Australian businesses have a general distrust of digital transformation plans due to cybersecurity risks. 66% of businesses in Australia have put off digitization because cyber attacks could cost them $29 Billion a year.
According to findings, 55% of businesses in Australia reported a cybersecurity incident had occurred within the last five months and one-fifth of them had no clue because they hadn’t performed a forensic investigation or a data breach assessment.
Frost and Sullivan conducted this research that was commissioned by Microsoft. It analyzed that local security incidents included losses in revenue, decreased profitability, fines, lawsuits and remediation. The results prompted Microsoft director of corporate, legal and external affairs, Tom Daeman to say that this trend was concerning, especially since the potential upside of digitization for Australian businesses was $45 billion in additional revenue.
As far as the legal repercussions of this attitude go, businesses would be noncompliant to the GDPR law and the Australian Notifiable Data Breaches Act. It will also stop companies from realizing the importance of data as a resource and an asset in the 21st century.
The study, called “Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World”, found that a large organization in Australia (that employed over 500 people) could incur a loss of $35.9 billion in the event of a data breach.