Cybersecurity the top headache for bosses as concerns over WFH fade | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

But he argued that the high number of attacks was the result of increasingly more sophisticated malicious operators, rather than a lack of serious investment by the Australian business community.

“It’s a function of the threat continuing to increase. I’m not sure we’re falling short necessarily,” he said.

“Every company is investing an incredible lot in cyber, [but] the more that business and government can work together on this, the better.”

The survey found that talent acquisition remained a top concern for chief executives, in second place behind cybersecurity. But only 15 per cent of business leaders listed the hybrid work model as one of the major challenges facing their organisation in 2024.

This meant remote work had dropped to No. 13 overall, down further from No. 8 last year, after reaching third place in 2022. Only 5 per cent of executives saw it as an issue over the next three to five years.

Talent acquisition, while a narrow second overall (42 per cent of respondents listed it as their top concern in 2024) slid down from 77 per cent in last year’s survey.

This comes after the Australian Bureau of Statistics reported in December that 518,000 people migrated to Australia in the 12 months to September 30, leading the jobless rate to hit an 18-month high of 3.9 per cent.

This figure is expected to increase to 4.5 per cent by the end of this year, according to a poll of 40 economists by The Australian Financial Review.

“The huge increase in migration since the reopening of borders has been a boon for many companies,” Mr Yates said.

“[But] it should be acknowledged that Australia still faces a skills shortage. There is an issue of talent wastage where the skills of too many migrant workers do not end up being leveraged in the sectors where they could make the biggest impact.”

KPMG chief economist Brendan Rynne said while Australia needed to improve productivity growth through increased skilled migration, this directly clashed with the country’s housing crisis, and paring back skilled migration because of this would be short-sighted.

“There’s a causal link between skilled migration and productivity growth, and it’s that productivity growth that then allows real wage growth,” Dr Rynne said.

“So, there is that short-term to medium-term trade-off and, personally, I’d actually live with the short-term challenges that we’ve got at the moment.

“I think ultimately the market will sort [itself] out with regard to housing investment. And I’d rather do that than turn away skilled migrants who are unlikely to come back later on.”


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