Security Market Segment LS
Wednesday, 02 August 2017 10:23

Cost of cyber attack on Australian SMB put at $1.9m: survey

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The cost of a cyber attack on an Australian small- or medium-sized business would come to something like $1.9 million, a survey of 200 IT decision makers at these businesses by security vendor Webroot has found.

And the survey found that three-quarters of those from Australian SMBS felt that restoring a company's public image after an attack would be more difficult that restoring employee trust and morale, with only a quarter picking the latter process as being tougher.

SMBs were defined as companies with 100 to 499 employees. The survey was done between 10 and 24 May using an email invitation and online survey.

The survey did not define the exact class of employee who had been categorised as an IT decision maker. The survey also spoke to 200 officials of similar rank in the US and the UK.

The Australian results showed that 40% of respondents felt that the firms they represented were capable of handling IT security and protect against threats in-house.

Interestingly, not a single individual from Australia surveyed felt that their company would never be able to manage IT security.

Nearly two-third of Australian businesses (60%) anticipated that they would face an attack from a new form of malware this year while 45% feared a ransomware attack. Fifty-three percent feared attacks on mobile devices.

Australian SMBs were also more confident than their US and UK counterparts that they could handle a cyber attack in-house, with 51% saying they were "very confident" about doing so. In both the US and UK, the figure was 47%.

The cost of records lost in a cyber attack was put at more than $1.3 million by more than 50% of the Australian respondents. The average cost was put at $1.9 million.

Australian SMBS were also quite confident of the level of education that their staff had about cyber security, with a 51% "very confident" response.

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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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