In today’s data-driven landscape, businesses face a critical question: Are you truly future-proofing your organisation against cyber breaches?
As data has become a central pillar of business operations, the need for robust cybersecurity measures has never been more urgent – especially for companies managing sensitive customer and operational data.
At the recent SXSW exhibition in Sydney, AZK Media’s Managing Director, Azadeh Williams, participated in a thought-provoking discussion with Archit Dhandhania, Founder and CEO of Secure Alley. Archit highlighted the growing importance of cybersecurity across businesses of all sizes and industries.
With a specific focus on sectors like healthcare, where data security is critical, Archit stressed the need for companies to prioritise effective data protection mechanisms as a core part of their strategy.
The importance of safeguarding personal information
When thinking about the Australian telecommunications giant Optus, one event that immediately springs to mind is the 2022 cyberattack that exposed the personal details of 2.8 million customers. The breach involved sensitive customer data, including passport details, Medicare numbers and driver's licence information.
The Optus debacle sounded the alarm for other major companies to tighten their cybersecurity measures. But less than a month later, Medibank took a hit when a Russian cybercriminal held the private insurer for ransom after accessing nine million customers’ personal details and sensitive health information, leaking them on the dark web. This came to be known as one of Australia's worst cybersecurity breaches.
It’s no wonder the 2024 KPMG report observed that organisations were placing cybersecurity and data proficiency at the top of their priority lists. Archit explained that with the rise of AI and chat models, which increasingly rely on vast amounts of data, protecting that data has become even more critical.
Consider the healthcare sector, where Personally Identifiable Information (PII) is a prime target for cybercriminals. A data breach in healthcare can have life-altering consequences. For example, impersonating medical professionals using stolen PII can lead to severe ramifications, from fraud to compromised patient care.
As AI-driven technologies proliferate, they not only collect but also learn from vast pools of data. This makes them particularly vulnerable to breaches, as attackers may target the underlying datasets to exploit or manipulate outcomes. Therefore, the need for vigilant cybersecurity measures becomes even more pressing.
Sobering statistics of cyber attacks in APAC and around the globe
The statistics surrounding data protection and cybersecurity in the Asia-Pacific region are both alarming and telling, highlighting the increasing risks businesses face in today's digital landscape.
According to a recent Cloudflare survey, 41% of respondents across APAC said their organisation experienced a data breach in the past 12 months. As threats escalate, the financial impact is equally concerning. IBM’s research indicates the global average cost of a data breach in 2024 is USD $4.88m – a 10% increase over last year and the highest total ever. This figure doesn’t account for the long-term damage to brand reputation, customer trust and business continuity.
The cybersecurity sector is expected to triple in size over the next ten years, underscoring the need for businesses to invest in resilient digital infrastructures.
However, many businesses are still relying on outdated authentication methods. Despite industry recommendations to adopt more secure technologies like facial recognition and biometric identification, more than 80% of organisations still rely solely on usernames and passwords for login.
As these statistics illustrate, the stakes are high, and businesses must act now to build secure, trustworthy data environments – not only to protect sensitive data but to preserve customer loyalty and safeguard a company’s reputation.
How are businesses responding to cyber breaches?
While cyber threats continue to escalate, businesses are responding with increased investments in cybersecurity and a greater emphasis on board-level engagement. According to PwC’s 2024 Digital Trust Insights (DTI) survey, 84% of Asia-Pacific business and technology executives have reported increases in their cybersecurity budgets.
This insight, based on responses from 683 executives across diverse sectors, reflects a growing recognition of the need to allocate more resources to combat the rising tide of cyber risks. The survey highlights the fact that cybersecurity is now seen as a critical, ongoing priority, with organisations ramping up their efforts to ensure they can withstand potential breaches.
This heightened focus on cybersecurity is also making its way into the boardroom. The PwC survey also reveals 64% of organisations have increased the amount of time dedicated to discussing cybersecurity risks during board meetings over the past year. This shift indicates that cybersecurity is no longer viewed as a purely technical issue but as a top strategic concern that requires executive attention.
Additionally, companies are recognising the importance of having the right expertise at the decision-making level. Some 46% of organisations are actively pursuing cybersecurity training for board members, and 19% have brought in cybersecurity experts to strengthen their boards in the past 12 months.
Together, these trends underscore a broader corporate realignment toward proactive cybersecurity governance, where investment and knowledge at the top levels are key to safeguarding business operations and customer trust.
Cybersecurity and trust-building go hand-in-hand
One of the unique challenges for tech vendors operating in the APAC region is the intense competition combined with an increasing need for trust.
Archit noted that Secure Alley, which operates primarily as a service-based entity, faces unique trust-building challenges in a crowded market. Rather than developing their own products, Secure Alley partners with top vendors to deliver tailored cybersecurity solutions. This approach requires them to forge strong partnerships and establish trust with clients, as customers need to feel confident in both the vendor’s reliability and their partners’ capabilities.
Archit shared that their company’s tagline, “Building Trust and Preserving Data,” is central to their ethos.
“The APAC region is full of opportunities, but trust is often the deciding factor when businesses choose their cybersecurity partners. Our approach is all about collaboration and transparency,” he said.
This approach is essential in a region where data protection and regulatory compliance can differ from country to country, adding layers of complexity for businesses.
Cybersecurity measures to mitigate risk of breaches
Integrate cybersecurity to strengthen your digital core: Cybersecurity is critical for enabling agility, scalability and innovation within an organisation. By embedding security into the digital infrastructure, companies can mitigate risks while fostering an environment conducive to growth and innovation.
Actionable step: Implement key cybersecurity measures to establish sound operational practices that will not only safeguard your business but also drive improved outcomes and overall performance.
Embed cybersecurity in your transformation strategy: The traditional model of cybersecurity is no longer sufficient to keep pace with evolving threats. The global shortage of cybersecurity talent, coupled with the increasing complexity of handling cyberattacks, makes it clear that the lines between business transformation and security need to be blurred.
Actionable step: Ensure that the Chief Information Security Officer (CISO) is part of strategic decision-making and that security is a foundational pillar of your organisation's transformation efforts.
Up-skilling to preserve data effectively
In an age where data is not only a valuable asset but also a potential liability, companies must take proactive measures to secure their data and foster trust with customers. This includes investing in cybersecurity solutions, attending industry exhibitions like SXSW to stay updated on the latest trends and partnering with trusted experts in the field.
By prioritising data protection and building a culture of trust around cybersecurity, businesses can safeguard their operations, protect customer privacy, and ultimately contribute to a more secure, resilient digital ecosystem for all.
Authored by Jessica Phillips (Poulter), Senior Social Media and Communications Specialist at AZK Media.
At AZK Media, we specialise in helping global technology companies get noticed in new and emerging markets. We make driving your growth, our business. Contact us today to see how we can strengthen your expansion efforts.
Comments