Q: What is intelligence sharing and how important is it?
A: Intelligence sharing is the communication between companies, industry, and government that enhances a greater overall security posture for all concerned parties.
Sharing of intelligence can benefit an organisation by informing them of new threats and practical strategies. However, it can be difficult to convince organisations of the benefits of security intelligence sharing due to reputational and financial consequences of admitting a breach or vulnerability. Collaborative efforts against cybercrime should be encouraged, including between competitors, and the sharing of valuable insights that can protect their shared industries.
Q: Do businesses require a cyber insurance policy?
A: Cyber security insurance is an essential aspect of an overall risk management strategy. The insurance should cover liability, costs of cyber investigations, public relations, legal, compensation and regulatory fines.
However, cyber security insurance does not have 100% coverage. It is difficult to quantify the complete financial loss incurred by an organisation when their customers and the public become aware of the breach. Loss of trust in products and services can cause immeasurable damage to a company’s bottom line for extended periods of time. Insurance providers can aid in encouraging the adoption of cyber security policies and procedures by lowering premiums when an organisation meets specific standards in their cyber security.
Q: Is there an international policy or technology underway to protect businesses from cyber threats?
A: There has been a recent push by government and industry to develop policies and regulatory standards that ensure a baseline of security across the Australian business landscape.
The introduction of the mandatory data breach notifications laws in February 2018 is one such policy, which provides the accurate and timely reporting of breaches to those who could be harmed by the data breach.
With the formation of the Australian Cyber Security Centre (ACSC) and the Australian Cyber Security Institute (ACSRI), the Australian government is placing greater emphasis on nationwide resilience against cyber threats by promoting innovation and enhancing cooperation between private industry and government.
Six pieces of gold to protect your business against the risk of cyber security threats
1. Train and educate employees.
2. Create and adhere to a company-wide cyber security policy.
3. Update and patch software regularly.
4. Establish access control measures for employees and vendors.
5. Create an incident response plan.
6. Use strong passwords and multi-factor authentication.