Meeting Australia’s Cyber Security Challenge 2020

For as long as the cloud has been discussed as a business opportunity, discussion around how to secure it has not been too far behind. Cloud has served as the catalyst to an array of technology initiatives with ever-evolving security requirements like “bring your own device” (BYOD), remote working and the internet of things (IoT), extending security needs well beyond the traditional data centre. As devices proliferate and more production systems are brought online, the security risks will increase sharply, creating new vulnerabilities.

Damages from cybercrime are projected to hit $US6 trillion annually by 2021, up from $3 trillion in 2015. In a world of competing cyber-priorities, organisations need to be able to secure their data irrespective of whether it is stored on-premise or in the cloud. Organisations are introducing new technologies to drive innovation and growth faster than they can be secured. Employees are increasingly targeted as the weakest link in cyber defenses with people-based attacks such as account takeovers, ransomware and phishing scams making it more expensive and difficult for organisations to recover from. It’s little wonder then that the damages from cybercrime are projected to hit $US6 trillion annually by 2021, up from $3 trillion in 2015. At the same time, the demand for cyber security professionals is poised to outstrip supply with the number of unfilled cyber security jobs predicted to reach 3.5 million by 2021. In this new age of cyber security, what are the challenges that will need to be met by the modern security professional and how can organisations refocus their resources to hedge against that threat? The number of unfilled cyber security jobs is predicted to reach 3.5 million by 2021.

KEY CHALLENGES IN CYBERSECURITY

As traditionally non-tech companies undergo digital transformation and look to build digital products and services to stay competitive, every company regardless
of their industry is becoming a technology company. From large manufacturers of agriculture machines grappling with onboard sensors and machine-to-machine protection to mining companies automating their supply chain to improve productivity from mine to market, every company is connected through their technology to their employees, partners and customers. As such, the security world has heightened in importance for everyone. In a recent survey conducted by the Lumify Group, 70 percent of respondents said that they expect data breaches and cyber security concerns to dominate their company’s IT agenda. With this in mind, what are the key cyber security challenges that all organisations irrespective of their size or industry should be wary of in the year ahead?

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