UK companies worried about information security and risk management are stifling innovation, new research by NTT Com Security has found.
A survey of 100 IT decision makers from large organisations in the financial, manufacturing and retail sectors showed that nearly half were failing to develop business ideas and growth, which they attribute to security and risk management fears.
Another 56% said these concerns had caused them to put all ideas and projects on hold, while 60% said such implications are discussed when they plan new products and services.
When asked how often security, risk and compliance is discussed at board meetings, 56% said routinely, 16% said frequently and 29% said occasionally.
At the NTT’s annual Information Security World conference in London on November 6, Baroness Pauline Neville-Jones, the Government’s special representative to business on cyber security, said cyber security represents both a challenge and an opportunity to businesses.
"Better awareness and understanding of the risks and effective cyber security will be seen as a positive differentiator for UK businesses and will enable them to survive and thrive in today’s competitive global environment," she said.
The research also revealed that about a quarter believe security and risk management make innovation and growth possible.
Neal Lillywhite, SVP Northern Europe at NTT, said: "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."
