Australian businesses must realise that they need to adapt faster than ever, now that cybersecurity is ranked on par with other national security concerns, says RSM Australia.
The country’s new data breach notification laws now indicate there is a compelling message for businesses, which must now ensure their business systems and client data are secure from the risk of cyber attacks.
“With the Australian Crime Commission estimating annual direct cost of cyber crime to Australia being in excess of $1 billion, businesses need to adapt and put systems in place to cope with the new normal of cyber crime,” comments Michael Shatter, partner, Risk Advisory at RSM Australia.
He says that organisations should not be focusing on new risks, but should instead be ready for similar and more complex attack that leverage existing vulnerabilities.
He believes that people are still an organisation’s weakest link, and they are not being fully educated about security risks.
“Cyber security is like a house: there are many areas that need to be secured. Simply purchasing a security product doesn’t make a business safe. The underlying business environment needs to be secure. Poor foundations lead to poor security,” he says.
“Increasing digitisation means cyber security cannot be considered an isolated risk or something to relegate to the IT department. It must be considered a business risk. The board must be aware of and actively pursuing ways to mitigate cyber risks. These threats won’t be solved as a one-off project. Instead, businesses need to manage cyber risks as a part of daily business operations,” he continues.
RSM Australia has three tips for organisations wanting to fight cyber crime this year.