Cybersecurity remains a paramount concern for boards and companies. It exerts a significant influence on the Australian business landscape. Recently, at the AFR Cyber Summit, insights from key figures like Clare O’Neil, Minister for Home Affairs and Cyber Security, and ASIC Chair Joe Longo shed light on crucial cybersecurity issues. The focus was on how the Australian Government and ASIC are addressing these challenges and guiding boards and companies on safeguarding their operations against cyber threats. For instance, how do companies safeguard their cyber assets by hiring PCI compliance auditors?
Speakers at the summit, such as Air Marshal Darren Goldie, National Cyber Security Coordinator, emphasised that cybersecurity is not merely a matter of whether a breach will occur. It is rather when it will happen, given the vulnerability of all systems. Consequently, boards need to proactively assess their businesses’ cybersecurity resilience, breach response plans, and capabilities, recognising that these plans must be dynamic, continuously reviewed, and evolved.
Importantly, Minister Clare O’Neil and ASIC Chair Joe Longo emphasised that cybersecurity is a concern at the highest level of boards. Also, the approach to this issue is pivotal for small businesses, a perspective shared by many speakers. They underscored the necessity for boards to adopt a holistic view of their organisation’s cybersecurity posture, ensuring that their response plans are robust and adaptable. This proactive stance involves asking pertinent questions about data sets, endpoint protection, and investing in appropriate measures.
Steps Companies Should Take to Mitigate Cybersecurity
Cybersecurity, as elucidated by experts like Manish Chaudhari, CISO of Cybernetic Global Intelligence, an internationally recognised cybersecurity firm, demands a comprehensive approach. It involves the entire board and should be treated like other critical business risks—occupational health and safety. To enhance cybersecurity preparedness, companies must conduct rigorous evaluations of their existing systems, identifying data sets, vulnerabilities, and weak points. A crucial aspect is simplifying systems to avoid exploitation due to complexity or misconfigurations. Regular training, conducted through realistic simulations, is vital to fortify defences and detect vulnerabilities effectively.
Furthermore, businesses must consider cybersecurity as a structured system, allocating resources for frameworks, education, and defining their risk posture. Having dedicated capital expenditure for planning, preparation, response, and threat review is essential. Developing a robust data breach response plan and protecting vital operational assets, referred to as ‘crown jewels,’ are non-negotiable steps. Additionally, reevaluating data retention practices and standardising audits of third-party suppliers, as underscored by ASIC Chair Joe Longo, are indispensable measures to mitigate primary cyber risks.
In essence, the evolving landscape of cybersecurity necessitates a proactive, adaptable, and comprehensive approach from businesses and boards. Understanding the inevitability of cyber breaches and taking deliberate, strategic steps to fortify defences are pivotal in safeguarding the integrity and continuity of business operations.
For eCommerce companies, the risks are greater than for anyone else. This is due to the fact that these companies conduct transactions using customers’ credit card or debit card details. For such companies, it is important to have PCI compliance so that they can avoid any liability should a breach happen.
Reasons Why PCI Compliance Can Help eCommerce Companies
In addition to the steps mentioned above, companies operating in the eCommerce domain should implement PCI QSA compliance auditors. Let us understand the reasons why obtaining PCI compliance is the need of the hour.
Minimizing Risk: For your business, achieving PCI compliance is vital. Failure to comply might have disastrous effects for customers, businesses, and financial organisations. Credit card fraud, business interruptions, and expensive card reissues can all result from compromised data. Non-compliance may render your business liable, resulting in legal actions, account cancellations, fines, and damage to the hard-earned reputation you’ve built over the years. Our expertise as a PCI-qualified security assessor allows us to audit your business and ensure it aligns with PCI standards, reducing your liability.
Gaining a Competitive Edge: Embracing best practices and attaining PCI compliance means actively safeguarding against data breaches. By securing your data through engaging PCI compliance auditors, you create significant hurdles for hackers attempting to access payment card information. This heightened security instills confidence in your customers, making them more willing to use your services. In contrast, businesses that neglect customer data protection are more susceptible to theft and security breaches. This compliance not only protects your clients but also gives you a strategic advantage over competitors who have not yet achieved compliance.
Conclusion
The AFR Cyber Summit, featuring prominent figures such as Clare O’Neil and ASIC Chair Joe Longo, highlighted the pressing concerns surrounding cybersecurity in Australia. This issue significantly shapes the country’s business landscape. The summit focused on crucial cybersecurity matters and explored how the Australian Government and ASIC are actively working to address these challenges.
The discussions delved into strategies guiding boards and companies in protecting their operations against cyber threats. One of the ways companies can mitigate the risks associated with cybersecurity is by hiring any PCI DSS QSA service provider, such as Cybernetic Global Intelligence. For details, call 1300 292 376 or send an email to Contact@cybernetic-gi.com.