2024 IT trends report highlights cybersecurity gaps

Learn how Canadian businesses plan to bridge the gap between cybersecurity concerns and actual investments

2024 IT trends report highlights cybersecurity gaps

NOVIPRO Group and Léger released the 8th edition of their annual IT Trends Report, which surveys decision-makers across Canada to understand the challenges and trends shaping IT investments in various sectors. 

This year's report highlights several key issues: 

Cybersecurity Concerns Increasing: Awareness of cyber threats is at an all-time high, with 61 percent of companies spurred by news of data breaches to review their data security practices.  

Security remains one of the top three challenges for businesses this year and is a priority in app modernization assessments.

Gap Between Concern and Action: Despite heightened concerns, many companies lag in adopting necessary measures against cyber threats. 28 percent have not provided recent training, 13 percent lack protective measures against breaches, and 71 percent do not possess cyber insurance.  

However, there is a positive trend towards improvement, with 29 percent planning to invest in security solutions within the next two years, up by 15 percent from last year. 

For the first time since the pandemic in 2020, 80 percent of Canadian businesses plan to make significant technology investments within the next two years, marking a 4 percent increase from the previous year. 

Focus on IT Training: The primary concern in human resources for IT departments is the lack of training and skills development. Over two-thirds of respondents intend to invest in this area moving forward. 

AI Adoption and Skepticism: While most recognize the impact of AI on their businesses, with 40 percent planning investments in AI and/or Advanced Data Analytics, 20 percent are either skeptical or unsure about AI's transformative potential. 

Economic Pressures: The ongoing effects of the pandemic and inflation are impacting IT budgets, with budget constraints being the most pressing challenge, closely followed by security concerns. These financial pressures are causing under-investment in crucial and innovative technologies. 

Perceptions of IT Infrastructure: 67 percent of respondents only describe their IT infrastructure as “functional,” indicating a lack of investment in advancing technological solutions strategically. 

Low Confidence in IT Departments: Strategic IT decisions may be hindered by budget constraints and negative perceptions, with 31 percent of respondents holding a negative view of their IT department, including 16 percent who see IT as a “necessary evil.” 

The report underscores the necessity for Canadian companies to invest more strategically in technology to stay competitive on a global scale, especially under challenging economic conditions.