BDO in partnership with Financier Magazine is proud to present the Cyber Security & Risk Management 2017 annual reveiw.
Cyber security is one of the biggest corporate issues of our time. As the ‘WannaCry’ ransomware attack in May ably demonstrated, organisations of any size, anywhere, are vulnerable to attack. Though many companies have improved their cyber security defences in recent years, there is much more work to be done. Cyber criminals are becoming increasingly agile, sophisticated and specialised. It is up to companies to match the ambitions of cyber criminals and develop robust and resilient cyber risk management protocols and strategies.
When a breach has occurred, as it almost inevitably will, companies must ensure that they have the right response measures in place. Though they are by no means deterrents, incident response plans and cyber insurance policies are two important measures that companies should have in place. Cyber insurance can help organisations to mitigate the cost implications of a breach, and an incident response plan will enable it to back on its feet as quickly as possible. A coordinated response plan will also facilitate better communication with regulators and customers.
Much like affected companies, legislators and regulatory bodies in jurisdictions across the world are responding to current cyber attack vectors.
In the US, the New York Department of Financial Services (NYDFS) issued regulations governing cyber security in March 2017, imposing the broadest and most prescriptive cybersecurity requirements on financial institutions.
In Europe, the General Data Protection Regulation will impose date breach notification and reporting requirements. Companies will have to move quickly to ensure they are compliant.
In Australia, the introduction of the Australian Notifiable Data Breach scheme will require companies to proactively assess their cybersecurity provisions.
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