Australian and New Zealand businesses are facing an increasing number of cybersecurity threats that are resulting in significant financial losses, according to a report by Fastly. The study found that businesses in the region experienced an average of 49 cyberattacks this year, leading to a substantial loss of 9% of their revenue over the past 12 months.
The impact of these cyberattacks goes beyond financial damage. The survey revealed that network outages, data loss, compromised customer/client accounts, and loss of customer/client trust were the most common damages caused by security breaches. Recovering from these attacks is also a major challenge for businesses, taking an average of 7.5 months to regain client trust. This has long-term consequences, particularly in an uncertain economic climate, as trust once broken is difficult to restore.
The report highlighted that an increasingly sophisticated threat landscape would be the main driver of cybersecurity threats in Australia and New Zealand over the next 12 months. This concern was closely followed by the shortage of talent and the emergence of generative AI technology.
To address these challenges, businesses are re-evaluating their investments and planning to increase their cybersecurity budgets in the next year. However, uncertainty remains among security teams, with some professionals feeling they spent too much on cybersecurity tools, while others believe they did not spend enough. The survey also revealed that only 47% of security tools are being fully deployed, indicating potential wasted investments.
The diminishing talent pool in the security sector has further complicated the situation. A lack of experience in dealing with threats, an inability to work at scale, and a shortage of necessary skills were identified as the core challenges facing the talent pool. To tackle this issue, businesses have increased talent-specific budgets and are considering investing in Generative AI, with 61% of security professionals planning to do so in the next two years.
Generative AI is also becoming a top security priority for businesses, with 36% focusing on AI security in the next 12 months. This technology presents both benefits and risks, as it is predicted to be a prevalent cyber security threat driver, but also has the potential to unlock new opportunities, improve cybersecurity training, and encourage innovation.
The survey concluded that making cybersecurity more accessible, defining approaches to new threats, and improving cyber security skills through training and talent acquisition will be the main security priorities in the coming year. These measures aim to enhance company-wide innovation, as half of the survey respondents mentioned that their cybersecurity strategy hampered business innovation in 2023.
In conclusion, Australian and New Zealand businesses are facing growing cybersecurity threats, resulting in significant financial losses and other damages. With an increasingly sophisticated threat landscape and a shortage of talent, businesses are re-evaluating their cybersecurity investments and considering innovative solutions like Generative AI. By addressing these challenges and prioritizing cybersecurity, businesses can protect themselves in the constantly evolving threat landscape.
