Australian Securities and Investments Commission (ASIC) Chair Joe Longo delivered a recent address at the Australian Financial Review Cyber Summit warning directors to prioritise cyber security or face potential enforcement action.
Failure to prepare for and mitigate against cyber threats exposes a company to a foreseeable risk of harm, resulting in directors potentially breaching their duty of exercising reasonable care and diligence. ASIC has emphasised that companies must take an “active” approach when managing cyber threats, particularly threats created through engagement with third parties, and ASIC are prepared to take action against companies and directors who fail to or are inadequately prepared for cyber-attacks.
The changing landscape of cyber security threats
Projections from Cybersecurity Ventures reveal a concerning trend—an expected 15 percent annual increase in damages resulting from cyber-crime, which is projected to reach an alarming US$10.5 trillion by 2025. In his address, Mr Longo stated that 62 percent of businesses have already experienced incidents impacting their security resilience.
How to reduce cybersecurity threats
There are a number of steps companies can take to reduce the risk and impact of cyber-attacks, including:
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