Why your organisation should be cyber resilient

It's Cyber Security Awareness Month, and this week we look at the widening gap between organisations who are cyber resilient, and those who are not. Discover strategies on how you can enhance the cyber resilience of your organisation.

Each week for Cyber Security Awareness Month we have a new article to help keep you and your organisation safe and prepared. Catch up on last week's article: Six strategies for boards to enhance their cyber security.

Stay informed with business insights and ideas from people you can trust.

The cyber resilience gap: resilient vs non-resilient firms

Some organisations are more prepared and proactive than others in addressing cyber risks and building cyber resilience, but the proportion of preparedness may surprise you.

According to the latest World Economic Forum Global Cybersecurity Outlook report, only 17 per cent of organisations are considered cyber resilient leaders, while 74 per cent are still considered cyber resilient novices.

To be considered a cyber resilient leader, an organisation should have:

• A clear and comprehensive cyber strategy
• A strong and supportive cyber culture
• The ability to attract talent
• A robust and agile cyber technology capability, and;
• An effective and accountable cyber governance program.

Non-cyber resilient organisations, on the other hand, typically lack one or more of these dimensions and are more likely to suffer from cyber breaches, business disruptions, and financial losses.

Our article outlines the key components of cyber resilience, examines why it is important in today's operational landscape, and gives a handy summary of Australian initiatives and agencies supporting organisations with cyber risks.

?? Read the full article

Is your risk management profile up to date for your organisation?

Boards and executives should ask three key questions when assessing risks to their organisations:

1. Is the perceived likelihood and impact of identified risks still valid
2. Are their organisation’s existing business processes still suitable and how effective are existing controls
3. Has there been a shift in risk appetite within the organisation.

Our risk management review checklist helps you to review your organisation’s risk management approach with a series of detailed questions across eight key operational areas:

• Strategy and planning
• Supply chain
• Organisational reputation
• Workforce planning
• Technology
• Legal and compliance
• Finance
• Health, safety and environment.

Use it to ensure your organisation’s risk management profile is fit-for-purpose.

?? Download the checklist

More insights to explore

From our most recent articles to industry reports, keep reading to discover BDO's insights and ideas, from people you can trust.

Upcoming events and webinars

Visit our website to see more upcoming events and webinars from BDO in Australia.

IFRS & Corporate Reporting webinar series - The pitfalls of share-based payments

Wednesday 23 October, 11:00am - 12:00pm AEDT

Join our webinar to explore the best practices for managing share-based payments under IFRS 2. We’ll look at the advantages and pitfalls of this accounting standard and provide insights on how it can be effectively applied to your organisation.

?? Register for webinar

Sustainability webinar series - Understanding relevant climate-related metrics

Wednesday 30 October, 11:00am - 12:00pm AEDT

Join Aletta Boshoff and Kevin Frohbus to learn which climate-related metrics your organisation should monitor to manage and mitigate climate-related risks.

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Missed a recent webinar in these, or other series?

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