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With the impending threat of cyberwarfare in the immediate landscape, corporations are taking necessary steps to prepare for it. Despite advancements in cybersecurity, many Australian and Singaporean companies still need to decide whether to proceed with their digital transformation.
Armis, the leading asset viability and security company, recently published its State of Cyberwarfare and Trends Report: 2022-2023. According to the company, the Russia-Ukraine war tragically affected many people’s lives. But it also fueled cyberwarfare in many regions and is expected to be one of the main focuses in cybersecurity.
According to Nazir Izrael, CTO and co-founder of Armis, “Cyberwarfare is the future of terrorism on steroids, providing a cost-effective and asymmetric method of attack, which requires constant vigilance and expenditure to defend against. Clandestine cyberwarfare is rapidly becoming a thing of the past. We now see brazen cyberattacks by nation-states, often intending to gather intelligence, disrupt operations, or outright destroy data. Based on these trends, all organisations should consider themselves possible targets for cyberwarfare attacks and secure their assets accordingly.”
The war has increased the cyber threat landscape, causing great difficulty with decision-making at the boardroom level of corporations. The report indicated that 55 per cent of global organisations choose to delay their digital transformation. Eileen Yu, senior contributing editor of ZDNet, “Armis’ State of Cyberwarfare and Trends report polled 6,021 IT and security professionals across 14 markets, including 501 respondents each in Singapore and Japan, and 511 in Australia.”
“At 79%, Australian companies were the most likely to halt their digital transformation initiatives over cyber warfare threats, followed by the US at 67%, Singapore at 63%, the UK at 57%, and Denmark at 56%,” she added.
Evan Thomas, Armis ANZ business partner, added that Australian companies might be on this stance because they have seen the impact of cyberwarfare first-hand with the recent attacks on Optus and Medibank. Thomas said that the threat levels in the region are increasing and that companies should divert resources to build business models that are more resilient to cyber-attacks and be able to manage attacks more effectively.
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