Board’s responsible for Cyber Security
As cyber attackers continue to take advantage of the work-from-home environment, Boards and managers will soon be held responsible for protecting their organisations, shareholders, and customers against cyber risks – potentially increasing directors & officers (DO) liability insurance premiums as a result.
According to a report in the Australian Financial Review, Cybersecurity consultants and risk experts said the Treasury, charged with leading the cyber consultation, will implement rules similar to the Australian Prudential Regulation Authority’s (APRA) Standard CPS 234.
The regulation makes boards, senior management, governing bodies, and individuals directly responsible for implementing controls to protect information assets by undertaking systematic testing and assurance regarding the effectiveness of information security controls.
In today’s world it is imperative to have the correct level of risk protection for your business. If you would like more information or would like to talk to someone about your insurance needs place contact us today
To read the original article click here
_____
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
Clear Insurance Pty Ltd. ABN 41 601 916 689. AFSL No. 548953.
