UK firms lag in cybersecurity confidence, study reveals

A recent study by TeamViewer has highlighted that only 25% of UK businesses regard themselves as leaders in their sector for cybersecurity, positioning the UK with the least confidence in its cybersecurity capabilities compared to other countries.

This survey conducted by FT Longitude for TeamViewer underscores the significant correlation between seamless technology connectivity and enhanced business performance in several key areas, including financial returns, operational efficiency, and cybersecurity resilience.

The study revealed that merely 1 in 20 businesses in the UK believe their technology operates seamlessly across their organisation, indicating that 94% acknowledge the need for improvements in this arena. According to the findings, 62% of UK businesses claim that excellent tech connectivity provides them with a competitive edge. Furthermore, 39% of businesses with superior connectivity report that their financial performance is among the best in their industry.

Despite these acknowledgments, there is a notable disparity between good and excellent connectivity. Globally, 34% of businesses with top-tier connectivity claim their operational performance matches industry leaders, compared to just 19% of businesses with good connectivity. Seamless connectivity not only targets productivity but also fortifies an organisation's ability to withstand cyberattacks.

Mei Dent, Chief Product and Technology Officer at TeamViewer, commented on the implications of these findings: "It’s clear from the research that connectivity isn’t just about driving workforce productivity and efficiencies. The approach of shifting connectivity from a supporting role and cost centre to one that empowers the business has an impact on growth, and ultimately revenue. Fragmented systems blunt competitive advantage so just being good is not good enough when it comes to connectivity. Businesses need seamless integration and harmonisation of data to fully realise the opportunities that technologies like augmented reality (AR) and artificial intelligence (AI) bring."

In addition to productivity and efficiency, better technology connectivity appears to significantly enhance customer interactions and satisfaction, foster innovation, and provide more time for considered decision-making. According to the research, 65% of UK businesses cite better customer interactions and increased customer satisfaction due to robust technology connectivity. Furthermore, 85% of respondents noted that such connectivity enables better innovation, while 73% believe it supports more thoughtful decision-making processes. Surprisingly, 85% also consider it crucial for talent retention, as it creates an improved working environment.

However, several barriers to achieving seamless connectivity remain. Global organisations with only good connectivity are frequently hindered by internal discrepancies between departments (30%) and the inability to demonstrate the return on investment (ROI) of tech connectivity (27%). Conversely, for those with excellent connectivity, cybersecurity concerns present the most significant challenge (24%). Data mistrust is another issue plaguing many UK businesses, with 37% dealing with multiple versions of truth due to varied data sets, 34% facing conflicting data management practices, and 31% struggling with hardware reliability.

Interestingly, the lack of trust in internal data varies by company size. Smaller enterprises, particularly those generating between USD $10 million and $49.99 million annually, are more likely to be hampered by poor data literacy among employees (40%) compared to larger companies generating USD $10 billion or more (21%).

The ability to connect to a myriad of devices, applications, and systems within an organisation's infrastructure, and utilise existing data efficiently, is crucial to performance enhancement. The study highlighted that 36% of UK respondents rated their data and system access as average or poor outside their standard work locations, including their homes. Additionally, 38% expressed similar concerns about access at other organisational facilities.

Mei Dent emphasised the cost of inaction: "There is a long way to go for companies to achieve seamless connectivity, but the benefits far outweigh the initial investment of time and resources. Doing nothing also has a cost. With many struggling with increased competition and a lack of skilled labour available, organisations need to do all they can to attract and retain the best talent. And one way to do this is to offer a working environment with integrated systems and connectivity that makes it a great place to work and thrive in their careers."

The study, conducted between March and April 2024, surveyed 500 business leaders across Australia, Canada, Japan, Germany, the United Kingdom, and the United States. Participants represented various industries, including automotive, industrial manufacturing, IT, logistics, transport and distribution, financial services, retail, public sector, and utilities.