Hiscox reported that 19 of respondents who suffered a cyberattack lost customers, with nearly just as many (18) saying they had greater difficulty attracting new customers after the fact. "A confirmation bias (it won't happen to me) leading to apathy in seeking to understand and mitigate the risk of an attack, or … not knowing where to start. Lost customers: A security breach can impede an organizations ability to attract and keep customers. In 2021, the Department of Home Affairs released a d iscussion paper that highlighted weaknesses in Australian cyber security regulations and incentives.Ī submission by a major Australian telco, Telstra, outlined a couple of key factors preventing companies from adopting cyber security best practice: "Company directors need to assess cyber security just as they would any risk, making competent decisions to understand the nature of the risk and how their level of (under) investment in cyber security controls will impact customers and stakeholders," said Nigel Phair, Director (Enterprise) for the UNSW Institute for Cyber. The Governance Institute of Australia is not the only one pointing the finger at Australian companies.įrom the University of New South Wales, an analysis of cyber security skills of ASX 100 company directors found that less than on per cent have cyber experience, only 16 per cent have technology experience.Īn alarming 80 per cent of boards have neither cyber or technology backgrounds. "We expect will galvanise organisations that are dragging the chain on this very serious – and real – risk," Ms Motto said. "Boards need to realise that the new digital landscape is something they have to be prepared for," CEO of the Governance Institute of Australia Megan Motto told The Drum. In May, the Australian Securities & Investments Commission successfully prosecuted a company for a data breach as a result of failure to manage its cybersecurity risks – it was the first time this happened in Australia. There have been warning signs that company boards are not well equipped to deal with the risks that come with constantly evolving technology and cyber security risks. "Cyber security is right there in the top echelon of issues which face corporate Australia … and we need to be doing everything we can to make sure that protection is in place." How underprepared are Australian companies? "The truth is that what has occurred over the last week has been a wakeup call for corporate Australia," Deputy Prime Minister Richard Marles said on Tuesday. "Responsibility for the security breach rests with Optus, and I want to note that the breach is of a nature that we should not expect to see in a large telecommunications provider in this country," Home Affairs Minister Clare O'Neil told question time on Monday.īut Optus isn't the only company that should be on notice.
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