Data breach costs for Australian companies reached their highest ever according to IBM Security’s annual data breach report.
Australian companies faced an average cost of $3.7 million per incident, a 10 percent increase over the previous year.
The average time to detect and contain a data breach was 311 days which is over a week longer than reported in the prior year.
The report suggests security may have lagged behind rapid IT shifts during the pandemic, with data breaches becoming more expensive and difficult to contain.
Compiled by IBM Security & Ponemon Institute the report found data breaches in Australia’s financial sector were most expensive to fix followed by the technology sector.
Australian companies that adopted zero trust security were better positioned to deal with data breaches.
Those with a mature zero trust strategy had an average data breach cost of $2.73 million, $1.54 million lower than those that had not deployed zero trust.
