Australian orgs losing revenue to security breaches

Some 85% of Australian organisations have lost up to 10% of their revenue due to security breaches in the last 12 months, research from cybersecurity company Trellix suggests.

A survey conducted by the extended detection and response (XDR) specialist found that Australian businesses are being hit with the highest number of cybersecurity incidents per day among organisations in the Asia–Pacific region, with an average of over 55 incidents per day.

This has left Australian cybersecurity professionals struggling to keep up, with 60% of those surveyed for the report admitting that security threats are evolving so rapidly they are hard to keep pace with, and 61% admitting that their current security tools don’t enable their SecOps team to work with maximum efficiency.

Meanwhile, 62% of cybersecurity professionals are working with more than 10 different security tools across their business, with 91% still relying on siloed security solutions.

Meanwhile, although just 25% of respondents have implemented XDR in their business today, an additional 42% state that it is very likely they will also implement XDR in the next 12–18 months.

Trellix SVP for Asia Pacific and Japan Vicki Batka said the findings should be a wake-up call for Australian organisations.

“What Australian organisations must realise today is that siloed security models are a catalyst for inefficient cybersecurity protection and can consequently impact their bottom line,” she said.

“It is clear from our research that SecOps teams need support to help them combat the growing and relentless attacks we see from cybercriminals. Introducing open security architecture will assist these teams, helping them to learn and adapt to new threats in real time.”

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