CYBERSECURITY is one of the leading risks for businesses in Australia with estimated costs to the Australian economy of more than $3 billion a year.
CYBERSECURITY IS NOT JUST A ‘TECHNICAL ISSUE’, BUT A ‘BUSINESS ISSUE’ AS A CYBER ATTACK COULD POTENTIALLY LEAD TO A BRAND AND REPUTATIONAL ISSUE WITH EFFECTS ON THE BOTTOM LINE.
The threats are the same regardless of size, industry and type of organisation – no one is immune.
In 2016 alone have been several high-profile breaches including LinkedIn, The Australian Red Cross, financial messaging system SWIFT and various governmental organisations. Most Australians witnessed the Denial of Service Attacks on the Australian Bureau of Statistics on Census Day.
The Australian Government estimates almost 700,000 businesses have experienced a breach in cybersecurity. 60% of all of these attacks were targeted at small to medium size businesses with the average cost of a cybercrime attack costing more than $275,000.
The cybersecurity threat is real, affecting local businesses through acts of ransom ware, payroll hacking, phishing and IP theft.
Australian businesses need to be more proactive, according to a recent board survey by Law firm MinterEllison:
44 per cent of organisations responded that the board is only briefed on cybersecurity issues annually or on an ad-hoc basis.
13 per cent had no briefings at all.
56 per cent refer to their IT department as the key responsible for cyber risk management, compliance and review activities.
ASIC Commissioner Cathie Armour recently said at the Sinet61 summit ‘..boards need to ramp up knowledge about cyber risks’.
The Australian Privacy Commissioner is pushing into a similar direction, changing the voluntary data breach notification scheme into a mandatory scheme. On 13 February 2017, the Australian Government passed the new mandatory data breach notification scheme. The bill amends the Privacy Act 1988 and is expected to commence in 2018.
No doubt that there is a lot to take on board, for organisations, business owners and directors alike
as the topic is complex and ongoing.
It requires different levels and areas of expertise, from inside and outside the organisation,
engaging staff as well as core suppliers.
Crisis plans have to be communicated and practised throughout the organisation.
This is where we at DAS INSURE. would like to assist you. We are highly specialised advisors in Risk Management and focus on Speciality Risks that can existentially threaten the existence of companies. We are Risk Consultants, Company Directors with a background in the Insurance and Finance Industry and look at the Cybersecurity from the perspective as company directors without an IT degree.
WE ARE OFFICIAL PARTNERS OF THE AUSTRALIAN GOVERNMENT INITIATIVE STAY SMART ONLINE.
Stay Smart Online has a number of resources available to Partners to assist in raising awareness about the ways people and businesses can protect themselves online.
As a first step and valuable companion on your cybersecurity journey, we find this guide useful The Small Business Guide 2nd edition. This short guide was developed to help the owners and managers of small businesses to put in place some good cybersecurity practices.
Your business is your business—whether you’re in business or managing someone else’s business, you are responsible for its success. It only takes a few minutes to read through the five easy steps, which will provide you with the basics on how to protect the information entrusted to you by your customers and suppliers.
Download or view the printable version of the guide:
AT DAS INSURE. WE SUPPORT ORGANISATIONS ALL THE WAY
- FROM A FIRST INITIAL CYBERSECURITY CONSULTATION,
- TO AN IN-DEPTH CYBER RISK HEALTH CHECK AND
- SUPPORT FOR BOARDS WHEN ESTABLISHING A CYBER RISK STRATEGY.
- WE HAVE A NETWORK OF STRATEGIC PARTNERS WHO CAN COVER SPECIFIC AREAS OF EXPERTISE E.G. BIG DATA ANALYSIS, PCI COMPLIANCE OR LEGAL ADVISE
- AND ALSO PROVIDE GUIDANCE ON THE PRO’S AND CON’S TO TAKE OUT CYBER INSURANCE CYBER RISK INSURANCE.
OUR FOCUS INDUSTRIES ARE LOGISTICS, MANUFACTURING AND EXPORT. WHEN CONSULTING BOARDS ON CYBERSECURITY, WE INCLUDE AN IN-DEPTH LOOK INTO SPECIFIC TYPES AND FREQUENCY OF CYBER ATTACKS THAT ARE LIKELY TO OCCUR IN THESE INDUSTRIES.
‘THE HUMAN ERROR’ FACTOR IS STILL ONE OF THE WEAKEST LINKS IN THE CYBERSECURITY CHAIN. TALK TO US TO FIND OUT MORE ABOUT OUR SEMINARS, RANGING FROM STAFF AWARENESS TRAINING TO INTERACTIVE WORKSHOPS UP TO BOARD LEVEL.
Please don’t hesitate to get in touch with Babette Bottin, GAICD, Director and Founder of DAS INSURE. to organise an initial and confidential consultation.