The latest annual survey by the Cyprus Information Technology Enterprises Association (CITEA), presented in Nicosia, reveals that approximately one in four Cypriot businesses have experienced a cyberattack.

• Cybersecurity Awareness: A striking 97% of businesses now recognize the importance of cybersecurity technologies and strategies, a notable increase from 89% last year.

• Response to Cyberattacks: The survey, which included 500 businesses and employed online and telephone interviews, indicated that 26% have suffered a cyberattack. However, a positive trend shows that 88% of companies are actively implementing countermeasures, significantly up from only 39% last year.

• Digital Transformation Investments: Looking forward, 85% of businesses plan to invest in digital transformation within the next year. Investment ranges vary, with 24% allocating up to €10,000, 46% earmarking between €11,000 to €100,000, and 14% investing over €100,000.

• Skill Development: About 76% of the companies surveyed cite enhancing digital skills among their staff as a major challenge during this digital transition.

The survey, conducted by IMR/University of Nicosia along with CITEA and Capacitor Partners, also highlighted the beneficial outcomes of digital technology adoption. 80% of companies anticipate improvements in efficiency and productivity post digital transformation, with all respondents who have embraced digital technologies reporting positive impacts on their businesses.

Alongside the survey results, CITEA introduced the "CITEA Index", a tool designed to gauge the progress of Cypriot companies in their digital transformation journey. This index categorizes businesses into five tiers based on their adoption and proficiency in digital technologies:

• Leader: Top tier, encompassing only 11.3% of businesses, representing those at the forefront of digital innovation.

• Transformer: Fourth tier with 12.5% of businesses, focusing on actively optimizing digital processes.

• Competent: Including 18.6% of businesses with a good command of digital technologies.

• Explorer: 27.4% of businesses fall into this tier, experimenting and learning about digital tools.

• Beginner: The base tier, with 30.2% of businesses just embarking on their digital transformation.

Post-presentation, CITEA members and stakeholders engaged in discussions about various topics, including the survey results, the challenges of recruiting IT-skilled staff, and the broader digital transformation in Cyprus.