- Protecting Against the Next Financial Crisis
Protecting Against the Next Financial Crisis
Cyber crime costs Australian and New Zealand businesses in excess of $1.6 billion annually, yet businesses continue to ignore the risks.
Protecting our cyber future: Be proactive before it’s too late explores how the increased volume and sophistication of cyber threats means that the only way companies and governments can protect themselves is to be proactive.
Head of Leadership and Advocacy Rob Ward AM FCA says the next significant cyber crime has the potential to impact global markets similar to the GFC.
"Cyber security is now more than just an IT issue. The motivations for cyber attacks are increasingly complex. Hackers are no longer just after credit card details, they are more strategic than ever before, and are tapping into intellectual property and information that can be monetised.
"Cyber security incidents have increased by 48% over the past 12 months and these threats could precipitate the next big financial shock.
"Boards and senior executives need to recognise the considerable threat posed by cyber terrorism. It’s not an issue that sits with the IT Department, but is a whole of business responsibility, that ultimately sits with the board. The cost to business and individuals globally is US $133 billion and in excess of $1.62 billion for Trans-Tasman businesses.
"Regulators in Australia and New Zealand also need to address the cyber preparedness of their regulated communities – not doing so could potentially leave businesses vulnerable,” he said.
Chartered Accountants Australia and New Zealand hosted a panel with Australian Securities and Investments Commission Chairman Greg Medcraft, Scott Mellis, Federal Agent and cybercrime expert with the Australian Federal Police and George Stathos to discuss the role of government, organisations, boards and management in managing cyber threats.
Mr Medcraft said cybercrime is the next black swan event.
"The links between market players and infrastructure mean the impact of a cyber attack has the potential to dangerously disrupt the integrity and efficiency of global markets.
"Cyber-resilience through risk management is vital. Organisations need to be resilient and adaptive through effective and consistently communicated plans," he said.
For more information please contact:
Kylie Kwong -Communications Consultant
Phone: +61 404 001 629 Email:
by Kylie Kwong - communications consultant - 11 November 2014