Tenable®, the Exposure Management company, today released findings of a pre-election poll, revealing that the Australian government can do more to strengthen cybersecurity, with IT and cybersecurity leaders seeing the current budget as somewhat adequate but insufficient in addressing evolving cyber threats.

In particular, IT leaders emphasise the need for increased federal funding for proactive cybersecurity, with 79% advocating for a stronger focus on preventive cybersecurity measures. While the ability to respond to and recover from cyber incidents remains essential, there is increasing importance placed on preventing such incidents altogether.

The data, collected in partnership with Pure Profile, comes from a poll of over 200 IT and cybersecurity leaders across the insurance, banking, education, healthcare and transport industries in Australia and reveals that while 60% of respondents express confidence in the government’s ability to tackle cyber-related challenges due to the recent budget announcement, it’s worth noting that almost 40% of stakeholders believe it falls short of meeting all requirements. The results from the poll offer sentiments into whether the Australian government has gone far enough to address the evolving cyber threats enterprises face and the risk mitigation strategies they can take against financial loss for cyber incidents.

In particular, the most recent Australian Signals Directorate Report shows that cybercrime is on the increase for enterprises, up 23% with an average report every six minutes, compared to one report every seven minutes in the previous year. The average cost of cybercrime has also increased by up to 14%. To mitigate cyber risk, the Tenable poll showed that Australian IT leaders are focusing more on preventative measures such as access controls and monitoring (64%), regular software updates and patch management (64%) and regular employee training and education on cybersecurity best practices (60%) as the top risk mitigation strategies against financial loss for cyber incidents.

Adoption of these measures is proving beneficial to organisations in areas such as lower cyber insurance premiums due to reduced cyber risks, with 44% of IT leaders experiencing reductions ranging from 5% to 15% underscoring the financial advantages of investing in preventive cybersecurity measures. This reduction not only alleviates financial pressure but also signals insurers’ recognition of the effectiveness of proactive cybersecurity practices.

Scott McKinnel, Country Manager, Tenable ANZ says “While it’s encouraging to see that a significant portion of IT leaders believe the federal budget is addressing cyber threats, the strong call for preventive measures cannot be ignored. Organisations that adopt proactive risk management strategies not only enhance their security but also benefit financially through reduced insurance premiums. Both public and private sectors must continue to collaborate and prioritise preventive measures to stay ahead of emerging threats.”