A recent survey conducted by cyber security expert, Red Helix, in collaboration with independent Business Development company Larato, has revealed that only 49% of business leaders believe that their organization is well or very well protected against cyber threats. This indicates a widespread concern among business leaders regarding the level of protection their organizations have in place.
With cyber security breaches making regular headlines, it is clear that additional measures need to be implemented to safeguard organizations across the country. The survey, which involved 300 UK business leaders, aimed to provide insight into how these leaders view cyber security and its importance within their organizations.
The findings of the survey highlight that the majority of respondents feel that cyber security is an area that could be improved upon within their organization. Interestingly, confidence in cyber protection varied significantly depending on how organizations obtained their cyber security. Out of those who considered their organization to be very well protected, 60% had purchased directly from a cyber security vendor. In contrast, only 23% of this group had procured their cyber security as part of a managed service, which included other IT services.
This suggests that those who procure their cyber security from generalist IT providers are aware that their protection may be less secure than what a cyber security specialist can offer. It underscores the importance of obtaining cyber security from specialized vendors who can provide comprehensive and robust protection against cyber threats.
The survey also revealed that nearly two-thirds of respondents (63%) expressed a desire to work with an external cyber security partner, either to fully manage their cyber security or to manage some aspects of it. This indicates a significant need for collaboration and expert guidance in the field of cyber security. Furthermore, this need for additional support remained consistent across organizations of different sizes, suggesting that the number of employees within an organization does not affect the need for external assistance.
Marion Stewart, CEO of Red Helix, emphasized the importance of cyber security as not just a technical necessity but a business imperative. Stewart stated that while the willingness and desire to fortify against cyber threats exist, the means and strategies are still evolving. Red Helix is dedicated to bridging this gap and ensuring that businesses of all sizes have access to the services they need to feel confident in their cyber defences.
When asked about their top business priorities over the next twelve months, 47% of respondents listed strengthening protection against cybercrime as a key objective. This ranked as the third most common response, coming behind increasing revenues (55%) and reducing costs (49%). These results highlight the significance that business leaders place on improving their organizations’ defense against cyber threats.
The survey also found that 62% of respondents felt that other business challenges hindered their ability to invest enough time and money into cyber security. This further emphasizes the desire of business leaders to enhance their company’s digital protection. Despite these challenges, over two-thirds (72%) of respondents claimed that their company is now investing between 4-10% of their turnover in cyber security, demonstrating a commitment to improving security measures.
However, apart from financial constraints, the main roadblock identified by respondents, particularly for smaller companies, is the skills shortage in cyber security. A third of respondents from businesses with fewer than 100 employees cited a lack of technical expertise as a hindrance to investing in cyber security over the next 12 months. This shortage of skills further motivates organizations to seek external partners who possess the necessary expertise.
In conclusion, the survey conducted by Red Helix in partnership with Larato highlights the perceived lack of cyber security protection among UK business leaders. While organizations are investing significant resources in cyber security, there is a pressing need for improvement. The survey calls for increased collaboration, expert guidance, and a culture of cyber awareness in order to strengthen the cyber resilience of every UK organization and safeguard the future of the economy.