Despite news of devastating cyberattacks breaking almost daily, many business leaders still fail to see the full value a strong cybersecurity posture brings to their organization, new research has found
This is according to Risky Rewards, a new report published by cybersecurity experts Trend Micro polling more than 2,700 business decision-makers in companies with 250+ employees across 26 countries, finding that around half (51%) see cybersecurity is a “necessary cost but not a revenue contributor”.
At the same, a somewhat similar percentage - 48% - claim cybersecurity’s value is “limited” to attack and threat prevention. For nearly two-fifths (38%) cybersecurity is a barrier, not a business enabler.
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“If organizations want to make the most of their security investments, business leaders must reframe their view of cybersecurity – to think more broadly about how it can positively impact the enterprise,” commented Jon Clay, VP of threat intelligence at Trend Micro.
“This research shows it’s clearly a critical component of winning new business and talent. At a time when every dollar/penny counts, it’s concerning to see stereotyped views of security persist at the very top.”
Further in the report, Trend Micro claims 81% worry that a poor cybersecurity posture could hurt their ability to close new clients. In fact, for 19% this already happened. What’s more, 71% of business decision-makers are being asked about their cybersecurity posture in negotiations with potential customers and suppliers, with 78% admitting the questions are getting more frequent.
Cybersecurity has also become pivotal for talent acquisition. Almost three-quarters (71%) said remote and hybrid working offerings are now essential for talent acquisition. For 83%, current security policies affect remote employees’ ability to do their jobs, with 43% saying current security policies prevent employees from working remotely. Also, 54% said their policies restrict what devices and platforms employees can use for work.
Finally, two-thirds (64%) of business decision-makers confirmed they’re planning on increasing their security budgets this year.
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