home Uncategorised COVID-19 forces one of the biggest surges in technology investment in history, according to new survey

COVID-19 forces one of the biggest surges in technology investment in history, according to new survey

Companies globally spent the equivalent of around US$15bn[1] extra a week on technology to enable safe and secure home working during COVID-19, reveals the 2020 Harvey Nash/KPMG CIO Survey. This was one of the biggest surges in technology investment in history – with the world’s IT leaders spending more than their annual budget rise[2] in just three months, as the global crisis hit, and lockdowns began to be enforced.

The largest technology leadership survey in the world of over 4,200 IT leaders (265 based in Australia), analysing responses from organisations with a combined technology spend of over US$250bn, also found that despite this huge surge of spending, and security & privacy being the top investment during COVID-19, 4 in 10 Australian IT leaders report that their company has experienced more cyber attacks. Nearly nine in ten (89%) reported an increase in phishing attacks, and over two thirds (77%) of these from malware (suggesting that the massive move to home working has increased exposure from employees.

At the same time, Australian organisations have struggled to find skilled cyber security professionals to support this dramatic shift to homeworking – with 42% of Australian CIOs reporting that cyber security is now the most ‘in demand’ technology skill. This is the first time a security related skill has topped the list of global technology skills shortages for over a decade. 

Although technology spend has risen dramatically during the pandemic, the survey found that technology budgets will be under more strain over the year ahead. Prior to COVID-19, over half (55%) of Australian IT leaders expected a budget rise in the next 12 months, but during the pandemic this number declined to 38%. This still represents a net increase in budgets.


[1] See notes to editors

[2] See notes to editors

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Mark Atterby

Mark Atterby has 18 years media, publishing and content marketing experience.

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