2021 has seen a dramatic increase in cyberattacks on Australian business, but many companies still treat cybersecurity as an afterthought. At Pitcher Partners, we are focusing on the key numbers you need to know in order to act now.
1. $180 per customer record: the average cost to a company in addressing lost or stolen records in a data breach
In 2020, customer personally identifiable information was the most common type of record lost and featured in 44% of breaches, according to IBM’s annual Data Breach report. Customer information is also the most expensive sort of record to lose or have stolen. For each lost customer record, businesses incur an average cost of $180, up 10% on 2020.
2. 58%: the proportion of Australian data breaches caused by malicious action
Although data breaches can be accidental or the result of a breakdown in process, more than half of attacks last year were triggered by malicious action - either outside or inside the business. In fact, one in 10 malicious attacks is the work of a rogue employee or insider threat. Taking steps to reduce the options for internal misuse can be as important as tightening your outward facing security.
3. $50,600: the average loss per successful business email compromise attempt
Business email compromise presents a major threat to Australian businesses. According to the ACSC Annual Cyber Threat Report the average loss per successful event in financial year 2020-21 increased to more than $50,600, 1.5 times higher than the previous financial year.
All businesses regardless of size or industry should be focused on cyber security. It is a business risk, not an IT problem, and it’s important to have preventative measures in place and an incident management plan ready to follow in the unfortunate circumstance that a breach happens.