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Cyber resilience top priority for Aussie companies

In light of the recent wave of cyber attacks, Australian companies are prioritising cyber resilience according to a new report.

user icon Daniel Croft
Wed, 28 Dec 2022
Cyber resilience top priority for Aussie companies
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Cisco has released its Security Outcomes Report, Volume 3: Achieving Security Resilience, which found that 96 per cent of surveyed executives “place a high priority on security resilience”.

This comes as the recent wave of cyber attacks has left businesses on edge. Of businesses surveyed, 62 per cent or 705 reported having suffered some sort of incident that affected security resilience.

Just under two in three (63 per cent) respondents reported lacking confidence in their organisation’s ability to remain resilient in the instance of a “worst-case” cyber event.

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In its report, Cisco also established nine security resilience outcomes that it believes businesses should aim to maintain. These are:

  1. Containing the spread or scope of security incidents.
  2. Mitigating financial losses stemming from security incidents.
  3. Adapting to unexpected external change events or trends.
  4. Keeping up with the demands and growth of the business.
  5. Continuing to mature and improve security capabilities.
  6. Preventing major cyber security incidents and losses.
  7. Ensuring business continuity through disruptive events.
  8. Maintaining a cost-effective security program.
  9. Recruiting and retaining talented security personnel.

When surveyed on these outcomes, almost half (46.1 per cent) of respondent businesses said that they were struggling or failing with at least one outcome, 28.7 per cent were struggling with at least two, and 17.4 per cent having problems with at least three.

When asked about which outcomes were most important (with the ability to select up to three), 41.4 per cent said that “preventing major security incidents and losses” was most important, followed by “mitigating financial losses from security incidents” at 39.1 per cent.

Interestingly, the lowest priority for businesses was “recruiting and retaining talented security personnel”, with only 3.8 per cent putting it as a top priority, at a time when the cyber security industry is suffering from a talent shortage.

Cyber attack numbers are set to double over the next five years, while Australia’s Cyber Security Sector Competitiveness Plan (ACSSCP) has previously stated that by 2026, the industry will face a shortage of 3,000 workers.

Cisco’s Security Outcomes Report also outlines the importance of zero trust security models. The report found there was a 30 per cent difference in average security resilience between companies with no zero trust implementation, and those with developed zero-trust models.

“At the end of the day, zero trust is a philosophy that can be applied to any technology. Technology by itself is not enough and every organisation’s journey will take a different route to their destination of choice,” said the head of Advisory CISOs at Cisco, Wendy Nather.

“Finding the right mix of technologies to implement its core principles is what will ultimately unlock the full benefits of zero-trust security for a more resilient business.”

Daniel Croft

Daniel Croft

Born in the heart of Western Sydney, Daniel Croft is a passionate journalist with an understanding for and experience writing in the technology space. Having studied at Macquarie University, he joined Momentum Media in 2022, writing across a number of publications including Australian Aviation, Cyber Security Connect and Defence Connect. Outside of writing, Daniel has a keen interest in music, and spends his time playing in bands around Sydney.

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