Global Vodafone Survey Shows Strong Cyber Security Helps Businesses to Grow
A new cyber security report from Vodafone, Cyber Security: The Innovation Accelerator, highlights a strong link between how cyber security is used and business success, with 86 percent of high-growth companies1 seeing information security as an enabler of new business opportunities, rather than simply a means of defense.
The
research showed a number of perceived benefits that strong cyber
security can bring to the relationship between an organization and its
customers:
- 89 percent of businesses said that improving cyber security would enhance customer loyalty and trust
- 90 percent said it would enhance their reputation in the market, potentially attracting new customers
- 89 percent said they felt better information security was a competitive differentiator that would help them win customers.
Organizations
that use cloud technology or the Internet of Things (IoT), report
greater returns from the way they use cyber security. IoT adopters
report a 24 percent increase in financial benefits
from having strong cyber security including improvements to their
business agility.
More
demanding customer requirements and the awareness of rising cyber
threats are driving an increase in cyber security budgets, with 87 percent of
businesses expecting to increase spending on cyber
security in the next three years, and 10 percent of companies expecting
budgets to double.
However,
41 percent of security decision-makers across industry sectors were uncertain
about where best to find help in dealing with cyber security
challenges. The engineering and construction sector
was the most uncertain with 52 percent of organizations unsure of where to
turn for advice.
The
research showed particular challenges for smaller businesses with 60 percent of
smaller companies feeling poorly informed about security.
Attitudes
to the likelihood of cyber threats impacting an organization vary
across geographies. Only 55 percent of Italian business worry about cyber
security affecting their business while in the USA
and Singapore that number rises to 73 percent. Smaller businesses are most
concerned about permanent loss of data, while larger organizations are
most concerned with regulation and compliance issues.
Commenting
on the research Vodafone Group Head of Enterprise Cyber Security
Strategy & Innovation, Andrzej Kawalec said, “Cyber security has
evolved beyond simple protection of the status quo
and is being used by companies of all sizes to support and accelerate
innovation and growth. It is giving businesses greater confidence in
opening up new markets and introducing new services. While we are
seeing a desire to create cyber ready organizations,
companies are not sure about who best can help them. I believe that
the most successful companies will be the ones which design in security
from the start and use it as springboard.”
[1] High
growth companies - those who’s revenue has increased by over 10 percent over the last 12 months
Source: Vodafone media announcement