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Cyber risk remains a significant concern for Australian businesses and government organisations as Boards and C-suites cope with ever increasing numbers of reported data breaches.
Cyber risk remains a significant concern for Australian businesses and government organisations. According to Gartner, Australian organisations will spend upwards of $3.8 billion on cyber security in 2018, an increase of 6.5 percent from 2017. At the same time, Boards and C-suites around the country increasingly understand that the effective discharge of their corporate duties requires them to become more cyber aware.
Key among these developments is Australia's new mandatory data breach notification scheme. From 22 February 2018, when the scheme came into effect, until the end of September 2018, 550 data breaches were reported to the Office of the Australian Information Commissioner. This compares to only 114 voluntary breach notifications made during the whole of the 2016-7 financial year.
Against this backdrop, we conducted our fourth annual Cyber Security Survey. Our Perspectives on Cyber Security 2019 report, due out in March 2019, will offer a national picture of executive, IT and risk professionals' perceptions of their organisations' cyber risk preparedness. The report will also provide specific insights on the legal, regulatory and risk issues relevant to cyber security risk management in the age of big data and artificial intelligence.
Congratulations to Stephanie Commons, CFO, DBCT Management, Brisbane, the winner of the Apple Watch Series 4 in our 2018 Cyber Security Survey.
Thanks to everyone who took part in the survey and provided their feedback.
I have wide-ranging expertise which spans strategic and global outsourcing, procurement and supply, technology contracting, licensing and commercialisation, ecommerce, privacy and content regulation, and intellectual property.
© 2019 MinterEllison
