ASIC has outlined how directors can stave off cyber risk.
Firms cannot just trust their digital contractors — they have to check safety.
Plans to communicate with customers and repair breaches after a hack are key.
Companies have to know what systems they use and data they hold.
Company directors will not be able to plead ignorance to cyber threats, with government and regulators spelling out tougher minimum standards for protecting sensitive information and the need to stress test safeguards against real-world threats.
ASIC chairman Joe Longo and the federal government’s cybersecurity strategy review chairman Andy Penn outlined the ramped up obligations on business leaders at The Australian Financial Review Cyber Summit in Sydney on Monday, a year after major Optus and Medibank hacks.
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Nick Bonyhady is a technology writer for the Australian Financial Review, based in Sydney. He is a former technology editor, industrial relations and politics reporter at the Sydney Morning Herald and Age. Connect with Nick on Twitter. Email Nick at nick.bonyhady@afr.com
