Data security and the safety of IT systems are seen as growing concerns for finance leaders in Australia in 2016, according to a new study by global recruitment firm Robert Half.

Data security and the safety of IT systems are seen as growing concerns for finance leaders in Australia in 2016, according to a new study by global recruitment firm Robert Half.

The findings show that across all Australian companies, more than one in four (28 per cent) chief financial officers and finance directors rank IT Security as their number one business concern in 2016, ahead of concerns surrounding the economy, skills shortages and regulatory and compliance changes.

Robert Half’s Senior Managing Director for Asia Pacific, David Jones, said that the findings are reflective of a trend that has seen increased investment in software and infrastructure designed to protect IT systems.

Jones argued it was “critical” for all companies – regardless of size – to take what he called “a protective approach” to IT security.  

“IT security is critical to the success of every business around the world. A breach of data security can be extremely damaging for a business both in terms of financial and reputational fallout,” he said.

“Not surprisingly, IT security specialists with the niche skills needed to help companies recognise and protect themselves against key data security risks are in high demand.”

According to the study, more than six in ten (61 per cent) large companies use security software compared to 44 per cent of small companies and 45 per cent of medium companies.

Jones said these disparities in the take up of IT Security measures were a concern  and needed to be remedied, particularly to stave off the growing threat of cyber breaches.

“In recent years, larger companies have increasingly invested in cyber security measures, and this has encouraged cyber attackers to cast their gaze at more vulnerable entities,” Jones said.

“This further highlights the need for small and medium businesses … to invest in the necessary IT security tools and specialised IT talent.”

Is IT Security your number one concern in 2016? FST Media is holding a conference on the Future of Security in Melbourne this week. For more insights and to register your attendance, click here.