Cyber security is an issue of increasing importance for organisations throughout Australia and the world. As businesses chase the undeniable benefits of going ever-more digital, the related cyber risks cannot be ignored.
It is now generally accepted in the business community that virtually all organisations will experience a cyber-related incident at some stage. Data breaches can lead not only to large civil penalties imposed on companies and personal liability for directors, but can also have a devastating effect on an organisation’s reputation.
You should therefore view cyber security as not just a technical problem requiring technical solutions. As a key stakeholder in your business, you need to be proactive in implementing an effective management strategy to address cyber risk at all levels of your organisation.
To enhance cyber resilience and succeed in the digital economy, you should at the very least adopt a strategy to:
• determine your business’ exposure to cyber risk, including with respect to its assets, supply chain, personnel, and response resources;
• promote cyber security governance and raise awareness of cyber risks across your whole business;
• assess and update your business’ policies and procedures, implement a data breach detection and response plan, and ensure your employees and contractors have the necessary training; and
• review your business’ insurance policies and coverage.
Do not assume your business has satisfactory procedures in place to deal with cyber threats. Unfortunately, it is often only after a business has experienced a data breach and become exposed to the wide range of liabilities that they recognise the necessity of an effective cyber-resilience strategy. Don’t let that be you. Get ahead of cyber risk by reviewing the above for yourself, or ask the experts to help.
At Motus Legal, we have helped many of our clients beef up their privacy policies and security procedures, and have provided much needed advice on data, privacy and security-related matters. Get in touch with us so we can help your business become cyber resilient.
The team at Motus Legal