Optus Data Breach puts Cybersecurity Risk Management in the Spotlight

"The truth is that what has occurred over the last week has been a wakeup call for corporate Australia. Cyber security is right there in the top echelon of issues which face corporate Australia...and we need to be doing everything we can to make sure that protection is in place."
Deputy Prime Minister Richard Marles

The Optus data breach has resulted in 2.8 million account holders having at least one form of ID stolen, including 150,000 passport numbers and 50,000 Medicare card numbers.  

This is a serious wake-up call for businesses to reconsider how they are managing their cybersecurity risks.  

Unfortunately, many boards and executives are not keeping up with responding to the cyber and privacy risks that come with rapid technological advancement. In May, a financial services company was successfully prosecuted for failing to implement adequate cybersecurity risk management systems – it was the first prosecution of its kind in Australia. Click below to find out more.  

Why are businesses hesitant to adopt cybersecurity best practice? 

  • Confirmation bias and thinking that it will not happen to you leads to apathy in seeking to understand and mitigate the risk of an attack.

  • Data security is expensive and implement and maintain.

  • Businesses simply do not know where to start.

The cost of an incident is not merely the potential penalty imposed. Rather, it can impact the integrity and availability of an organisation’s systems and data, leading to mass disruptions and reputational harm.  

Businesses should focus on preventing breaches. This can be achieved through proactive leadership and a robust risk management culture. 

Cybersecurity risk management for your business 

“Company directors need to assess cyber security just as they would any risk, making competent decisions to understand the nature of the risk and how their level of (under) investment in cyber security controls will impact customers and stakeholders.” 
Nigel Phair, Director (Enterprise) UNSW Institute for Cyber 

Certex is proud to support many of our clients with data and privacy security. We are risk-management professionals. Through robust risk assessments, we can help identify and address cybersecurity hazards.  

Certex’s iSuite of risk management programs include iPrivacy and iCyber.  Please contact us for more information.

Alicja Gibert