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Cyber threats have continuously evolved as threat actors devise more ways to inflict damage. In Australia, a cybercrime is committed every eight minutes. Furthermore, many companies struggle to gain security to safeguard themselves against criminals.
According to IBM, there is a massive shortage of skilled workers in the field of cybersecurity globally. This is one of the main reasons the costs of accessing defence against cybercrimes are skyrocketing.
Charles Henderson, global managing director for IBM, noted that “we’re seeing a fair number of incident responders in the industry leaving the field, and a lot of that has to do with the stress placed on incident responders. The long hours of work that many of these incidents that responders are pushed into are to blame.”
Even IBM needed to be safe from the high turnover of skilled workers. The company shed 22,000 workers. Henderson added, “As we look at the rising cost, understand that security teams are being asked to do more with less. We need to develop new talent in the industry.”
In a recent report, the average cost of a cyber breach increased by 2.6 per cent. Globally, each cyber breach costs, on average, $6.2 million, but in Australia, it is a whopping $4.19 million.
According to UpGuard cybersecurity writer Edward Kost, “Regulatory fines contribute the most to data breach costs. Other factors include legal costs and hiring security to remediate data breach damage. There are indirect costs such as customer churn when customers dissociate themselves from compromised vendors to prevent reputational damage.”
Kost also added that hackers could exfiltrate sensitive data in hours. Nevertheless, it usually takes six months for most Australian organisations to identify a data breach, which is yet again due to challenges in obtaining adequate security measures to safeguard their businesses.
The writer recommends that businesses implement the Essential Eight framework provided by the Australian Signals Directorate (ASD) as a base measure of cybersecurity in their companies.
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