive commercial advantage.

The report finds that, across many organisations, the views of Chief Information Officers and those of other Board members around cyber security are not yet aligned. Business leaders such as the CEO, the CFO and the COO tend to be less confident about their organisation’s cyber security posture than those with direct responsibility for IT and technology such as the CIO and Chief Information Security Officer.

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About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk Xtra (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute’s George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014. Brian was launch Editor for The Paper in September 2015 and appointed Editor of Risk Xtra in May 2018.
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