As cyber attacks scour Australian businesses every day, industry consultant Warren Tapp says the Board and management must prepare for when it happens to their club.
*
Data governance is a business imperative, and Boards are responsible for ensuring a good data protection framework is in place.
This year, the average exposed data cost is $165 per record, and ransom demands up to several million dollars.
Ensure your cyber insurance is adequate.
Future proof with regulatory compliance about data.
Ensure your company has strong cyber security, privacy and AI policies.
Know where your data is kept, who has access and how it is used.
Have a detailed cyber incident response plan and business recovery plan.
Avoid ‘pig butchering’, the most lucrative scam of all.
I have seen many cases of cyber crime impacting companies. Cyber crime now claims more money than drug trafficking, with over 2,000 incidents each day in Australia. It is not a matter of if, but when, for your company.
Boards must provide leadership and own data governance, and ensure you have done all you can to prevent this and respond to it when it happens. It is not just about ticking boxes, it is about creating a resilient data-driven organisation. A strong framework ensures that data governance is embedded in corporate strategy, risk management and Board oversight.
WARREN TAPP
