How Will Businesses View Emerging Technologies by Considering Cybersecurity?

By CIOReview | Monday, February 10, 2020

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Fremont, CA: For global organizations, innovation is a top business priority. They are intrigued by the potential of emerging technologies. Also, concerns about cybersecurity readiness and identifying workers with the right knowledge to address the workforce needs to add a measure of caution to expectations and plans for 2020. A study was conducted for more than 1,500 business and technology professionals from 14 countries who shared their thoughts on business priorities for 2020. They shared their perceptions of emerging technologies, cybersecurity, workforce skills, professional development strategies, and the future of work. The ingredients for innovation have never been more accessible. It is evident from the global spending, which is nearly $5.2 trillion this year, on hardware, software, services, and telecom that shows that technology has a growing and integral role in business operations.

Nearly ninety-five percent of executives vote for technology as their driving source to reach business outcomes. Most of the companies rely on outside providers for repair and maintenance, deployment and integration, consulting, cybersecurity, and software development. They obtain a good return on investment from their technology spending. These financial and operational benefits are evidence for new technologies taking hold.

While a majority of executives have a positive view of emerging technology, remaining express equal parts of excitement and trepidation. A lack of precise business plans, budget constraints, and risk aversion are some of the primary factors that underpin the slow adoption of emerging technologies. Besides, the internet of things and big data shows the highest rate of implementation.

Moreover, organizations describe their cybersecurity as completely or mostly satisfactory indicating the room for improvement. A low understanding of new cybersecurity threats poses a new challenge for companies. From the above-projected growth rates for emerging technologies over the next few years, businesses should re-evaluate approaches to cybersecurity. Some of the obstacles to improving cybersecurity are profound understanding of new threats, the insufficient budget dedicated to cybersecurity, improper metrics to demonstrate effectiveness, and prioritization of other technology investments. The skill gap is another more significant challenge for most organizations.