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.
You can read the full Insurance Business Australia article at “Boards to be held responsible for cyber risk protection“.
If you’d like to discuss your insurance program or request a risk and insurance review, contact the Clear Insurance team on 1300 721 132, email info@clearinsurance.com.au or complete our online enquiry form and an adviser will be in touch.
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