Technology leaders who take cybersecurity seriously are something of a double-edged sword. While it is undoubtedly positive that organizations are waking up to the real threat that cyberattacks pose, it is depressing that they have to siphon off so many resources to protect themselves rather than using them for growth and innovation.
A recent investigation UK technology leaders, led by UK IT Leaders and Horizon CIO Network, revealed that more than half of those surveyed said cybersecurity was their priority for 2024. Again, this is both a good and a bad thing. The cyber threat landscape is more dangerous than ever, and it’s heartening to see that technology leaders recognize this; However, this does not bode well for the UK economy as a whole.
In this article, we’ll explore the other priorities of UK technology leaders, why cybersecurity is a priority and the wider implications of this.
What are the priorities of British technology leaders in 2024?
Among the 314 IT managers interviewed, here are the priorities that came up most often:
- Cybersecurity – 58%
- Digital transformation – 48%
- AI and generative AI – 43%
- Digital strategy – 40%
- Target operating model – 27%
- Data management – 26%
- Enterprise resource planning (ERP) platform upgrades or implementations – 26%
Why is cybersecurity a priority for UK technology leaders?
On the face of it, the answer to this question is simple: cybersecurity is the top priority for UK technology leaders, as cyberattacks pose a greater threat than in previous years. But why ?
Geopolitical tension
The conflict rages in Israel and Gaza. The Russian invasion of Ukraine continues. Civil war ravages Sudan. The geopolitical climate hasn’t been this tense since the Cold War, and IT leaders know it. The fact is that the more conflicts there are in the world, the higher the rates of cyberattacks. If threat actors launch attacks to spy on rival nations, let’s eliminate critical infrastructureor even make money In economies brought to their knees by protracted war, increased conflict always means increased cybercrime.
Upcoming elections
More … than 2 billion people are eligible to go to the polls this year, many in the UK. Elections are a dangerous time for all organizations, not just political organizations, because user data is valuable to actors seeking to influence outcomes. And it’s not hypothetical: in 2016, Cambridge Analytica misused personal data to influence the American general election. Even if cybercriminals themselves aren’t trying to swing the election, they will sell data that could prove very expensive and launch more attacks to do so.
Recession
The British economy is in a bad state. The country has been in recession since the end of 2023, the population is in the grip of a cost of living crisis and individuals and organizations are feeling the effects. It is a well-established fact that the economic downturn breeds cybercrime: after the financial crash of 2008, the FBI reported a 22.3% increasing cybercrime – and technology leaders are encouragingly ready to tackle it.
AI
Artificial intelligence (AI) has dominated technology news recently. From wild speculation about its impacts to bizarre succession dramas to unprecedented international collaboration, AI has already had a huge impact on our world. This also increases cybercrime. A recent NCSC The report finds that AI will “almost certainly increase the volume and intensify the impact of cyberattacks over the next two years,” and IT leaders are aware of this.
What are the implications of UK tech leaders prioritizing cybersecurity?
As we’ve established, it’s generally a good thing that technology leaders are prioritizing cybersecurity. Threats will increase in frequency and severity throughout 2024, and the UK must be prepared. But an overview reveals a sad reality.
Think of an organization and the cybercriminals who attack them as nations at war. Naturally, a country at war spends more on its defense. This increase in defense spending is the right decision, as failure to do so would leave the country vulnerable. But spending more on defense means less money to spend on improving the country. Spending on initiatives to stimulate the economy or care for the vulnerable is quickly abandoned. The same goes for organizations; the more they spend on cybersecurity, the less they can spend to improve their business; this issue is of particular concern for UK businesses.
As we have seen, the UK economy is in quite poor shape, especially compared to other countries in Europe, and it is more important than ever that UK businesses invest time and money into innovation and growth. They can’t achieve this if they focus too much on cybersecurity. Prioritizing cybersecurity is a necessary evil, but an evil nonetheless.
The fact is that while it is encouraging to see that UK technology leaders are prioritizing cybersecurity, this should not be taken as an encouraging statistic. This just indicates how difficult 2024 is going to be.
Editor’s note: The opinions expressed in this guest authored article are solely those of the contributor and do not necessarily reflect those of Tripwire.
