A growing number of Australian businesses consider cybersecurity their top risk, according to Vanta’s 2024 State of Trust report.
The research, which surveyed 2,500 business and IT leaders globally, found that 52% of Australian respondents rank cybersecurity threats above operational risks (41%), financial challenges (40%), and potential harm to brand reputation (30%).
The report also highlighted a heightened perception of risk, with 58% of Australian businesses stating that security concerns are at their highest levels to date.
However, many smaller businesses appear under-resourced in their cybersecurity efforts, with only 44% having dedicated security budgets.
Additionally, just 66% of respondents said they feel confident in their ability to demonstrate the effectiveness of their security measures.
Despite these challenges, the percentage of organisations identifying a need for improvements in security and compliance measures has dropped slightly, from 67% in 2023 to 62% this year.
Jonathon Coleman, general manager for Vanta in the Asia-Pacific region, attributed the increased focus on cybersecurity to recent breaches that have drawn significant attention in Australia.
“After two years of major cyber breaches hitting the Australian headlines, Australian businesses are waking up to the very real idea of cyber threats,” he said, as reported by IT Brief.
He added that as larger organisations bolster their defences, smaller businesses – which attackers often target opportunistically – are being exposed as weaker links.
Coleman also highlighted advancements in artificial intelligence as a means of strengthening compliance.
“We’re in the AI age now, where organisations can automate a large amount of compliance work, which helps make it less of a check-box exercise and more of a strong ongoing security measure that helps drive business,” he said.
The report further noted that 66% of businesses believe more efficient security practices can reduce operational costs and save time, while 63% see a clear link between strong cybersecurity practices and enhanced customer trust.
The financial burden of cyber incidents in Australia continues to grow.
The IBM Cost of a Data Breach report for 2024 found that the average breach cost for Australian businesses has risen to $4.26 million, a 27% increase since 2020.
The report also highlighted a trend toward consolidating security tools, with half of chief information security officers (CISOs) prioritising this strategy to reduce management complexity and security gaps.
Richard Metcalfe, vice president for Asia Pacific and Japan at Transmit Security, said consolidation not only improves efficiency but also enhances a business’s overall security posture.
“Consolidation is more than a cost-saving measure; it enables organisations to improve their security posture and operational efficiency by reducing the complexities inherent in managing multiple, disconnected tools,” he said, as reported by IT Brief.
Artificial intelligence is becoming a key component of modern cybersecurity efforts, with 97% of CISOs citing AI as critical to detecting and responding to threats.
