Cyber security incidents and data breaches – the growing Boardroom issue

If you are a decision maker in your organisation and consider cyber security and data breaches as just an IT issue, it is probably time to change your thinking.

According to the latest OAIC statistics, the highest incidents of data breaches in 2018 reported under the Australian Notifiable Data Breaches scheme arose from malicious or criminal attacks followed by human error.

Some of these breaches may have been preventable if proper cyber security measures and data management practices were there in the first place. It highlights that these should be accounted for by businesses in their risk management plans.

Unfortunately, these cyber security incidents and data breaches are becoming the new norm. Such incidents not only disrupt a company’s operation, but there are other very real costs – customer reactions, reputational damage, and management time and focus being diverted (among other things). It’s a reminder that the Boardroom is being held more accountable.

To find out more about what your business should consider to mitigate your risks from cyber security incidents and data breaches, see our cybersecurity webpage.

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