Global companies spent about $15 billion more per week on technological investments during the first wave of pandemics, according to a survey conducted by Harvey Nash/KPMG on CIOs around the world.

The report shows how global IT leaders have invested heavily in technology to allow safe and secure home work during Covid-19.

This just recorded was one of the biggest technological investment peaks in history, and organizations spent an additional 5% more than their IT budget to deal with the Covid-19 crisis, says the survey.

The survey on technological leadership of over 4,200 IT leaders analysed the responses of organizations with combined technological investments of over 250 billion dollars. Despite this huge increase in spending mainly concerns security and privacy, four out of 10 IT leaders report that their company has suffered more cyber attacks.

More than three quarters of these attacks came from phishing (83%) and almost two thirds from malware (62%), suggesting that the massive transition to work from home increased employee exposure, notes the survey.

At the same time, organizations have struggled to find qualified IT security professionals to support this dramatic shift to work from home and 35% reported that cybersecurity is now the most’required’ technology in the world.

According to the survey, this is the first time that a safety competence has been at the top of the list of global technological skills deficiencies for over a decade.

Although technological spending has increased dramatically during the pandemic, the survey found that technological budgets will be under greater pressure in the coming year.

Before Covid-19, over half (51%) of IT leaders expected an increase in budget over the next 12 months, but during the pandemic this number dropped to 43%.

This still represents a net increase in budgets and remains almost twice as much as IT spending in 2009, following the 2008 global financial crisis.

Digital leaders have proved more likely than others to make further technological investments as a result of Covid-19, with 50% more organisations claiming to be

These investments focused on large scale deployments of distributed cloud (42%) and SaaS (34%). The crisis has served to underline a growing gap between organisations that drive their strategy through technology and those that are not.

Cloud investment has increased. After investing in security and privacy (47%), infrastructure and cloud investments were the third most important technological investment during Covid-19, with the number of IT leaders actively considering the distributed cloud almost doubled in just 12 months (from

Before Covid-19, the shortage skill remained close to the historic peak. Subsequently, the lack of technological talent remained high, only marginally decreasing compared to the 2008 global financial crisis.

Harvey Nash Kpmg’s survey also clearly indicated that distance work is bound to remain in time.

L’86% of IT leaders have transferred a significant part of their workforce into smart working and 43% expect more than half of employees to work from home even after the pandemic.

As a result of distance work, 70% of IT leaders report greater collaboration between business and technology teams and over half (52%) said they have created a culture of inclusiveness in the technology team.

For this reason, smart working has become one of the most important factors to involve and retain key technological talents during and after Covid-19. Leaders will need to rethink how to attract and involve their employees in a world where physical position decreases in importance.

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