Risk: You’re doing it wrong

“Buy the best/latest/trusted vendor technology” is the common advice businesses receive in order to best protect themselves from a cyber-attack. This advice came from a time when cyber-attacks were simpler, and the businesses were probably simpler too, but it’s advice still being offered today.However, investing in more technology often serves as a way for businesses to distance themselves from being responsible and accountable for cyber risk. It’s not uncommon for businesses to claim that they have 10 of the “best” cyber security technologies in place with genuine belief their organisation is measurably more secure.

Global spending on security is predicted to reach $96 billion in 2018, up 8 per cent from 2017, according to Gartner. The same research shows that 53 per cent of organisations cited that reducing security risks will be the main driver for their overall security spending.

Despite the increase in spend, the numbers for cybercrime continues to rise. Data suggests that cybercrime costs the Australian economy up to $1 billion annually in direct costs alone.