Telstra, a leading Australian telecommunications and technology company, has today published a report in partnership with Vanson Bourne, that reveals the impact of COVID-19 on European businesses, and how some are using digital transformation to pivot business models to adapt to a post-COVID world.
The research, based on interviews with 500 senior IT and business decision makers in private sector organisations across Europe, explores how organisations are pursuing their digital transformation and innovation initiatives, the need for agility and the challenges of cybersecurity in the wake of COVID-19.
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Security – an ever-evolving and challenging landscape
Cybersecurity is more important now than ever before. The COVID-19 pandemic presented cybercriminals with increased opportunities to breach the defences of organisations, making improvements increasingly important for European companies and their workforces. The research revealed that over half (65%) of respondents saw a dramatic rise in cyberattacks on their organisation during the pandemic.
In addition to hacking efforts, businesses reported increased pressure from phishing (44%), fake contact tracing apps and calls (43%) and ransomware (43%), with the greatest increase in incidents in the energy, oil, gas and utilities sector (80%).
Fifty-six percent cited improving cybersecurity as among the top priorities within their recovery strategy, ahead of increasing the pace of digital transformation projects (51%) and increasing investment in emerging technologies (50%), all of which can sharpen organisations’ competitive edge as they emerge from the pandemic.
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Digital Transformation in a COVID world
Showing great resilience to the difficult circumstances wrought by the pandemic, the businesses surveyed reported strong progression of their digital transformation and innovation plans. Sixty-five percent of respondents say most or all of their organisation’s digital transformation and innovation projects are currently active, with only 28% claiming to have fully executed their digital transformation.
However, many decision makers still believe more could be done, with 83% agreeing their organisation needs to increase the pace of its digital transformation, which is unanimous across all the regions and verticals surveyed. European businesses have made vigorous investments in digital transformation despite the financial downturn, with respondents spending over $2.28 million (USD) on projects since the start of 2020. This is an average increase of 2.71% as a result of the pandemic.
Meanwhile, most businesses recognised the need to include their supply chain in digital transformation projects, with 89% of respondents agreeing that involvement could lead to improved success levels for their organisation. Around a quarter (24%) reported their organisation has fully adapted to the changes arising from the pandemic, with a similar proportion (26%) saying the same for their supply chain. Encouragingly, 79% believe that the agility of their organisation, including its supply chain, has increased as a result of the pandemic.
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