Cyber threats and attacks are on the rise globally with the pacific region becoming a hot spot with malicious actors targeting governments, organisations, and individuals. During the 2020–21 financial year, over 67,500 cybercrime reports have been made in Australia, an increase of nearly 13 per cent from the previous financial year.
2. Lack of Cyber Security Awareness
There is a significant lack of awareness amongst individuals and organisations regarding the importance of Cyber security thus, making them more vulnerable and prone to cyber-attacks. Australian Cyber Security Centre reported that 82% of all breaches involved ‘the human element’ (the use of stolen credentials, phishing, misuse, or human error) in 2022.
3. Resourcing shortage
Australia has a shortage of cyber security experts and trained professionals. The lack of skilled cyber security professionals makes it difficult for organisations to implement and manage effective cyber security measures. There is an anticipated 38% growth in workforce shortages in Australian cybersecurity, outstripping forecasts for care and software development.
4. Inadequate IT infrastructure
Many businesses in the pacific region have outdated cyber security infrastructure thus making them an easy target for cyber-attacks. 40% of Australian IT leaders admitted to failing the security compliance audit in the Thales cyber report, 2021.
5. Continuous compliance
As cyber-attacks are becoming more advanced and ever evolving, this reflects in constant change and updates of the security regulations and laws. This makes it difficult for organisations to keep up and meet the changing requirements of insurance. Cyber insurance premiums soar 80% in 2022 as claims surge, following a 20 percent increase in the cost of cover in each of the previous two years.
6. Digital transformation
With digital transformation technologies such as Internet of Things (IOT), Artificial Intelligence (AI) and Blockchain being adopted at a rapid pace, businesses are now more vulnerable than ever. Integrating newly established systems and platforms provides a levy for new cyber risks and challenges. Annual Cyber Threat Report found that the cost of a security breach cost $39,000 for small businesses, $88,000 for medium businesses, and over $62,000 for large businesses. An average increase of 14% per cyber-crime report.
To address these cyber security challenges, organisations in the pacific region need to invest in security education, strategy re-evaluation and most importantly a team of security experts. Prioritising the development and implementation of effective cyber security policies, regulations, and infrastructure can position organisations to improve and reinforce their security posture. Keeping up to date and sharing information among cyber security experts and like-minded businesses in the region is also crucial in helping organisations stay ahead of cybersecurity risks and threats.
At Oreta we believe in being proactive than reactive, protect your data and reputation and contact us now.
