Around one in four businesses have faced some form of cyber-attack, according to the Cyprus Information Technology Enterprises Association (CITEA).
A new initiative, the CITEA INDEX, also measures how well companies adapt to and utilise digital technologies.
According to the results of this index, almost 60% of businesses in Cyprus were either just starting with digital transformation or were experimenting and learning about digital tools.
The “Digital Cyprus Survey 2023” survey was conducted in June when 500 businesses were screened through an online platform and telephone interviews using a structured questionnaire.
According to the survey, 97% of respondents considered cyber security technologies and tactics quite/very important, compared to 89% last year.
In addition, 26% of businesses said they had experienced a cyberattack, while 88% reported taking steps to counter such attacks, a massive increase from last year when 39% said they had taken such steps.
Also, 85% of businesses reported that they intend to invest in digital transformation within the next year, with 24% reserving up to €10,000 for this purpose, 46% from €11,000-€100,000 and 14% over €100,000.
Some 76% of businesses cite strengthening the digital skills of their staff as one of the biggest challenges to the transition to the new digital age.
Eight out of 10 companies foresee increased efficiency and productivity and continuous adaptation and development for the company’s future after implementing digital transformation.
All the companies that have used digital technologies consider they have brought positive business results.
CITEA INDEX
According to the results of the CITEA INDEX, only 11.3% of businesses are classified in the “Leader” category, which is the top for those excelling and setting trends in digital transformation.
The index ranks companies in five tiers.
Specifically, 30.2% are in the “Beginner” tier (just starting with digital transformation), 27.4% are in the “Explorer” tier (experimenting and learning about digital tools), 18.6% are classified as “Competent” (have a good grasp and utilisation of digital technologies) and 12.5% as “Transformer” (actively innovate and optimise digital processes), which is the fourth one, behind the “Leader” tier.
Members of CITEA and stakeholders discussed the difficulties businesses in Cyprus face in finding staff with IT expertise and the country’s digital transformation.
