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How can companies address modern cybersecurity concerns?
The battle against cybersecurity threats is no easy undertaking, but companies may be able to overcome threats with the right professionals on board.
Cybercrime is still a major risk for companies.
Cybercrime is one of the most critical threats in the modern world. Aggressive and sophisticated attacks are becoming more common, affecting a wider umbrella of industries across the globe.
However, with the support of senior technology leaders, businesses can build stronger strategies to lower the risk of an incident occurring within its walls.
Legal sector lagging behind in cybersecurity
According to the Association of Corporate Counsel (ACC) Foundation, one in three in-house counsels have experienced a data breach, nearly half of these incidents occurring in the past 24 months. Despite this ongoing threat, just 8 per cent of Australian companies have increased their cybersecurity investment, compared to the global average of 23 per cent.
As Vice President and Managing Director Tanya Khan explained, legal professionals must become tech-savvy and prepare to face evolving risks in cybersecurity.
"With such high incident rates it is important for organisations to engage their legal department early, as doing so can ensure the team plays an active role in cyber security strategy, risk assessment and prevention," she stated.
Of course, there are always that legal professionals can seek assistance through collaboration. In fact, the Australian government recently announced plans to build closer cybersecurity ties with the United States of America. The two nations will collaborate in an annual meeting to discuss these shared issues and will map incidents and prevention methods in an effort to create a more impactful strategy.
The rise of forensic data analytics
A survey conducted by Ernst and Young (EY) found that 3 out of 5 companies are planning to increase investment into forensic data analytics within the next two years. Common concerns that firms are aiming to address include internal fraud risks (cited by 77 per cent of companies) and cyber breaches (70 per cent).
3 out of 5 companies are planning to increase investment into forensic data analytics
Forensic Technology & Discovery Services Leader David Remnitz explained how this new method will help firms tackle cybersecurity issues.
"Surveillance monitoring programs utilising FDA can help organisations to strengthen their compliance programs, improving corporate culture and bolstering the confidence of regulators and other stakeholders," he said.
Cybersecurity is an important part of a risk prevention program across all industries in Australia. The ongoing challenge to protect a company against breaches requires strong risk management in order to keep information safe and secure.
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By Matthew Quinn