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ANZ businesses lost almost 10% of their revenue from cyberattacks in the last year

ANZ businesses lost almost 10% of their revenue from cyberattacks in the last year

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Fastly’s new annual global cybersecurity report shows ANZ businesses suffering an average of 49 known cyberattacks this year.

The ANZ data also exposes the hugely damaging financial effects of security breaches, with businesses losing 9% of their revenue over the last 12 months as a direct result of cyberattacks.

ANA businesses also highlighted network outages (33%), data loss (26%), customer/client accounts being compromised (25%) and loss of customer/client trust (25%) as the most common damages caused by security breaches.

Sean Leach, Vice President Technology, Fastly, said: 

“Once trust is broken, it’s very difficult to recover. This means a single cyberattack – particularly one resulting in a customer data breach – will have long-term impacts on the business that suffers it.”

In Australia and New Zealand over the next 12 months, 37% of respondents said an increasingly sophisticated threat landscape would be the main Driver of cybersecurity threats. 

This was followed by lack of talent and the emergence of generative AI technology (both 36%).

In recognition of the financial implications of not having the correct security infrastructure in place, businesses are re-evaluating their investments, with 76% planning to increase their cybersecurity budgets in the next year.

Despite this increase, there is continued uncertainty in security teams, with 43% of security professionals feeling they spent too much on cybersecurity tools in the last 12 months – compared to 18% who feel they did not spend enough.

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