The latest research from leading Australian cyber security and sovereign cloud hosting provider AUCloud has exposed a resounding belief by security experts that Australian businesses, Governments, and citizens are all highly vulnerable to cyber security risks. 

The study found that:

• 94% of cyber security professionals believe that Australian businesses are not doing enough to be cyber secure. 
• 90% of cyber security professionals believe that the Federal Government is not funding cyber security initiatives for businesses adequately.
• When it comes to the adequacy of skills in cyber security, 92% of professionals said Australians aren’t adequately prepared to protect themselves from a range of cyber threats including online scams, phishing, and data breaches. 

CEO of AUCloud Peter Maloney said there is a critical need for businesses and Governments to scale up their efforts to support Australians against the tidal wave of cyber threats. 

“There isn’t any conversation bigger in Australian boardrooms today than cyber security,” Mr Maloney said.

“Despite significant investment and commitment from the Australian Government to be the most cyber-resilient country by 2030, cyber threats are at an all-time high.”

“Australia is one of the most attacked countries in the world because of our significant economic position, strategic geopolitical position, and advanced technological infrastructure.” 

“The significant costs, loss of trust, and the immediate erosion of brand equity when any Australian business experiences a cyber-attack underscores the need for Australia to have comprehensive security measures to mitigate risks and ensure the country’s stability and prosperity.”

“Appointing Australia’s first ever Minister for Cyber Security was an important step; now we need to see our governments and business community work collaboratively to build security resilience and a depth and breadth of cyber security professionals to do so.” 

“Although the volume of cyber threats in Australia is at an all-time high, they can be mitigated if the appropriate cyber security measures and protocols are in place. The issue we see is many organisations don’t act until it’s too late,” Mr Maloney said. 

According to the latest Annual Cyber Threat Report by the Australian Cyber Security Centre (ACSC), the average cost per cybercrime report from Australian businesses has risen significantly to over $39,000 for small businesses, $88,000 for medium businesses, and over $62,000 for large businesses. 

Cybersecurity Ventures also recently reported the global annual cost of cybercrime is predicted to reach $8 trillion USD in 2023. Compounding this is the rising cost of damages resulting from cybercrime, which is expected to reach $10.5 trillion by 2025.