Vodafone survey examines relationship between cyber defense and company success
Vodafone released a new global survey highlighting the relationship between cyber defense and business success. According to the report, which included the responses of 1,434 security decision-makers, approximately 73% of companies believe information can serve as a window to new business opportunities rather than act as a mere means of defense.
Cybersecurity breaches have increased as more service providers seek to virtualize their networks. In 2016, for example, reported data breaches increased by 40% from the previous year, according to Identity Theft Resource Center. Cyber criminals are able to use stolen data in the form of social security numbers, addresses and names to withdraw money from bank accounts, file tax returns or order credit cards.
One way companies can benefit from updating their cybersecurity involves increasing customer confidence, according to the report. An estimated 89% of businesses said improving cybersecurity could improve customer loyalty and trust, and 90% said it would improve their marketing reputation, helping them potentially garner more customers. In addition, 89% of respondents said enhanced cybersecurity could help them differentiate themselves in the market.
Vodafone also reported cloud and IoT adopters view cybersecurity as a means for new business opportunities more than anyone else. IoT adopters noted a 24% boost in financial benefits by having robust cybersecurity, including lower business risks, agility and efficiency.
The report wasn’t all good news, however. Although several organizations have secured business management buy-in, 64% of respondents said they were worried their cybersecurity was not strong enough, risking the security of their businesses in return. These concerns varied from region to region. Exactly 55% of Italian businesses were concerned about cybersecurity impacting their company. Businesses in Singapore and the United States reported the highest levels of concern at 73% respectively. The companies listed loss of data, network breaches and reputation damage as their top three fears. Moreover, 41% of security decision-makers said they were unsure where to find help for cybersecurity issues. This was even more true for construction and engineering companies at 52%.
“Cybersecurity has evolved beyond simple protection of the status quo and is being used by companies of all sizes to support and accelerate innovation and growth,” said Vodafone Group head of Enterprise Cybersecurity Strategy & Innovation, Andrzej Kawalec. “It is giving businesses greater confidence in opening up new markets and introducing new services. While we are seeing a desire to create cyber-ready organizations, companies are not sure about who best can help them. I believe that the most successful companies will be the ones which design in security from the start and use it as springboard.”