top of page

Navigating Cyprus’ Digital Landscape With the 2023 Digital Cyprus Survey

Cyprus Businesses Prioritize Cybersecurity in 2023

Digital Cyprus Survey 2023

The digital and technological landscape around the world is constantly evolving. Organizations, governments, and businesses globally are looking to optimize and improve their systems and operations through digital and technological means. To achieve this, not only do organizations need to identify and use the right technologies for them, but they also need to heed the significance of training and educating their people, too.


These points culminate to make up what we refer to as digital transformation, the process of adopting and implementing digital technology to create new or improve existing products and operations. People are at the core of digital transformation, and their ability to navigate tasks through digital and technological means is a key indicator of how successful an organization’s digital transformation may be.


In this sense, Eurostat finds that Cyprus is behind fellow European states in terms of the extent to which its population is digitally inclined. Their findings indicate that Cyprus is 6 percent below the EU average of 56 percent, and the Digital Economy and Society Index (DESI) in 2022 noted that Cyprus ranks 20th among 27 EU countries.


To gauge a society’s digital adeptness, organizations conduct research and surveys to uncover underlying key factors. IMR/University of Nicosia, in partnership with Capacitor Partners and CITEA, conducted their third Digital Cyprus Survey in 2023, highlighting what 500 businesses in Cyprus prioritize in their digital transformation.


The survey aims to unveil the current and upcoming technological readiness and digital transformation priorities of businesses in Cyprus.


Digital Cyprus Survey Key Findings


Implementing New Technologies


The 2023 Digital Cyprus Survey uncovered a strong emphasis on the adoption of new technologies among businesses in Cyprus. An impressive 85 percent of survey respondents expressed the belief that the adoption of cloud technology is critical for their digital transformation efforts. This finding reflects the growing recognition of the cloud's pivotal role in modernizing business operations and enhancing scalability.


An overwhelming 85 percent of businesses in Cyprus are planning to invest in digital transformation within the next year. Among these organizations, a substantial 46 percent intend to allocate budgets ranging from €11,000 to €100,000. This robust investment commitment signals a significant commitment to leveraging technology for business growth.


The survey also revealed that 8 out of 10 businesses foresee increased efficiency and productivity as a direct outcome of their digital transformation initiatives. However, they also acknowledge the need for continuous adaptation and evolution, underlining the dynamic nature of the digital landscape. This awareness highlights the importance of staying agile and the value of continuous learning and upskilling in the face of evolving digital and technological trends.


Empowering People Through Upskilling


In the quest for successful digital transformation, the Digital Cyprus Survey unveiled a unanimous consensus among respondents regarding the importance of training and upskilling employees in digital technologies. An astounding 92 percent of survey participants believe that such training is imperative for the success of their digital transformation journey.


Interestingly, while the emphasis on digital skills training is high, 76 percent of businesses identified strengthening the digital skills of their staff as one of the biggest challenges they face during their transition into the new digital age. This finding underscores the need for targeted efforts in education and training to bridge the digital skills gap and ensure a workforce that is equipped to navigate the digital landscape effectively.


The survey highlighted that a significant portion of companies have made substantial progress in digital skills training. 66 percent of the companies have involved their personnel in the digital transformation process to a considerable degree. This demonstrates a commitment to fostering a digitally adept workforce and further underscores the integral role of employees in successful digital transformation.


The Pertinence of Cybersecurity


Cybersecurity emerged as a paramount concern for businesses in Cyprus, with 97 percent of survey respondents recognizing its pivotal role in digital transformation. This represents an 8 percentage point increase compared to the previous year, underlining the growing awareness of the critical role cybersecurity plays in safeguarding digital assets.


Of significant concern is the finding that approximately 1 in 4 businesses in Cyprus reported falling victim to some form of cyberattack. This alarming statistic serves as a stark reminder of the ever-present threats in the digital realm and the need for robust cybersecurity measures.


On a positive note, 88 percent of businesses have taken proactive measures to counter cyberattacks, marking a substantial 49 percent increase compared to the previous year.


The most popular practices employed by these organizations include regular security audits and assessments (79 percent), the implementation of firewalls and intrusion detection systems (75 percent), and ongoing employee training and awareness (70 percent). These measures indicate a growing commitment to bolstering cybersecurity defenses and protecting digital assets.


The findings of the 2023 Digital Cyprus Survey by CITEA, IMR/University of Nicosia, and Capacitor Partners shed light on the priorities and challenges facing businesses in Cyprus as they embark on their digital transformation journeys.


These key findings underscore the critical importance of technology adoption, employee training, and cybersecurity in ensuring the success of digital initiatives. As organizations in Cyprus continue to navigate the evolving digital landscape, these insights provide valuable guidance for their future digital transformation endeavors.


Let’s explore the changes from 2022 to 2023, as the findings highlight drastic changes in respondents’ perspectives and approaches to the various elements of digital transformation.


This Year’s Findings on the Backdrop of 2022


In both 2022 and 2023, a resounding 85% of survey respondents have underscored the pivotal role of cloud technology in their digital transformation strategies. This steadfast consensus highlights the enduring significance of the cloud as the backbone for modernizing business operations and achieving scalability. It remains the linchpin for organizations navigating the dynamic digital landscape.


In 2022, a substantial 89% believed that digital transformation would usher in significant opportunities for business growth and development. In 2023, while the percentage has shifted to 80%, the sentiment remains robust. This evolution suggests a pragmatic understanding among organizations that digital transformation is a journey that takes time to yield its full benefits. The optimism about positive outcomes remains intact.


Across both years, a resounding 92% of respondents emphasized the indispensability of training and upskilling in digital technologies for digital transformation success. This unanimity underscores that the pursuit of enhanced digital skills among employees remains a cornerstone of any effective digital transformation strategy. While the consensus on the importance of upskilling persists, it is noteworthy that the specific challenges associated with upskilling have evolved over time.


In 2022, 62% of respondents believed that strengthening their staff's digital skills would pose a significant challenge during the transition into the digital age. However, in 2023, this percentage has increased to 76%. This shift reflects an intensified awareness among businesses regarding the importance of enhancing digital skills in their workforce. It also highlights the evolving nature of the digital landscape, where proficiency in digital skills is increasingly crucial.


Cybersecurity has emerged as a paramount concern for businesses in both years. In 2022, 89% acknowledged its pivotal role in digital transformation, a figure that has increased to a staggering 97% in 2023. This 8% year-over-year increase underscores the growing awareness of cybersecurity's critical role in safeguarding digital assets.


Businesses have become notably proactive in addressing cybersecurity concerns. In 2022, only 39% of businesses reinforced their cybersecurity practices, indicating room for improvement. However, this landscape has dramatically shifted in 2023, with an impressive 88% of businesses implementing various cybersecurity measures. These include security audits, firewalls, and employee training, reflecting a heightened commitment to fortifying cybersecurity defenses and ensuring the protection of digital assets.


The transition from 2022 to 2023 has seen businesses in the midst of a dynamic digital transformation journey. While certain findings remain consistent, such as the importance of cloud technology and cybersecurity, others have evolved to reflect a deeper understanding of the challenges and opportunities presented by the digital age. This comprehensive analysis underscores the ongoing commitment of organizations to adapt, learn, and secure their digital futures.


Find more about the Digital Cyprus Survey 2023 via our website.


bottom of page