The world is experiencing one of the biggest surges in technology investment in history, as companies bolster cyber security due to escalating cyber threats amid COVID-19.
Globally, companies spent around US$15 billion extra a week on technology to enable safe and secure home working during COVID-19, according to the 2020 Harvey Nash/KPMG CIO Survey.
That’s one of the biggest surges in technology investment in history, according to the report’s authors – with IT leaders spending more than their annual budget rise in just three months, as the global pandemic hit.
The survey, which has canvassed more than 4000 IT leaders, found that despite the huge surge in spending, and security & privacy being the top investment – almost half reported that their company has experienced more cyber attacks.
More than three quarters of attacks were from phishing (83%) and almost two thirds from malware (62%), indicating that the huge shift to home working has increased cyber security threats.
Cyber security threats more costly than COVID?
The survey comes as industry experts warn the next global crisis will include a catastrophic cyber security pandemic.
Meanwhile, AustCyber’s Australia’s Digital Trust Report 2020 says as a widespread cyber attack, would cost Australia’s economy up to $AU30 billion and 163,000 jobs.
While cyber security threats have surged, organisations say they’re having difficulty in finding skilled cyber security professionals to support this dramatic shift to homeworking.
Cyber security (35%) is now the most ‘in demand’ technology skill in the world, according to the Harvey Nash/KPMG CIO Survey.
It’s the first time a security related skill has topped the list of global technology skills shortages for over a decade.
Although technology spending has risen dramatically during the pandemic, the survey found that technology budgets will be under more strain over the year ahead.