Cybersecurity investments good for the bottom line, study reveals

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Investing in cyber defenses is not only important to help prevent cyberattacks and data threats, it is also good for the bottom line, a new study reveals.

In turns out that the more “cyber ready” a business becomes, the better its overall business outcomes, according to a recent study by telecommunications company Vodafone.

The company’s Global Cyber Readiness Barometer is based on survey responses from 1,528 business and IT decision makers and 3,281 consumers/employees and in nine countries, and shows that 48 percent of cyber-ready organizations are reporting more than 5 percent increases in annual revenue as well as high stakeholder trust levels.

Despite this, the research also shows that only 24 percent of businesses globally could reasonably call themselves cyber ready. Cyber readiness is a mix of different measures including cyber operations, strategies, and resilience, and an understanding of risk and employee awareness, according to the report.

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Other key findings were that healthcare, technology, and financial services sectors are the most cyber ready, with retail and education the least; businesses in the U.S., India, and the U.K. are the most cyber ready; and larger enterprises are most likely to be cyber ready, but can be hampered by management and control issues.

One of the areas undermining cyber readiness is a disconnect between what employers think about employee activity and what is actually taking place. For example, employers of all sizes offering remote working think a maximum of 46 percent of their employees work remotely, while 59 percent of employees report that they work away from the office.

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