Once upon a time, data breaches and cyber security breaches were the concerns of a company’s IT department alone. However, cybercrime is now one of the most talked-about topics in the business world across Australia and New Zealand, even if only a third of businesses are properly prepared for cyber attacks.
Although spending on security and intrusion prevention is slowly increasing globally, businesses based in Australian and New Zealand are still not going far enough. Why is this a problem, and what are the main challenges faced by these businesses?
Cyber Security Is Not A Priority
This is an unfortunate reality for many businesses–CEOs and board members invest more resources into attracting customers and managing the front-end of the business that they neglect the backbone. Only 6% of budgets go towards cyber security or cognitive security, although cybercrime is a growing ICT priority. This imbalance is directly responsible for an increase in cyber attacks and intrusions. Why? Because a lack of spending means that:
- It takes longer for IT departments to identify breaches;
- It takes longer for these breaches to be communicated and resolved; and
- Outdated protection makes infrastructure an easy target for constantly-evolving malware and ransomware.
On the whole, businesses in Australia and New Zealand have been slow to appreciate the need to prioritise cyber security and data protection.
Lack of Investor Awareness
Many investors are not fully aware of how vulnerable a company’s IT infrastructure is, reports say. This makes it very difficult for them to make informed decisions which filter through the company, and this ultimately affects how budgets are allocated.
Statistics show that increased spending on cyber security and data prevention is directly responsible for preventing attacks. With investor support, businesses can direct spending towards increasingly intelligent anticipatory and proactive intrusion prevention.
Businesses Don’t Understand Cyber Crime Enough
67% of respondents to a recent Accenture survey admit that cyber security and cybercrime are still grey areas to them, and that they don’t understand how breaches can affect their organisations.
This is a problem because increasing spending isn’t enough–it must be invested in the right technology. Security leaders agree that investing in up-to-date technology, or managed security services, will go a long way to preserving the integrity of a company’s IT system.
The potential direct economic loss caused by cybercrime to Australian businesses is AU$29 billion annually. Businesses cannot afford to remain ignorant.
Respondents to the same Accenture survey admitted that cyber threat analytics and security monitoring are their greatest security weaknesses. The problem is that many Australian businesses lack an in-house IT team that is capable of managing the scale of the cyber security risks that their company faces–many firms, for example, still do not have a chief information security officer.
When information isn’t communicated properly, breaches aren’t responded to quickly, and intrusions are allowed to take hold of a system–resulting in data loss and the compromising of confidential information. Investing in specialist managed security services, such as GA Systems, can save your business time and money.
Cloud and Evolving Technology
The cloud and similar technologies are presenting unique info-security and identity management risks for businesses everywhere. Ultimately, the responsibility for ensuring data is secure lies with the businesses, not the cloud service provider, and many companies are still not aware of this.
The biggest issues relating to cloud technology are data breaches and data loss. When data is compromised, the effect on a company’s reputation can be devastating–particularly for organisations not in the top 100. With more and more companies relying on cloud-based storage solutions, it’s vital to spend more on comprehensive endpoint protection and endpoint management, enterprise firewalls, intrusion detection and prevention, and damage control.