Australian businesses have ranked among the top 15 in client data leaks, according to password manager NordPass's latest research.
NordPass conducted the study in partnership with independent researchers specialising in cybersecurity incident research. The data was analysed by country, industry, business type, company size, and type of data items.
The study found that Australia ranked 11th among the top 15 countries with the most data leaks, with over 160 firms (or 2% of around 10,000 companies worldwide) having experienced data breaches exposing consumer data from December 2019 to July 2023.
“In a constantly challenged cyber environment, businesses no longer have the luxury to store consumer data in plain text on Excel or otherwise neglect basic cybersecurity practices. To avoid financial and reputational risks, companies should consider it their personal duty to ensure clients' data is secured against online threats, even if the legislation is not there yet,” said NordPass CTO Tomas Smalakys.
Contrary to popular belief, technology companies in Australia were the worst at ensuring clients' data safety. Entertainment and retail companies experienced similarly many cybersecurity incidents, and firms operating in business services, consumer services, and education fields were also responsible for a significant number of consumers' data leaks in the country.
Regarding organisation type, private businesses were the most interesting organisations to hackers, accounting for nearly 60% of organisations that had their clients' data stolen.
The findings aligned with the results of a report recently released by Real Insurance, which noted that Australians have become concerned about cyber risks associated with their private information.
NordPass advised companies to establish a cyber resilience plan, conduct employee training, and consider network security solutions that restrict unauthorised access to computing systems to avoid falling victim to cyber breaches.
NordPass also suggested improving password management within the organisation by adopting password managers, which allow people within the organisation to store, manage, and share passkeys in an end-to-end encrypted space.
