Security breaches have escalated within Australian organisations in the past 12 months, according to research conducted on behalf of HP.
The research indicated about 70 per cent of senior business and technology executives in Australia believe that security breaches within their organisations have escalated in the past year.
The study, performed by the Ponemon Institute, showed that the median annualised cost of cybercrime experienced amounted to $US5.9 million per year, and the cost of these breaches ranged between $US1.5 million to $US36.5 million each year per company.
According to HP South-Pacific country manager of TippingPoint, enterprise security products, Jacqueline Kernot, the increasing sophistication of the number and types of web attacks are becoming a real issue for companies.
"It requires a very sophisticated and well-put-together security infrastructure to battle against them," she stated.
HP South-Pacific chief technologist of Cloud security and CTO for enterprise services, Archie Reed, said managing information risk in this era – especially in mobile, Cloud, IT consumerisation, social media, is unstable and has to be protected by companies getting involved in standards.
He stated that understanding the issue and improving on reaction time is critical, especially with the motivation and capabilities of hackers increasing, companies have to know what and where to spend their resources on.
“The challenge is businesses are balancing compliance with security and compliance does not equal security – if you are PCI compliant, that does not mean that all the data is protected,” he said.