Summary of AICD's Cyber Security Governance Principles
As recent high-profile data breaches in Australia have continued to be reported in mainstream media over the past 5 - 6 weeks, leadership in many organisations are asking their Cyber Security leaders about their risk of being attacked.
Director Sentiment Index results show that cyber security is the number one issue keeping Australian directors up at night. Indeed many are asking to be educated by their business on the risk, and are being encouraged to do so by the Government.
“Directors have a critical role to play and must seek to lift their own cyber literacy levels, recognising that this is a key risk that can never be eliminated but can be effectively managed.” — Hon Clare O’Neil MP Minister for Home Affairs and Minister for Cyber Security
At InfoTrust, we align to the recently published “Cyber Security Governance Principles” from the Australian Institute of Directors (AICD) and these are ways in which your organisation can respond to the board and C suite as to what is being done and what more can be done to safeguard the organisation.
Set clear roles and responsibilities
The AICD states that all businesses should have clearly defined roles and responsibilities for cybersecurity, including board reporting, engagement with senior leaders, and an understanding of emerging trends and threats.
Companies are encouraged to leverage external experts for advice and assurance to directors where appropriate. At InfoTrust we are a specialised cybersecurity practice, our experienced consultants provide trusted advice to our customers on a daily basis to support them in having a clear understanding of the cyber landscape.
Develop, implement and evolve a comprehensive cyber strategy
The AICD encourages companies to build a comprehensive cyber strategy that is proactively overseen by the board. Identifying key digital assets and business-critical data, and user access, to understand your security posture. The AICD strongly suggests this strategy be formally documented and subject to regular internal and external evaluation for refinement relative to evolving threats.
InfoTrust supports customers in building cyber resilience by helping to create a comprehensive, tailored strategy that evolves with your organisation and improves maturity over time. We work closely with our partner, MyCISO, whose security management platform is purpose-built to help solve this problem for organisations.
Embed cyber security in existing risk management practices
Cyber risk is an operational risk that exists within a company's existing approach to risk management. Boards should be regularly assessing the effectiveness of their cyber controls in line with the changing threat landscape, technology advancements, and the organisation's environment.
InfoTrust partner MyCISO's solution is designed to map against the ISACA top 15 Cyber Security risks to enable these to be mapped directly into your organisation's ERM.
Promote a culture of cyber resilience
The AICD suggests that regular, engaging and relevant training for your end users is critical when creating a robust security culture. Applying strong security practices, such as phishing simulations and penetration exercises to ensure users are educated on the latest threats.
InfoTrust utilises the MyCISO Culture solution with customers to directly engage end users, building a culture of security awareness across the organisation to improve their cyber security resillience.
Plan for a significant cyber security incident
Boards should prepare for the inevitability of a cyber incident by running simulations and tabletop exercises, and creating clear communication plans for all key stakeholders in the event of an attack.
InfoTrust consultants can work with your business to create tabletop simulation exercises for the C Suite and Board to test the capability to respond, and plan the communications and emergency response activities in advance.
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If you'd like further personalised advice, please don't hesitate to reach out to the InfoTrust team today.
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