Agility Update February 2023

Agility Update February 2023

To our trusted EIM network, welcome back from the summer holiday season. With this first issue of Agility Update for 2023, we at EIM would like to say "Thank You" for your support through the turbulence of the past few years. We hope our support to you all has ensured your businesses are in stronger shape as we enter 2023.

We would also like to introduce two (2) new team members: Bec Lamprill and Kirsten Pollard. Based in Melbourne, Bec is our Executive Assistant & Office Manager and has a proven track record in account management and talent sourcing.

Kirsten is our Executive Director and is based in our Sydney office. Kirsten has a diverse career in equity sales, building and selling businesses, and solving complex business issues. She has held numerous executive appointments across the public and private sectors driving transformation, strategy, people & culture, sales, and sustainability.

We encourage you to reach out to Bec and Kirsten any time you need assistance. Meanwhile, enjoy our articles on cybersecurity and green dealmaking essentials. We look forward to sharing more insights and observations with you this coming year.

Cybersecurity to the Fore

Are you ready for 9 months of work to identify and contain a data breach? Or for the cost of around $6.5M?

And, on the flip side are you ready for the growing opportunities for cybersecurity experts, entrepreneurs, and investors? Click the links below to explore the:

• 10 most powerful cybersecurity vendors and why they are power players.
• Top VC Firms in Cybersecurity for 2022
• 60 cybersecurity startups to watch in 2022 based on their innovations in new and emerging technologies, length of operation, early funding rounds, and scalability.
• VentureBeat’s article on the rising importance for intelligence-backed security.

For context, a key finding in IBM’s 2022 Cost of a Data Breach report includes:

• Global average total cost of a data breach is US$4.35M
• Average total cost of a breach in the healthcare industry is US$10.10M, a rise of 42% since 2020
• Stolen or compromised credentials is the most common cause of a data breach, took the longest time to identify at 327 days, and cost US$150,000 more than the average cost of a data breach.
• In 2022, it took an average of 277 days – about 9 months – to identify and contain a breach. Shortening the time it takes to identify and contain a data breach to 200 days or less can save an average of US$1.12M.

IBM’s 2022 report also found that, in highly regulated industries, an average of 24% of data breach costs were accrued more than 2 years after the breach occurred. And it found that organisations using AI and automation had a 74-day shorter breach lifecycle and saved an average of US$3M more than those without.

More resources are available at:

• Webber Insurance Services’ The complete list of Data breaches in Australia for 2018 – 2022 and its ultimate guide to Australia’s data breach notifications laws.

• International law firm Allens’ practical guide to buying and comparing cyber insurance policies

Backing up the backups: cyber insurance in a hardening market.

• CPA Australia’s detailed task list to plan, build, manage and run a secure IT department: IT checklist for small business.