Why is cyber incident response so expensive and what can I do about it?

Throughout 2023 and 2024, Australia experienced a series of major cyber incidents. A common trend across these events was the substantial financial resources that impacted organisations spent on incident response, forensic analysis, legal risk assessment, communication strategies, notification efforts, data ingestion, and measures to protect affected data subjects.

Both in Australia and globally, the costs of cyber breach events have increased year on year. This session will help attendees understand the reasons for these rising costs, influenced by factors such as changes in the threat landscape, regulatory exposures, failings in cyber resilience, and heightened stakeholder demands.

Industry challenges such as the shortage of skilled cybersecurity professionals, and approaches taken by vendors and expert service providers, will also be examined. Issues related to risk assessment for harm and broader legal risks following major cyber breaches are increasingly common.

Following this analysis, guidance will be provided to attendees on practical steps to enhance the efficiency of incident response and manage costs more effectively. These steps will include vendor onboarding, understanding required workflows, identifying how local teams can leverage expert support more effectively, and strategies to avoid common challenges and pitfalls.