Australian companies recover faster from cyberattacks after tougher regulation
By Byron Kaye
SYDNEY (Reuters) -Australian companies have sharply reduced the time it takes to recover from cyberattacks, a sign of improved preparedness amid heightened regulatory pressure following high-profile breaches at Optus and Medibank.
Businesses in Australia and New Zealand now take 28 days on average to recover from an incident, down from 45 days a year earlier, according to a survey of 408 IT executives that was shared exclusively with Reuters. That still trails the global average of 24 days.
"I do put that down to the fact that organisations and enterprises are getting more aware," said Martin Creighan, Asia-Pacific vice president at U.S. data protection firm Commvault, which commissioned the survey.
"I also put it down to the fact that the regulators are being more stringent and more strict on what their requirements are," he added in an interview.
Australia introduced mandatory breach disclosures and cybersecurity compliance reporting after 2022 attacks on Optus, owned by Singapore Telecommunications, and Medibank exposed millions of customer records.
The country's cybercrime agency reported the average self-reported cost of cybercrime per business fell 8%, including an 11% drop for large firms, in the year to June 2024.
Despite improved recovery times, fewer than a third of firms could respond effectively to an attack, and 12% had no formal response plan, showed the survey by Commvault which counts some of Australia's biggest banks and government departments as clients.
Over half lacked full visibility of where data was stored or how systems were connected, the survey found.
Creighan said cybersecurity was no longer confined to company tech departments and he had seen a rise in requests to brief boards on cyber resilience "because they're worried about the regulation landscape".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Netgain Ranked #38 on Channel Partners 2025 MSP 501 -- Tech Industry's Most Prestigious List of Managed Service Providers Worldwide
Annual Channel Partners MSP 501 Identifies Best of the Best in the Managed Services Industry MINNETONKA, Minn., June 25, 2025 /PRNewswire/ -- Netgain Technology, LLC, a vertically-focused premier provider of managed cloud, IT and cybersecurity solutions, has secured the #38 position on the prestigious 2025 Channel Partners MSP 501 rankings. The annual Channel Partners MSP 501 list, a technology industry benchmark, ranks companies based on a wide range of metrics, including above industry average revenue growth, recurring revenue, high-margin services and innovation, including monetizing AI services. For the past 18 years, managed service providers around the globe have submitted applications for inclusion on this prestigious and definitive listing. It is a milestone achievement for any managed services organization to be included on the list. The Channel Partners MSP 501 survey uses a quantitative methodology to rank companies based on their annual revenue, profitability measured by EBITDA, and recurring revenue. The methodology has been developed by a Who's-Who in the managed services industry. "The MSP 501 is more than a ranking — it's a reflection of the innovation, operational excellence and customer-first mindset that drives the world's top managed service providers forward. Earning a place on this list signals to customers, partners and the broader tech community that these MSPs are setting the pace for the industry and defining what success looks like in today's complex technology landscape," said Robert DeMarzo, Sr. Director of Informa Channels events and digital content. MSPs that qualify for the list must also pass a rigorous review conducted by the Channel Partners research team and editors. Channel Partners ranks applicants using a unique methodology that weighs financial performance according to long-term health and viability, commitment to recurring revenue and operational efficiency. "The MSP 501 is the channel industry's unofficial GPS. Customers use it to navigate the over 300K MSP ecosystem, and vendors use it to find the right partners for their GTM strategy," said Devan Adams, principal analyst at Canalys (now part of Omdia). "Being an MSP 501er puts your business on the map while steering new opportunities to you." "Being ranked among this elite group of global MSPs reflects the trust our clients place in us and the specialized value we bring to firms with complex IT and compliance requirements," said Sumeet Sabharwal, CEO of Netgain. "This fourth consecutive recognition reinforces our commitment to managing mission-critical IT environments across the accounting, healthcare and legal sectors — enabling our clients to maximize performance, strengthen security and enhance operational efficiency." This year's list is one of the most competitive in the survey's history. Winners will be recognized on the Channel Partners and Channel Futures websites and honored during a special ceremony at MSP Summit, Sept 15-17, 2025, in Orlando, Fla. The MSP 501 represents the best in the technology services industry delivering outstanding vendor and platform neutral advice and value to small, midsized and enterprise customers. This year, the average revenue per MSP 501 is $29.4 million with an average recurring revenue of $16 million. These are truly the best of the best. Many of their services and technology offerings focus on customer needs in the areas of AI, cloud, security, collaboration, networking, help desk and remote monitoring and management. The Channel Partners MSP 501 is responsible for keeping their global customers safe, connected and efficient. Said Kelly Danziger, Informa Channels GM: "Making the MSP 501 isn't just about performance metrics—it's about leadership, vision, and the ability to drive meaningful outcomes for customers. This recognition places these MSPs among an elite group shaping the future of technology services worldwide." The Channel Partners MSP 501 list is based on confidential data collected and analyzed by the Channel Partners research and content teams which work closely with a wide range of industry experts to ensure the most pertinent data on managed services performance is collected. Companies are asked to provide their actual calendar 2024 financials or fiscal equivalents. Data was collected online from February to May 2025. The MSP 501 list recognizes top managed service providers based on metrics including recurring revenue, profit margin and other factors. The data collected by the annual MSP 501 helps every company on the list and every provider with a managed services practice, benchmark their performance and uncover new ways to grow. It is the most comprehensive and definitive worldwide listing of best-in-class managed service providers It uses a proprietary algorithm and financial data to rank MSP performance against peers It has an 18-year history of recognizing top-performing MSPs It evaluates companies based on growth, profitability, and innovation Winners play a critical role in the $5 trillion technology industry Winners will be recognized at the MSP Summit during the MSP 501 gala awards ceremony scheduled for Sept. 15-17 in Orlando, Fla. Background About Netgain Technology, LLCNetgain specializes in delivering managed cloud, IT and cybersecurity services tailored for mid-market organizations in the accounting, healthcare and legal verticals. With over 25 years of experience, Netgain combines deep expertise in private and public cloud environments with a personalized co-managed support model to deliver a secure, reliable and efficient managed IT solution for their increasingly distributed workforce. Our team is dedicated to building lasting partnerships, working alongside clients to address their unique needs and harnessing the full potential of technology to deliver an exceptional end-user experience. Learn more at About Channel Partners Channel Partners is a media and events destination for the information technology and communications industry. We provide information, perspective, and connection for the entire channel ecosystem, including solution providers (SPs), managed service providers (MSPs), managed security service providers (MSSPs), cloud service providers (CSPs), value-added resellers (VARs) and distributors, technology solutions brokerages, subagent and agents, as well as leading technology vendor partners and communication providers. Channel Partners properties include awards programs such as the Channel Partners MSP 501, a list of the most influential and fastest-growing providers of managed services in the technology industry; the Channel Circle of Excellence, which honors innovative leaders from top channel vendors and distributors; Channel Partners events, which delivers unparalleled in-person events including Channel Partners Conference & Expo and MSP Summit. Channel Partners is part of Informa Connect, a leading provider of live events, digital content and training for the global business technology community. Through in-depth expertise and an engaged audience community, Informa Connect helps business professionals make better technology decisions and marketers reach the most powerful tech buyers and influencers in the world. Informa Connects portfolio includes more than 450 annual events attended by 12,000 business professionals. Media Contacts Francie DudreyNetgain Technology, LLCpr@ Dave Raffo Sr. Conference Editor & Community Manager | Informa Connect Channel Partners Conference Newsletter Editor Sydney Kurtz Associate Marketing Manager, VIP Audience | Channel View original content to download multimedia: SOURCE Netgain Technology, LLC
Yahoo
an hour ago
- Yahoo
FatPipe's Total Security 360 Honored as 2025 MSP Today Product of the Year
SALT LAKE CITY, June 25, 2025 /PRNewswire/ -- FatPipe, Inc. (NASDAQ: FATN) ("FatPipe" or the "Company") today announced that its Total Security 360 cybersecurity product has been recognized with 2025 MSP Today Product of the Year Award by TMC's MSP Today. The MSP Today Product of the Year Award honors innovative, best-in-class solutions that significantly enhance managed service providers' (MSPs) capabilities to deliver exceptional value to their clients. Winners were selected by the editorial staff at TMC's MSP Today based on each solution's innovation, demonstrated business value, and ability to meet critical customer needs. "We are honored to receive this prestigious recognition from MSP Today," said Dr. Ragula Bhaskar, CEO of FatPipe. "This award validates the strategic investments we've made in innovation and underscores the strength of our solutions in addressing the evolving network and cybersecurity needs of enterprises. It also reinforces our commitment to supporting our channel partners and managed service providers by equipping them with industry-leading technology." FatPipe Total Security 360 combines advanced and comprehensive cybersecurity measures, providing enterprises with seamless, reliable, and highly secure network connectivity across cloud, hybrid, and on-premise environments. The product's distinctive features include intelligent traffic failover, multi-path encryption, deep network observability, and integrated threat protection—all critical to maintaining uninterrupted, and highly secure business operations. According to research from SNS Insider, the global Software-Defined Wide Area Network (SD-WAN) market, valued at $5.2 billion in 2023, growing at a compound annual growth rate (CAGR) of 31.14% from 2024 to 2032, highlighting the significant and expanding market opportunity for FatPipe's solutions. About FatPipe, Inc. FatPipe pioneered the concept of software-defined wide area networking (SD-WAN) and hybrid WANs that eliminate the need for hardware and software or cooperation from ISPs and allows companies and service providers to control multi-link network traffic. Fatpipe has also pioneered single stack cybersecurity combining SDWAN and cybersecurity. FatPipe currently has 12 U.S. patents related to multipath, software-defined networking. FatPipe products are sold by 200+ resellers worldwide. For more information, visit Follow us on X @FatPipe_Inc. Forward-Looking Statements Certain statements contained in this press release, including statements relating to the Company's expectations regarding the completion, timing and size of its proposed public offering and listing may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on management's current expectations and are inherently subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. These risks and uncertainties include, but are not limited to, risks and uncertainties associated with the consummation of the offering and other risks described in FatPipe's registration statement on Form S-1, as it may be amended from time to time. Except as required by law, FatPipe expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences. Company Contact Info Investor Contact Dave Gentry, CEORedChip Companies, (733-2447) FATN@ View original content to download multimedia: SOURCE FatPipe Networks
Forbes
2 hours ago
- Forbes
Browser-Based SaaS: The New Face Of Shadow IT
Andrius Buinovskis is Head of Product at NordLayer, a toggle-ready network security platform for business. As more applications migrate to the web, businesses are becoming increasingly reliant on the browser. While a browser-first approach offers various benefits, it also introduces additional risks. The growth of shadow IT and shadow transition of data are key concerns cybersecurity leaders should consider when navigating the shift to a web-based work environment. Popular desktop software is moving to the web, and enterprises are following suit. According to research, most employees can complete 80% of their work tasks using a browser. Browser-based applications boost productivity and enhance team collaboration by delivering a smooth, user-friendly experience. Moreover, they're easier and less expensive to maintain, adding to their appeal. Considering the benefits of shifting to a browser-based work environment and its eager adoption, it seems the future is web-based. However, emerging trends come with new (or rather old but revolutionized) risks—the increasing use of web-based software-as-a-service (SaaS) applications is expanding the scope of shadow IT and shadow transition of data. The Hidden Dangers Of Web-Based Applications With the rise of web-based applications, shadow IT has turned into a software zoo. Before the shift toward a browser-first approach, the primary concerns associated with shadow IT were unmanaged devices and unauthorized desktop software. However, these risks were more limited—the bring-your-own-device (BYOD) phenomenon wasn't as widespread, desktop software needed to be installed, and security admins would eventually discover unauthorized applications during security audits. Now, CISOs are faced with a new, stealthier threat. Employees can instantly start using any web-based SaaS application by simply clicking on a link in the browser. Not all consumer-grade platforms are safe. Many do not have sufficient security controls, increasing the risk of experiencing a cybersecurity incident, such as exposing sensitive corporate data or employee log-in credentials. They lack strong user authentication while additional integrations create unauthorized data pipelines to third-party services. Also, they do not protect users from accidentally making confidential information visible to the public via search engines or large language models (LLMs). Moreover, because they prioritize performance over security, they rarely meet regulatory requirements, opening the door to potential compliance violations. As a result of the lack of observability security admins have into employees' use of unauthorized web-based applications, data movement can easily go undetected. Users can copy sensitive information, documents or files and transfer them to unauthorized applications. Because these platforms can be accessed from anywhere with just a web browser, are usually connected to other applications and often come equipped with copy-paste or drag-and-drop functionalities, unintentionally leaking information has become almost inevitable. These information leaks increase the scope of information existing outside of security admins' oversight (shadow data), which can result in a devastating cybersecurity incident. According to a report by IBM, one in three data breaches in 2024 involved the use of shadow data. How To Prevent Browser-Based Cybersecurity Incidents Web-based applications can create a significant security blind spot. Although securing the browser can be challenging, the high risk of experiencing a cybersecurity incident requires that no security gaps are left unattended. Here are some key areas businesses need to focus on to ensure they're prepared to combat browser-based attacks: High observability and the ability to enforce security policies are the main tools to help protect businesses against web-based threats. Traditional browsers do not have built-in security tools. As a result, businesses that have embraced a browser-first approach should consider switching to an enterprise browser, allowing security teams to observe employee activity and enforce security policies across the company. Stolen employee login credentials can lead to a data breach, particularly when employees reuse their organizational network passwords to access unauthorized web-based SaaS applications. Enforcing effective password management policies, such as always using different, random and complex passwords, helps to reduce the risk of cybercriminals infiltrating the company's network. Employees are the first line of defense against browser-based attacks. Ensuring they know the dangers of using unauthorized web-based SaaS applications and how unsafe the majority of these platforms are can help dissuade users from engaging with them, reducing the overall scope of shadow IT. In Conclusion Embracing web-based SaaS applications can be transformative for productivity and collaboration, but without robust security measures, a browser-first approach can ultimately do more harm than good. Considering the rapid rate at which organizations and employees embrace the browser, the shift to a web-based environment is inevitable. By prioritizing a comprehensive cybersecurity strategy, you can ensure you're safeguarded against browser-based incidents. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
