Managing cyber security risk effectively is vital for Australian businesses. In this article, we cover how businesses can manage cyber security risk effectively, and cyber security risk frameworks to consider.
How can businesses manage cyber risk?
Cyber security is an organisational responsibility and not just an IT issue, which can be the thought process of many businesses. Major data breach incidents such as the Optus and Medibank cyber breaches in Australia are a timely reminder no organisation is small or large enough to avoid cyber security risks.
To ensure you are mitigating all potential risks to your business, it is worthwhile to consider:
- having cyber security matters as a regular item on board meeting agendas
- discussing these cyber security issues at an organisational level
- planning ahead for a successful response to a data incident
- communicating with your stakeholders with assurance of the measures that your business is taking to mitigate cyber risk.
What cyber security risk frameworks are available?
Although it's impossible to guarantee full protection against all cyber threats, implementing a framework such as the Australian Cyber Security Centre (ACSC’s) Strategies to Mitigate Cyber Security Incidents is highly recommended. These strategies, often called the Essential Eight, are a set of eight critical mitigation frameworks, which serve as a baseline and can significantly increase the level of difficulty for hackers attempting to compromise systems.
These frameworks are:
- Application control
- Patch applications
- Configuration of Microsoft Office macro settings
- User application hardening
- Restriction of administrative privileges
- Patch operating systems
- Multi-factor authentication
- Regular backups.
What other strategies can businesses adopt with cyber security?
Developing and testing an incident response plan to ensure your organisation is ready at a moment’s notice can be extremely beneficial and allow for prompt response following a cyber security incident. Ensuring your leadership team know what is required of them and what steps need to be followed can ensure for a smooth and efficient response to a suspected or actual cyber incident.
Other strategies include having a prepared communications plan ready to assist with responses to customers, partners, media and other stakeholders, as this can often make or break a company’s response following a data breach incident. Knowing how to navigate your response in a productive way can be beneficial to both you and your customers.
How HopgoodGanim Lawyers can help businesses with cyber security and risk
HopgoodGanim’s Intellectual Property, Technology and Cyber Security team provide market-leading advice for new and existing businesses on all aspects of cyber security, including cyber preparedness and data breach incident response. The team handles cyber, privacy and data protection claims, helping clients mitigate and manage complex scenarios, and advises proactively on technology, liability and privacy risks.