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Privacy and Cyber Risk

In April 2017, the ASX released its cyber-health check report in collaboration with the Australian Securities Investments Commission.

One hundred of the largest listed companies were invited to participate in a voluntary assessment of their cyber security.  76 of the 100 companies participated in the exchange. 

The report found:

  1. Overall, Boards and Management ‘increasingly recognised that cyber security is a significant issue’;
  2. 68% of Directors considers cyber risk to be important;
  3. 80% expect the likelihood of cyber risk to increase within the short term; and
  4. Almost 40% ‘rate cyber risk in the highest category relative to other business risks.’

New regulatory and reporting developments in federal, state, and even global levels, have made cyber security risk oversight even more challenging.

Clearly, cyber security is a significant business and legal risk that must be taken seriously.  Australia’s response to the threat of cyber-attack are set out in Commonwealth Government’s cyber security strategy

Australia’s cyber security laws are piecemeal; however, the laws can be divided into three parts:

  1. Privacy;
  2. Criminal; and
  3. Corporate Regulation.