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The Four IT Budget Priorities for CIOs in 2021

When determining how to allocate funds for their IT budget, information technology (IT) leaders need to be in the know about the latest digital tools that can further communication, collaboration, and cybersecurity within their organization. Investment decisions for IT budgets were especially challenging for chief information officers (CIO) in 2020 – as factors like the COVID-19 pandemic and emerging cyber threats introduced new challenges.

To better understand IT budget priorities in 2021, let’s take a closer look at where CIOs are focusing.

Cybersecurity is a top priority

A survey conducted during the fourth quarter of 2020 found that 75% of CIOs ranked cybersecurity as their top priority for 2021. When evaluating your IT security, it can be challenging to know where to start. You can leverage consulting services from cybersecurity experts who can help you identify and overcome your security challenges.

Increased investments to protect data

A recent survey found that 71% of CIOs list protecting data as the most likely area for increased IT budget investment going forward.

This rings especially true for healthcare organizations, financial institutions and any businesses that take credit cards, as they run the risk of huge fines if they don’t meet strict regulatory compliance demands such as HIPAA (Health Insurance Portability and Accountability Act) and PCI DSS (Payment Card Industry Data Security Standard).

Research indicates that the average cost per healthcare record breached increased from $429 in 2019 to $499 in 2020, costing healthcare organizations around $13.2 billion in 2020. If your organization relies on EHR, you need to implement IT solutions that secure all endpoints for these systems.

Healthcare providers offer more robust security training and incentives

CIOs in the healthcare industry are focusing more on security training for their staff. In Broomfield, Colorado, Howard Haile, Vice President, and CISO at SCL Health, recently shared during an interview that his healthcare organization is promoting cyber awareness. The company has expanded security awareness training for their staff and even offers prize-based incentives for those who exhibit good security practices.

Invest in technologies that streamline communication and collaboration

In 2021, CIOs have to lean on technology more frequently and in new ways to streamline communication and collaborate as a team. For example, IT in the healthcare industry has leveraged these types of tools to help deal with increased vaccination demand.

Laura Smith, CIO at Iowa-based UnityPoint Health, pointed to their ability to use electronic messaging to notify patients as one of their key areas of success in 2021. Pam McNutt, CIO of Methodist Health System, stated that their EHR systems used to support vaccine clinic operations were “an instrumental tool for keeping our vaccine clinics running smoothly”.

With their reliance on these technologies, managed detection and response services are business-critical for keeping all of these systems up and running.

To learn more about how TPx can help your business, go to tpx.com.