Australia's data breach costs hit record AUD $4.26m

Australia is increasingly facing formidable cybersecurity challenges, with the average cost of a data breach in the country reaching a record AUD $4.26 million, a rise of 27 percent since 2020, according to IBM's Cost of a Data Breach report.

Joe Craparotta, Vice President Cloud & Service Providers, Pacific at Schneider Electric, underscores the urgency for businesses and infrastructure providers to enhance their digital defences to counter evolving threats. "This sharp rise makes two things clear: the time to strengthen digital defences is now and businesses and infrastructure providers alike must act decisively to stay ahead of evolving threats," observed Mr Craparotta.

As the world sees a rise in connectivity, with 5.45 billion internet users and the number of Internet of Things (IoT) devices expected to grow significantly, there is an increasing emphasis on bolstering security. By 2033, the number of IoT devices is projected to surge from 18 billion to nearly 40 billion.

Additionally, Cybersecurity Ventures has highlighted that the volume of global data storage will surpass 200 zettabytes by 2025, with approximately half of that stored in the cloud. These trends expand the digital attack surface and necessitate more robust cybersecurity measures.

Globally, cybercrime inflicted damages amounting to 8 trillion dollars last year, and this is predicted to escalate to 10.5 trillion dollars by 2025. The complexity is further compounded by Artificial Intelligence (AI), which has simplified the ability for even technologically inexperienced individuals to conduct cyberattacks.

Mr Craparotta notes that the security of AI and machine learning infrastructure, increasingly recognised as vulnerable, remains a predominant concern for businesses. He said, "We're seeing this especially play out as it relates to outdated firmware. Despite the risks, updates are often delayed due to concerns about downtime or complexity. However, skipping updates can expose systems to serious threats."

Craparotta further suggests that adopting Data Centre Infrastructure Management (DCIM) tools constitutes a vital measure in bolstering cyber resilience. "One of the initial ways we see organisations taking action is by investing in DCIM tools. At Schneider Electric, we've seen firsthand how solutions, like our Network Management Card (NMC), can play a crucial role in protecting today's hybrid digital environments," he said.

The Network Management Card (NMC) offers functionalities such as secure remote monitoring and management of uninterrupted power supply (UPS) systems. These capabilities are critical in supporting IT teams' infrastructure management through real-time alerts, data logging, and crucially, firmware updates, thus helping maintain compliance with often-overlooked cybersecurity regulations.

As cyber-attack surfaces expand, there is a demand for advanced visibility solutions, which DCIM solutions like NMC's provide. "The NMC simplifies firmware management across environments and ensures systems stay protected with timely updates and compliance with global security standards, including IEC certification," explained Mr Craparotta.

AI-enhanced DCIM tools can not only detect potential issues before escalation but also suggest proactive steps to mitigate risks. The need for such solutions is emphasised by the challenge of managing a mix of on-premises, cloud, and hybrid environments.

Craparotta posits that with breaches becoming more expensive and global cyber risks increasing, strategic investments in secure, standards-based DCIM solutions are crucial. Working with experienced partners can aid organisations in reducing risk, safeguarding data, and ensuring operational continuity amidst a rapidly shifting digital landscape. "By investing in trusted, modern infrastructure and working with experienced partners, organisations can reduce risk, protect data, and maintain operational continuity in a rapidly evolving digital landscape," he concluded.