Thursday, 14 November 2013

The impact of IT Security on business innovation

According to the results of a survey of UK IT decision makers commissioned by NTT Com Security only one quarter of UK organisations see IT security and risk management as an enabler and driver to business innovation. Considering how significant roles they play in the lives of companies, it is definitely a strange outcome.

“It’s interesting that those companies who see information security and risk as an enabler of business innovation and value, and who proactively base their spending on assessed risk, are much more likely to have the topic on the board’s agenda… They are also much more confident when it comes to information security and risk matters” says Neal Lillywhite, SVP Northern Europe at NTT Com Security.

The survey reveals that six in 10 organisations view security and risk as critical components of their discussions and planning of new products and services. However, the findings also indicate that concerns over IT security and risk have stopped the progress of projects or business ideas in 49 per cent of the organisations surveyed. As results show, the financial sector worries most about risks and IT security, as 56 per cent of organisations have delayed or cancelled projects due to their concerns.

According to the research, confidence among businesses stays high, with 52 per cent of all respondents agreeing that their organisation is ‘completely in control of information risk’, rising to 72 per cent for financial services organisations.

However, it still seems that most organisations are taking a reactive rather than a proactive approach to risk management. Only 25 per cent of organisations base their spending on assessed risk and around 25 per cent base it on protecting against the next threat.

“While the majority see a benefit to having a proactive approach when assessing the risk of information assets, the fact that still only a fifth base their spending on assessed risk shows there is plenty of room for improvement and that there is still a lot of work to be done,” concludes Neal Lillywhite.

Do you want to make sure that your company is prepared to deal with risks and get back on its feet if the worst happens? Check out our BCI and APMG Management of Risk courses to learn more about how you can stay ahead of the curve.

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