According to a report by Australian law firm MinterEllison, companies are facing an increase in cyber risks, and the issue is dominating the agendas of boards and management.
“A concerted focus on cyber risk and cyber resilience is more urgent than ever for Australian organisations,” MinterEllision wrote in its Cyber Risk Outlook 2022, citing increased reliance on cyber technologies. information and communications and hacking activities of Russia.
“The risks are higher and the impacts increasingly severe – and organizations must act accordingly,” the report says.
The firm surveyed corporate IT and legal leaders and found that a quarter of organizations surveyed had experienced a cybersecurity incident that compromised their systems or data, and 90% of respondents personally received a Obvious phishing email or ransomware security threat within the last 12 years. month.
Board members are increasingly at risk, both legally and reputationally, if they don’t make informed and proactive decisions to manage cyber risk, the company said. society.
More than half of survey respondents said cybersecurity risk ranks high (in the top five) on their organization’s enterprise risk register.
“While the focus on cyber education may have diminished during the height of the pandemic, current geopolitical circumstances – along with the ever-increasing volume and sophistication of ransomware and other cyberattacks, and the impact of recent regulatory changes – mean that there is a renewed and urgent focus on e-education for boards and executives, as well as staff at all levels of organisations,” the report states.
However, organizations in Australia are struggling to fill specialist cybersecurity roles, and cyber insurance is becoming increasingly difficult to obtain, the company said.