This article was co-authored with Liam-Shiel-Dick
Over the past 5 years, Australia has experienced a noticeable surge in cybercrime activity. During the 2020-21 financial year alone, the Australian Cyber Security Centre reported over 67,500 cybercrime incidents, which represented an increase of nearly 13 per cent from the previous financial year. The recent cyber breaches involving some of Australia’s largest telcos is testimony that no company is immune. A number of interconnected trends have contributed to this surge, including:
- the exploitation of the pandemic (and post-pandemic) environment;
- the exploitation of global supply-chain vulnerabilities;
- an increase in the profile and impact of ransomware; and
- the disruption of essential services and critical infrastructure.
As a result, now more than ever directors of Australian companies ought to be aware of the risks and challenges that the threat of cybercrime poses to their companies.
The challenge
Not only are boards confronted by the challenge of managing the threats themselves, but also the difficulty of managing the complexity and pace of the associated…
