Australian business leaders more security conscious

The recent high-profile data leaks in Australia have changed business leaders’ perceptions about cybersecurity and the way they approach tackling cyber threats, according to a new report from Information Services Group (ISG).

The report found that the series of attacks has changed cybersecurity from solely an IT issue to a closely monitored enterprise challenge.

Australian enterprises have now begun to assess their risk tolerance and take an ‘assume breach’ approach to security. As they continue to migrate to the cloud, many Australian companies are also expected to invest in cloud-based solutions, such as extended detection and response.

The recent attacks have highlighted cyber capability gaps even among large Australian enterprises, with many failing to adapt to an expanding attack surface caused by the decentralisation of centralised data due to the rise of remote work, digital engagement and IoT capabilities, said Jan Erik Aase, ISG partner and global lead for ISG Provider Lens Research.

“We expect strong growth in the Australian security market over the next five years. Enterprises and providers will be investing heavily in both new technologies and essential skills,” he said.

ISG Cybersecurity Director for ANZ and Asia-Pacific Joyce Harkness added that Australian companies increasingly recognise the business dangers of data leaks. “Top management and boards are increasingly interested in cyber risk and the quantification of such risk, and are involved in decision-making about strategies, products and services,” she said.

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