An up-to-date survey carried out by risk management company Tenable reveals that 79% of IT and cybersecurity experts in Australia are of the opinion that the Australian government should increase its efforts in strengthening cybersecurity, especially through enhanced financial assistance, to minimize cybersecurity threats.
The information, gathered in collaboration with Pure Profile, is based on a survey involving more than 200 IT and cybersecurity executives in various sectors of Australia such as insurance, banking, education, healthcare, and transport. According to respondents, the allocation for cybersecurity in the recent federal budget was somewhat acceptable but not adequate in countering the evolving cyber risks.
Specifically, IT executives stress the necessity for augmented federal funding to support proactive cybersecurity approaches, with 79% urging for a more pronounced emphasis on preventive cybersecurity measures. Though 60% of the participants showed faith in the government’s capability to combat cyber challenges after the budget announcement, close to 40% of stakeholders believe that it is insufficient to fulfill all requirements.
The insights from the survey shed light on whether the Australian government has taken adequate steps to confront the growing cyber threats that businesses encounter and mitigate the risks associated with financial losses due to cyber incidents.
As per the most recent report from the Australian Signals Directorate, cybercrime cases in businesses have increased by 23%, with an average of one report being filed every six minutes compared to one every seven minutes in the preceding year. The average cost of cybercrime has also surged by up to 14%. The survey also highlighted a strong link between proactive risk management and a potential decrease of up to 15% in cyber insurance premiums.
Australian IT leaders are placing more emphasis on proactive measures such as monitoring and access controls (64%), regular updates and patch management on software (64%), and continuous employee training on cybersecurity best practices (60%) as the primary strategies to mitigate financial losses stemming from cyber incidents.
The adoption of these measures is proving advantageous for organizations in terms of reduced cyber risks leading to lower cyber insurance premiums, with 44% of IT leaders reporting reductions ranging from 5% to 15%, which underscores the financial benefits of investing in preventive cybersecurity approaches.
“Even though a significant percentage of IT leaders feel positive about the federal budget addressing cyber threats, the resounding demand for preventive actions should not be overlooked,” remarked Scott McKinnel, the Australia and New Zealand Country Manager at Tenable. “Entities that implement proactive risk management strategies not only enhance their security posture but also reap financial benefits by lowering insurance premiums. It is imperative for both public and private sectors to maintain collaboration and prioritize preventive actions to proactively tackle emerging threats.”
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