New research by cybersecurity firm Trend Micro has revealed that 60 per cent of Australian business leaders have experienced security incidents due to unknown or unmanaged technology assets.
The number of these assets has rapidly increased with the proliferation of generative AI and the increased complexity that comes with it, as well as continued growth in the number of IoT devices used in offices and employees’ homes.
As such, 87 per cent have acknowledged that their network security is either directly or somewhat connected to their organisation’s business risk, particularly when it comes to managing their technology assets. More so, a majority has recognised that failing to manage risk across exposed assets can have significant negative impacts beyond immediate security threats, including financial performance (45 per cent), customer trust/brand reputation (42 per cent), employee productivity (42 per cent), operational continuity (38 per cent), regulatory compliance and legal risks (36 per cent), and market competitiveness (33 per cent)
Despite this recognition, though, only 45 per cent of Australian organisations use dedicated tools to proactively manage risk across their attack surface, the study revealed. In particular, 38 per cent have admitted that they do not have a continuous monitoring process in place, which would be crucial in mitigating and containing risk before it can impact operations.
Furthermore, only 23 per cent of responding Australian organisations’ budgets are dedicated to managing attack surface risk. However, 80 per cent have insisted that their current resources are adequate for addressing these challenges.
Andrew Philp, ANZ field CISO at Trend Micro, commented: “As far back as 2022, organisations globally – including here in Australia – were becoming increasingly concerned that their cyber-attack surface was spiralling out of control. That concern is even more pressing today. Yet while many local organisations understand the impact this has on operational and reputational risk, there remains a concerning gap in proactive, continuous risk mitigation strategies. Managing cyber risk exposure must become a strategic priority for all Australian businesses.”
Against this backdrop, Trend’s survey has found that artificial intelligence (AI) is emerging as a powerful enabler in the fight against cyber threats, with 62 per cent of Australian respondents currently leveraging AI-driven tools as part of their cybersecurity strategy. Overall, 84 per cent have emphasised the importance of utilising AI for predictive analytics and threat intelligence. However, 48 per cent said they would need more information and assurances so they can put AI into their security measure consideration.
