Boards, audit and risk committees are faced with the risks and challenges of demanding customers, strong regulators, intrusive audits, and variable quality of critical third party service providers.....See more
Cyber Risk Advisors.
Assuring key risks in cyber
CYBER IS A KEY BOARD ISSUE
IT IS INCREASINGLY DIFFICULT FOR BOARDS TO DISCHARGE ACCOUNTABILITIES, RESPONSIBILITIES, AND OBLIGATIONS RELATED
TO CYBER SECURITY.
One of the fundamental responsibilities of the board is to oversee the risks that can damage reputation or impede shareholder value and impact stakeholders. Given the numerous past high-profile breaches as evidence, cyber security is one of the greatest risks that an organisation faces today, and one of the murkiest and hard to understand. The next major crisis faced by your organisation is most likely to be a cyber crisis.
Cyber security is a leading concern from a regulatory, reputational, and contingency standpoint, although it is often not addressed adequately by boards, their committees or executive team. It is difficult to know where to start, and many board members do not have the cyber expertise necessary to deal with today’s high-tech breaches. Today, boards can use advisers like Cyber Risk Advisors to help them provide oversight of cyber risk, and tap the senior executive experience and capabilities.
In 2022, the cost of cyber-crime climbed to a record $3.1 billion according to the Australian Competition and Consumer Commission. However, this does not reveal the true cost of such attacks, in terms of lost productivity, lost sales, impacts on brand and reputation, and regulatory sanctions.
The Australian Cyber Security Centre reported there was a rise in the average cost to businesses in 2022: more than $39,000 for small business, $88,000 for medium-sized business and more than $62,000 for large businesses. But in effect, as with the ongoing data breaches of our major companies and organisations, the true cost may not be known for some years.
The Office of the Australian Information Commissioner periodically publishes statistical information about notifications received under the Notifiable Data Breaches (NDB) scheme to help entities and the public understand privacy risks identified through the scheme. This report captures notifications received under the NDB scheme from 1 July to 31 December 2022. The OAIC received 497 notifications this reporting period – a 26% increase compared with January to June 2022.
YOUR KEY CHALLENGES OF COMPLIANCE RISK, RESILIENCE, AND INVESTMENT IN CYBER SECURITY MUST BE EFFECTIVELY AND EFFICIENTLY DELIVERED FOR YOUR CUSTOMERS AND STAKEHOLDERS
Due to the rapidly changing landscape of cyber adversaries and rising threats coming from trusted insiders, fraudsters, state sponsored entities, and hacktivists, as well as demands of digital business disruptors and increased regulatory and industry compliance requirements – it is increasingly difficult to know what to do to deliver the right outcomes for your organisation.
Our advisors have an average of 20+ years of cyber security, risk, governance, management, and innovation experience serving the largest critical infrastructure organisations in the US and Australia. Cyber Risk Advisors can help you solve your greatest cyber security problems so you can deliver a resilient and compliant organisation and be assured that you have taken the right steps to keep pace or excel within your sector.
HELP BUILD OUR NATION'S CAPABILITIES
We beileve Australian organisations must be creative consumers as well as innovators in cyber security. Cyber Risk Advisors works with the new industry-led Australian Government Cyber Security Growth Centre (AGCSC) to strengthen Australia’s cyber security industry to help build our nation’s capabilities. Further, Cyber Risk Advisors acts as a “hub” for our clients to better understand how market leading American (#1) and Israeli (#2) solutions can be used, based on our many years experience.
According to the AGCSC, the global cyber security market is currently worth more than US$71 billion and is growing at around eight per cent a year.
The goal of the Centre is to ensure that Australia is a global industry leader, able to export products and services in the global marketplace while helping Australian businesses and governments to address the growing threat of cyber-crime. Cyber Risk Advisors believes the “coopetition” within and outside of Australia will be a key way in which this market will evolve and that Australian organisations must be creative consumers as well as innovators in this important market.