The findings of Commvault’s ‘ANZ State of Data Readiness report 2024’ have underscored the urgent need for Australian and New Zealand businesses to revamp their cyber resilience strategies. With a significant gap between expected and actual recovery times post-cyberattack, organisations must take immediate action to enhance their preparedness and response capabilities.
The report reveals that while 75% of business leaders expect to resume operations within five days of a cyberattack, the reality is far more daunting, with recovery times ranging from five to eight weeks. This disconnect poses a significant risk to business continuity and highlights the critical need for improved cyber resilience measures.
The prevalence of cyberattacks in the ANZ region is particularly concerning, with 62% of Australian and 68% of New Zealand companies reporting at least one cyberattack in the last year. Despite this high incidence, only a small fraction of organisations believe they have the mature capabilities necessary to handle such incidents effectively.
Martin Creighan, Vice President for Asia Pacific at Commvault, remarks, “The findings emphasise the critical gap between the expectation of rapid recovery and the harsh reality of extended downtimes. Organisations must prioritise strengthening their cyber resilience to safeguard against the increasing frequency and sophistication of cyber threats.”
Key to bridging this gap is the implementation of more robust incident response plans and the adoption of advanced technologies such as AI and data immutability. The report indicates that 50% of ANZ organisations have a ‘very immature’ cyber resiliency capability level, pointing to a significant need for investment in these areas.
Moreover, rigorous testing of cyber readiness plans is essential. However, organisations often find the process challenging due to high costs, complex planning requirements, and a shortage of skilled professionals. The report suggests that employing modern strategies like cleanrooms, which facilitate routine and cost-effective testing, could help address these challenges and improve overall resilience.
The findings from Commvault’s report are a wake-up call for ANZ businesses to take immediate action. By investing in robust cyber resilience strategies and advanced technologies, organisations can better protect themselves against the increasing threat of cyberattacks and ensure quicker recovery times, thereby safeguarding their operations and maintaining business continuity.
For more insights and strategies to enhance cyber resilience, the full ANZ State of Data Readiness report 2024 is available, offering a comprehensive analysis of the current landscape and actionable recommendations for improvement.
