Cybersecurity as the key to solving the data dilemma
According to a study by Trend Micro, many decision-makers in companies do not recognize the connection between cyber security and effective data use. This is despite the fact that they know that effective IT security can accelerate digitization.
Trend Micro's commissioned survey of business decision makers shows that 57 percent of respondents in Switzerland (61% globally) believe they urgently need to diversify their revenues in 2023; and this is against an uncertain macroeconomic and geopolitical backdrop. Data analytics and similar tools can increase business agility by helping companies predict market trends, make financial forecasts and more. Another 59 percent (68% globally) say access to data will be fundamental to unlocking such new revenue streams, while the vast majority (90% in Switzerland, 91% globally) expect to achieve some level of cost savings through better use of data.
Better IT security increases corporate digitization
However, according to the study, 42 percent of decision-makers in Swiss companies (38% worldwide) do not seem to see the link between cybersecurity and data insights. Half of the respondents also fail to see the link between IT security and the development of new revenue streams (50% in Switzerland, 48% worldwide) and cost reductions (54% in Switzerland, 55% worldwide).
Worryingly, more than half of respondents (55% in Switzerland, 56% globally) said their company's current security policies and processes create information silos. This can actively undermine projects to better leverage data, they said, and underscores the need for more interconnected, platform-based approaches to security. Although some business leaders were not convinced, 43 percent of Swiss respondents (46% globally) still believed that better IT security could increase the pace of corporate digitization.
Security situation is getting better
However, the security vendor's study also shows that the security situation is improving. More than three-quarters of Swiss IT decision makers surveyed (76%, 72% globally) say their company tracks and reports on cyber risk levels, with 42 percent in Switzerland (33% globally) reporting this to the board in the form of a business risk assessment, according to the study. Further, three-quarters of respondents say their company has a so-called Cyber Improvement Program in place to achieve digital transformation goals, as further communicated.
"Data-driven insights are an increasingly important foundation for the sustainable growth that corporate boards are demanding today. But if that data is not properly secured, such initiatives will stand on shaky ground," said Richard Werner, business consultant at Trend Micro. "Increasingly, corporate boards are recognizing the importance of IT security to their growth plans. As a result, the CISO function is becoming more integrated into the value chain. This positive trend will improve defense capabilities and allow companies to implement new business ideas in the digital space."
About the study: survey conducted by Sapio Research on behalf of Trend Micro in January 2023 among 2718 decision makers in companies with more than 250 employees in 25 countries, 105 of them in Switzerland.
The complete study "Risk & Reward - Joining the dots between security and data-driven insight for sustainable growth" can be found in English here..
