It’s accepted wisdom that in 2018 cyber attacks are one of the inevitable threats that businesses – covering the spectrum of small enterprises through to multinational corporations – must face.
The rapid rise of technology brings many advantages, but also vulnerabilities, and it’s these threats – and their consequences – that weigh on the minds of our top business leaders. In PwC’s latest CEO survey, 89% of Australian respondents said they were concerned about cyber threats, up from 80% last year.
Consumers are becoming increasingly concerned as well. According to a recent study, almost half of those surveyed say that security concerns are deterring them from using digital channels, and it is especially critical in the banking and insurance industry, were 74% of consumers said they would switch providers in the event of a breach.1
Australian businesses are now compelled to disclose to affected parties if a breach occurs after the Notifiable Data Breaches Scheme came into effect in Australia on February 22.2 But while this legislation forces businesses to disclose a breach and avoid public relations disasters from withholding such information, the preventative measures in place are still largely inadequate to avoid significant damage, including to a company’s share price and profitability.3
According to the local results of the Global State of Information Security Survey 2018, while businesses are aware of the consequences of a breach, ranging from the inconvenient to the catastrophic, only 44% surveyed said they were investing more heavily in cyber security protection to a larger extent in order to build trust with customers.
The Australian figures were lower compared with the overall global results, and a fall from previous years, which can be attributable to the higher number of responses from the small to medium enterprise sector. This group of business typically has less mature security strategies than their larger counterparts.
Still, it’s an alarming number, considering the world’s rising interconnectivity, the growth of technologies such as AI, and the unsteady geopolitical landscape. Hackers now come from all walks of life – whether individual, state-sponsored, or from underground hacktivist groups.
Below we have rounded up the key findings of the global GSISS report. How does your business compare, and what could you be doing to protect your business – and your customers?
Download the Global State of Information Security Survey 2018 report for more information on how businesses can better manage rising risks to data privacy and security.