Why risk and resiliency actually matter

Risk and resiliency. These terms?are thrown around a lot in today’s conversations, but where do they actually have a role to play in securing modern businesses? ?

First, let’s set the scene. ?

The current security and data governance landscape in the APAC region is complex and constantly evolving. The rapid pace of technological advancement, coupled with the increasing number of cyber threats, has made it challenging for organizations to maintain the security of their data.?

One of the biggest concerns in the region is the increasing number of cyberattacks. In fact, according to a report by Accenture, APAC organizations experienced the highest number of security breaches globally in 2020, with a 25% increase on the previous year. The report also highlighted that the average cost of a data breach in the region is higher than the global average.?

For example, telco firm Optus fell victim to a massive data breach in September 202. Data for 10 million of its customers was compromised, making them vulnerable to identity theft, financial fraud and other potentially life-changing crimes. ?

In addition, new legislation has been brought in, including fines of up to AUS$2.2 million for serious data breaches. Unsurprisingly, this is highlighting the need for a robust security and data governance strategy and is forcing businesses to rethink how they can become more resilient and protect themselves against risk.?

To combat these threats, organizations in APAC are investing heavily in cybersecurity. In 2020, the region saw a 10% increase in cybersecurity spending, with countries like Japan, Australia, and South Korea leading the way, according to a 2021 report from Frost & Sullivan. However, despite the increase in spending, many organizations still lack the necessary skills and resources to implement effective security measures.?

The region faces another challenge too – data governance. Many countries in the region have strict data protection laws but there is a lack of harmonization between these laws, making it difficult for organizations operating across different jurisdictions to ensure compliance.?

At Orbus Software, we're seeing how this complex landscape is affecting the way that businesses analyze their risk and explore how they can deliver value for?individual roles, departments and whole organizations. Our very own Cameron Milne - MBA (Mini-Strategy-Leadership) , Customer Account Director – APAC, and Awais Malik , Professional Services Manager – APAC, recently hosted an Orbinar to help?organisations realise long-lasting security, resilience and data governance. ?

During the session, they highlighted the latest trends and insights in risk management and provided valuable insights into the current market trends in the APAC region, with a focus on ANZ. They also covered best practices for understanding and managing risk and governance, and offered insights on how Orbus can help businesses mitigate exposure to risk.?

As part of their discussion, they provided actionable insights into key risk and resilience drivers: ?

• Risk assessment – conducting a thorough risk assessment is essential to identifying potential risks that may threaten the enterprise. This involves identifying and analyzing risks, their likelihood, their potential impact, and developing a plan to mitigate or manage them. ?
• Risk management – once risks have been identified, the next step is to manage them effectively. This involves developing and implementing risk management strategies that are aligned with the enterprise’s goals and objectives, and ensuring they are regularly reviewed and updated.?
• Cybersecurity – as businesses increasingly rely on technology to operate, cybersecurity threats are becoming more prevalent. To ensure resilience, enterprises must develop and maintain robust cybersecurity measures that protect against data breaches, cyberattacks and other cyber threats. ?
• Business continuity planning – a?robust business continuity plan is necessary to ensure that the enterprise can continue to function in the event of a disruption of crisis. This plan should include measures to minimize the impact of disruption, restore critical business functions and ensure the safety of employees. ?
• Organizational culture – finally, the enterprise’s culture is a critical consideration when it comes to risk and resilience. A culture that values transparency, accountability and continuous improvement can help foster a resilient organization that can adapt to changing circumstances and weather crises more effectively.?

Want to learn more about how you can better protect your business? Watch the on-demand session here: https://bit.ly/3mky7XQ ?