- 47% of C-suite execs in the UK question budgets allocated to threat protection according to new survey
39% don’t feel business is adequately prepared to respond to a cyber breach
Sheffield, UK. 14 JUNE 2023 – Less than half (47%) of business leaders think their cybersecurity budget is adequate to protect against all potential threats, according to new survey data released today by IT service provider Auxilion in partnership with Censuswide. Auxilion’s survey of 102 C-suite executives in larger companies or enterprises (more than 250 employees) across the UK has revealed a concerning lack of cyber preparedness, with over a third (39%) of C-suite executives feeling their organisation isn’t adequately prepared to respond to a cyber breach.
Furthermore, despite nearly half (48%) of organisations falling victim to a cybersecurity breach in the last year, 40% of surveyed leaders said protection against possible breaches isn’t a number one priority for their business. In addition, 35% of leaders feel they don’t have enough skills within their organisation to guide them through a potential cyber-attack.
Auxilion CEO, Philip Maguire, said: “Despite the warnings and widespread news coverage of cyber breaches, it is quite alarming to see leaders feeling like they don’t have the adequate budget, buy-in or expertise required to protect against threats. There’s no doubt about it - cybersecurity should be one of - if not the number one - priority for business leaders. The damage that can be caused from a reputational and financial standpoint means this should be taken far more seriously at leadership level.
Auxilion’s survey also sought to better understand the state of play with regard to governance within organisations. 40% of leaders don’t think their organisation adequately upholds governance, whilst 41% think outsourcing to a partner would improve their company’s governance.
Data also highlighted how over a third (36%) of organisations have had to abandon an IT project due to poor governance. The average cost of failed IT projects was over three quarters of a million pounds (£759,574.75).
“When you consider the average cost of failed IT projects, it makes the focus on improving levels of governance across an organisation even more critical,” continued Maguire. “What this data demonstrates is the need for organisations to become better at measuring performance related to governance - over a quarter (26%) are still failing to do this internally. If this doesn’t improve and continues to impact IT projects, outsourcing this to a trusted partner may be the only solution.”