Cybersecurity threats cost Australian companies $ 29B annually

According to a Microsoft commissioned research report released today by market research and analysis company Frost & Sullivan, most Australian companies have postponed their digital transformation plans due to cybersecurity risks. The study assessed the potential financial impact of cybersecurity in the country. Up to 29 billion US dollars per year.

ASPA survey

Surveyed more than 1,300 companies and IT executives in the Asia-Pacific region (Australia, Taiwan, Hong Kong, India, China, Japan, South Korea, Malaysia, Indonesia, Philippines, New Zealand, Singapore and Thailand). The 100 executives in the sample are from Australia. More than 70% of the survey participants come from large companies with more than 500 employees. The rest of the interviewees are from medium-sized companies

Thomas Daemen, Microsoft’s privacy, security expert, company, legal and foreign affairs director, said the lack of enthusiasm for digital updates due to cybersecurity-related dangers was the most surprising finding in this study. He said the fear that digital conversion will create a more serious security threat has also been misunderstood.

Many Australian companies have postponed their digital transformation plans because they are worried about risks. According to Daemen, this is exactly the opposite. The more digitally transformed and updated the enterprise, the more digital and network adaptable they will become.

Daemen pointed out that the opposite is also true. Companies that rely on traditional digital methods face greater cybersecurity risks. The study also suggests that for most companies starting with their digital transformation plans, cybersecurity is the second idea.

Before launching the digital transformation plan, as many as 90% of the enterprises that initiated digital transformation did not even consider network security. According to this study, only one in every ten companies takes cyber security into account before starting a digital transformation.

Billions of dollars in issuance

The study shows that the direct costs associated with security incidents are A $ 29 billion in one year, which is about 2% of Australia ’s GDP.

Daemen said that because the company is unwilling to report the actual impact of cybersecurity attacks, $ 29 billion is only an approximation.

He added that the biggest difficulty is trying to obtain data from companies that are not surprisingly completely reluctant to disclose the extent and extent of obstacles they have encountered in the past and in the future.

However, I confirm that the research methods are diverse, enough to depict some consistent picture.

source: https://keyactivation.net/blog/cybersecurity-threats-cost-australian-businesses/

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Source by John Smith