- Cyber security is a growing risk and has become a top priority on boardroom agendas and for CIOs.
- It’s not just credit cards under attack but your brand, reputation, share price, goodwill and trust.
- Businesses need to consider putting in place compliance and cyber security measures to prevent attacks.
What are the risks?
Australia and New Zealand can’t afford to be complacent about cyber security. It’s not just a security issue, it is also a strategic issue.
The cost of cyber-attacks to business is increasing both internationally and in Australia and New Zealand. While our regulators focus their cyber security strategies on being reactive, international regulators are more focussed on being proactive and prepared. They’re raising the issue at board level, urging organisations to consider cyber threats as more than ‘just an IT problem’.
Cyber criminals may be state-sponsored, activists or criminals. Regardless of their motivation they are innovative and organised. Their targets are broader than credit card information – they’re also seeking strategic information about an organisation that can be monetised, like intellectual property or damaging a brand.
With changing technology platforms, cyber threats can now be made to mobile devices in the form of ‘cyber kidnapping’, motivated by destruction of data, rather than theft.
Knowing your enemy is a first step in taking an organisation-wide approach to cyber security. It’s important to understand both the motivation and tactics of cyber attackers through continuous education, based on understanding that the cyber security landscape is constantly evolving.
A key person in managing cyber security is the CIO who shouldn’t just focus on technology but also strategy, innovation, budgets and finance, and recruitment.
In today’s world the way you respond to a security threat can mean the difference between success and failure of the organisation, the executives, the board or the CIO.
Watch Sky Business
Watch Rob Ward on Sky Business talking cyber securityWatch video