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INSIGHT
Organisations today are both blessed and cursed with extraordinary amounts of data.
On the one hand, this presents exciting opportunities to personalise offerings, automate processes and extract other benefits from this incredibly valuable asset class. On the other, organisations are facing unprecedented regulatory reform and regulator scrutiny; demands for greater transparency of data handling from consumers and investors; and heightened financial, operational and reputational threats.
The responsibility for information security and data governance starts and ends with the board and senior management.
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When it comes to data and cyber resilience, organisations and their boards face a number of challenges.
Regulators are alive to these challenges but they also expect organisations – and their boards – to manage them. These days, having an effective, comprehensive whole-of-business cyber and data strategy and framework in place is the only way to maximise the value of data and cyber resilience, comply with changing regimes, and avoid personal and organisational liability.
Organisations can incur a wide variety of costs for failing to manage cyber risk:
Cisco’s 2021 Privacy Benchmark Study and the Harvard Business Review’s research into the importance of organisational transparency and control in relation to data handling reveal some clear dollar-value benefits of maintaining appropriate and effective systems. Organisations with high transparency and control have been buffered from stock-price damage during data breaches (either their own or rivals’).
*these are just the fines. The additional costs, such as legal fees and loss of trust, tend to compound the overall financial damage.
We look at the cybersecurity trends that defined 2021 and what they mean for Australian businesses in 2022.
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Cyberattacks, data breaches and major technology vendor failures all require immediate solutions and expert advice.
Our leading cyber and data protection team works closely with organisations to help prepare for and mitigate cyber risks, rapidly respond to cyber events and data breaches, and manage (and learn from) the fallout.
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