Australian Companies Say Cybersecurity Investments Are Failing, Against A Rising Threat Landscape

New research from Accenture has revealed four fifths (80%) of Australian companies believe that their cybersecurity investments are failing, whilst the number of breaches increased by 50% in Australia from 2018 to 2019. These findings, coupled with the acceleration of cyber threats due to COVID-19, is accelerating the threat landscape and putting extra pressure on security functions.

Accenture’s third annual ‘State of Cyber Resilience Research’ surveyed 4,644 security executives globally – including 373 in Australia – and found that most (91%) Australian organisations are spending more than one fifth (20%) of their cybersecurity budgets on advanced technologies in a bid to drive greater cyber resilience in their organisations. Advanced technologies are those that help stop attacks, find and fix breaches faster and provide remediation.

Australian organisations are facing a growing challenge with seven in ten (70%) stating that staying ahead of attackers is a constant battle, and the costs to shore up cyber resilience are spiralling out of control. Nearly half (43%) of Australian companies reported cost increases on cybersecurity spend in the last two years with 11% declaring cost rises greater than 25%.

Australian organisations are mainly struggling with vulnerabilities across the business. Less than half of respondents (43%) say they are actively protected by their security programs, illustrating significant gaps in coverage. Over 90% of all breaches in Australian companies lasted more than 24 hours.

Additional data highlights:

· Over half (58%) of breaches in Australian companies are found by the security team.

· Thirty-eight per cent of security breaches at Australian organisations are indirect attacks that target weak links in the supply chain.

· Nearly two fifths (38%) of breaches have no impact on organisations, claim survey respondents.

· Three-quarters (71%) of breaches were fixed in less than 15 days

Insights from Joseph Failla, Security Lead, Accenture Australia and New Zealand:

“Now, more than ever, cybersecurity is an increasing challenge for Australian organisations, as the prevalence of sophisticated and insidious cyber-attacks continues to grow. Organisations are grappling with the new and sudden reality of COVID-19 which is putting even greater strain on their already under-pressure security systems. Using threat intelligence and more strategic approaches to cybersecurity can help Australian organisations stay protected and better equipped to respond effectively when the enemy strikes. By becoming more resilient and agile, businesses will be able to grow confidently through this turbulent time.”

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