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July CEO Memo: Strengthening Cyber Governance

By Megan Motto FGIA FCG, Chief Executive Officer, Governance Institute of Australia

As our reliance on digital infrastructure grows, so do the risks associated with cyber threats. Increasing your level of cybersecurity governance is more critical than ever. With data now both our greatest asset and the source of significant threats, the implications of a cyber breach can be disastrous for an organisation; financially, legally and reputationally.

We know the threat of data theft, extortion and operational disruptions has increased in recent years with The Australian Signals Directorate’s (ASD) Annual Cyber Threat Report for 2022-23 finding the average cost of cybercrime per report rose by 14 per cent from 2021-22, to $71,600 for large businesses, $97,200 for mid-size businesses and $46,000 for small businesses.

At Governance Institute, we are dedicated to promoting best practices in cybersecurity governance. This month, we’ll be launching our Cyber Risk Management Guide, a comprehensive resource designed to equip governance professionals, risk managers and senior leaders with practical tools and frameworks to help you apply global best practice governance for a more secure organisation.

The guide is prepared by and tailored for risk managers, directors and senior managers, involved in developing and implementing cyber risk management frameworks. It will help you become confident in overseeing these frameworks, asking the right questions and assessing the quality and integrity of the information you receive.

Senior executive teams are increasingly expected to integrate cyber risk practices into the company’s overall risk management framework. The guide highlights key points to consider when developing strategy offering a holistic organisation-wide view of governance frameworks, risk management strategies, and cybersecurity risk management guiding you towards best practice methods and standards.

The Cyber Governance Guide is a practical resource for organisations large and small across different industries and risk profiles. Key topics include directors’ duties and the role of the board, elements of a cyber risk management framework and the risk management process.

Governance Institute is a strong advocate for good governance of cyber risk management. Our active engagement in shaping national policy underscores our commitment to facilitating cybersecurity legislation and protections that are practical, reasonable and balanced. In March, we made a submission to the Department of Home Affairs, responding to the 2023–2030 Australian Cyber Security Strategy: Legislative Reforms consultation paper.

If professional development around cyber risk management is on your list, Governance Institute offers a number of study options including our Cyber Security Risk short course and Effective Director Course. Become board-ready and find out more about our courses via our course page on our website.

Acting for You, July 2024

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