ASIC, Australia’s integrated corporate, markets, financial services and consumer credit regulator, has called on organizations to move beyond reactive cyber security and move towards proactive cyber resilience, after a report into the cyber capability of corporate Australia identified significant gaps.
The inaugural ASIC cyber pulse survey report highlights deficiencies in the cyber security risk management of critical cyber capabilities, indicating that organizations are reactive rather than proactive when it comes to managing their cyber security.
Participating organisations indicated well-developed capabilities in identity and access management, governance and risk management, and information asset management, however 44% of participants stated that their organization is not managing third-party or supply chain risks.
Other key findings include:
- 58% of participants have limited or no capability to protect confidential information adequately,
- 33% of participants do not have a cyber incident response plan,
- 20% of participants have not adopted a cyber security standard.
There is a need to go beyond security alone and build up resilience – meaning the ability to respond to and recover from an incident. It’s not enough to have plans in place. They must be tested regularly – alongside ongoing reassessment of cyber security risks.
ASIC Chair, Joe Longo.
