Tougher Rules After Big Breaches
In 2022, two major cyberattacks shook Australia. Millions of customer records were exposed in these attacks on big companies like Optus and Medibank. These incidents scared both businesses and the government. To fix the situation, Australia introduced stricter rules about cybersecurity. These rules make it mandatory for companies to report any cyber breach and follow strict procedures to keep their data safe.
After these changes, companies across Australia and New Zealand have gotten much better at bouncing back after a cyberattack. According to a survey of over 400 IT executives, businesses now take just 28 days to recover from a cyber incident. That’s a big improvement from the 45 days it used to take just a year ago. Though it still doesn’t beat the global average of 24 days, it shows that things are heading in the right direction.
These new rules have made companies more alert and better prepared. The pressure to follow regulations is pushing them to take cybersecurity more seriously. Even businesses that used to leave all cyber matters to their tech departments are now getting everyone involved—from managers to board members.
How Companies Are Recovering Faster
The main reason companies are recovering faster is because they are now better prepared. The rules force them to act quickly, fix problems fast, and tell the government what happened. This means they can’t delay or ignore issues like before. They must have plans ready and systems in place to respond quickly when something goes wrong.
The survey, done by a data protection company, found that businesses are putting more effort into protecting their systems and information. They are spending more time training employees and building systems that can detect and block threats early. All of this helps them get back to normal faster after a cyberattack.
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Another important point is that companies now worry about the costs of not following the rules. If they don’t report a breach or fail to protect customer data, they could face fines or damage to their reputation. This fear is making them act smarter and faster.
Interestingly, the cost of cybercrime has gone down slightly. The Australian cybercrime agency says the average cost of cybercrime per business dropped by 8% over the past year. For large companies, the drop was even bigger—around 11%. This suggests that the money spent on better protection and planning is starting to pay off.
Gaps Still Remain
Even with the good news about faster recovery and lower costs, there are still big gaps in cybersecurity. The same survey showed that many businesses are still not fully ready. In fact, fewer than one in three companies can respond effectively to a cyberattack. That means most businesses still struggle to handle these kinds of problems the right way.
Even worse, 12% of the companies surveyed didn’t have any official response plan at all. That’s like knowing your house might catch fire and not having a fire extinguisher or escape plan. It puts them at serious risk if a cyberattack happens.
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More than half of the companies also said they don’t fully know where their data is stored or how their systems are linked together. This lack of visibility can slow down recovery efforts because they might not know what was hit or how to fix it.
Because of this, company leaders are getting more involved. Boards and top executives are now asking for regular updates on cyber threats. Cybersecurity is no longer just a technical issue—it’s a business issue. Companies are taking it more seriously because they know the risks are real and the rules are strict.
