The survey was conducted among more than 2,700 business decision makers in 26 countries around the world and in companies with more than 250 employees. The report found that while global companies plan to increase their cybersecurity budgets in 2023, business leaders have polarized views on cybersecurity.
Following the survey, around two-thirds (64%) of all respondents said they planned to increase their security investments in 2023, but their understanding of the relationship between cybersecurity and business was polarized. 51% believe that cybersecurity does not contribute to essential costs or revenue, and 48% say that the benefits of cybersecurity are limited to the prevention of cyberattacks and threats. 38% also viewed cybersecurity as a barrier to their business.
On the other hand, 81% of respondents were concerned that a lack of cybersecurity credentials could affect new business transactions, with 19% saying they had already been affected. In this regard, more than 70% said that they receive questions about the security status when negotiating with potential customers and suppliers, and 78% said that these requests for information on the status of cybersecurity were increasing in frequency.
This difference in understanding was also revealed in other questions. Only 57% of business decision makers rated the link between cybersecurity and customer acquisition and satisfaction as ‘strong’ or ‘very strong’, despite potential customers and suppliers prioritizing security in negotiations .
A gap in understanding the interrelationship of cybersecurity and business has also been identified in the area of talent acquisition. While 71% of respondents said “work from anywhere” is important in the race to acquire talent, 42% and 43% of respondents, respectively, said there was a connection close between cybersecurity and employee retention and talent acquisition. .
Additionally, business decision makers show a polarized understanding of the impact of cybersecurity on the work experience, despite their awareness of it. 83% said their current security policies affect their ability to perform their work remotely, with network and information access issues slowing them down. 43% said their current security policy restricts the ability of employees to work from home/remotely. 54% of respondents said their current policy limits the devices or platforms employees can use.
“Business leaders need to think broadly about the positive impact cybersecurity can have on their business in order to maximize security investments,” said John Clay, vice president, Threat Intelligence, Trend Micro. “It shows that security is essential, but it also shows that stereotypes about security still exist at the highest level, which raises concerns.
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