Cybercrime costing businesses $600,000 a year

More than one in two Australian businesses have experienced a cyber security breach in the past year, at an average cost of almost $600,000, according to a sobering new report.

The figures are even starker for businesses in the financial services industy, where almost three-quarters have reported breaches, at a cost of $741,744 annually.

Dell Software’s latest cyber security survey figures come just days before Australian laws around cyber security and privacy are drastically tightened.

Dell Software Australia General Manager Ian Hodge says a new approach to cyber security is needed, with it thoroughly embedded in every system, rather than laid over the top.

“Traditional security solutions can defend against malware and known vulnerabilitie but are generally ineffective in this new era of advanced, previously undetected threats from both outside and inside the organization,” he says.

“These threats evade detection, bypass security controls, and wreak havoc on an organization’s network but despite these dangers, our study found, among those surveyed, organizations are just not prepared.

“There is still a disturbing lack of understanding and awareness of the type of impact and detriment caused by these threats that can come from both sides of an organization’s perimeter.”

From 12 March, amendments to the Privacy Act will make cyber cover more important than ever when it comes to the way organisations collect and use client information.

Individuals that fail to comply will incur penalties of up to $340,000 and $1.7 million for corporations.

The act covers personal information that identifies you as an individual, such as your credit card number, Medicare number or address.

With the new laws affecting a large majority of businesses, OAMPS are holding Emerging Risks Forums across Australian capital cities.

They will take place on 10-14 March and are aimed at helping businesses understand the ramifications of cybercrime and how they can prepare and minimise the associated risks.

For further information contact OAMPS on 1800 240 432 or go to oamps.com.au.