Cyber attacks are on the rise for Australian organisations and the costs of the malicious attacks has also increased with companies spending US$6.9 million on cyber security related expenditure, according to a new report on the cost of cybercrime.

Forcepoint, the company born from the amalgamation of Raytheon | Websense, has unveiled the findings of an APAC study conducted by Frost & Sullivan titled, “2019 Risk and Cybersecurity.” It shows that organisations’ failure to prioritise cyber security is hindering their digital transformation journey.

Almost half of all Australian small and medium business are under-prepared and potentially exposed to significant financial loss and crippling reputational damage, according to a newly published report on cyber risks.