Managing cyber-security – a ‘whole of business’ approach

ManagingCyberSecurity

15 Nov Managing cyber-security – a ‘whole of business’ approach

The very platforms which are offering digital opportunities to organisations are also creating significant enterprise vulnerability. Responding effectively to this vulnerability is critical and responding with technology alone will not be enough…

As the global economy continues to become more interconnected, the scale and sophistication of cyber-crime is on the rise. The increasing opportunities available through digitisation and the Internet of Things (IoT) come with a trade-off – vulnerability to cyber-crime. In the past 18 months alone, some of the largest corporations in the world have fallen victim to cyber hackers.

The marked increase in cyber-security risk has pushed cyber-security to the forefront of priorities for governments and regulators. The OAIC’s draft “Guide to developing a data breach response plan” released in late October is the latest in a string of guidelines published by various regulators in Australia and around the world, and demonstrates the importance that regulators place on adopting a collaborative, pro-active and ‘whole of business’ approach to cyber-security management.

We remain of the view that a combination of robust preventative measures together with excellent crisis management strategies are critical for mitigating cyber-risk and empowering organisations to embrace the digital age.