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“There’s not a competitive advantage in having superior risk management in this space. I think it’s a case of needing to invest and work together as a business community, along with the government as well.”
Hacking was not the only tech issue highlighted by the corporate bosses, who also nominated digital savvy staff, extracting value from digital transformation, and new technologies such as generative AI as significant challenges for the years ahead.
KPMG Australia chief executive Andrew Yates, says technology is a common thread linking challenges for CEOs ranging from cyberattacks to dealing with innovations like generative AI. Credit: Alex Ellinghausen
One of the surprises KPMG identified was the drop-off in attracting employee talent as an issue, which emerged as top priority last year. In 2023, 74 per cent of respondents nominated it as a significant problem, but that dropped to 42 per cent this year, as last year’s huge intake of over 500,000 migrants added to the labour pool.
“The one area that surprised me was just how much of a large drop we saw with regards to talent acquisition, and how quickly businesses have been able to manage their labour demand,” said KPMG chief economist Dr Brendan Rynne.
While unemployment had remained low, Rynne said this partly reflected the skills migrants had brought in.
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“You can see that businesses now have a deeper pool of people to employ, so the skill sets [are] becoming a more important differentiator,” he said.
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