Centrify, the leader in securing hybrid enterprises through the power of identity services, today announces survey results that reveal businesses are failing to meet consumer expectations of protecting their personal information.
These latest findings from the Centrify-commissioned Ponemon study come just days after reports of a massive data breach which exposed personal details of nearly 50,000 Australian employees of several government agencies, banks and a utility.
The Ponemon survey found that 45 per cent of Australian consumers have been notified by a company or government agency that their personal information was lost or stolen because of data breaches. Of these, 54 per cent experienced two or more separate incidents, causing one third of them to sever their relationship with the organisation experiencing the data breach.
Eighty per cent of consumers say a company’s privacy and security practices are very important to preserving their trust. Yet, last week’s Australian data breach - coming after a record 40 per cent increase in data breaches during 2016 - indicates that today’s security is neither secure nor providing consumers with a reason for confidence.
The Ponemon study reveals an alarming “trust gap”, with 70 per cent of consumers believing companies have an obligation to take reasonable steps to secure their personal information – a view shared by only 46 per cent of CMOs and 44 per cent IT professionals in Australia.
Centrify Chief Product Officer Bill Mann said these survey findings were a wake-up call for the C-suite. “Data breaches continue to cost them customers and affect the bottom line – but don’t have to,” he said.
Centrify, the leader in securing hybrid enterprises through the power of identity services, today shares seven steps for businesses that want to secure their data assets from cyber stalkers.
With Australia implementing mandatory data breach reporting from February next year, Centrify warns that companies need to increase their Identity and Access Management (IAM) maturity to effectively reduce the risk of a data breach and the resulting damage when it is reported.
Centrify Senior Director APAC Sales Niall King said a reported data breach could damage shareholder value and customer loyalty. “A breach can wipe out company value, as we saw it with Yahoo!’s acquisition price devaluation of $350 million after its data breaches were announced,” he said.
A Queensland family has chosen ZCell batteries to guarantee that their new home has electricity without any power bills in the largest Australian residential energy storage system to date for Redflow Limited.
The Bates family’s six-battery, 60 kilowatt-hour (kWh) system ensures complete off-grid operation for their recently built home on a cattle and grain property, about 2.7 kilometres from mains power.
When Scott and Breeann Bates built their new house near Wallumbilla, they chose a ZCell-based energy storage system to give them uninterrupted power, grid-independence and no power bills rather than pay many thousands of dollars per kilometre to connect mains power to the house.
ZCell batteries are produced by Redflow Limited, the ASX-listed company that has developed the world’s smallest zinc-bromine flow battery. The system was installed by Off-Grid Energy Australia.
Breeann Bates said the ZCell-based system was living up to their expectations. “We are really impressed with it,” she said. “Scott wanted to be able to do everything on batteries that we could do on mains power and not compromise our way of living. It’s cold in the morning, so we’re running the heaters to keep our three kids warm, and we keep them on until the day warms up.