18 Jul 2023
In the past year, a series of significant data breaches has underscored the fact that even in Australia, no organisation is immune to cyber threats.
In the past year, a series of significant data breaches has underscored the fact that even in Australia, no organisation is immune to cyber threats. Businesses of all sizes, from small to medium-sized businesses (SMBs) to large enterprises like Medibank, Optus, Latitude Financial, and HWL Ebsworth, have fallen prey to these incidents. The repercussions of these cyberattacks have been far-reaching, leading to exposure of millions of sensitive customer records and significant damage to the reputation of the affected organisations.
An alarming breach occurred at Latitude Financial earlier this year. The data breach revealed personal information of more than 14 million customers, including their names, addresses, and passport numbers. Even though the company responded and implemented measures to limit damage, it couldn't prevent a considerable hit to its reputation, with victims demanding greater accountability.
Similarly, the Australian law firm HWL Ebsworth suffered a ransomware attack, with Russian hackers reportedly gaining access to client information and employee data. The breach resulted in the exposure of 4TB of data, ranging from employee CVs and IDs to financial reports and client documentation.
The main takeaway from the cyber incidents is that cyber risk is not a challenge that can be solely delegated to IT departments. It is a company-wide responsibility that necessitates the active engagement of business owners and executives.
Visualise your organisation as a symphony orchestra can be a useful analogy here. The IT department is like the string section, providing essential rhythm and melody. But a symphony needs more than just strings. It requires woodwinds, brass, percussion, all working in harmony under the guidance of the conductor.
In this analogy, the Business Owner or Exec acts as the conductor, setting tempo, controlling the dynamics, and overseeing the overall performance. This level of orchestration is what's needed to manage cyber risks effectively. Cyber risk isn't just about setting up firewalls and encryption protocols; it's about fostering a culture of security awareness and proactivity at every level of the organisation.
Both Latitude Financial's and HWL Ebsworth's breaches underscore the potential consequences of not adequately managing these risks. These are wake-up calls for businesses, particularly SMBs, highlighting the necessity of taking cybersecurity seriously and not treating it as just another IT issue.
In an era where data is increasingly seeing as invaluable asset, ensuring its security is paramount. Business owners and executives need to step up and take an active role in managing cyber risk. Cyber risk should be a central part of the business strategy, not merely an IT responsibility. By taking up the conductor's baton, Business Owners or Execs can help mitigate the risks and impacts of data breaches, orchestrating a harmonious symphony of security and business resilience. The repercussions of data breaches can be severe, and with the frequency of such attacks on the rise, now is the time for businesses no matter what the size to make cyber risk a top priority. If you are stuck at getting started, chat to the experts at Cybercraft will help to compose your organisations cyber risk journey.
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