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Co-authored by David Fairman and Netskope CXO Advisors Samm MacLeod and Nicholas McKenzie
Cyber incidents are becoming increasingly common and disruptive–whether it’s ransomware, data breaches, or leaks. The number of compelling events in the last few months in Australia have shown us the implications for businesses, and their customers, when a breach occurs.
There has been a swift reaction from the government, ranging from mounting pressure for implementing “hack back” legislation to revised data breach and privacy regulation, with a number of proposed and likely changes to strengthen the management of sensitive data and implement penalties for those who don’t, being discussed.
Similarly, discussions have expanded to expectations regarding the management of cybersecurity within organisations, with minimum baselines proposed and penalties enforced for those who fail to comply. In relation to this, the SOCI Act (2021) has already implemented regulatory requirements for industries in sectors such as Defence, Water, Energy, Health, Transport, Mining, Retail, and Financial Services. A recent announcement for cybersecurity planning and oversight by the Australian Government has suggested that minimum cybersecurity baselines may be created to regulate all industries in Australia, bringing previously unregulated industries under the microscope for the data they hold and how they protect it.
A spate of cyber-led data breaches have occurred in Australia and have impacted customers on a large scale with identity theft and exposure of confidential information driving concerns. It’s quite possibly the first time that cybersecurity and protection of data has been a barbeque conversation for ordinary Australians concerned about the impact to them and their loved ones.
New regulations
In a recent blog we talked about security transformation to bring visibility and agility to organisations that are now hyper-connected, cloud first, and where data is the true value creation asset. Whilst historically cyber professionals have taken a risk-based approach to the prevention of cybersecurity incidents, layering the defenses that protect data, not all receive the support and investment necessary to keep up with the pace of change when it comes to business strategies around emerging technologies and innovation. Furthermore, one might argue that when it comes to the prevalence of data breaches today, can a risk-based approach really be taken? As cyber and risk professionals, this has always been our mantra, but this implies a certain risk appetite that would be incorporated into those risk decisions.
The trend that we are seeing with more stringent regulations and penalties, is suggesting that a risk-based approach is diametrically opposed to where government(s) ar