Cyber breaches costing Aussie businesses millions

Cyber breaches costing Aussie businesses millions

Cisco’s 2019 CISO Benchmark Study has revealed the number of Asia Pacific companies that incurred financial impact of more than US$5 million from a cyber breach is double that of the global average with Australia and Japan the most severely impacted. 

According to the study, the fifth annual survey of its kind, 17 per cent of companies in the key markets of Australia, China, India and Japan saw a financial impact of more than US$5 million from their most severe breach in the past year. This is more than double the global average of 8 per cent.

47 per cent of respondents in Australia reporting costs of greater than US$5 million, compared to 17 per cent in 2018. While these figures may sound alarming, 39 per cent of companies in Asia Pacific were able to contain the cost of a cyber breach to below US$500,000.

“Cybersecurity is a numbers game, one that is skewed in favour of malicious actors. Businesses need to win all the time, while attackers need just one successful hit to make an impact. Every time the attackers succeed, there is a financial impact on the company targeted. This includes out-of-pocket expenses, legal fees, reputational damage and loss of business.

“The fact that an increasing number of companies are being able to contain this cost is a sign that businesses are starting to gain more control and balance their risks when hit by a breach. While this is a move in the right direction, a lot more needs to be done,” said John Maynard, Vice President, Global Security Sales Organization, Cisco.

The study highlighted that companies across the globe are already starting to consolidate the number of vendors they work with. In 2018, 54 per cent of respondents cited 10 or fewer vendors in their environment. This has risen to 63 per cent in 2019.

Read the report: Cisco 2019 CISO Benchmark Study

 

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