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Anticipating the Australian government’s imminent introduction of drastic changes to cybersecurity regulations, organisations are increasingly wary of their vulnerability to cybercrime.
With heightened awareness of the importance of IT security, Managed Service Providers (MSPs) can take advantage of emerging opportunities in this space. They must also be vigilant to ensure their customers expect them to avoid assuming all associated risks while providing services.
The impact of the recent Latitude Financial data breach has been seismic, with a staggering 7.9 million customers now known to be affected.
After Optus and Medibank’s major security breaches, companies have invested more in cybersecurity to ensure their safety. These events have sparked an unprecedented interest in protecting businesses from cyberattacks of this size.
“A dramatic 80% increase in cybersecurity spending has been observed,” Gurpreet Singh Jodhka, Protectera’s Director of Enterprise Solutions, eloquently stated.
According to a survey from Fastly, 73 per cent of firms in Australia and New Zealand have boosted their investment in cybersecurity — confirming that security is an area of focus for today’s businesses.
“As cloud adoption and remote working become more widespread, the potential for malicious attacks increases. Customers are overwhelmed by having to use multiple tools to secure their environments, which is further complicated by a scarcity of qualified professionals,” Jodhka said.
Australia is quickly closing in on a dire security skills deficit, projected to be 30,000 short of the desired cybersecurity professionals within four years.
As the expense of learning new skills continues to rise, it is understandable that businesses – particularly smaller-sized ones and those outside the tech industry – would turn to MSPs to solve their skill shortages.
Jodhka pointed out that this prompts MSPs to tackle a novel issue with their clients.
“Many customers falsely believe that engaging with an MSP will transfer their risk to a third party instead of simply offloading operations and responsibilities,” he said.
As part of the government’s cybersecurity overhaul, they are actively searching for ways to be a more dedicated and resourceful partner in tackling cybercrime.
To maintain safety and security online in this interim period, Managed Service Providers must diligently engage their clients to accurately explain who is responsible for risk ownership.
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