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Covid-19 brought about massive surge in business technology spend

(Image credit: Image source: Shutterstock/violetkaipa)

Covid-19 and the sudden explosion of remote working has forced companies to spend a lot more on IT infrastructure than usual.

This is according to a new Harvey Nash/KPMG report, based on a poll of more than 4,200 IT leaders, which states that businesses around the world spent an extra $15 billion per week on technology as they looked to facilitate and secure remote workers.

In just three months, businesses spent more than their total annual IT budget rise, which the report describes as “one of the biggest surges in technology investment in history”.

This increased spending, unfortunately, did not necessarily translate to a safer environment, with 40 percent of IT leaders reporting an increase in cyberattacks during the pandemic. According to the report, this demonstrates that home working has exposed employees to more risk than usual.

As a result, cybersecurity is now the most in-demand technology skill in the world - the first time a security-related skill topped the list of global technology skills shortages for over a decade.

For Bev White, Harvey Nash CEO, it's also about company culture - not just technology.

“This unexpected and unplanned surge in technology investment has also been accompanied by massive changes in how organizations operate – with more organizational change in the last six months than we have seen in the last ten years,” she said.

“Success will largely be about how organizations deal with their culture and engage with their people. In a world where location has dissolved, where the office now includes the kitchen table, and where over 80 percent of IT leaders are concerned about the mental health of their teams, organizations will need to reformulate their employee offer to attract and retain the talent they need to support them through the pandemic, and beyond.”