Capital Markets & Investor Relations Australia
Welcome to the latest edition of Global IR Insights, where FTI Consulting's Australian Strategic Communications team shares intel from our global network in the world of capital markets communication and what it might mean for Australia.?
Building effective cybersecurity governance
Many firms across the globe, including Australia, are putting extra measures in place to protect against, or prepare to respond to, an increased threat of cyber threats and data breaches.?
Recent high-profile cases in Australia have included the theft of customer data from the country’s largest health insurer, Medibank Private, by a ransomware group that threatened to publish the stolen data unless Medibank paid a ransom. In September 2022, telecommunications firm, Optus, disclosed a large-scale data breach.
The increasing prevalence of cyber-attacks, notably ransomware, coupled with the declining availability of cyber insurance, is leaving companies increasingly exposed to the potentially significant impacts of a cybersecurity incident.
FTI Consulting’s whitepaper Building Effective Cybersecurity Governance explains that boards and management have increased accountability to understand cyber risk and the controls in place to manage any threats to their companies. It’s also important for companies to demonstrate to regulators, investors and other stakeholders that they are proactively addressing cyber risk.?
A combination of regulation and demand for greater transparency will mean a step-change in disclosure for companies. However, there is likely to be a clear benefit – financially and reputationally – for companies that are first movers and adopt a more proactive approach to governance and oversight of cyber risk and disclosure.
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Building cyber crisis management capabilities?
The potential financial and reputational implications of a crisis mean it is prudent for companies to maintain a state of preparedness, build resilience and understand how they would manage a crisis.
FTI Consulting has the capabilities, industry experience, and geographic presence to successfully support clients in the event of a cyber threat or attack.?
FTI Consulting has worked on some of the highest-profile cases in recent years, including situations involving volatile and sophisticated ransomware attackers.?
Collaborating with cyber experts in our Technology practice where required, FTI’s Strategic Communications team assists boards, management teams and employees with preparedness exercises, incident response, and also reputational rebuild following a cyber incident.
FTI’s assessments adhere to the newly-finalised ISO 22361 International Standard on Crisis Management and include recommendations on how to ensure that organisations are best prepared to provide accurate and meaningful communications to all of their stakeholders during a crisis.
Download FTI’s article on the new ISO 22361 guidelines for crisis management here.
Download our full crisis management service sheet here.