Vodafone’s new cyber security report, The Innovation Accelerator, shows a strong link between cyber security and business success.
The research found 86% of high-growth companies see information security as an enabler of new business opportunities, rather than simply a means of defence, showing a range of benefits that strong cyber security could bring to the relationship between an organisation and its customers.
From having strong cyber security, including improvements to their business agility, IoT adopters outlined a 24% increase in financial benefits.
With 87% of businesses expecting to expand spending on cyber security in the next three years, and 10% of companies expecting budgets to double, more demanding customer requirements and the awareness of rising cyber threats are driving an increase in cyber security budgets.
‘Accelerating innovation and growth’
However, 41% of security decision-makers across industry sectors were unsure about where to find cyber security help.
The engineering and construction sector was most uncertain, with 52% of organisations unsure of where to turn for advice, and research showed particular challenges for smaller businesses, with 60% of smaller companies feeling badly informed about security.
Vodafone head of enterprise cyber security strategy and 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 organisations, 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.”
Written from press release by Leah Alger