The Facebook data breach that affected more than 50 million accounts worldwide is a jolt to reality. Cyber-attacks do happen, and they can affect some of the biggest companies in the world. Their coverage can also be far-reaching. That includes Australia.
Matrium Technologies shares some facts regarding this issue.
The State of Cybersecurity in Australia
Cyber-attacks in Australia are not rare, although the level of frequency and effect may not be the same as other countries, such as the United States. Regardless, it costs billions of dollars annually. The Land Down Under also seems to be doing the cha-cha with regards to its cybersecurity.
A report by Accenture revealed that serious attempts to hack went up by twofold from 2017 to 2018. The good news is only one for every eight of these focused attacks were successful. It was a significant positive development compared to the previous year.
Many factors contribute to the fewer chances of security attacks among Australian organisations. Investing in cybersecurity programs and using advanced systems help speed up the detection. About 44% of them could already identify a breach within a day to a week.
The other is the data breach law. It now mandates companies that fall under the scheme to report certain types of breaches. These include events where the hackers gained access to personally identifiable information or when the attacks could harm more individuals.
Within six weeks after it came to effect, almost 70 breaches had already been reported. Moreover, the costs associated with the failure to report are high. It could cost businesses over $1.5 million.
There Is More Work to Do
There is no doubt these are significant gains for Australian organisations, especially for small businesses. A Norton report cited how half a million small enterprises became a cybercrime victim in 2017. A single attack, meanwhile, could mean more than a day of downtime.
Australia, though, still needs some more push to improve its cybersecurity. About 30% of them still need a cybersecurity program. They likewise need to improve both the detection and analysis of the breaches.
Today, it is no longer a question of whether Australian organisations need cybersecurity support. It is already a matter of how reliable the program is in preventing attacks.