Around one in four businesses have faced some form of cyber-attack according to the annual survey by the Cyprus Information Technology Enterprises Association (CITEA) the results of which were presented on Wednesday evening in Nicosia.

CITEA also presented its new initiative, the “CITEA INDEX”, designed to measure how well companies in Cyprus are adapting to and utilising 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 2023 by IMR/University of Nicosia, with CITEA and Capacitor Partners as scientific partners. In total 500 businesses were screened through an online platform and telephone interviews using a structured questionnaire.

According to the results of the survey, 97% of respondents said they consider cyber security technologies and tactics quite/very important, compared to 89% last year.

In addition, 26% of businesses said they have experienced a cyberattack, while 88% of businesses reported taking steps to counter such attacks, a massive increase compared to last year when just 39% said they had taken such steps.

Also, 85% of businesses reported that they intend to invest in the digital transformation of the business 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.

In addition, 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.

It also said that, eight out of 10 companies foresee increased efficiency and productivity as well as continuous adaptation and development for the future of the company after the implementation of digital transformation, while all the companies that have used digital technologies consider that they have brought about positive results in their business.