MinterEllison warns Australian companies are vulnerable to supply chain hacks as AI use rises
Data was once considered a goldmine for companies. But a spate of high profile cyberattacks has changed that.
Not that long ago, access to extensive customer data was considered a highly lucrative asset for most companies. But a spate of high profile cyber-attacks and the growing reliance on third party technology party vendors for cloud based services means the equation has changed dramatically.
"They used to say that data is the new gold, but it might well be the new lead now," Paul Kallenbach, a partner at MinterEllison told Capital Brief.
MinterEllison's ninth annual Perspectives on Cyber Risk report found that Australian companies are still dangerously unaware of their regulatory and contractual obligations if they are hit by a cyber attack. The problem is compounded by the growing reliance of companies on third party technology vendors for cloud-based services and, increasingly, artificial intelligence development.
In the report MinterEllison surveyed 160 executives across the finance, energy, health, infrastructure, real estate, technology, media and telecommunications sectors. 57% of respondents said third party suppliers or vendors in their supply chains had been hit by cyber attacks in the preceding 12 months. And only 51% were very confident of their obligations in the event of attack.
