Businesses process risk of cyber crime

28 April, 2017

Lock up your computers – cyber security is becoming a key priority for Australia’s top businesses according to the ASX 100 Cyber Health Check Report released last week.

The report was a key initiative of the Federal Government’s Cyber Security Strategy, which marked its first anniversary on Friday.

The report is the result of collaboration between the Australian Securities Exchange; the Australian Securities and Investments Commission; the Department of the Prime Minister and Cabinet; and professional services firms Deloitte, EY, KPMG and PwC.

For the first time Australia’s biggest businesses by market capitalisation were asked how they approached cyber security and 80 per cent of them expected an increase in cyber risk over the next year.

Almost two-thirds, 62 per cent, of directors say the level of attempted malicious cyber activity against their company has gone up over the past year.

Sixty-six per cent of companies reported appropriate levels of investment, but they plan to do more.

There is still work to be done with only 45 per cent of companies very confident in their organisation’s ability to detect, respond and manage a cyber intrusion and only 11 per cent of boards understand where their company’s key information or data assets are shared.

The increased emphasis on cyber security has opened potential new windows of opportunity for Australian business.

Minister Assisting the Prime Minister for Cyber Security Dan Tehan says they are investing $39 million to relocate and refurbish the Australian Cyber Security Centre at a new hub in Canberra to bring together Government agencies, business and academia on the issue.

“The Government also recognises that cyber security offers incredible opportunities, with the Australian cyber security industry predicted to triple in size over the next decade, with revenues soaring to $6 billion by 2026, from around $2 billion today,” he says.

“We are well on the way to developing the next generation of home-grown cyber enterprises through initiatives such as the Australian Cyber Security Growth Network (ACSGN) and Academic Centres of Cyber Security Excellence.

“A world-class cyber security industry will generate business growth and create career opportunities for Australians.”

For more information on the one-year anniversary of the Australian Government’s Cyber Security Strategyvisit here.