Security Market Segment LS
Tuesday, 22 January 2019 05:43

Australian firms lack confidence about net security: claim

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Australian firms lack confidence about net security: claim Pixabay

A little more than a fifth of the Australian companies surveyed are confident about their Internet security, a study by the business process services provider Accenture has found, with the global figure being 30%.

The study, based on interviews with 30 analysts and 1700 C-suite executives, did not specify the countries in which these executives were based, though Australia was among them.

Among the findings which were specific to Australia, the study, rather unsurprisingly, found that nearly all businesses surveyed were now dependent on the Internet for their business operations, compared to 10% ten years ago.

Other findings specific to Australia:

  • Seventy-six percent of business leaders say a trustworthy digital economy is critical to their organisation’s future growth.
  • Sixty-three percent say their dependence on the Internet is growing and cyber security risks are also increasing.
  • Only 22% of organisations, compared to 30% globally, are very confident in the security of the Internet. And this is forecast to drop over the next five years to 17% (compared to global at 25%).
  • Governance: Sixty-six percent say cyber security challenges will require an organised group effort.
  • Business architecture: Seventy-two percent say security weaknesses in third parties are increasingly difficult to protect in the complexity of today’s Internet ecosystems.
  • Technology: Seventy-seven percent are adopting new technologies faster than they can secure them.
  • Seventy-five percent of organisations say the economic potential of the Internet, and IoT, would be unleashed by building a more trustworthy digital economy.
  • According to Accenture, this equates to a cumulative total of US$5.2 trillion over the next five years globally.
  • For CEOs of a G2000 company, this translates into a revenue opportunity of 2.8% — or an average of US$580 million annually — in each of the next five years.

Joseph Failla, Accenture’s security lead for Australia and New Zealand, said: “Strengthening Australia’s Internet security requires decisive — and, at times, unconventional — leadership by CEOs, not just CISOs.

"Conventional thinking on cyber resilience needs to be taken to the next level by looking beyond the traditional boundaries of a single organisation.

"To become a cyber-resilient enterprise, companies need to start by bringing CISOs’ expertise to the board, ensuring security is built in from the initial design stage and that all business managers are held responsible for security and data privacy.”

The full survey can be downloaded here.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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