This month saw the enforcement of the Notifiable Data Breach Scheme that has increased professional cyber security responsibilities for business leaders and the C-Suite across the nation.
With an increased number of corporate cyber-attacks and the released report from Lloyd’s Insurance documenting that the Australian economy is exposed to a potentially $16 billion dollar damage bill over the next decade, timing is prevalent for Australian business leaders to lead from the top down.
The purpose of the NDB is to strengthen data protection for the general public and consumers, while improving transparency to allow organisations to respond to serious data breaches immediately.
“Outside of the new NDB laws, business leaders in Australia should take this opportunity to take stock of their enterprise data security strategy and understand that now, more than ever, data and cyber security breaches have a direct impact on an organisation’s financial wellbeing, reputation and operations,” comments Loop Secure CEO Patrick Butler.
“Businesses with a high security posture may have an internal security team and strong strategy around these new laws, however, the mid-market and smaller firms may fall short in their security strategy and resilience, therefore may be implicated by regulatory and operational enforcement.”
C-Suite and business leaders in Australian Government agencies, private business turning over more than $3 million dollars a year, credit reporting agencies, health service providers and TFN recipients will be required to comply with the new laws.
The team at Loop Secure recommend executives, board members and the c-suite take note of the following:
- Understand the threats applicable to your organisation;
- Understand who is responsible in the business for preventing data breaches;
- Assess the corporate impact of a data breach and remediation plans;
- Define the parameters of cyber security as a business-wide and mission-critical issue that affects everyone both in IT and out; and
- Work to develop a comprehensive security strategy that is easily implemented.
“The most cyber resilient organisations we work with discuss cyber risk management regularly on the board meeting agenda and with senior executives. This ensures that management establishes an enterprise-wide risk management framework with sufficient staffing and budget, and each key senior stakeholder is frequently aware of cyber risks and remediation,” concludes Butler.
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