Tech anxiety could cost UK economy $15Bn: BT study
LONDON, UNITED KINGDOM — A new study by British multinational telecommunications company BT reveals that nearly nine in ten business leaders in the UK are suffering from “bytemares”—tech-related anxiety severe enough to disrupt their sleep. This “tech paralysis” could cost the economy £11.8 billion (US$15 billion) by 2030 as companies defer digital transformation projects.
The research was conducted between March 26 and April 5, 2024 among 2,000 UK business decision makers.
Rapid tech evolution fueling anxiety
From AI to cybersecurity, 88% of businesses are investing in new technologies this year to boost productivity. But 62% of leaders say tech transformation is critical for survival, while 88% find workplace tech to be a major source of stress. Three in five (59%) are worried about the future impact on their businesses.
Sectors like financial services (74%) and HR (78%) are particularly concerned about the rapid changes. This stress has significant economic implications, with an estimated 104,000 British businesses potentially delaying tech investments due to the associated stress.
“Today, every business is a digital business – and our research shows that the pace of change is taking its toll. Our job is to make things easier: providing the rock-solid digital foundation businesses need to thrive,” said Bas Burger, CEO of BT’s Business unit.
Cybersecurity and AI top ‘bytemare’ list
Cybersecurity tops the list of concerns keeping leaders up at night, with 32% calling it the biggest tech threat this year, followed by tech transformation (25%) and digital skills (24%).
AI is proving to be an even bigger stress factor—three in four leaders say it has caused them anxiety over the past 12 months due to fears around data privacy (34%), quality and reliability (29%). One in five, or 21%, see AI as an existential risk.
Mindfulness as antidote to tech stress
Fifty-seven percent of business leaders already practice meditation at least once a week, while 38% of those who have never tried it say they would consider it to help with work-related stress.
To help leaders get in the right headspace, BT has teamed up with entrepreneur Sarah Willingham and meditation expert Izzy Judd to create “The Business Reboot“—a series of guided tech-themed meditations. The meditations cover AI, cybersecurity, data analytics and more.
“With all the tech challenges businesses are facing this year, I want leaders to embrace the power of mindfulness and meditation in their working lives,” said Willingham, formerly of BBC’s Dragon’s Den.
Judd, who hosts the series, noted, “Taking a few minutes to step away from the to-do list, connect your body and mind, and reset your priorities, can provide a huge boost to clarity and concentration, while enabling you to feel calmer.”
