12° Nicosia,
25 April, 2024

One in four businesses in Cyprus face cyber attacks, concerns mount

CITEA's Digital Cyprus Survey 2023 reveals growing importance of cybersecurity and digital transformation readiness

Newsroom / CNA

In a recent survey conducted by the Cyprus Information Technology Enterprises Association (CITEA), it was revealed that approximately one in four businesses in Cyprus has encountered some form of cyber-attack. This annual "Digital Cyprus Survey 2023" presented by CITEA also introduced the "CITEA INDEX," aimed at evaluating the digital readiness and adoption of technology by companies in Cyprus. The survey, which involved 500 businesses, was conducted in June 2023 with the collaboration of IMR/University of Nicosia and Capacitor Partners.

Key findings from the survey indicated a heightened awareness of cybersecurity, with 97% of respondents considering cybersecurity technologies and strategies to be quite or very important, a significant increase from 89% in the previous year. Additionally, 26% of the businesses reported experiencing cyberattacks, prompting an 88% response rate in terms of taking measures to counter such attacks, a substantial increase from the 39% recorded the previous year.

Moreover, 85% of the surveyed businesses expressed their intent to invest in digital transformation within the next year. Of these, 24% allocated up to €10,000, 46% budgeted between €11,000 and €100,000, and 14% allocated over €100,000 for this purpose. Strengthening the digital skills of their staff emerged as a major challenge for 76% of businesses as they transition into the digital age.

The survey highlighted that eight out of ten companies anticipate increased efficiency, productivity, and continuous development as a result of implementing digital transformation. All companies that have incorporated digital technologies have reported positive outcomes for their businesses.

The CITEA INDEX, derived from the Digital Cyprus Survey, categorized businesses into five tiers based on their digital transformation readiness. Only 11.3% of businesses fell into the "Leader" category, signifying excellence in setting digital transformation trends. The other tiers included "Beginner" at 30.2%, "Explorer" at 27.4%, "Competent" at 18.6%, and "Transformer" at 12.5%, with the "Leader" tier representing the top tier.

During the presentation, CITEA members and stakeholders discussed the survey results, challenges in finding IT expertise in the labor market, and the broader implications of Cyprus's digital transformation.


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