sb-nz logo
Story image

Businesses remain unprepared despite cybersecurity risk 

A new survey has revealed that while more than 50% of financial professionals rank cyber security as a high or very high risk to their organisation, two-thirds say their organisation does not have an absolute, up-to-date remediation plan in place that is regularly updated and tested.

The survey, released by Chartered Accountants Australia and New Zealand (CA ANZ) in conjunction with Macquarie University and Optus, found cyber security is not managed as a business risk and is too often left to IT specialists alone to handle.

Geraldine Magarey, CA ANZ thought leadership & research leader, says one third of survey respondents did not know whether their organisation has been the subject of a cyber attack.

"Businesses and finance professionals need to recognise that cyber risk is one that is very relevant to them," she says. "Assessing cyber risk requires financial awareness to gauge the potential consequences of a breach, which can be measured in reputational damage, fines and the impact on shareholder and company value.

"The quantification of cyber risk is not easy, but this is an area where financial professionals must take the lead given cyber attacks are a constant and success almost a given," Magarey explains.

The survey also found that financial services sector respondents rated their cyber risk as greater than other industry groups, with 68% placing the risk as very high or high. It also found 41% said that they had governance policies but that they could be improved.

The survey showed CFOs were responsible for the strategic direction of cyber security in only 8% of organisations, while 83% of respondents have no cyber insurance in place.

"Cyber crime is one of the biggest risks to businesses to date with estimated costs to reach $6 trillion globally by 2021," Magarey adds.

Story image
Cybersecurity market continues meteoric ascent
With the increase in cyberattacks, organisations are continuing to spend more money on security. However, without a focused cybersecurity strategy, they often spend it in the wrong areas.More
Story image
Juniper Networks expands security offering for remote working
Juniper Networks has launched new solutions to enhance work from home security.More
Story image
Zoom to begin rolling out end-to-end encryption
Available starting from next week, it represents the first phase out of four of the company’s greater E2EE offering, which was announced in May following backlash that the company was lax on its security and privacy.More
Story image
Insider threat report reveals deception in the workforce
Insider threats come from people inside an enterprise, whether they divulge proprietary information with nefarious intentions, or are just careless employees that unwittingly share sensitive data, writes Bitglass product marketing manager Juan Lugo.More
Story image
SOC, SIEM, SOAR and SASE define Fortinet’s Security Fabric
Cornelius Mare, Fortinet A/NZ Director, Security Solutions, deciphers the jargon and explains how an alphabet soup of integrated security services spells comprehensive protection for your network and ensures business continuity.More
Story image
How to secure your business against DDoS Attacks
With the upward trend of DDoS attacks this year, and an increased dependency on online channels across all industries, businesses need to be prepared, so they don’t suffer any disruption. More