Cybersecurity has been a major focus for Government, industry, and even everyday Australians given the recent high profile breaches.
Cyber Security Minister Clare O’Neil recently announced a new cyber task force, calling privacy laws a ‘national vulnerability’. She also said the Federal Government is considering making it illegal to pay ransoms, stating that Australian businesses shouldn’t fuel the ransomware business model.
Additionally, a Senate committee reviewing the Privacy Act has recommended that proposed data breach penalty laws go ahead. The committee tabled its report into the Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 recently, paving the way for the bill to pass Parliament. The bill, which was drafted in response to recent breaches, would raise the penalty against companies for serious or repeated data breaches by a significant amount.
Companies are also launching their own cybersecurity initiatives, such as technology distributor Sektor’s new cybersecurity division and its investment in the cybersecurity market, following its acquisition of New Zealand cybersecurity distributor Duo NZ Ltd in 2019.
Further, Verizon’s 2022 Data Breach Investigations Report found that there has been a 13% increase in ransomware this year, a rise as big as the past five years combined. Additionally, error (commonly, misconfigured cloud storage) is responsible for 14% of breaches, with 82% of breaches involving a human element. McKinsey & Company reported last month that there is a potential $1.5 – 2 trillion market opportunity for cybersecurity solutions.
Given the focus on this area, it’s no surprise that at the recent InnovationAus 2022 Awards for Excellence, all eyes were on the cybersecurity category.
DTEX took out the top spot.
Adelaide-based DTEX develops lightweight cybersecurity and workforce intelligence platforms to translate real-time telemetry about human activities, behaviours, and communications for immediate insights into security challenges, employee engagement, and more.
Its two platforms work in the following ways:
DTEX focuses on providing human-focused security solutions, noting most cyber breaches involve human error in some form.