Australian Boards Lag on Cybersecurity: Report
A new report, 'Cybersecurity: The 2022 Board Perspective', released by Proofpoint and Cybersecurity at MIT Sloan, reveals a mixed picture of Australian organisations' cybersecurity preparedness. While 72% of Australian respondents feel they've invested adequately in cybersecurity, 34% still view their organisation as unprepared for a cyberattack. This disparity suggests a lack of consensus on cybersecurity readiness. The report also highlights a gap between board members and CISOs' perceptions of cyber risk. While 68% of CISOs believe their organisation is at risk of a material cyberattack in the next 12 months, only 52% of board members share this concern. Australian board members' focus on cybersecurity lags behind the global average. Only 58% consider it a top priority, compared to the global average of 77%. Moreover, only 56% discuss cybersecurity monthly, compared to 76% globally. This infrequent discussion may contribute to the low confidence, with only 54% of Australian board members confident in their understanding of systemic cyber risks, compared to the global average of 75%. Both board members and CISOs share similar top concerns, with email fraud/BEC being the most significant. However, 60% of Australian board members believe human error is their biggest cyber vulnerability, indicating a focus on internal threats. Despite these concerns, only 66% of Australian boards expect an increase in their cybersecurity budget in the next 12 months, compared to the global average of 87%. This may hinder organisations' ability to mitigate these threats effectively. The report underscores the need for Australian organisations to improve their board-level engagement with cybersecurity. Regular discussions, a clear understanding of risks, and adequate budget allocation are crucial for robust cybersecurity. With common threats including data breaches, ransomware attacks, and insider threats, organisations must prioritise cybersecurity to protect their assets and maintain stakeholder trust.
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