A local cybersecurity and privacy partner has warned businesses not to ‘recklessly delay’ investing in protecting their data following several cyberattacks in Perth.
A local cybersecurity and privacy partner has warned businesses not to ‘recklessly delay’ investing in protecting their data following several cyberattacks in Perth.
Professional services firm RSM has urged businesses of all sizes to prioritise cybersecurity planning and investment following recent cyberattacks on Perth businesses spanning financial services, insurance to education.
RSM said the warning also followed a spat of suspected cyber breaches on small to large businesses nationwide, impacting not only the businesses but their customers.
Among the recent cyberattacks in Perth was on Genea Fertility Clinic, one of Australia’s largest IVF treatment providers, by ransomware gang Termite group in February.
The cyber attackers accessed the clinic’s network for two weeks, extracting 940.7 gigabytes of sensitive patient data.
Another notable attack was on law firm HWL Ebsworth in 2023 by AlphV ransomware gang, which impacted 65 federal government agencies as direct clients of the firm among other clients. The incident was being investigated by privacy regulator.
Nationwide, the likes of Nine Entertainment, logistics company Toll Holdings and meat suppliers JBS Foods have all been hit by crippling cyberattacks in recent years.
RSM’s research found the average cost of a cyberattack on an Australian business was $4.17 million, with a business targeted every six minutes.
It found 31 per cent of Australian businesses were not prepared for the potential impacts of a serious cyber incident. RSM also found 29 per cent of large organisations have experience one or more cyber-attacks the past 12 months
RSM Australia cyber security and privacy risk services partner Riaan Bronkhorst said all businesses, regardless of their size, were vulnerable.
“Failing to invest in robust protection now risks crippling your business with losses potentially reaching hundreds of thousands of dollars, even into the millions,” he said.
“Organisations are exacerbating the problem by dragging their feet on cybersecurity investments as our recent research confirmed, along with IBM’s Cost of a Data Breach Report 2024, which shows that the average cost of a cyber-attack is $4.17 million.
“The delay is reckless and could lead to catastrophic consequences for their businesses, particularly as we are living in a digital age, where cyber criminals are becoming more sophisticated and targeted in their attacks.
“To avoid falling victim to cyber threats there are ways for companies to minimise their risk and protect their sensitive data, and their reputation.”
Encrypting sensitive information, running a cyber threat analysis and securing supply chains were among the measures Mr Bronkhorst said businesses could take to increase their protection against cyber threats.
