IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Why cybersecurity remains a top business priority

Tue 16 Apr 2019
FYI, this story is more than a year old

One in two Australian businesses estimated that they received fines for being in breach of new legislation in the past two years and nearly two-thirds of Australian businesses fell victim to a security breach last year according to new Telstra research.

The 2019 Telstra Security Report found that awareness and understanding of the strategic importance of security have increased with 84 per cent of Australian companies saying they will increase security budgets, currently averaging over $900,000 per annum, in the next 12 to 24 months to combat security threats.

The research found Australian businesses are better prepared than ever for cyber-attacks with incident response plans in place at 77 per cent of local businesses. Of the respondents with a plan, more are reviewing and testing them on a monthly basis compared to last year as businesses shift to an ‘expectation of breach’ mentality.

The introduction of new regulations, such as the Notifiable Data Breach Scheme in Australia and the European Union’s Global Data Protection Regulation, as well as several high-profile privacy breaches, has driven C-level and senior management interest in security with one-third of Australian respondents saying the frequency of meetings with senior stakeholders has increased.

Telstra Enterprise group executive Michael Ebeid says, “Against a backdrop of more frequent and sophisticated attacks and the introduction of new regulations that force the public disclosure of breaches, companies are now more aware of the threat of reputational damage and the erosion of customer trust caused by cyber breaches.

“Our research found that customer concern around data privacy has increased within the past year according to 38 per cent of respondents, which compares to 46 per cent globally.”

Human error major risk factor

According to the report, a major source of risk to IT security is human error, which is often caused by inadequate business processes and by employees not understanding their organisation’s security policies. Human error or a targeted attack on an employee were cited as the highest risks to IT security by 36 per cent of respondents.

Detecting data breaches

The ability to timely detect and effectively respond to incidents is still the number one challenge for Australian companies when managing electronic security.

Alarmingly, 19 per cent of Australian respondents surveyed estimated that more than half of the data breaches impacting their company went undetected altogether in the past year. This is despite 74 per cent of Australian businesses believing they have strong systems in place to verify when an incident has occurred.

While Australian businesses are faster at detecting breaches than international counterparts - 62 per cent of the local respondents that experienced a breach indicated they were able to detect a breach in minutes or hours compared to 50 per cent globally - businesses are still taking too long to detect and contain an incident or breach.

Ransomware

While ransomware is still pervasive and profitable for cybercriminals, it is encouraging to note that most potential victims have adopted policies and safeguards against such attacks. These incidents, however, are just as prevalent this year as last year.

Among Australian respondents that reported being interrupted due to a security incident in the past 12 months, 32 per cent indicated interruptions on a weekly or monthly basis, due to ransomware attacks.

The research shows that, increasingly, paying the ransom does not guarantee a retrieval of data. More than half of Australian businesses that experienced ransomware in the past year reported paying the ransom, compared to 47 per cent the previous year. Of those that paid, 77 per cent were able to retrieve the data, compared with 86 per cent the year before.

If attacked again, 79 per cent who paid the ransom would consider paying the ransom again if there was no back-up for the impacted data.

The future

The 2019 Telstra Security Report’s outlook for the future is that security will continue to be a top strategic focus for Australian businesses and increased investment on security will reflect this prioritisation. New compliance measures will also drive increased investment particularly focused on the automation of processes and to demonstrate all necessary precautions are taken to prepare for events.

There is also the much broader security landscape to consider when managing cyber and electronic security. The more devices that become connected, the broader the security footprint becomes. This also brings the opportunity for new technologies to improve end-to-end visibility and better management of security risks.

Related stories
Top stories
Story image
LG Electronics
LG Electronics brings on Aussie AV distributor Alloys
LG Electronics Australia Business Solutions has appointed Australian AV distributor Alloys as a new distribution partner.
Story image
Energy
Sustainability huge factor for APAC data centre managers
A new report reveals that 85% of data centre managers in APAC believe that sustainability will significantly impact operations and decision making.
Story image
Pegasystems
Marketing technologies set to increase revenues - study
Marketing leaders say that investment in new marketing technologies (MarTech) will drive significantly increased revenues.
Story image
Equinix
Aussie businesses buckle down on digital tech investments
Australian businesses are planning major investments in digital technologies to support ambitious expansion plans.
Story image
Microsoft
Elders signs five-year agreement with Microsoft to boost innovation
Australian agribusiness Elders has signed a five-year agreement with Microsoft that looks to transform its customer experience, efficiency and sustainability outcomes.
Story image
ASI Solutions
Western Australia CUA panel picks ASI as preferred supplier
Western Australia's Common User Arrangement (CUA) panel has chosen ASI Solutions as a preferred supplier for device hardware.
Story image
Collaboration
Enterprise service management: the importance of a one-stop shop
In an online world, employees and end-users want one place to go for all their questions and requests. Intranet technology and self-service portals are useful tools that help serve this purpose.
Story image
Cybersecurity
Palo Alto Networks' cloud security platform receives IRAP assessment
"We provide help protect all forms of compute, cloud native services and access to data within public and private sectors."
Story image
Apple
Your tools, your choice: why allow employees to choose their own devices?
Jamf Australia says giving your team the freedom to work with their digital device of choice could help to attract and retain top talent in a tight labour market.
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Story image
Telstra
Ericsson and Ciena, Telstra enhance service capacity for Telstra's optical network
Ericsson, Telstra, and Ciena have announced new enhancements to Telstra's Next Generation Optical Network, which will increase the service capacity of Telstra's optical network to 400 GE (Gigabit per Second Ethernet).
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
Infrastructure
Video: 10 Minute IT Jams - An update from Paessler
Sebastian Krüger joins us today to discuss how unified infrastructure monitoring enables MSPs to seamlessly deliver services to their clients.
Story image
Solutions
Progress launches latest version of network visibility solution
In Flowmon 12 network solution, Progress has expanded its support for public cloud provider flow log monitoring and launched new features.
Story image
ABI Research
75% of 5G networks to advance to 5G-Advanced by 2030
5G-advanced is set to launch in 2025, and 75% of 5G networks will upgrade by 2030, according to ABI Research. 
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
PwC
WSLHD and PwC’s Consulting Business came together to solve through the challenges of COVID-19. A model of care was developed to the NSW Health Agency for Clinical Innovation guidelines with new technology platforms and an entirely new workforce.
Link image
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Story image
Media
Registrations for the W.Media Sydney Cloud and Datacenter Convention 2022 now open
Are you a C-Level executive looking to enhance your knowledge in the cloud and data center space in order to get the best results for your company?
Story image
IDTechEx
The next stage for 5G in thermal materials - IDTechEx
IDTechEx says higher frequency deployments, such as mmWave devices and very different station types such as small cells, present their own technological evolution and, with it, thermal challenges. 
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Story image
Artificial Intelligence
Dynatrace extends automatic release validation capabilities
Dynatrace has extended its platform release validation capabilities to improve user experience at every stage of the software development lifecycle.
Story image
Sustainability
Honeywell named Frankston facility services provider
Honeywell has been named the joint facility services provider for Frankston Hospital’s AU$1.1 billion redevelopment.
Story image
Artificial Intelligence
Decision Inc. partners with provenio.ai to expand offering
Decision Inc. Australia has partnered with provenio.ai to expand its offering to clients in the retail, FMCG, manufacturing, supply chain and logistics sectors.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Telecommunications
WiFi as a Service market to reach $26 billion through 2032
As a result of the easy management of wireless infrastructure over cloud services, WaaS is experiencing rapid growth.
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
PwC
PwC's Consulting Business and PwC's Indigenous Consulting are proud to play an important role in helping Australian Indigenous Mentoring Experience build IMAGI-NATION, a free online university for marginalised communities around the world.
Link image
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
CSG
To win at 5G, telcos must tame their quoting chaos
The catalogs of CSP (communication service providers) market offerings are set to explode as new digital services emerge, powered by B2B2X business models.
Story image
Storage
EXCLUSIVE: Finding the best data center for your business needs with datacenterHawk
Companies using cloud are consistently looking for the best storage solutions to suit their enterprise needs and often have to go through rather complex processes in order to find the right fit.
Story image
SaaS
Ping Identity appoints Deloitte Australia as a partner
Ping Identity has appointed Deloitte Australia as a Consulting Technology Partner, uniting its offerings with the company's consulting services.
Story image
Document Management
Regaining digital trust and enhancing digitisation in Australian Government agencies
Having a digitised ecosystem of documents, tools and data can help bolster security, improve workflow and ultimately create better services.
Story image
Cybersecurity
Without trust, your security team is dead in the water
The rise of cyberattacks has increased the need for sound security that works across any type of business, but with any change, buy-in is essential. Airwallex explains why.
Story image
Malware
Colt launches new SASE Gateway solution with Versa
Colt Technology Services’ customers now have access to an integrated full SASE solution that brings together SD WAN and SSE features.
Story image
Artificial Intelligence
Eight top DevSecOps trends to support IT innovation in 2022
The use of DevSecOps practices is growing, as it is increasingly seen as the best way to produce high-quality and secure code. So what are the current trends?
Story image
Document Management
NZ's FileInvite raises $10M in latest investment round
FileInvite has raised $10 million in Series A investment to fast-forward the extinction of email for requesting and collecting documents online.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why it's time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Metaverse
How the metaverse will change the future of the supply chain
The metaverse is set to significantly change the way we live and work, so what problems can it solve in supply chain management?
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Digital Transformation
Munro Footwear Group chooses Boomi to assist with digitisation strategy
Munro Footwear Group (MFG) has selected Boomi to assist with its eCommerce and digital transformation roadmap goals.
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image