For technology leaders to take cybersecurity seriously is a double-edged sword. While it's definitely a good thing that organizations are starting to wake up to the real threat posed by cyber-attacks, it's no secret that they have to suck up so many resources to protect themselves instead of using them to grow and innovate. is depressing.
A recent survey of UK technology leaders conducted by UK IT Leaders and Horizon CIO Network found that over half of those surveyed said cybersecurity was their top priority in 2024. It became clear. Again, this is both good and bad. The cyber threat landscape is as dangerous as ever, and it's reassuring that technology leaders recognize this. However, this does not bode well for the UK economy as a whole.
In this article, we explore what other priorities UK technology leaders have, why cybersecurity is a priority, and the wider implications this will have.
What are the priorities for UK technology leaders in 2024?
Among the 314 IT leaders surveyed, the most frequently cited priorities were:
- Cybersecurity – 58%
- Digital transformation – 48%
- AI and generative AI – 43%
- Digital strategy – 40%
- Target operating model – 27%
- Data management – 26%
- Upgrade or implement an enterprise resource planning (ERP) platform – 26%
Why is cybersecurity a priority for UK technology leaders?
At first glance, the answer to this question is simple. Cybersecurity is a top priority for UK technology leaders as cyber-attacks become a more significant threat than in previous years. But why?
geopolitical tensions
Conflict intensifies between Israel and Gaza. Russia's invasion of Ukraine continues to drag on. Civil war hits Sudan. The geopolitical situation hasn't been this tense since the Cold War, and IT leaders know it. In fact, the more conflicts there are in the world, the higher the incidence of cyberattacks. Whether threat actors launch attacks to spy on adversaries, destroy critical infrastructure, or make money in economies shattered by protracted wars, more conflict always means more cybercrime. To do.
upcoming elections
More than two billion people will be eligible to go to the polls this year, many of them in the UK. Elections are a dangerous time for all organizations, not just political ones, as user data is valuable to actors trying to influence the outcome. And this is not a hypothesis. In 2016, Cambridge Analytica misused personal data to influence the US general election. Cybercriminals themselves may not seek to influence elections, but they will sell potentially expensive data and launch further attacks to do so.
recession
The British economy is in bad shape. The country has been in recession since the end of 2023, and its people are facing a cost of living crisis, with individuals and organizations alike feeling the pinch. It's no secret that economic downturns breed cybercrime, and after the 2008 financial crisis, the FBI reported that cybercrime increased by 22.3%. Encouragingly, technology leaders are preparing for this.
A.I.
Artificial intelligence (AI) has been dominating technology headlines lately. From wild speculation about its implications to strange succession dramas to unprecedented international cooperation, AI is already having a profound impact on our world. Cybercrime is also intensifying. His recent NCSC report found that AI “will almost certainly increase the volume and impact of cyberattacks over the next two years,” and IT leaders are wise about this.
What does it mean for UK technology leaders to prioritize cybersecurity?
As we've made clear, it's generally a good thing that technology leaders are prioritizing cybersecurity. The frequency and severity of threats will increase throughout 2024, so the UK needs to be prepared. But looking at the bigger picture reveals a depressing reality.
Think of your organization and the cybercriminals attacking it as warring nations. Naturally, countries at war spend more on defense. This increase in defense spending is the right decision because otherwise the country will be vulnerable. But more spending on defense means less money available to improve the country. Spending on efforts to boost the economy or care for the vulnerable quickly falls by the wayside. The same goes for organizations. The more you spend on cybersecurity, the less you spend on improving your business. This issue is of particular concern to UK businesses.
As we have previously covered, the UK economy is in a fairly poor state, especially compared to the rest of Europe, making it more important than ever for UK businesses to invest time and money in innovation and growth. I am. If you focus too much on cybersecurity, you won't be able to do that. Prioritizing cybersecurity is a necessary evil, but an evil nonetheless.
Importantly, while it is encouraging to see that UK technology leaders are prioritizing cybersecurity, we should not be fooled into thinking this is a reassuring statistic. This just shows how tough a year 2024 is going to be.
Editor's note: The opinions expressed in this guest author article are solely those of the contributor and do not necessarily reflect the opinions of Tripwire.
