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While Australian organisations plan to increase cybersecurity budgets in 2023, business leaders hold conflicting views on the function, according to new research by one global cybecurity company.

Trend Micro says the research revealed that most - or 89% - of IT decision-makers (ITDMs) respondents say they plan to increase security investment in 2023 - but it also revealed critical gaps in business decision-makers (BDMs) understanding of the relationship between cybersecurity and other parts of the organisation.

Mick McCluney, Technical Director, ANZ at Trend Micro: If organisations want to make the most of their security investments, business leaders must reframe their view of cybersecurity to think more broadly about how it can positively impact the enterprise. This research shows its clearly a critical component of winning new business and talent. At a time when every dollar/penny counts, its concerning to see stereotyped views of security persist at the very top.

Trend Micro notes that on the one hand, more than half (52%) claim cybersecurity is a necessary cost but not a revenue contributor, while a similar share (43%) argue that its value is limited to attack/threat prevention. Nearly a fifth (38%) even see security as a barrier rather than a business enabler.

However, on the other hand, 71% worry that a lack of cybersecurity credentials could impact their ability to win new business with almost a fifth (15%) admitting it already has. This comes as more than two-thirds (69%) of BDMs admit theyre being asked about security posture in negotiations with prospects and suppliers. And 74% say these requests for information are increasing in frequency, notes Trfend Micro.

Trend Micro says this apparent contradiction in attitudes is laid bare by another finding - despite prospects and suppliers clearly prioritising security in negotiations, only 43% of BDMs perceive there to be a strong or very strong connection between cyber and client acquisition/satisfaction.

Talent acquisition is another area where there are clear gaps in BDMs understanding of the interconnectivity between cybersecurity and the rest of the business, Trend Miros reveals, adding that Nearly three-quarters (69%) of respondents claim that the ability to work from anywhere has become vital in the battle for talent. Yet only around one-third understand the strong connection between cybersecurity and employee retention (30%) and talent attraction (37%).

Trend Micro says thats despite respondents recognising the impact of cyber on the employee experience:

Trend Micro notes that its Risk to Resilience World Tour 2023 will be coming to five cities across Australia, including Canberra (May 9), Melbourne (May 10), Brisbane (May 11), Perth (May 23) and Sydney (June 7) -bringing together leading cybersecurity industry voices in the region, including partners and customers - with the events focusing on building pathways to a more resilient cyber infrastructure across local and global networks. To learn more and to register to attend, click here.

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'Conficting views' by business leaders on Cybersecurity function ... - iTWire