In today’s rapidly evolving technological landscape, the globalised nature of business operations demands a shift from paper-based record-keeping to digital data storage. With the majority of businesses now relying on hard drives and cloud-based systems to manage their information, efficiency and accessibility have greatly improved. However, this convenience comes with its own set of risks, particularly when it comes to data breaches.
Gone are the days of Harry Lime & Marv Murchins (Home Alone burglars) breaking into offices and stealing paperwork from filing cabinets. In today’s world, companies must defend their information from online perpetrators attempting to penetrate their systems. To combat this ever-present danger, businesses must invest in robust cybersecurity measures, moving beyond simple locks and security cameras to implementing multi-layered complex defence systems.
A recent report by IBM sheds light on the staggering costs associated with data breaches. According to their findings, the average financial impact of a data breach amounts to a staggering USD 4,450,000 per company, marking a 15% increase from 2020. In Australia, the average cost of a breach is slightly lower at USD 2,700,000. However, we’re confident in the assumption you would rather spend that $2.7 million elsewhere.
IBM’s report also highlights the alarming prevalence of data breaches, with the USA being the most targeted country for the 13th consecutive year. Industries such as healthcare, financial institutions, pharmaceuticals, energy, and industrial sectors are particularly vulnerable targets. What’s more concerning is that a mere one-third of breaches are identified by the affected organisations themselves, with the majority being detected by external parties. Shockingly, a substantial 82% of stolen data originates from cloud-based software, highlighting the critical need for enhanced cybersecurity measures.
Now, you might be thinking about high-profile companies that have fallen victim to data breaches and wondering how to safeguard your own business against similar threats. While purchasing an anti-virus package from Amazon might sound tempting, there are more effective measures you can take. As the largest ISO 27001 certifiers in the country, we recommend considering certifications such as ISO 27001 and/or ISO 27701.
These certifications offer a comprehensive framework for managing security and privacy management systems, equipping your business to mitigate risks and navigate potential breaches effectively. To learn more about the benefits of ISO 27001 or ISO 27701, click on the links provided.
If ISO 27001 or ISO 27701 certification is something your company is interested in, don’t hesitate to reach out to our team at 1300 495 855. Our dedicated experts are here to address any queries you may have and guide you through the next steps towards bolstering your cybersecurity defences.
Author – Ryan Napier
