May 15, 2018

Witness Evolution, Adapt to change, Embrace Technology

By James Bergl

Information and technology has given us incredible capabilities. As we continue down this path of rapid innovation and industry disruption, we are forced to operate and communicate on an increasingly sophisticated level. “And with great power comes great responsibility” - Richard Parker.

Collaborative efforts within the business community to combat cyber crime, data breach, and digital finance neglect have risen to levels now of the utmost importance in order to further protect the Australian economy. We can see this when we take a look at the 3 significant regulatory changes that have taken place recently and how they may affect relevant businesses. Interestingly and positively none the less, it is an ongoing opportunity for businesses alike to continually evolve and adapt to the rapid changes that take place in the information age.

The 3 changes we are looking at are the Notifiable Data Breach (NDB) Scheme, the Security of Critical Infrastructure Bill and APRA’s draft of Prudential Standard CPS 234. Covering; information and data security - NDB, the security of digital systems and technology under the Critical Infrastructure Bill and sophisticated fiscal responsibility through the CPS 234.

The NDB scheme is designed to equip businesses with the information and tools needed to take a proactive approach to cyber threats. In essence, it drives new obligations for businesses to prepare and respond to breaches of sensitive data that may cause serious harm if misused. Reporting breaches to the clients it may effect and also to the Australian commissioner. Whilst the negative incentives for non compliance are serious penalties, fines and brand damage the positives provide a nice equilibrium. Boosted confidence and trust from new and existing clients, reaping the overflow of ship jumpers, increased reputation and brand strength. All of which ultimately stimulate the top line.

Now, the Security of Critical Infrastructure Bill 2017 has been introduced to protect the country's assets and finances. Opposing risks of espionage, sabotage and coercion arising from foreign involvement in Australia’s critical infrastructure. This bill offers a means of management to govern and monitor a register of assets. It remains the responsibility of organisations to appropriately manage these assets. With cyberspace enabling such seamless high value transactions, a system that can overlook and govern this mobility also creates an insight into how tangible and digital ecosystems engage one another.

These topics may seem dry, however, as understanding and application is developed, an eye opening picture of how humans now cohabit with technology is forming.

Now, with APRA’s draft of of Prudential Standard CPS 234 we are simply looking to outmatch the threats of risk to the security of data. Any APRA regulated entity is responsible for managing the security and systems in place to protect its information and information assets. Maintaining an adaptive, creative and innovative approach to managing these information assets is core to meeting these requirements. Best achieved through strength in community, sharing progressive advances with your peers and asking the right questions.

With all of this in mind, prepare to have new conversations around IT progression, management and systems with the pioneers who drive evolution in the digital space.

Remember, stay safe, get prepared. Request a demo today.  

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