Cyber – How you can mitigate the business risk?

SL2_SH2 2018-10-22T09:00:00.000Z

Jim Lennon
Special Counsel
Norton Rose Fulbright
Dr Maria Milosavljevic
Chief Information Security Officer
NSW Government
David Pegley
Managing Director
Australian Financial Crimes Exchange Ltd

Not a day goes by without news of a new cyber-attack. In our private and professional lives we are bombarded with warnings and advice on how to better protect ourselves. You may be in a role where you think that cyber isn’t your responsibility. The truth is we all have a role to play. Cyber is a business risk, with the emphasis on business. It is not a technology issue. By treating cyber as a business risk, we can better protect ourselves and respond to breaches when they inevitably occur. Financial institutions are a leading target for cybercrime as well as at risk for collateral damage from cyber terrorism or other attacks, and the threats are constantly evolving. Mobile banking, the cloud and the internet of things (IoT) are rapidly increasing the attack surface. Those who execute cyber-attacks operate under a shared services model, working together to share tools, targets and monetise their efforts. The financial industry are often hindered from working together because of data privacy rules that inhibit the sharing of intelligence data. As the cyber threat landscape continues to evolve and as we become ever more digitally connected as an industry, the systemic risk increases. The reality is we will never be 100% secure. We can, however, manage and mitigate cyber risk by treating it as a business risk. What preventative measures can help ensure your organisation is cyber ready? How can incident response plans and dry runs of cyber breaches help you to respond to breaches? How can intelligence sharing barriers be overcome? As we increasingly share data, how can we overcome the inevitable abundance of data? What role can artificial intelligence (AI) play in analysing data for anomalies? What role will regulation play in cyber security? These and other questions will be discussed and debated in this session.