Industry growth is the end game for many organizations. Opening the doors to new opportunities paves the way for industry expansion and often creates jobs, boosts wages and increases company revenue. But industry growth can become very dangerous when it outpaces available cybersecurity technologies. Australia is an example where growth from technical expansion is outpacing available security resources. In 2015, a report by PwC revealed that Australia had experienced the highest number of cybersecurity incidents of any county in the world. Fortunately, heightened awareness of these cybersecurity threats led to the passing of the Australian Privacy Amendment (Notifiable Data Breaches or NDB) Act in early 2017 and its enactment in 2018. This Act carries stiff penalties for companies that fail to disclose a breach of their systems and has resulted in a renewed focus on cybersecurity at the enterprise level.
Digital Transformation In Australia
Various Australian industries such as agriculture, healthcare, manufacturing and mining have experienced expansive growth due to the infusion of digital technologies, automation and connectivity. In fact, Australia is known for adopting technology at a faster rate than most countries throughout the world. In a 2017 study, 23% of Australian companies were in the process of phasing in IoT and 90% of Australian CIOs speculated IoT would be important or even critical to their organization within five years. Many Australian organizations have adopted technologies such as blockchain and cryptocurrency, virtual and augmented reality, voice commands, high performance computing, mobile payments, artificial intelligence and advanced networks. Unfortunately, many of these same organizations lack a sufficiently robust cybersecurity infrastructure needed to combat threats that lurk inside the digital landscape.
Insufficient Cybersecurity Resources
Australia’s cybersecurity industry is small compared to that of other nations, although experts predict this industry will triple its revenue in the next ten years as demand continues to outpace available services. Companies continue to conduct more business online, rely more heavily on IoT devices and partner with more third-party vendors, but often lack the resources to employ internal cybersecurity teams. Additionally, available cybersecurity resources often fall short of addressing the continually evolving cybersecurity threats.
A Profusion Of Vulnerabilities
The frequency and sophistication of malicious cyber attacks in Australia is expected to increase as industries continue to expand and grow. Some specific cybersecurity challenges in this region include:
- Increased reliance on the IoT devices.
- Sophisticated malware attacks with widespread effects.
- Increased targeting of critical infrastructure and critical services industries and organizations.
- Increased targeting of managed service providers due to supply chain vulnerabilities.
- A prevalence of open networks on school and university campuses.
Finding The Cure
Greater privacy regulations and the widespread notoriety surrounding many of the recent widespread cyber attacks have resulted in heightened cybersecurity awareness for Australia’s organizations. It is essential that companies realize they are an attractive target for cyber criminals, make cyber security a key component of their overall business strategy and company culture and invest in risk assessment and cybersecurity countermeasures.
In order for cybersecurity measures to be effective, greater collaboration needs to occur between cybersecurity experts and the Australian government, businesses and educational institutions. Any successful security solution must be robust, affordable and have easy set-up for organizations that have limited or no in-house IT staff. GoSilent’s technology is used throughout the world in both the public and private sectors. It can be deployed anywhere and offers seamless integration with existing systems as well as IoT devices. Learn more about Attila’s next-generation technology.