Cyber Security Risk Management – Threats are Evolving Much Faster Than Australian Businesses

Reports from experts this month tell a grim tale that many businesses are failing to recognise the magnitude of the need for cyber risk management. Without adequate protection, preparation, and regular auditing, there is no guarantee of recovery after a major cyber attack. It is often too late when the attack has already happened. Our attackers are evolving much faster than our attitudes and this needs to change.

MinterEllison, Australia’s largest law firm, have released their seventh annual Perspectives on Cyber Risk report this month, surveying “executive, legal and IT personnel across almost all sectors of the Australian economy” and includes easy to digest information on the current overall state of cyber risk management.

This report, as it has in previous years, highlights that user education and awareness at every level of the organisation is critical to the overall security posture of your company – remembering that this includes executives, board members, and any other party involved in the overall future planning and decision making.

One key takeaway was that only 56% of respondents surveyed said that cyber security was considered “high risk (top five)” on their organisation’s risk register and less than 50% have taken any steps to assess their cyber maturity against any established frameworks.

Ms. Abigail Bradshaw CSC, Head of the Australian Cyber Security Centre, is quoted saying “In FY 2020-21, many of the compromises experienced by Australian organisations could have been mitigated by taking simple steps to protect systems.”

If you or your business have any questions, queries, or doubts about your Cyber Risk Management, please feel free to get in touch.