Tag: leaders

Irish leaders concerned about retention of top talent & are not prioritising AI strategy, IMI Leadership Barometer reveals

The IMI (Irish Management Institute), a centre of excellence for business education, today published new research revealing that AI is not currently a strategic priority among most business leaders in Ireland.

The ‘IMI Leadership Barometer’ surveyed senior business leaders in Ireland from private, public and semi-state organisations across a wide range of sectors including technology, food/agriculture, utilities, banking, finance, professional services, legal, healthcare, logistics, construction and others. The research provides key insights into the attitudes and priorities of senior decision makers as they navigate a shifting business environment and the rise of disruptive new technologies.

Findings show that only 30% of business leaders currently consider AI a strategic priority. Many organisations are still in an experimentation phase with the technology, with 40% of leaders stating that they are testing the technology in areas of their business. A further 30% of decision makers reported struggling to keep pace with rapid advancements in the technology, reflecting a clear need for upskilling and education in the technology among business decision makers.

With businesses continuing to face the impact of a tight labour market, attracting and retaining highly skilled talent is set to continue as a top concern for decision makers, according to the findings of the Barometer. 36% of leaders state that retaining top talent is set to become more difficult over the coming months. More than half of business leaders (54%) believe that retaining talent will remain challenging in the next 12 months.

Despite these challenges, business leaders in Ireland are generally confident about their capacity to navigate change. Findings reveal that 84% of senior leaders are reasonably confident about their capacity to achieve core business objectives over the next 12 months. Only 4% of decision makers state their organisation is fully prepared to overcome obstacles and unlock business growth over the months ahead.

Leadership and management capabilities are the top business priority for senior decision makers, indicating clear awareness among leaders of the importance of strengthening skills in this rapidly evolving landscape. Future workforce skills/ways of working and technology from a business perspective make up the top three most important areas on leaders’ business agenda for the coming months.

The new research is released as the IMI announces the agenda for its 2024 National Leadership Conference. First held over 70 years ago, the NLC 2024 will bring together senior business leaders from across Ireland for a series of discussions focused on enhancing leadership skills and positioning their organisation for future success.

Speakers at the event include Deputy Simon Coveney, former Tánaiste and Minister for Enterprise, Trade and Employment; Michael Lohan, CEO of IDA Ireland; Ann Kelleher, foundry technology development General Manager at Intel Corporation; Bernard Gloster, CEO of Health Service Executive; Siobhan Talbot, the former CEO of Glanbia; Vanessa Hartley, Head of Google Ireland; and Christopher Hartwell, Head of the International Management Institute & Professor of International Business Policy at ZHAW School of Management and Law. The 2024 edition of the NLC will be held on October 3rd at IMI’s Sandyford campus, with additional speakers due to be announced in the coming weeks.

Commenting on the release of the research, Shane O’Sullivan, CEO of the IMI, said: “Senior leaders across Ireland continue to navigate a fast-evolving business environment from a tight labour market to rapid advances in technology and heightened global competition. The IMI Leadership Barometer provides an important insight into the key challenges and opportunities facing leaders in Ireland in this environment and the actions they’re taking to prepare their business for future success.

“It’s clear from the findings of the Barometer that many leaders are still at an early phase of engagement with AI technology. Despite growing levels of experimentation with the technology, our research shows most decision makers have yet to form clear AI strategies. Enhancing leaders’ AI skills and capabilities will be crucial to fully harnessing the potential of the technology and understanding how it can support their business objectives. As these capabilities grow, we expect AI to accelerate up the business agenda.

“With economic indicators suggesting a competitive labour market is set to continue over the next 12 months, our research reveals significant concerns among decision makers regarding attracting and retaining top talent. Given these challenges, it is crucial that leaders evolve their talent management strategies to meet the evolving needs of their workforce from new ways of working to upskilling programmes and employee compensation.

“I’m also pleased to announce the agenda for this year’s National Leadership Conference, which will provide important insights for business leaders as they navigate the challenges highlighted in our research. By taking on board the advice of our expert speakers, decision makers can enhance their leadership skills and better seize new opportunities for future business growth and success.”

HP Study: Business and government leaders believe technology is key to expanding economic opportunity

HP Inc. unveiled a new study with Oxford Economics revealing enthusiasm among global leaders to use technology including AI to advance key impact goals.

The study of business executives and government officials in 10 countries found 3 out of 4 leaders believe technology is key to expanding economic opportunity (76%) and that AI will help drive progress towards sustainability and social impact goals (76%).

Further, business leaders are either already using AI or plan to in the next 1-2 years for goals such as increasing access to digital education (90%), workforce development (89%), and workforce diversity (86%).

“AI’s reach holds great promise to help HP accelerate our sustainable and social impact goals,” said Val Gabriel, Managing Director at HP Ireland. “From how we responsibly build AI PCs for first-time users to data scientists who use our workstations to help local farmers build more resilient businesses, this is the technology that can move businesses and our communities forward.”

Accelerating digital equity for 150 million people by 2030

About one-third of the global population remains offline, costing the world billions of dollars in lost GDP each year. The digital divide has been growing since the advent of technology, and AI could exacerbate these disparities if intentional action isn’t taken.

“Everyone deserves an opportunity to access the tools needed to thrive in the digital economy,” said Gabriel. “We know technology can be a great equaliser and a powerful tool to drive progress. Yet, to truly narrow the digital divide in our rapidly evolving world, we must also equip individuals with the skills to use technology.”

In its latest Sustainable Impact report released today, HP announced it has accelerated digital equity for more than 45 million people since 2021, bringing the organisation nearly a third of the way to its goal of reaching 150 million people by 2030.

The rapid progress is a result of innovative partnerships with key organisations that create tailored solutions for communities. HP pursues impactful programs, strategic investments and partnerships that prioritise those mostly likely to experience the digital divide.

In 2023, HP:

  • Supported digital equity solutions developed by ten organisations in Malaysia, South Africa and Mexico with the Digital Equity Accelerator, such as improvements in digital literacy to access employment, access to educational hardware and software in schools and development of digital platforms to support improved health outcomes. In total, the Accelerator reached 6.4 million people in 2023.
  • Launched more than 100 Digital Hubs in partnership with World YMCA to support digital programming and literacy. For example, the West Orem Digital Hub, provided by YMCA Houston in Texas aims to increase community access to educational, economic, and social opportunities for young people, support services for families, and digital literacy courses for aging members of the community. More than 500,000 individuals were reached globally in 2023.
  • Opened two NABU HP Creative Labs in the U.S. and the Philippines, equipping artists and authors with technology to write and illustrate hundreds of books for children in local languages each year. The free books have helped 1.9 million children in 2023 build confidence, connection to culture and literacy skills, a key building block to participation in the digital economy.

Building skills amid the rise of AI

Both business and government officials report lack of skills as a top barrier to meeting key organisational goals, only economic volatility ranked higher.

Skills-building is a core piece of HP’s digital equity approach. As a result, HP is expanding its goal to enrol 2.75 million users in the free skills-building program HP LIFE. The program from the HP Foundation has already enrolled and enabled more than 1.2 million users to access economic opportunities or start businesses.

HP is undertaking new initiatives to expand responsible access and use of AI, the top reported investment area of businesses today:

  • Expand our free HP LIFE Digital Business Skills courses by releasing a new course on AI skills later this year.
  • Kick-off the HP AI in Social Impact Award, in collaboration with MIT Solve, which provides technology designed for building and running AI applications to social entrepreneurs and organisations that use AI to advance education, healthcare, and economic opportunities in communities globally.
  • Debut commercial and consumer Next-Gen AI PCs to market this month, a new category of devices crafted for work and creation.

HP aspires to be the most sustainable and just technology company. HP is committed to continually examining its progress and evaluating further actions to achieve a more equitable and sustainable future.

Ireland’s Industry Leaders Unite at Cantillon 2024 to Address Urgent Issues in a Sustainable World

Cantillon 2024, scheduled for 7th March at Ballygarry Estate Hotel, Tralee, marks its 10th year as a pivotal platform for thought leaders, visionaries, and industry experts to delve into the urgent issues arising from the transformation towards a sustainable future. The conference will be an opportunity to hear from industry experts on topics including strategic planning, meeting future talent needs, and the evolving culture of organisations. The conference will explore how business leaders can navigate complex transformation processes, framing transformation not just as a strategic imperative but as a commitment to a resilient and prosperous world for generations to come. Cantillon 2024 is not to be missed for those looking to lead transformation in their organisation.

President of MTU, Professor Maggie Cusack, expressed the urgency of the conference, stating, “Tickets are selling fast, be sure to secure your place at Cantillon 2024 which aims to spark innovative solutions to the most pressing issues in securing a sustainable future, honouring the legacy of Richard Cantillon, the pioneering economist.”

In a rapidly changing global landscape, Cantillon 2024 highlights the importance of the need for transformation across sectors from technology and energy to healthcare and manufacturing. The conference serves as a nexus for industry leaders, policymakers, scholars, and innovators to collectively address challenges and strategically plan for a sustainable future. The need for transformation extends beyond businesses – influencing economies, shaping policies, and necessitating the cultivation of a dynamic talent pool geared for the future.

Cantillon 2024 will feature a diverse array of presentations, interactive panel discussions, and networking opportunities, fostering collaboration and knowledge exchange. The conference will emphasise the urgency recognised by governmental bodies to develop and implement policies fostering sustainability. From carbon emissions reduction to incentivising green innovations, policymakers play a crucial role in steering industries towards a secure and sustainable future. Organisers are urging those interested to secure their tickets fast before they are sold out.

Highlights from the programme include keynotes from industry leaders:

  • Shane McGibney, Chief Business Transformation Officer at Kerry Group, who will be discussing how to create a transformational culture mindset;

  • Senior Economist at AIB, John Fahey who will be sharing the future transformation requirements from a global economic perspective;

  • Gemma Corrigan of Federated Hermes Limited, focusing on the multi-stakeholder engagement process when leading sustainable transformation; and

  • Disruptive innovation expert Aidan McCullen, who will explain the need to embrace the paradigm shift impacting every facet of global industries, economies, policies, and talent development.

Following the keynotes, panel discussions will dissect the seismic shift towards sustainability across industries. The rising demand for professionals with expertise in sustainability, environmental science, and technology will be a central focus, reflecting the changing landscape of the workforce.

Expert panellists across a host of industries will include:

  • Mr. Padraig McGillycuddy, CEO Ballygarry Estate Hotel: Transforming the Business Model for a Secure Future

  • Ms. Sheena Dympsey Executive Vice President and Chief Solutions Officer at Indivi.: Navigating Transformation in a Complex Digital Health environment.

  • Mr. Cathal Foley CEO, PACE; CCO, Fexco Drive: Platforming to analyse Carbon Emissions in the Air!

  • Dr Assumpta O’Kane, Business Psychologist: Workforce of the Future: The Competing Forces shaping 2040 and beyond!

  • Dr Alison Hampton, Ulster University:  Transformation through the lens of the Zillenial and AI!

With networking opportunities built in throughout the day, key topics of discussion will include the value of collective problem-solving approaches through cross-industry partnerships, public-private collaborations, and knowledge-sharing platforms.

Cantillon 2024 will also shed light on the increasing priority boards, investors, and consumers place on businesses committed to sustainable practices, influencing market trends and investment strategies.

For the full line-up of speakers, visit: www.cantillon.ie; and tickets are available to purchase here: https://events.mtu.ie/index.cfm?page=events&eventId=954

Design Leaders Conference 2024 – bravely facing the challenge of the future

Irish Design’s major annual conference to explore how design solutions can meet the challenges facing society and business

The vital leadership role the Design Industry can play in driving inclusion, innovation, and the move towards sustainability will be the focus of a major conference in Dublin featuring key Irish and international voices in design.

The Design Leaders Conference 2024, hosted by Design Skillnet and the Institute of Designers in Ireland (IDI), takes place at the Light House Cinema on Thursday 1 February 2024, under the theme of ‘Design – The Act of Leadership’.

The day-long conference will feature high-calibre thought-leaders, subject-matter experts and leading international designers, such as the multi-award winning designer and author, Rejane Dal Bello and Ade Chong, regarded as one of the most exciting of a new generation of creatives within the industry.

Essential issues within Irish design will be highlighted through business-focused conversations on climate change and the role designers can play in supporting other industries towards sustainability; inclusion, and the benefits of encouraging diverse points of view and experiences; negotiating the client/designer relationship; and the value for design of using behavioural science and clear communication.

Design Leaders Conference 2024 – bravely facing the challenge of the future

The full list of speakers for the Design Leaders Conference 2024 are Ade Chong (Studio Chong, Amsterdam & London); Tom Greever (Executive Product Design Leader and author of Articulating Design Decisions); Rejane Dal Bello (Creative Director and Founder, Studio Rejane Dal Bello); Richard Shotton (Founder, Astroten and author of The Illusion of Choice and the Choice Factory); David McRedmond (Chief Executive Officer, An Post); Darrell Kavanagh (MD, Image Now); Danielle Townsend (Danielle Townsend: Research and Design); Jess Majekodunmi (Director, Human Sciences Studio, Accenture) and Lara Hanlon (Founder and Director, Portion Collaborative).

According to Niamh O’Shaughnessy, Network Manager at Design Skillnet, who host the conference, the Design Leaders Conference is a key opportunity for thought leaders and innovators in the design community to come together to connect and inspire each other with a view to taking practical, impactful, immediate actions tomorrow.

Charlotte Barker, CEO of the Institute of Designers Ireland said: “The pulls on leadership have arguably never been as complex as they are now and the skill sets needed to run commercial creative businesses are more diverse than ever. This year’s conference provides actionable insights for business leaders to take away to help navigate the complexity of our current working environment.”

For more information on this year’s speakers and to book tickets to the DLC 2024 see https://www.designleadersconference.com/

Irish leaders largely unprepared for AI future & uncertain about economic future, IMI reveals

Minister of State for Business, Employment and Retail Neale Richmond TD joined the Irish Management Institute today (IMI) at its National Leadership Conference, on the same day it unveiled new research revealing a skills shortage among senior business leaders preparing for Ireland’s AI-enabled future.

The ‘IMI Leadership Barometer’, launched at the National Leadership Conference, surveyed senior business leaders across Ireland from September to October 2023. The research provides key insights into the attitudes and priorities of senior decision makers as they navigate a rapidly evolving business environment and the emergence of disruptive new technologies.

First held over 70 years ago, the National Leadership Conference brings together senior business leaders from across Ireland to explore how leaders can learn, innovate and lead in a rapidly changing environment. Keynote speakers at the event include Bruce Daisley, a former VP EMEA at Twitter and international consultant on workplace culture, Deborah Threadgold, General Manager at IBM Ireland, and Ronan O’Gara, Head Coach at La Rochelle.

The researched unveiled at the conference show that leaders are unsure about the trajectory of the economy. 47% of business leaders are uncertain whether the economy will grow in the next 12 months. With inflationary pressures still strong and costs increasing, a further 36% of leaders believe the economy is likely to contract in the next year.

Digital transformation was another key area with only 1 in 4 business leaders feeling they have the right skills and capabilities to harness the potential of AI within their organisation. The main barrier to navigating an AI future was found to be uncertainty (39%), indicating a pervasive lack of knowledge in the business community regarding the potential applications and impact of this technology.

Lack of capabilities to drive change (36%) was also identified as a major obstacle, with leaders believing their workforce lacks critical skills to enable digital transformation. Such findings reflect the growing importance for leaders in upskilling and reskilling every level of their organisation – from the leadership level down – in order to harness the power of innovation.

Although senior leaders are prioritising innovation, conflicting priorities (41%) and organisational culture (27%) were found to be critical innovation challenges. However, the importance of strong leadership in overcoming these barriers and fostering a culture of innovation is clear: 48% of survey respondents stated that strong leaders who foster and champion innovation is critical for innovation success.

Looking ahead, the majority of leaders felt overcoming skills and talent shortages (59%) to be the key factor for future business success – a persistent challenge in an exceptionally tight labour market. Leading digital transformation (27%) was also deemed critical for future success unsurprisingly, with leaders keen to harness the potential productivity boom created by AI and other emerging technologies. Only 9% of business leaders consider advancing the ESG agenda to be critical for future success.

Minister of State for Business, Employment and Retail Neale Richmond TD commented: “Business leaders across Ireland have proven their resilience in navigating challenges over the past years, from the emergence from the Covid-19 pandemic, to skills shortages and rising costs. As the business environment continues to evolve, it is crucial that firms and workers are well equipped to embrace the opportunities presented by new technologies such as AI.

“Today’s gathering of business leaders across Ireland at the National Leadership Conference provides an opportunity to explore how leaders can successfully harness the opportunities presented by new technologies and use them to empower their organisations for the future. This includes re-training and up-skilling workers to ensure they are capable of using these new technologies. By working closely together, government and business can enhance the competitiveness of Irish businesses and develop a thriving, resilient and future-proof enterprise economy.”

Shane O’Sullivan, interim CEO of the IMI, said: “The IMI Leadership Barometer provides an important insight into how senior leaders are responding to emerging technologies and a changing economic environment.

“With ongoing advances in AI and disruptive digital technologies, the fact that only 25% of business leaders feel they have the necessary skills in place to support these changes is of significant concern. Top-down leadership is critical for driving this fundamental transformation of how we work. Otherwise, we cannot harness the powerful productivity gains of AI and other digital technologies. Business leaders must consider a lifelong learning approach to equip themselves with the right skills, capabilities and knowledge.

“It is reassuring to see almost half of senior leaders in Ireland recognise the importance of their role in driving a thriving culture of innovation within their organisation. Leaders must develop a culture of innovation by acting as role models in the development of ideas, while fostering collaboration and creativity between different teams and departments throughout their organisation.

“Celebrating 70 years since its first edition, the National Leadership Conference provides important insights for business leaders across the themes of Learn, Innovate, Lead. By implementing the guidance shared by our expert speakers and research findings, senior leaders can enhance their leadership skills and set their organisation on the path to success in the year ahead.”

Access from the dark web is a cloud concern for almost a third of IT leaders in Ireland

Auxilion today announces the findings of its new cloud study – carried out by Censuswide and involving more than 200 IT decision makers in large enterprises across Ireland – which found that access from the dark web is a concern for almost a third (32%) of IT leaders in enterprises across Ireland.

The research revealed what IT leaders view as the security risks associated with cloud computing, with the top five being ransomware/malware (33%), data loss/theft (33%), access from the dark web (32%), account hijacking (31%), and phishing/social engineering attacks (29%).

Over a quarter (27%) see lack of staff awareness as a cybersecurity risk associated with cloud computing and a similar proportion (26%) cited human error. Some 23% also said malicious insiders.

The study revealed that configuring cloud properly and securely is proving to be a challenge for 40% of enterprises, with almost half (47%) of respondents admitting that IT security risks are a main concern around cloud adoption and management. Furthermore, some 29% said they have limited or no visibility of their workloads in the cloud.

On the other hand, more than a quarter (27%) of IT leaders say they are using cloud computing to enhance their organisation’s security standing. Moreover, some 24% have documented workflows so cloud security incidents are responded to consistently and a similar proportion (22%) have a standardised and automated incident response strategy in place for same.

However, in-house skills do appear to be a weak spot with less than a fifth (18%) of enterprises having experienced individuals in their team who know what to do in terms of cloud security incidents and one in ten (11%) outsourcing this part of their IT as they lack the in-house skills.

In keeping with this, the study found that 31% of IT leaders are concerned about the lack of in-house skills when it comes to the adoption and management of cloud computing, with almost half identifying cloud and cybersecurity as the two areas where in-house staff most need to be upskilled (48% respectively).

Donal Sullivan, Chief Technology Officer, Auxilion, said: “Cloud has the potential to transform how a business operates, while also benefiting productivity, security and growth. However, the IT foundations and skills need to be in place for organisations to realise and capitalise on the potential of cloud. If they are not, businesses will lose out on the value of cloud and also leave themselves open to risk.

“The threat landscape is more sophisticated and relentless than ever, with attacks coming from various directions and through different channels. Combined with a hybrid workforce, companies need to ensure their IT infrastructure and strategy is resilient.

“For some, that means establishing a more coherent cloud security incident response strategy. For others, it means outsourcing to an expert partner. Companies must therefore identify not only the cloud infrastructure and approach that works for them but also any skills gaps or additional solutions they need. In turn, they can make a success of – and drive success with – cloud.”

73% of IT leaders admit cloud outage would be “catastrophic” for business as uptake increases

A new survey from Irish IT services provider Auxilion reveals that 73% of IT leaders in Ireland admitted a cloud outage would be “catastrophic” for their business, with a similar proportion (77%) worried about such an occurrence.  The same survey highlights that 84% of businesses expect to have fully migrated all their systems, applications and data to the cloud within the next three years.

The research – carried out by Censuswide and involving more than 200 IT decision makers in large enterprises across Ireland – found that some 77% of organisations are already in the cloud. Hybrid cloud was found to be the most popular choice among the companies already using cloud, with 22% of respondents believing it to be the future. Meanwhile, 21% think public cloud is the future.

Furthermore, 84% of businesses expect to have fully migrated all of their systems, applications and data to the cloud within the next three years/almost three quarters (73%) of IT leaders in Ireland admitted a cloud outage would be “catastrophic” for their business, with a similar proportion (77%) worried about such an occurrence.

The most cited reason for adopting cloud computing was reducing costs (32%), as the vast majority (81%) of IT decision-makers revealed that cloud is a more cost-effective approach.

While it may be helping to control costs, investment in cloud looks set to increase with two thirds (67%) planning to up their cloud spend over the next 12 months and the average investment estimated to be €1.84 million.

In fact, cloud ranked top of the list for IT investment over the next 12 months (45%), followed by IT service desk (45%), Artificial Intelligence (42%), green technology (42%) and cybersecurity (41%). On the topic of green technology, almost three quarters (74%) of organisations are currently using same.

It appears that IT leaders see cloud and sustainability going hand in hand, with 78% saying cloud is important in helping their organisation achieve ESG goals and 27% citing sustainability as a reason for using cloud computing. Moreover, almost three quarters (74%) of IT leaders said sustainability is a priority for their customers.

Donal Sullivan, Chief Technology Officer, Auxilion, said: “These results show that cloud infrastructure has become a critical aspect in the digital ecosystem for businesses, and it’s not just being adopted for cost, connectivity and collaboration purposes. It is also being deployed for sustainability purposes – as that area becomes ever more important for both businesses and their customers.

“Regardless of the reasons or the cloud infrastructure of choice, companies need to ensure they are using and adopting an approach that meets their business needs, optimises performance and protects their interests. Working with trusted partners can help to maximise the return on cloud investment and help to deliver better value, as well as drive success.”

54% of IT Leaders in Ireland Doubt AI Capacity, More than Worldwide Average

Over half (54%) of IT leaders in Ireland believe their existing IT infrastructure is not fully prepared for the demands of artificial intelligence (AI) technology, despite its widespread adoption across industries, according to the Equinix 2023 Global Tech Trends Survey. The survey, which examined IT leaders’ responses to AI advances in their organisations, comes after a year of significant AI breakthroughs that saw the technology rapidly deployed in applications across both the business-to-business and business-to-consumer sectors.

Equinix’s survey, which included 100 IT decision-makers in Ireland, found that, on average, IT leaders in Ireland were more likely than IT leaders in EMEA – and worldwide – to lack confidence in their digital infrastructure’s ability to cope with the demands of AI. The survey found that 49% of IT decision-makers in EMEA have concerns about the ability of their infrastructure to accommodate the needs of AI, compared to 44% in Asia-Pacific and 32% in the Americas

The survey showed that there is now a widespread appetite among businesses in Ireland to benefit from the advantages of AI, with 85% of IT leaders reporting that they are already using it, or planning to do so, across multiple functions. A similar survey from Equinix last year found that a significantly lower 62% of IT leaders viewed AI as a priority for their technology strategy, representing a marked change in sentiments towards the technology and its accessibility. Today, organisations in Ireland are currently using, or planning to use, AI to benefit IT operations (85%), cybersecurity (81%), and customer experience (80%).

In addition to inadequate digital infrastructure, the survey highlighted a lack of confidence among IT leaders in Ireland in their teams’ abilities to accommodate the growing use of AI, with 59% expressing concerns. Therefore, 34% of IT leaders understandably listed AI and machine learning as the third-most sought after expertise for IT team growth in the last 24 months. The lack of internal knowledge relating to AI was found to be enough to put 46% of IT decision-makers off adopting newer technologies like AI. Other deterrents included increased OPEX costs (42%) and slow implementation (41%).

Peter Lantry, Managing Director for Equinix in Ireland, said: “All industries are being transformed by AI – including our own. We are already experimenting with how it can enable greater operational efficiency and energy savings – and it has the potential to do so much more.

“For enterprises to use AI in a meaningful way, they must be able to produce vast amounts of data which can be shared, stored and processed in a sustainable way. They require digital infrastructure that guarantees private, secure, high-speed access to external data sources and AI models.

“Ireland’s digital economy is growing and there is no question that AI will play a central role in its continued growth. From disease detection in healthcare, to fighting cybercrime in financial services, it will have a profound impact on our everyday lives, with every industry benefiting from its implementation. Without the right digital infrastructure underpinning it, AI cannot be intelligent, and given the pace of change, businesses will quickly find themselves left behind.

A full copy of the report can be found here.

Less than half of business leaders think their company is adequately prepared to respond to a cyber breach

A survey from Irish IT service provider Auxilion has revealed that less than half (44%) of business leaders in Ireland think their organisation is adequately prepared to respond to a cyber breach.

The survey of 100 C-suite executives in larger companies or enterprises (more than 250 employees) across Ireland, carried out by Censuswide, also revealed that more than a third (36%) of businesses fell victim to a cyberattack in 2022 and 44% of business leaders think their company will fall victim to a cybersecurity breach this year.

Moreover, some 42% don’t believe they have enough skills within their organisation to guide it through a cyber-attack and a similar proportion (41%) don’t believe their cybersecurity budget is adequate to protect against all risks.

Furthermore, 34% of respondents don’t believe their leadership team or board is doing everything it can to safeguard the company’s digital assets and data. Despite these concerns, just 20% of business leaders expect to invest in cybersecurity solutions in 2023.

The research also revealed that only 36% of business leaders think their organisation upholds governance adequately and 43% have had to abandon a project due to poor governance. The average cost of failed IT projects during 2022 came in at €840,671.

However, a little over half (51%) undertake an annual self-assessment of performance relating to governance or compliance. To improve governance, 43% said outsourcing to a third party would improve their company’s governance, with 44% already using a managed services provider.

The top benefits of working with managed services providers were found to be 24/7 assistance (21%), increased project delivery (21%), cost savings (20%), plugging the skills gap (20%), and improved productivity (19%). Eighteen per cent said supporting compliance, while enhanced security was cited by 17% of respondents.

Commenting on these results, Philip Maguire, Auxilion CEO and founder, said: “The survey highlights the need for organisations to identify and implement IT strategies which directly support business goals and address concerns – some of which could prove, or are already proving, to be quite costly.

 “Not only are companies facing the possibility of cyber breaches due to inadequate safeguards, but failed IT projects are also impacting the bottom line. That’s not to mention the worries business leaders have around plugging the skills gap and achieving company objectives.

 Organisations really need to look at what digital solutions and services they can deploy today to overcome such obstacles and capitalise on potential opportunities. As well as rectifying the areas of poor governance and inadequate cybersecurity, these technologies can also boost efficiency, support productivity and drive growth.”