OpenText, the Canadian information management company, recently revealed its Data Protection Legislation Report, analysing global security trends and updates to the Australian Privacy Act. Among key security concerns identified, 64% of Australian respondents said ransomware attacks pose the most significant risk, followed by the challenges of digital and cloud transformation projects (50%), insider threats (45%) and skills shortages (43%).

The report was launched at the OpenText Summit Sydney event and explores how data security issues are influencing Australian businesses' decisions. According to the report's results from OpenText’s primary research partner, Omdia, the current threat landscape is perpetually evolving, requiring security teams to perpetually adapt and anticipate potential breaches.

Niel Pandya, APJC CTO & Business Development Lead for Cyber Security at OpenText, said: “For businesses, understanding their data footprint and the accompanying threat landscape is only the first step. Developing smart strategies to protect their data in the evolving business environments of today requires data discovery tools that offer more than data mapping or metadata scans. Only with such tools can businesses locate all their data, understand the associated risks and set suitable priorities to mitigate compliance and financial risks."

Interestingly, the report revealed that 60% of Australian respondents consider the protection of data to prevent financial loss and minimising reputational damage as equally significant factors in their purchasing decisions for data security solutions. Meanwhile, maintaining compliance (40%), regulatory penalties (30%) and protection of intellectual property (30%) were seen as crucial but less central to business operations.

Commenting on the increasing consumer awareness about data leaks, Pandya said: "Consumers are increasingly aware when their data is leaked from insecure systems and are demanding more control over the storage of their personal information. Recent changes to Australian privacy law including the substantial increases to maximum civil penalties, the adoption of the Australian Privacy Principles, and the recommended appointment of a Data Privacy Officers demonstrate the shift in government’s focus on these challenging times."

A variety of companies at the OpenText Summit are grappling with issues surrounding data privacy and studying how AI can help increase speed, productivity, and insights without the struggle of initiating the process. One of such sessions, 'Unveil the Hidden Threat: Over-Retention's Role in Data Privacy', delves into the intricate challenges businesses encounter in this area.

Overall, Pandya emphasised that businesses must prepare to manage all the data they have stored by implementing suitable storage, processing, transmission and destruction procedures.