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Board and Cyber Security
- 1. CYBER SECURITY BREAKFAST #001 Board and Cyber Security LEON FOUCHE 22 March 2016 Page 1 Board and Cyber Security
- 2. CYBER SECURITY Some statistics…. Page 2 Board and Cyber Security
- 3. CYBER SECURITY Page 3 WEF - 2016 Board and Cyber Security Source: The Global Risk Report 2016 – World Economic Forum
- 4. CYBER SECURITY CEOs’ fastest-growing concern 61% of CEO’s around the globe are concerned about cyber threats Protecting Intellectual Property and Customer data 70% of organisations expressed concern about their inability to protect intellectual property or confidential customer data Cyber attacks are on the rise The estimated annual cost of cyber-attacks to the global economy is more than $400 billion Australia is not immune to cyber attacks In 2013 cyber attacks affected 5 million Australians at an estimated cost of $1.06 billion Page 4 Global and Australian statistics 61% 70% $400bn $1bn Board and Cyber Security Source: Various Internet sources
- 5. CYBER SECURITY Page 5 Data breaches: 2012-2015 Board and Cyber Security Source: California Data Breach Report – February 2016
- 6. CYBER SECURITY Page 6 Board and Cyber Security
- 7. CYBER SECURITY Page 7 Board and Cyber Security Critical assets and risk assessments • Less than a third (32%) of organisations have identified their critical digital assets (‘crown jewels’) • Approximately one fifth (19%) are still working on identifying critical assets • 15% have done no work at identifying critical assets • Just over a third (34%) of organisations have completed risk assessments of critical assets • Only 35% of organisations have completed cyber security risk requirement for 3rd parties • 5% changed 3rd party vendors as a result of cyber security risks
- 8. CYBER SECURITY Page 8 Board and Cyber Security Lacking cyber incident response plans • Majority of organisations (59%) use internal resources to mitigate cyber risks • Only 45% have cyber security incident response plans in place • 34% have no cyber security incident response plans in place
- 9. CYBER SECURITY What is expected from the Board Page 9 Board and Cyber Security
- 10. CYBER SECURITY Page 10 Board and Cyber Security Cyber security expectations • What should the Board be responsible for? • What should management be responsible for? • What should practitioners be responsible for?
- 11. CYBER SECURITY Page 11 Board and Cyber Security Questions the Board should be asking themselves • Do we know what our cyber risk profile is – who, what, why, impact? • Do we know what our critical digital assets (‘crown jewels’) are? • Have we done proper risk assessments on these? Is this within our risk appetite? • What are we doing about managing our security gaps – mitigation (investment) and transfer (cyber insurance)? • Are we able to respond to a cyber security incident? When was the last time we have tested this?
- 12. CYBER SECURITY Page 12 Board and Cyber Security Cyber resilience checklist