Cyber incidents cost Australia AUD $4.26m per breach in 2024

In today's advancing threat environment, resilient identity security stands as a crucial goal for IT leaders.

The Cyber60 report underlines the urgency for proactive strategies in safeguarding against mounting cyber incidents, which is becoming increasingly necessary to ensure business continuity. Current data shows that cyber incidents in Australia result in an average cost of AUD $4.26 million per breach, a figure representing a 27% increase since 2020, according to the IBM Cost of Data Breach report 2024.

The report suggests that 50% of Chief Information Security Officers (CISOs) are prioritising the consolidation of security tools. This move aims to reduce security gaps and management complexity, thus streamlining identity and fraud management processes. Richard Metcalfe, Vice President Asia Pacific and Japan at Transmit Security, advises that, "Consolidation is more than a cost-saving measure; it enables organisations to improve their security posture and operational efficiency by reducing the complexities inherent in managing multiple, disconnected tools."

Artificial intelligence is increasingly being viewed as an essential component of advanced threat detection and response, with 97% of CISOs considering AI to be a cornerstone of their cybersecurity strategies. Metcalfe further explains, "As cybercriminals increasingly harness AI, it's crucial that security solutions leverage the same technology to enable proactive, adaptable threat detection and response." This shift is driving organisations to adopt AI-driven platforms for real-time, proactive protection.

Identifying resilience as a priority, 95% of CISOs emphasise the need for robust platforms, particularly those with multi-cloud architectures, to maintain operational integrity and trust during outages. The report makes reference to issues such as the CrowdStrike outage in July, underscoring the necessity for strategies that ensure cyber resilience.

Identity and Access Management (IAM) and cloud infrastructure also rank high on the spending priorities for 96% of surveyed CISOs, with IAM particularly noted as a top spending priority. Metcalfe comments on the importance of secure systems, noting, "Cyber leaders repeatedly tell us they lack the resources to fully implement secure systems. Yet, their number one goal this financial year is to create a foundation of security that their customers can trust."

The report highlights the perception of cybersecurity among board executives who may often view it as an obstacle rather than a facilitator of business operations. Metcalfe addresses this perspective, "The importance of cyber must be framed as an enabler of business continuity rather than a blocker, particularly in discussions with board executives."

Transmit Security's achievements, such as being listed on Fortune's Cyber 60 and receiving top ratings in Liminal's 2024 ATO Prevention Index, reflect the demand for integrated, resilient solutions that encompass identity security and fraud prevention. These recognitions underscore the need for scalable strategies to address complex cyber threats.

An adaptable approach, leveraging AI and ensuring seamless integration, is essential for achieving resilient identity security. IT leaders investing in such proactive strategies will likely better position their organisations to thrive amidst the intricacies of modern cyber landscapes.