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.
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