Too many leaders are shirking one big responsibility

Posted by Jaclyn McRae on 15 June 2017 10:45:04 AEST

 What happens if your office caught fire today? Is there a plan?

What happens if your office caught fire today? Is there a plan? I hope so. 

What about if the board director quit unexpectedly? What’s the process?

How about if a staff member accidentally clicked a ransomware-laden email link and shut down your whole network? What next?

I continue to be surprised by how many leaders dismiss this scenario as something “someone else’s problem”.

Many executives are shocked to discover cybersecurity oversight has quickly become a key leadership responsibility.

Don’t just take my word for it.

Australia’s Prime Minister, Malcolm Turnbull MP, said last year it’s too big a task for IT departments alone: “We must convince leaders, at board level and corporate sector and government levels, that cyber is one of their essential functions,” Mr Turnbull said at the release of Australia’s first Cyber Security Strategy last April.

Cybersecurity is a hotter topic than ever. That’s because cybercrime is costing organisations dearly.

cybercrime_infographic_v5.jpg

Global cybercrime damages will cost the world $6 trillion annually by 2021, according to Cybersecurity Ventures. It costs the Australian economy between $1 billion and $17 billion annually, or roughly 1 per cent of GDP. The average attack costs SMBs $276,000.

So, here’s the question leaders can no longer avoid. When it comes to cybersecurity, how does your organisation fare?

Could you withstand a targeted cyber attack or would productivity grind to a halt?

How prepared is your organisation to withstand cybercrime?

Gauge your organisation’s cybersecurity preparedness with MailGuard’s nine key considerations:

  1. What information or revenue-generating assets are critical to your business? What kind of risks could they be exposed to? Think about customer records, financial data or other critical IP.
  2. Are resources allocated based on risk appetite and strategic assets?
  3. Is a risk management framework in place, incorporating cybersecurity and reporting?
  4. What technical capabilities does your company have in place to identify malicious events in real-time?
  5. Is there a response plan in the event of a breach or attack? Is the plan tested regularly? How often?
  6. What relationships does your company have with supply chain, government and other third-party organisations to respond effectively to a breach? What relationships need to be developed?
  7. Are there legal and compliance requirements relating to your business? How are these being managed and reviewed?
  8. Could you continue to conduct business as usual if you were taken offline for any period of time?
  9. Does your cyber insurance policy cover your business for first- and/or third-party?

Need to know more about protecting your organisation from online attacks?

Click here to download your free executive guide, Surviving the Rise of Cybercrime.

In under an hour this non-technical guide helps executives:

  • Identify threats to their business
  • Understand why cybercriminals might target their business and employees
  • Comprehend why IT teams struggle to prevent these rising threats
  • Learn the role leaders and executives need to play in cybersecurity
  • Understand how to educate managers and teams as the frontline of their company’s cyber defence.

 

Interested to find out more about the specific threats targeting your organisation?

Chat to one of MailGuard’s cybersecurity experts today. Phone +61 3 9694 4444 or email expert@mailguard.com.au.

Keep up to date on the latest email scams by subscribing to MailGuard’s weekly update, or follow us on Twitter @MailGuard.

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Topics: cybercrime Cybersecurity leadership Survivingcybercrime Surviving the Rise of Cybercrime

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