Almost three quarters of entrepreneurs have admitted to dipping into their personal savings to save their business from going under, according to research commissioned by the Parliament Street think tank. Independent research company Censuswide was commissioned to poll 500 UK-based small business owners about rising inflation fears and its impact on morale. It revealed that 74% of entrepreneurs said they have had to rely on personal finance to keep their business afloat. Young entrepreneurs under the age of 35 were most likely to have used their own money to balance the books with 79% saying they had done so in the last month. Of this figure, 31% said they had to dip into their personal savings on more than one occasion in a desperate attempt to prevent their business from going into liquidation. BULLETIN Cost of living crisis bites From burnout to earnout A study unveiled by disruptive advisory firm Trachet, has highlighted the effect that returning to work post-pandemic has had on the youngest generation of the UK workforce. 46% (5,125,000) of Gen Z workers and 40% (4,457,000) of millennial workers state they often feel tired, helpless, or lonely from the world of work due to their workload. 37% (978,000) of Gen Z workers find that in running their business, they have no one to support them, they do all key tasks alone and that disconnects them from their passion and 61% (3,451,000) of Gen Z workers state they’re happy to compromise their career aspirations in order to avoid burnout. As the UK navigates a critical point of recovery post a two-year hiatus, the report titled ‘From Burnout to Earnout’ shows an underresourced workforce and a body of decisionmakers in dire need of high-level counsel. To frame the core outcomes of the nationally representative data, 28% of Gen Z respondents said they can’t remember the last time they spent quality time with their families due to their workload. Claire Trachet CEO and Founder of Trachet said: “A burnt-out workforce is one of the biggest barriers that inhibit businesses from growing effectively. The challenge lies in identifying these traits within your teams before it develops into a more serious issue.” www.trachet.co Gap ripe for cyber criminals to exploit New research commissioned by Cohesity reveals that while most IT and security operations (SecOps) decision-makers believe they should jointly share the responsibility for their organisations’ data security strategy, many of these teams are not collaborating as effectively as possible to address growing cyber threats. The survey also shows that of those respondents who believe collaboration is weak between IT and security, nearly half of respondents believe their organisation is more exposed to cyber threats as a result. Nearly three-quarters of respondents (72%) in the UK believe the threat of ransomware in their industry has increased over the last year, with more than half (51%) saying their organisation has been the victim of a ransomware attack in the last six months. www.cohesity.com Cloud complexity on the rise The 2022 Thales Cloud Security Study reports that 45% of businesses have experienced a cloud-based data breach or failed audit in the past 12 months, up 5% from the previous year, raising even greater concerns regarding to protecting sensitive data from cybercriminals. Globally, cloud adoption and notably multicloud adoption, remains on the rise. In 2021, organisations worldwide were using an average amount of 110 SaaS applications, compared with just eight in 2015, showcasing a startlingly rapid increase. There has been a notable expansion in the use of multiple IaaS providers, with almost three-quarters (72%) of businesses using multiple IaaS providers, up from 57% the year before. The use of multiple providers has almost doubled in the last year, with one in five (20%) of respondents reporting using three or more providers. Despite their increasing prevalence and use, businesses share common concerns about the increasing complexity of cloud services with 51% of IT professionals agreeing that it is more complex to manage privacy and data protection in the cloud. Additionally, the journey to the cloud is also becoming more complex, with the percentage of respondents reporting that they’re expecting to lift and shift, the simplest of migration tactics, dropping from 55% in 2021 to 24% currently. With increasing complexity comes an even greater need for robust cybersecurity. When asked what percentage of their sensitive data is stored in the cloud, a majority (66%) said between 21-60%. However, only a quarter (25%) said they could fully classify all data. Additionally, nearly a third (32%) of respondents admitted to having to issue a breach notification to a government agency, customer, partner or employees. This should be a cause for concern among enterprises with sensitive data, particularly in highly regulated industries. Cyber-attacks also present an ongoing risk to cloud applications and data. Respondents reported an increasing prevalence of attacks, with a quarter (26%) citing an increase in malware, 25% in ransomware and one-fifth (19%) reporting seeing an increase in phishing/ whaling. www.thalesgroup.com 01732 759725 4 SEE THE 2022 CATEGORIES + TIPS FOR A KILLER ENTRY SEE PAGE 22 ENTRIES NOW OPEN https://printitawards.co.uk
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