Cybersecurity is defense and resilience

In a recent speech at the Australian Financial Review Cyber Summit, Joe Longo, the chair of the Australian Securities and Investments Commission (ASIC), delivered a critical message to all directors: ??? Cybersecurity is not just about defense; it's about resilience and response.

?? Key Takeaways:

1. Accountability: Directors are now directly accountable for ensuring their companies possess robust cyber defenses and recovery capabilities.
2. Beyond Bulletproof: Achieving a 'bulletproof' system is unrealistic. Instead, focus on resilience—being prepared to manage and recover from cyber incidents is crucial.
3. Comprehensive Planning: A well-thought-out risk management strategy and comprehensive planning for potential cyber incidents are essential.
4. Continuous Improvement: Recovery plans must be tested regularly and risk assessments should be ongoing, including scrutiny of supply chains.

?? Recent cyberattacks on major companies like Optus and Medibank serve as stark reminders of the vulnerabilities businesses face. The aftermath of these incidents has shown that many organizations lack confidence in their ability to handle severe cyber events.

?? Third-Party Risks: Relying on external providers adds layers of risk. The recent breach at Latitude Financial, which originated from an outside provider, is a case in point. It impacted not just Latitude's customers but extended further because of their role as a service provider.

?? Preliminary findings from an ongoing ASIC survey highlight a significant gap in third-party and supply chain risk management, with nearly half of the respondents admitting to inadequate oversight.

?? Closing the Loop:

• Boards need to enhance their oversight of cyber risks.
• Management should improve reporting and identification of cyber risks to boards.
• Implementation of cyber risk controls must be consistent and thorough across all business areas.

As leaders, our role is not only to steer our companies towards growth but also to safeguard them against potential threats. Cybersecurity is no longer just an IT issue; it's a boardroom imperative.

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