Australian Chief Information Officers (CIOs) are set to significantly bolster their cybersecurity defenses in 2024, according to a new report by the Australian Information Industry Association (AIIA) and Info-Tech Research Group (ITRG). The AIIA Tech Index, based on responses from 116 CIOs, reveals a clear focus on investing in cybersecurity technology and cultivating the necessary skills to support it.

The report identifies cybersecurity incidents as the top concern for CIOs in the next 12 months, with 56% considering it a major buying decision for their businesses. This prioritization extends to the next two years, where cybersecurity ranks second only to cloud adoption in terms of key buying decisions.

Furthermore, 79% of respondents plan to increase spending on cybersecurity solutions, marking the highest level of additional investment compared to other technology areas. Interestingly, artificial intelligence (AI) takes the lead in terms of net new spending, garnering 28% of votes.

The demand for robust cybersecurity extends beyond technology, highlighting the crucial role of skilled professionals. A staggering 91% of respondents identified cybersecurity skills as the most in-demand within their teams.

AIIA CEO Simon Bush views the report’s findings positively, stating, “It shows the industry simultaneously investing in defending and modernizing their business operations and in retraining in-house talents.” He emphasizes the need for continuous innovation and upskilling, urging governments and industry leaders to prioritize cybersecurity and data analytics training and accreditation.

Bush believes this focus will not only enhance cyber resilience but also foster job security and equip the Australian workforce with the necessary skills to thrive in the ever-evolving digital landscape.

The AIIA Tech Index paints a clear picture: Australian CIOs are determined to fortify their cybersecurity posture in 2024 and beyond. By prioritizing investment in technology, upskilling their workforce, and fostering innovation, they aim to create a more secure and adaptable IT environment for Australian businesses.